Listed Derivatives Exchanges and centrally cleared OTC CCP markets. The DCS Clearing function provides a complete support structure for internal and external clients to access Listed and OTC Cleared products ranging from supporting daily clearing processes, risk management and control functions through to final contract maturity. The function is globally integrated with Operational functions operating from London, New York, Hong Kong, Kuala Lumpur and Manila with who the successful candidate will have frequent interaction with.
The broad function of Derivatives Clearing Services comprises:
Providing a controlled and efficient operating environment in which to successfully process trades and the associated lifecycle activities required to enable internal and external clients to access Centrally Cleared Markets
Providing a high quality team who are competent in managing all aspects of the Post Trade functions across the transaction lifecycle ranging from Client Onboarding, Trade Clearing, Cash and Collateral management, Trade and Position reconciliations and other Post Trade Client Services to support the products through to final contract maturity
Delivering a controlled Operating function that achieves internal and external Control and regulatory requirements and meets the expectations set out within the firm's Global Standards and Operations Risk Management Framework
Delivering processes which mutually maximise efficiencies for internal and external clients and stakeholders
Providing appropriate resources and expertise to deliver on the Change Program and Investment strategy including non-discretionary regulatory change.
The Client Service team and this role are responsible for:
Providing Client Service coverage to our European client base for both Listed and OTC Cleared products.
Providing clients with dedicated Client Services Representatives acting as the first point of contact for all day to day client issues, including; logging and tracking queries through to conclusion, coordinating margin cash moves, performing FX processing and facilitating the contract maturity and expiry process.
Providing updates, demonstrations and guidance to clients utilising Post Trade Client Interface platforms enabling clients to view their accounts and to undertake various interactive tasks - e.g. request cash moves and perform position close outs.
Identifying and implementing strategic solutions for clients and providing input as to how the firm can improve its Clearing offering both from a Technology and Process solution stand point.
Conducting regular client service reviews and performing root cause analysis of exceptions for the client.
Building strong relationships with Clients, Business and Operations stakeholders.
Escalating exceptions and issues within the Controls Framework and having a strong understanding of the team's key risks and controls and the importance of client confidentiality
Understanding and applying the various regulatory requirements of Exchanges, CCP's and Competent authorities
Key activities and decision-making areas
Acting as the single point of entry for clients Clearing Listed and Cleared OTC products
Provision of high-quality Client Service through verbal and written communication
Strong focus on ownership and driving client's requirements through to successful conclusion
Managing client Cash and Collateral moves associated to Margin calls
Managing diverse Client queries related to the Clearing offering
Performing Post Trade portal demos and supporting client roll out and usage.
Participating in Client visits / calls to enhance the relationship and driving efficiency
Typical KPIs and Targets
Positive affirmation from clients and stakeholders of high-quality service provision obtained through formal and informal client Broker review metrics
Query turnaround in line with Performance Benchmark metrics
Zero/ Minimal losses related to Operational activity.
Evidence based process improvements delivered for clients
Customers / Stakeholders
External client operations
Derivatives Clearing Service functions. - sales, business managers, product development
Global futures operations and management teams
Regulatory Reporting Units, Legal and Compliance
Positive Client and Stakeholder satisfaction / feedback
Provision of evidence-based decisions to mutual benefit to clients and the firm
Minimized trade and cash breaks
Minimise client queries /issues / escalation
Roll out of relevant Post Trade Portal functionality to third party clients
Demonstration of operating within a strong risk and control environment
Strong product and regulatory awareness and knowledge with an ability to credibly and capably articulate to clients and stakeholders
Leadership & Teamwork
To work effectively within the Client Service team, primarily covering the European client base for all cash and trade transactions on all global derivative exchanges and CCP's.
To assist the team by being adaptable to evolving Clearing Services business requirements
Collaboration with Global DCS teams
As part of the Client Service team, ensure timely resolution of all cash moves and client queries
Keeping up to date documentation of Client Service procedures and controls and their purpose.
Take part in a cross training programme for back up across the team to provide consistently strong coverage for all processes
Participate in generic team initiatives designed to strengthen the infrastructure of the team to create better service, improve control and create efficiency
Demonstration of strong behavioural skills as defined within the Capability and Behaviours framework.
Control awareness - Must possess a strong understanding of the firms Key Controls environment and the associated risks within the specific function / Operations including external regulatory compliance
Ability to work independently and within specific deadlines and defined controls
Ability to recognise internal / external risk and to escalate potential issues to the expectation of the firms internal Controls environment
To adhere to and demonstrate the expectations within Global Standards including Conduct rules
Role operates within broader Global Banking and Markets organisational structure
The role will report up to the Client Services team leader.
Is aware of the Operational Risk scenario associated with the role and acts in a manner that takes account of operational risk considerations.
Observation of Internal Controls
Understands, follows and demonstrates compliance with all relevant internal and external rules, regulations and procedures that apply to the conduct of the business in which the jobholder is involved, specifically Internal Controls and any Compliance policy including the Group Compliance policy.
Is aware and adopts / demonstrates expectations of the Global Standards framework including demonstrating high standards of personal conduct and behaviour
The role encompasses the successful management of clients in terms of Operational, Regulatory and Reputational risk
There is also a commercial aspect to the role with client visits, on boarding engagement and sales pitches
The role forms part of the overall client's decision to clear business with and the function acts as the central point of entry into the firm for clients
Knowledge & Experience / Qualification
Solid understanding and application of operational risk control requirements
Organisational skills for constantly changing risk environment.
Client service and relationship skills, required to manage and interact with;
Credit Risk management
Internal stakeholders within the Derivatives Clearing Services business unit.
External clients clearing Listed and OTC product leads
Cross Asset Client Service peers and Operational managers within Markets and Securities Services