Global Operations Markets Support Specialist-Trade Control-Fixed Income

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

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Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Job Summary

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.

FDCO (Fixed-Income Core Operation) organization is seeking a qualified individual to support the trade control for the Rates Trading Desk within Global Rates, with a focus on Interest rate products, Linear and Non Linear.

The role primarily consists of: assisting the business with Trade Validation/Trade Reconciliation support  of securities and derivative products across multiple trade capture systems, understanding trade capture risk and underlying drivers of PnL, enhancing current support infrastructure, and performing reconciliation between front-office risk systems and back-office sub-ledgers. The role works closely with multiple business partners, including Front Office, Market Risk, Technology, Finance, and Compliance.

The desired candidate should possess a strong understanding of derivatives products in order to provide SME (Subject-Matter Expert)-level support. These would include Interest Rate Products including IR Swaps, Cross CCY Swap, and Zero-Coupon swaps, Futures and Future Options etc.,. Understanding of Structured/Non Linear Products (Ex - IR Caps and Floors, Swaptions, Toral Return Swaps, CMS Spread Options Etc ) would be an added advantage. The candidate must have excellent MS Excel skills and must be an excellent written and verbal communicator. The role is fast-paced and often has simultaneous competing priorities and as such, the applicant must be able to properly prioritize their time and be comfortable in a fast-paced work environment. The role requires all trade issues to be monitored, escalated as necessary, and resolved in a timely and efficient manner. As a result, this role is an escalation point for the various Operations Teams, and external clients on transaction related issues. Cross training with team members supporting other products will be required for coverage purposes.

Responsibilities

• Work in a fast-paced environment with direct communications with Trading Desk and Sales
• Monitor workflow in the primary trade capture system, as well as system of record
• Apply independent judgment and discretion when resolving trade discrepancies to ensure that the correct risk is always reflected in Front-Office Trading system and Back Office Risk Systems
• Based on product, system and proprietary knowledge, identify and resolve variations in risk in the primary trade capture system, e.g. booking errors leading to fee discrepancies.
• Primary point of contact for the Front Office, Operations, and Finance on topics relating to trade capture.
• Ensure internal risk positions are appropriately reflected to mitigate any risk to the firm’s capital
• Ensure initial trade bookings, trade amendments, allocations and novation occur in a timely manner to meet Transaction Reporting requirements
• Ensure trade bookings are compliant within existing regulatory frameworks such as Volcker CFTR, UMR, etc.
• Responsible for global connectivity and communication with counterparts across various Line-of-Business to ensure consistency and alignment to target Control Standards within Trade Control
• Resolution and escalation of matched and unmatched trades for our business partners across our five asset classes (Equities, CIRO, CFXO, Commodities, & Credit)
• Timely response to business partner queries regarding the settlement or booking of trades
• Breaks/Fails Reporting
• Liaising with other internal departments to ensure timely resolution of Client fails
• Involvement in ad hoc projects for new processes or industry initiatives
• Breaks investigation and resolution

Job Description:
This job is responsible for providing advanced end-to-end operational support for securities, loans, exchange traded derivatives and over the counter derivatives across multiple lines of business, and cross-business functional support through the lifecycle of a trade. Key responsibilities include ensuring trading and operational activities are completed accurately and before deadlines, researching and resolving complex issues, and simplifying client interactions. Job expectations include being customer oriented and data driven, while focusing on continuous improvement.

Responsibilities:• Provides operational support for one or more activities within the lifecycle of a trade, including trade processing, trade settlement, accounting and reconciliation, lifecycle events, and collateral management
• Provides simplified client interactions and deepens client relationships across Global Banking and Markets' clients
• Completes accurate, timely clearing and settlement of trades with internal and external counterparties including reconciliation management and governance of trade fails and breaks
• Performs tasks accurately during high volume periods in a team environment
• Improves and simplifies the client experience, reducing manual touchpoints
• Supports the implementation of new processes to improve the overall business operating model
• Identifies and flags potential risks in a timely manner

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

• 3-5 years of experience in the trade control/fixed income operations.
• Should possess a strong understanding of derivatives products in order to provide SME (Subject-Matter Expert)-level support. These would include IR Swaps, Cross CCY Swap, and Zero-Coupon swaps, Swaptions and Futures, Future Options etc.
• Solid understanding of basic financial concepts such as time value of money, interest rate, mark-to-market, and time series modeling.
• Excellent Excel reporting-related skills
• Detail-oriented to operation trade flow, data entry, and data reconciliation
• Ability to liaise across multiple functional teams to resolve issues
• Ability to operate autonomously without direct supervision
• Ability to quickly analyze and make decisions in the event of a problem
• Ability to quickly grasp new industry practices and create/document new processes
• Strong organizational skills and ability to effectively prioritize multiple tasks
• Must be client focused with proven track record of excellent communications and interpersonal skills with the ability to present to an audience
• Ability to successfully navigate and connect within a matrix work environment
• Must be self-motivated and able to work independently
• Must be able to operate successfully in a fast paced environment

Desired Skills:

• Trade booking experience in any of the asset classes would be an added advantage
• Experience in supporting rates, FX, and credit derivative trading
• Understanding of Structured/Non Linear Products (Ex - IR Caps and Floors, Swaptions, Toral Return Swaps, CMS Spread Options ETC) would be an added advantage.
• Knowledge of financial processing systems and accounting
• Understanding of the “Best Practices” and front-to-back product flow to manage Operational Risk
• Relevant industry product knowledge
• Proactive thought leadership to identify and deliver process improvements and efficiencies
• Knowledge of industry regulatory frameworks such as Volcker Reporting and DTCC Real-Time Reporting
• Knowledge of Operational Risk, Finance interaction, Risk & PnL support

Shift:

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