A management role in Valuations, Finance. In this role you will be managing a team of three and taking global responsibility for Independent Price Verification (IPV) and reserve calculations for interest rate swaps and FX Forwards across all businesses.
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Calculating and communicating independent price verification (IPV) and reserve results for rates and treasury trading businesses in London, Toronto, New York and APAC.
Carrying out other control processes for swaps and FX forwards globally; notably levelling, prudential valuation (ACA) assessments, MIS reporting and large day 1 P&L investigations.
Supporting monitoring procedures around certain daily RBC submissions, such as LIBOR.
What will you do?
Manage a team of three people.
Review IPV and reserve calculations and reports produced by the team.
Maintain effective working relationships with regional Heads of rates and treasury businesses.
Ensure process documentation is up to date and adhered to.
Ensure other related valuations responsibilities relevant to IR and FX products are carried out. For example, levelling, prudential valuations (AVA) calculations, MIS reporting, and large Day 1 P&L investigations.
The role involves ownership of complex calculations, understanding the independence of the calculation and managing the communication of the results with the business and other stakeholders.
Lead on on-going enhancements and development of Valuations’ control environment; applying an awareness of accounting and regulatory constraints.
The team also performs basic submission monitoring procedures (such as for LIBOR), in adherence with approved policies, escalating exceptions as required.
Provide pro-active input into valuations related projects, regulatory reviews and new business initiatives.
Ensuring the team follows EUC (End User Computing, e.g. Cluster 7) policies.
What do you need to succeed?
Must-have
Management experience, or well established in a senior role within a team.
Experience of IPV and reserve calculations.
A good understanding of the following financial products and their valuations: vanilla derivative products (including futures, interest rate swaps, FRAs, basis swaps, cross currency swaps and FX forwards) and money market loans and deposits.
A developed understanding of P/L calculations for businesses that trade these products;
A developed understanding of the purpose of control processes such as IPV and Valuation Adjustments (reserves);
Ability to produce clear, concise and well written documents, with experience of creating or overseeing professional reports, including written commentary, to fixed deadlines for business or senior management consumption.
Ability to communicate and liaise confidently and effectively with junior and senior members of all areas including the business (Front Office), using written and oral methods;
Educated to degree level, ideally in a numerical subject.
Mathematical competency;
Understanding of discounting pricing methodologies;
Practical IT experience (e.g. trading systems, Excel and VBA);
Familiarity with market data platforms and analytical tools such as Bloomberg, Reuters and Markit/Totem;
Nice-to-have
Accounting qualification.
Experience of P&L production.
Experience of LIBOR submission monitoring or LIBOR audit.
Advanced mathematical and financial product pricing skills.
Awareness of key balance sheet and capital metrics.
Would suit an outward looking individual with an interest in financial products and good technical skills.
What’s in it for you?
We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.
Experience of leading a small team.
Working in a professional and friendly team of co-workers, with a good work ethic.
Exposure to senior business leaders and the experience of working closely with the business on key issues.
Exposure to key emerging areas in global Financial Services such as interest rate swaps pricing issues (including CVA/FVA/XVA and Initial Margin (IM) reserving) and benchmark monitoring (e.g. LIBOR) issues.
Excellent career opportunities as there is increasing regulatory and management focus on valuation issues.
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