Location: Los Angeles, CA
Posted August 2014
The Derivatives Specialist (Collateral Management) will have responsibilities for centralized collateral management for derivatives and forward settling agency mortgages. A strong understanding of Futures, Options, OTC derivatives (swaps), cleared derivatives, TBAs, FX Forwards, collateral management, and other bilateral instruments is required. This position will take directions from the Sr. Collateral Specialist and will liaison with other key groups - Trade Room (rates desk), Settlements, Business Analytics, and Reconciliation. This position will also serve as the back-up for post settlement Derivatives payments (Swaps and Bank Loans), and will have an opportunity to gain broad understanding of the derivative products managed at TCW MetWest.
- Dedicated to the centralized collateral management process for cleared and bilateral instruments, which include OTC
- Derivatives, cleared swaps, FX Forwards, and TBAs.
- Analyze and respond to counterparty requests to post collateral. Monitor collateral recall and broker owned collateral postings.
- Support the automated collateral management system by daily reviewing counterparty exposure, MTM and position feeds, and movement statuses.
- Ensure that all notifications and collateral movements are accepted within the required times as agreed with the counterparties.
- Research and resolve collateral call disputes by evaluating MTM exposures and positions with the counterparties.
- Manage and pledge eligible securities and cash collateral. Oversee substitution requests for maturing collateral and counterparty requests.
- Collaborate with the trade room for managing the pledging of eligible collateral to satisfy calls.
- Instruct custodians on the transfer of collateral securities between the custody, tri-party, and broker segregated collateral accounts at the brokers and custodians.
- Perform follow-up to confirm timely receipt and distribution of collateral movements at the Custodian Banks. Resolve fails due to settlement issues.
- Maintain records of all agreement collateral terms (i.e. ISDA/CSA and MSFTA) in the centralized collateral management system.
- Understand and manage the portfolio relationships between the client, counterparty, and custodian. Must understand 40 Act requirements for client owned collateral tri-party accounts.
- Post independent amounts relating to derivatives trades that require it.
- Calculate, confirm and track interest payments for cash collateral and claims from coupon bearing securities.
- Managed the cleared variation and initial margin process for cleared swaps by reviewing the clearing broker statements and clearinghouse prices.
- Perform 3-way reconciliations of counterparty MTM exposure, collateral positions, and derivative/TBA positions.
- Will work closely with Data Management and Reconciliation to assist in proper securities position administration and monitoring of collateral assets.
- Support projects and research for senior managers, partners and portfolio managers.
- Special projects and research for systems enhancement relating to collateral management.
- Process OTC derivatives payments, including Swaps: IRS, CDS, CDX, ABX, ABCDS, and TRS.
- Confirm Swap payment with Counterparties prior to value date and resolve differences. Tasks include payment report verification, cash flow confirmation, bank and custodian notifications, and resolution of payment exceptions.
- DTCC Deriv ServDerivSERV quarterly payment matching for CDS.
- Bachelor’s Degree in Finance, Mathematics, Economics or similar field.
- At least 1 year experience with fixed income investments, including collateral management or derivatives, preferably at a “buy side” company.
- Rigorous attention to detail; extreme accuracy with numerical calculations.
- Strong understanding of fixed income securities and derivatives.
- Excellent organizational skills.
- Excellent time management and organizational skills.
- Strong analytical and problem solving capabilities.
- Strong computer skills with a demonstrated proficiency in Microsoft Excel
- Excellent research skills, resourcefulness and ability to work independently as well as in a team environment.
- Be responsive, possess strong written and verbal communication skills and be comfortable presenting information to investors and others.
- Ability to work with minimal supervision, ability to multi-task, team player.
- Knowledge of a Collateral Management System (e.g. Colline), MarkitSERV (MarkitWire & Deriv/SERV) and Markit Counterparty Manager (formerly Markit Document Exchange) a plus.Knowledge of DTCC Deriv/SERV, Loan/SERV, or MarkitWire a plus
The TCW Group, Inc. - 30+ days ago