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CIB Operations - FX Services Middle Office - Manager - Vice President - London

Req #: 170064938
Location: London, ENG, UK
Job Category: Investment Banking
Job Description:

 

 

Global FX

J.P. Morgan is a top tier liquidity provider in global FX markets offering competitive pricing across 300 currency pairs in cash and derivative products. We offer a full spectrum of currency services - from plain vanilla to exotic options; from major currencies to emerging markets. Operations specialists are located in all major FX centers, to support our clients' needs.

 

FX Services Business 

FX Services is part of Global FX, and provides spot and forward foreign exchange services to clients of various JPMC businesses i.e. Investor Services, Treasury Services, Retail and Commercial Bank, and the Private Bank.  Services provided include execution of client instructed FX transactions related to securities trades, dividend and income receipts, corporate actions, tax reclaim activity and payment related instructions.

FX Services also provides Passive Currency Overlay (PCO) services predominantly to custody clients.  Automated hedging is provided for FX market risk arising from investments in international assets denominated in currencies other than the client’s base currency.

The FX Services business has been at the forefront of currency risk management. Using JPMorgan’s global scope, liquidity, credit quality, market intelligence and research, our clients benefit from our global capabilities to manage their unique risk profile and investment objectives.

 

FX Services Trade Support 

The main role of the Trade Support team is to minimize operational and financial risk as well as maintaining a high quality control environment.  Responsibilities are split as follows:

 

The FX Services Trade Support team provides support to the Global Solutions Trading desk.  The team is responsible for running a bespoke set of controls outside of the more standard Middle Office type controls, including various static data reconciliations; monitoring of accurate and fair client pricing; liquidity provider checks; and ensuring the desk follow due process on executions for Affiliate and ERISA clients. 

 

The Passive Currency Overlay Trade Support team provides support to the Global Hedging Solutions desk by way of approved user defined tools known as the Reporting Control Suite (‘RCS’).  These control suites are designed to reconcile a subset of client reports, post execution, to ensure the trading activity is accurate and in line with the clients legally agreed hedging program.

 

The successful candidate will be responsible for management oversight of both functions with support teams based in Bournemouth and Buenos Aires.

 

Key Responsibilities

  • Day to day management oversight and accountability of trade support team responsible for:

Ø  Numerous reconciliations including: FOBO recs, rate tolerance controls, static data checks, PCO daily/weekly/monthly client specific reconciliations, liquidity checks, unallocated trades

Ø  Trade capture and processing of trade amends and cancellations

Ø  Deal query resolution from Back Office / Front Office / Clients – monitoring root causes for patterns

Ø  Monitoring and managing changes to client agreements / contracts

Ø  New PCO client account rec build outs

  • Day to day direct face off to global business head, trading desk head, business management, business control officer and senior Product leads from partner businesses
  • Partnering with technology and Investor Services and Treasury Services Product teams to improve current systems / procedures, and build out new initiatives
  • Lead / actively participate in various FX Services and PCO NBIA’s and new projects, providing both an operational and control perspective
  • Identify and address opportunities for improvement; taking appropriate actions to deliver simple and innovative solutions that improve the business and initiate and effect positive change.
  • Proactively identify issues/gaps within the processes and offer solutions to close the gaps; identify root cause of problems and implement robust, strategic, controlled and cost effective solutions/recommendations.
  • Prioritisation of workload due to shifting business priorities in order to meet deliverable deadlines
  • Collate and produce volumes, cancels and amends MIS, and KPI’s on key controls for monthly Business Control Forum
  • Prepare Operations deck for monthly Ops meeting with business head, trading desk head, business management and business control officer
  • Effective leadership and management of junior team

 

  • Degree educated preferable
  • Experience of reengineering processes and achieving positive change
  • A sound understanding of Foreign Exchange products and Operations processes and an in depth product knowledge of Front to Back FX life cycles.
  • Effective and confident communicator in order to deal with a diverse range of employees and clients, and be able to succeed in a demanding and fast paced environment
  • Intermediate to advanced experience with MS Excel
  • Intermediate quantitative aptitude

Desirable qualities

  • Highly articulate, motivated, very flexible and will use their initiative to fully develop the role
  • Ability to interface and influence at all levels
  • An independent, analytical thinker who can quickly assimilate situations through to the associated risks, business or control issues                                                                                                   
  • Committed and hardworking with a strong ability to prioritise - this role will be demanding in both terms of quantity and pressure of work
  • Highly numerate with excellent keyboard skills and a high-level of computer literacy
  • Awareness and understanding of the large financial risks that can be incurred through operational errors and control risks
  • Ability to be innovative and improve system capabilities
  • Well organised with excellent time and people management skills
About J.P. Morgan Corporate & Investment Bank
J.P. Morgan’s Corporate & Investment Bank (CIB) is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.
 
About J.P. Morgan Chase & Co.
J.P. Morgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, J.P. Morgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about J.P. Morgan Chase & Co. is available at www.jpmorganchase.com.
 
JPMorgan offers an exceptional benefits program and a highly competitive compensation package.
JPMorgan is an Equal Opportunity Employer.

 

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