FXMM Middle Office
provides a full and dedicated support to the Markets & International Banking business. The nature of this of support requires strong multi-faceted individuals who are able to understand the lifecycles of the products traded and the systems and reporting mechanisms required to enable full control and accurate and appropriate information to be supplied.
The individual will be required to establish close working relationships, at all levels, with both Front Office and Support Staff (e.g. Credit, Finance, Market Risk, Legal & IT)
Technical and Banking Knowledge
- Understand and book all relevant derivative and hedging products.
- Understand the currency hierarchy and how rates are derived in the FX market
- Understanding the cash flows of the business and ensuring that these are properly funded on a daily basis.
- Understand System P&L process and basic P&L decomposition for products and systems used.
- Understanding of the front to back Operations process to include the key elements of confirmations and settlements.
- Understand the key elements of other infrastructure groups i.e. Finance, Market risk, Credit risk, Operational risk, Legal, Tax and Compliance.
- Ensure timely validation and affirmation of all trades in the business
- Ensure all reconciliations and reports in the area are completed in a timely basis and breaks escalated to Supervisor / Manager
- Maintenance and development of the control environment to minimise losses by eradicating errors and avoiding reputational risk.
- Observe trading patterns and behaviour to the support business and to help identify/escalate potential fraudulent or unusual trading activity.
- Contributor to the documentation of all new products or structures relating to the area (including NPAPs)
- Ensure escalation of any incidents which have a P&L or Reputational Impact to Supervisor and Line Manager.
Clear and concise communication with all support teams to ensure the timely and efficient dissemination of information and the resolution of queries arising.
- Ensure appreciation of different support requirements for Traders, Salespersons, and Structuring teams.
- Close liaison with the trading floor to ensure the timely and efficient resolution of trader queries.
- Seen as valued advisor and technical expert by both Internal and external Clients
- Support and enhance external customer relationships
- Provide support to Operations in overseas offices as required
- Work closely with other Operation functions and other infrastructure groups to support a ‘one team approach’. Seen as a centre of excellence and pivotal communicator.
- Responds positively to requests for help and support.
- Remains self-motivated even when things are not going well.
- Gives direction, guidance and assistance to others.
- Works to develop new systems and process solutions where gaps are identified.
- Actively involved in testing and the timely release of new systems, new functionality and regular releases
- Support and aid the development of frequent MIS reporting capabilities. This is to assist performance measurement, cost effectiveness and ensure appropriate timely escalation.
- Ability to ask probing questions to gather information.
- Where appropriate, ability to maintain own position and use logic in the light of differing views.
Generic Responsibilities - Applicable to all staff
- Takes personal responsibility for own objectives: set priorities, schedules work, monitors progress and reschedules as necessary.
- Checks quality and accuracy of own work
- Adheres to guidelines and procedures
- Keeps personal development Plan and professional knowledge up to date
- Ensure the business area conducts its activity in accordance with all relevant external regulators and M&IB policies.
- Ensure compliance with the regulatory and statutory requirements and M&IB compliance policies and procedures affecting the business area.
- Report any breaches of regulations to Compliance.
- Ensure the business unit operates in accordance with stipulated risk management policies and procedures, covering market risk, credit risk and operational risk.
- Ensure failures and shortcomings in policies and procedures are reported.
Specific business knowledge & technical knowledge required
- Contributing towards the successful integration of new colleagues.
Relationships with core FX & MM stakeholders, i.e. settlements, confirmations, sales and trading
- Knowledge and experience of the Foreign Exchange and Money Market business
- Attention to detail – be able to interpret term sheets and compare to trade bookings to ensure it’s correct
- Ability to abide by RBS core values
- Ability to participate in and help deliver change projects
- Excellent PC skills (MS Word, Excel, PowerPoint)
- Proven experience in a control environment
- Be able to work in a fast pace environment to support volatile markets
- Personal Account Dealing Rules for M&IB
- General overview of the Conduct of Business rules
- Strong understanding of the FX markets and the investment banking industry as a whole.
- Firm understanding of option products, vanillas, flow exotics and complex
- Understand the mechanics of option payoff profiles
- Ability to communicate successfully with key internal and external clients
- Experience in RBS systems – namely System X, GFX, Ecorisk, X Portfolio, Ecoweb.
Possess strong team skills
Be able to approach work in an organised manner in order to manage tight deadlines
Ability to identify risk issues and the impact it can have on P&L
Ability to be clear and concise when communicating with clients
Have desire to challenge and improve things
Strong knowledge of options and other derivatives