Fixed Income, Settlements and Clearing
Salary £40,000 - £45,000 per annum
Consultant Stefan Geleta
Date posted 03 January 2019 2019-01-032019-03-04 banking London London GB GBP 40000 45000 45000 YEAR Robert Walters https://www.robertwalters.co.uk https://www.robertwalters.co.uk/content/dam/robert-walters/global/images/logos/web-logos/logo.gif
The provision of support to the various Fixed Income trading units operating in the UK, with a particular emphasis on the Fixed Income Liquid Products Group. The incumbent is specifically responsible for ensuring the timely settlement of Fixed Income cash and Repo transactions generated in London and ensuring specific reconciliations are carried out and trade queues monitored. The incumbent will also be expected to provide cover for other members of the group in the event of vacation and sickness.
REQUIRED SKILLS & BACKGROUND:
- Experience of Fixed Income settlements, for UK CREST, Euroclear, Europe, US and Canada, Triparty, and LATAM across both local and international CSD’s and knowledge of the LCH Netting process.
- Knowledge of the Gloss system would be beneficial, but not a pre-requisite. Candidates with the required degree of settlements history should understand the process, and pick up Gloss relatively quickly. Support will be provided.
- Expert knowledge of global settlements processing relating to European Fixed income markets, including both cash and repo trading.
- Understanding of position management and realignment requirements across depots
- Understanding of Euroclear Tri-party and Triweb would be very beneficial
- Reconciliation experience
- Thorough knowledge of securities industry procedures and conventions in markets traded in by European trading groups.
- Thorough understanding of the risks inherent in Global Settlements ie, settlement risk, foreign exchange risk, interest rate risk, payment risk.
- Understanding of Equities and their settlement process across European markets
- Ensuring trades are pre matched and matched in all markets to ensure the accurate and timely settlement of Fixed Income cash trades and associated Repo transactions
- On-going update, review and verification of trade status reports in GLOSS
- Ensuring failed or failing trades are rigorously followed up with counterparts, settlement agents and trading staff to facilitate settlement.
- Providing management with regular and accurate information concerning failed trades.
- Ensuring static data is accurately maintained within the various settlement systems to ensure a high level of STP.
- Ensuring exception reports relating to reconciliations between trading and back office systems, depositories and cash nostros are acted upon and outstanding items cleared swiftly.
- Providing accurate and timely reports to trading staff to ensure depository accounts are appropriately collateralised. Cash projections to be reported to the Cash Management team to ensure accurate and timely funding of accounts.
- Carrying out depository re-alignments where appropriate to ensure trades can be settled quickly and accurately.
- Monitor trades with high profile clients to ensure priority settlement.
- Build strong relationship with agents and maintain a constant liaison to ensure a regular update of issues.
- Possess an in depth understanding to optimise settlement efficiency in relevant CSD markets. A thorough knowledge of all the market rules and deadlines impacting settlement efficiency in the following : Monte Titoli, Iberclear, CREST, DTC, Bank of Belgium, Euroclear ( Bank and France ) Clearstream, FED, CDS. LATAM
- Have an in depth understanding of CREST to ensure maximum settlement efficiency. A thorough knowledge of all market rules that impact settlements including splitting trades. Understand the workings of the Crest CMA and debit cap.
- Work in conjunction with the Collateral team to process any Gilt margin movements they require. Ensure trades processed in the Back Office systems and feed to agent to settle in CREST.
- Daily verification of the LCH netting process.
- Ensuring transaction and trade reporting exceptions are acted upon and resolved swiftly.
- Full market coverage in order to transition seamlessly into any market at any time.
- Build a strong relationship with North American operations team to facilitate efficient Settlement of US Treasuries in Fedwire and CDS for Canada for London clients. Ensure trades are booked and pre matched in a timely manner and positions covered
- Familiar with TriWeb and Triparty settlements including understanding of Triparty collateral process and agreements.
- Daily housekeeping to maintain clear SWIFT transmission queues thus preventing SWIFT outage.
- Maintain up to date desktop procedures for all processes.
- Adhere to the UK Market Code of practice