The position requires extensive knowledge of fixed income trade settlement processes for domestic and foreign currencies, and of third party depository systems and procedures (DTC, Clearstream, BONY). This position requires an advanced level of specialized knowledge regarding the Bank’s complex in-house systems and procedures used in reviewing, clearing and releasing trades, as well as reporting. Once a Bank trader puts a trade into the front office system, the trade is confirmed by Middle Office and the Bank Outsource Control Specialist ensures that the outsourcing entity releases it to the third party depository system; reviews the trade, confirms all aspects of the trade (and resolves any issues). In order to do this, this position must supervise and control the activities through the Broadridge interface, where he/she must perform required reconciliation of each depository system. The user must be able to develop methods to enhance the operating process such as cash flow, manuals, etc. with little or no guidance.
The user must have specialized professional knowledge of broker dealer operations. This position is responsible for overseeing the local and international settlement activity. The specific duties of this position include:
- Assist in the monitoring the performance of services from Broadridge
- Support front office and middle office (as necessary) to resolve settlement issues
- Balance and control of cash accounts in all currencies within the different custodians (BONY, DTC, Clearstream, Citibank)
- Run and analyze reports from IMPACT to solve position inquiries
- Reconciliations and investigations on claims, coupons, commissions, financial costs.
- Follow up on all failing trades, updating reasons, creating a Fail Report to send to traders, Compliance and interested parties.
- Strong Knowledge of Cognos System is recommended.
- Utilizing Bloomberg, knowledge to avoid risk in settlements and gain control on allocations from counterparties.
- Monitor and reconcile RAD, CNS, Obligation Warehouse, GSCC, GSTRRP, GLYRRP, DOP
- Assist in the conversion process
- Daily payment processing and funding of custodians
- Ensure BONY, Clearstream and DTC clearing system is balanced daily
- Assist in preparation of the monthly meeting materials between Broadridge and the Bank
- Review daily prospectus and 10B10 reconciliations
- Review and deliver daily BONY Position to the Bank.
- Provide weekly and monthly statements to Finance Department
- Daily Review of 15A6 reconciliation
- Develop and update procedure manuals with all activities including timing (as needed)
- Assist with internal and external audit requests (as needed)
This position will provide back-up support for the NY Branch Operations team in the reconciliation of cash, checks and safe-keeping activities. The responsibilities will include the review of loan documentation and letters of credit for adherence to policies and procedures. Understanding of commercial and corporate banking activities is preferred however training will be provided.
- Bachelor Degree in Business, Finance or Accounting
- Minimum of 5-10 years’ experience with Back Office Fixed Income Products
- Strong proficiency with IMPACT and Cognos systems preferred
- Strong knowledge in International Markets is preferred.
- Series 99 required.
- Excellent written and verbal communication skills.
- Knowledgeable in the monitoring and control process of outsource activity. Minimum 1 year experience
Job Order ID: 1250