girl looking into her desktop
Back to search results

MO Sr Trading Sales Assistant - US Rates - New York

New York, New York

Job Description:

The Fixed Income, Currency and Commodities (FICC) & Derivative Core Operations (FDCO) team perform end to end trade control, confirmation and settlements processes across FICC businesses and provides utility OTC derivative confirmation and settlement services for non FICC businesses.

Within FDCO, the teams provide multiple services such as FICC trade control, Foreign Exchange (FX) electronic matching and settlement, Over the Counter (OTC) derivative confirmation and settlement, and commodities operations.

Trading Assistant and Control for the US Rates Swaps Desk concentrating in vanilla interest rate products.  Supports sales and/or trading desks. Responsible for trade capture and resolving trade discrepancies. Liaises between trading, trade support, sales, counterparties, counterparty credit, operations, and compliance. Participates in the introduction and UAT of new initiatives, systems, and process improvements to increase efficiency and enhance controls. Handles ad hoc requests from clients and the desk. 

The associate will liaise extensively with business partners ranging from Sales/Trading, Compliance, Operations, Supervision, P&L Control, Finance and Market Risk who are located across NY, Charlotte, Chester, U.K. and India.

IBOR:

Regulators globally have signaled that firms should transition away from the London Interbank Offered Rate (LIBOR) to alternative overnight risk-free rates (RFRs) by the end of 2021. The complexity of the transition impacts the firm in numerous ways.  On November 30, 2020, ICE Benchmark Administration Limited (IBA), the administrator of LIBOR, announced it will consult on its intention to cease the publication of one week and two month USD LIBOR settings at the end of December 2021, and the remaining USD LIBOR settings (overnight, one month, three month, six month, 12 month) at the end of June 2023. The consultation is expected close at the end of January 2021. Based on this announcement and related announcements from the FCA, US banking regulators issued supervisory guidance encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021.

Bank of America is actively working with global regulators, industry working groups and trade associations to develop strategies for an effective transition from an Inter-Bank Offered Rates (IBOR), like LIBOR, to a new benchmark. This includes the Secured Overnight Financing Rate (SOFR), which is an alternative to USD LIBOR, as well as the Sterling Overnight Index Average(SONIA), which is an alternative to GBP LIBOR.  Bank of America has also established an enterprise-wide initiative to identify, assess and mitigate risks associated with the potential discontinuation or unavailability of benchmarks, and to help facilitate the transition to ARRs, like SOFR and SONIA.

Responsibilities:

  • Deliver detailed operational functional business requirements
  • Analyze existing tech impact to identify gaps
  • Define testing strategy
  • Identify, Monitor and escalate key operational Risk, Issues, Assumptions & Dependencies (RAID)
  • Define operational readiness, dress rehearsals and go/post go live run books
  • Attend all Production Verification Testing calls for LOBs
  • Coordinate with all LOBS even those outside of FICC TC (Canadian, Credit and Funding, Equity and  Commodities desks) to ensure everyone is aware of the trades being tested, proper Entry and Exit sign offs, trades are booked properly and reviewed accordingly and ensure Production Verification Testing runs smoothly forward
  • Discuss any future considerations or challenges that may come into scope including Fallback and Early Adoption, ensure to attend all calls, participate and provide feedback
  • Consolidate weekly IBOR reports for FICC TC management and the business
  • Discuss key project updates and track progress
  • Monitor and escalate risks and issues
  • Plan next steps
  • Ensuring key takeaways are actioned
  • Thoroughly analyze and process End Of Day (EOD) New Business Reconciliation and tie out between the bank’s system of record and trading desk blotter
  • Responsible for monitoring Clearing Trades Dashboard for direct clearing through Tradeweb and Bloomberg and process exception queues
  • Manage ongoing trade maintenance while contributing to the implementation of improvements to the system infrastructure and control environment
  • Actively involved in the introduction of new initiatives related to Dodd Frank regulatory reporting analysis, and Quartz development

This is a hybrid role 50% working on the IBOR Transition and 50% Trader Assistant on the US Swaps desk.

Enterprise Role Overview:

Supports sales and/or trading desks. Responsible for trade capture and resolving trade discrepancies. Liaises between trading, trade support, sales, counterparties, counterparty credit, operations, and compliance. Participates in the introduction and UAT of new initiatives, systems, and process improvements to increase efficiency and enhance controls. Handles ad hoc requests from clients and the desk. Requires product knowledge of financial instruments relevant to the area supported and across related asset classes. Key Responsibilities: Provides support to FO desks, responsible for trade capture/reporting and advises FO of position adjustments and/or discrepancies. Tracks and verifies trades and checks accuracy of processed trades. Performs a liaison function between originators and traders. Updates front office on prices and or yields and market movement and assist in sales and trading activity. Incumbents have a thorough understanding of the firms activities and their assigned product area. Works under the supervision of senior staff. Will typically have 3+ years product / trading floor experience.

Required Skills: (Must have these skills to be minimally qualified)

  • 3+ years product / trading floor experience.
  • Ability to work with the Front Office and support partners to address and resolve issues. 
  • Ability to multi-task.  Continuously maintain a control function mindset. 
  • Extremely motivated and goal seeking with ability to work in fast pace/pressure environment. 
  • Team player. 
  • Strong problem solving ability with willingness to grow his/her skills dynamically. 
  • Takes initiative.
  • Excellent verbal and written communication/presentation skills. 
  • Demonstrates effective time management and prioritization skills.
  • Expert PC skills with high proficiency using Excel.

Desired Skills:

  • Minimum of Bachelor of Science Degree in either of Finance, Mathematics, Accounting or Economics.

Other Qualifications:

  • Strives to bring new thoughts and ideas to teams in order to drive innovation and unique solutions.
  • Excels in working among diverse viewpoints to determine the best path forward.
  • Experience in connecting with a diverse set of clients to understand future business needs – is a continuous learner.
  • Commitment to challenging the status quo and promoting positive change.
  • Participate in and drive collaborative efforts to advance tools, technology, and ways of working to better serve an evolving client base.
  • Believes in value of diversity so we can reflect, connect and meet the diverse needs of our clients and employees around the world.

Job Band:

H5

Shift: 

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Monday - Friday 8-5

Referral Bonus Amount:

0

Job Description:

The Fixed Income, Currency and Commodities (FICC) & Derivative Core Operations (FDCO) team perform end to end trade control, confirmation and settlements processes across FICC businesses and provides utility OTC derivative confirmation and settlement services for non FICC businesses.

Within FDCO, the teams provide multiple services such as FICC trade control, Foreign Exchange (FX) electronic matching and settlement, Over the Counter (OTC) derivative confirmation and settlement, and commodities operations.

Trading Assistant and Control for the US Rates Swaps Desk concentrating in vanilla interest rate products.  Supports sales and/or trading desks. Responsible for trade capture and resolving trade discrepancies. Liaises between trading, trade support, sales, counterparties, counterparty credit, operations, and compliance. Participates in the introduction and UAT of new initiatives, systems, and process improvements to increase efficiency and enhance controls. Handles ad hoc requests from clients and the desk. 

The associate will liaise extensively with business partners ranging from Sales/Trading, Compliance, Operations, Supervision, P&L Control, Finance and Market Risk who are located across NY, Charlotte, Chester, U.K. and India.

IBOR:

Regulators globally have signaled that firms should transition away from the London Interbank Offered Rate (LIBOR) to alternative overnight risk-free rates (RFRs) by the end of 2021. The complexity of the transition impacts the firm in numerous ways.  On November 30, 2020, ICE Benchmark Administration Limited (IBA), the administrator of LIBOR, announced it will consult on its intention to cease the publication of one week and two month USD LIBOR settings at the end of December 2021, and the remaining USD LIBOR settings (overnight, one month, three month, six month, 12 month) at the end of June 2023. The consultation is expected close at the end of January 2021. Based on this announcement and related announcements from the FCA, US banking regulators issued supervisory guidance encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021.

Bank of America is actively working with global regulators, industry working groups and trade associations to develop strategies for an effective transition from an Inter-Bank Offered Rates (IBOR), like LIBOR, to a new benchmark. This includes the Secured Overnight Financing Rate (SOFR), which is an alternative to USD LIBOR, as well as the Sterling Overnight Index Average(SONIA), which is an alternative to GBP LIBOR.  Bank of America has also established an enterprise-wide initiative to identify, assess and mitigate risks associated with the potential discontinuation or unavailability of benchmarks, and to help facilitate the transition to ARRs, like SOFR and SONIA.

Responsibilities:

  • Deliver detailed operational functional business requirements
  • Analyze existing tech impact to identify gaps
  • Define testing strategy
  • Identify, Monitor and escalate key operational Risk, Issues, Assumptions & Dependencies (RAID)
  • Define operational readiness, dress rehearsals and go/post go live run books
  • Attend all Production Verification Testing calls for LOBs
  • Coordinate with all LOBS even those outside of FICC TC (Canadian, Credit and Funding, Equity and  Commodities desks) to ensure everyone is aware of the trades being tested, proper Entry and Exit sign offs, trades are booked properly and reviewed accordingly and ensure Production Verification Testing runs smoothly forward
  • Discuss any future considerations or challenges that may come into scope including Fallback and Early Adoption, ensure to attend all calls, participate and provide feedback
  • Consolidate weekly IBOR reports for FICC TC management and the business
  • Discuss key project updates and track progress
  • Monitor and escalate risks and issues
  • Plan next steps
  • Ensuring key takeaways are actioned
  • Thoroughly analyze and process End Of Day (EOD) New Business Reconciliation and tie out between the bank’s system of record and trading desk blotter
  • Responsible for monitoring Clearing Trades Dashboard for direct clearing through Tradeweb and Bloomberg and process exception queues
  • Manage ongoing trade maintenance while contributing to the implementation of improvements to the system infrastructure and control environment
  • Actively involved in the introduction of new initiatives related to Dodd Frank regulatory reporting analysis, and Quartz development

This is a hybrid role 50% working on the IBOR Transition and 50% Trader Assistant on the US Swaps desk.

Enterprise Role Overview:

Supports sales and/or trading desks. Responsible for trade capture and resolving trade discrepancies. Liaises between trading, trade support, sales, counterparties, counterparty credit, operations, and compliance. Participates in the introduction and UAT of new initiatives, systems, and process improvements to increase efficiency and enhance controls. Handles ad hoc requests from clients and the desk. Requires product knowledge of financial instruments relevant to the area supported and across related asset classes. Key Responsibilities: Provides support to FO desks, responsible for trade capture/reporting and advises FO of position adjustments and/or discrepancies. Tracks and verifies trades and checks accuracy of processed trades. Performs a liaison function between originators and traders. Updates front office on prices and or yields and market movement and assist in sales and trading activity. Incumbents have a thorough understanding of the firms activities and their assigned product area. Works under the supervision of senior staff. Will typically have 3+ years product / trading floor experience.

Required Skills: (Must have these skills to be minimally qualified)

  • 3+ years product / trading floor experience.
  • Ability to work with the Front Office and support partners to address and resolve issues. 
  • Ability to multi-task.  Continuously maintain a control function mindset. 
  • Extremely motivated and goal seeking with ability to work in fast pace/pressure environment. 
  • Team player. 
  • Strong problem solving ability with willingness to grow his/her skills dynamically. 
  • Takes initiative.
  • Excellent verbal and written communication/presentation skills. 
  • Demonstrates effective time management and prioritization skills.
  • Expert PC skills with high proficiency using Excel.

Desired Skills:

  • Minimum of Bachelor of Science Degree in either of Finance, Mathematics, Accounting or Economics.

Other Qualifications:

  • Strives to bring new thoughts and ideas to teams in order to drive innovation and unique solutions.
  • Excels in working among diverse viewpoints to determine the best path forward.
  • Experience in connecting with a diverse set of clients to understand future business needs – is a continuous learner.
  • Commitment to challenging the status quo and promoting positive change.
  • Participate in and drive collaborative efforts to advance tools, technology, and ways of working to better serve an evolving client base.
  • Believes in value of diversity so we can reflect, connect and meet the diverse needs of our clients and employees around the world.

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Learn more about this role

Full time

JR-21022991

Band: H5

Manages People: No

Travel: No

Manager:

Talent Acquisition Contact:

Viviana Renshaw

Referral Bonus:

0

Street Address

Primary Location:
ONE BRYANT PARK, NY, New York, 10036