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Job Description
What is the opportunity?
The incumbent is primarily responsible for handling the settlement processing of Swaps, Cross Currency Swaps, Interest Rate Options and FRA efficiently and accurately in the FIDO area. This includes making payment and settlement entries for the transactions.
PRIMARY RESPONSIBILITIES:
Process payments and accounting entries for USD/Cross Currency interest rate swaps, interest rate swaps, caps, floors, swaptions, FRAs, bond options and cash tickets in an accurate and timely manner. Resolve any problems that may arise from daily operations. Liaise with clients/ Front Office to ensure that settlements are properly executed.
Incumbent is responsible for confirming all upfront and end exchanges for Cross Currency trades which are CAD vs USD or CAD vs foreign currency.
Confirm and route payments and receipts using IRIS and Murex settlement queues to verification officers basket
Prepare payments using different payment devices: IRIS /Murex; SWIFT, Debit/Credit advice, etc
Perform independent confirmations with counterparties on any buyouts/upfront/end exchange settlements resulted from existing and new deals booking, such as Cross Currency Swaps (if applicable), options premiums, principal exchanges, and swap upfront fees promptly and accurately prior to making payments & accounting entries
Resolve any problems that may arise from daily operations. Liaise with clients to ensure that settlements are properly executed.
Maintain and update list of netting clients for future settlements
Daily review of pay/receipt report for 5 days in advance (prior to settlement date), check Infinity Reports and compare to IRIS to accurately route payment and receipt wires to Settlement Verification Officer for review, check the same within Murex and process as required. Ensure that nothing remains in Murex and IRIS system except trades with a special exception: waiting for rate reset, structured deals, and trades with outstanding confirmations.
Maintain updated settlement instructions in Infinity Customer database. Upon receipt of advice from counterparty and performing the necessary Call Back as per the standing order, update CIF and ensure that correct settlement instructions are used in making payments. If instructions exist, advise Trade Verification Officer to reassign correct SSIs
Process third party payment authorization requirements (per standing orders) before the release of payments
Timely processing of payments for special handling clients. Ensure payments are sent through Murex/IRIS the night before value date; send email to Cash Management advising prompt release is required before 9AM on value date. Also ensure proper formatting on wire, i.e. /PRIORITY/. (Please refer to Desk Manual for specifics on Special Handling clients)
Investigate and resolve all settlement problems and phone confirmation discrepancies (with counterparties or with the Investigation Department) same day if possible. Advise Associate Director of settlement problems which are not resolved same day.
Maintain good understanding of the various mainframe systems such as IRIS, Murex, Ensure compliance with mandated Unit Financial Controls/SOX Controls and RBC Standing Orders Policy requirements.
RIMMS, Nostro, SWIFT/FPAY & Infinity and how they interact with the operation of the desk in order to perform the job functions more efficiently and effectively.
Update the EUC Change Log for any changes made to the identified EUC spreadsheets (if applicable) in accordance to the EUC Policy guidelines.
Look into and work to clear any payment related investigation brought to your attention by the NOSTRO group. Minimize interest claims by providing quick response to payment investigations
Training and Support
Providing direct support and guidance to co-op or coverage analyst and provide assistance to Associate Director as required
Provide proper training to Relief analyst and maintain up to date and accurate procedures for the desk as guidelines for back-up. Provide relief/assistance on other positions within the department as required. Cross-train on various desks within FIDO Trade Processing Payment group for future ease of sharing or redistribution of Desk functions
Ensure compliance with mandated Unit Financial Controls /SOX Controls and RBC "Standing Orders" Policy requirements.
Update the EUC Change Log for any changes made to the identified EUC spreadsheets (if applicable) in accordance to the EUC Policy guidelines.
Develop solid understanding of derivative products (in particular try to understand the logic or mechanism underlying our Securitized deals and the process flow) and operational controls in deal processing, and identify areas where controls can be enhanced.
Provide critical basic coverage to the London Rate Setting Desk for purposes of printing and inputting rates and running cash flows, and daily reports.
What you need to succeed?
Must-haves
Post-Secondary or equivalent
Minimum 2 years' experience within Operations with exposure to Credit and Fixed Rate Derivatives.
Excel/VBA literate
Nice-to-have
Good working knowledge and accounting/valuation concepts of Fixed Income Derivatives products
Strong problem solving skills and organizational skills to handle high volumes.
Ability to manage stress and to work accurately in a demanding environment.
Good interpersonal and communication skills in dealing with other officers, traders, and clients.
Good working knowledge of various Systems: Microsoft, Word, Excel, Anvil, Infinity, Murex, eGL, StorQM, OBI, RIMMS & OPICS
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.
A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation
Leaders who support your development through coaching and managing opportunities
Work in a dynamic, collaborative, progressive, and high-performing team
Opportunities to do challenging work
Flexible work/life balance options
Job Skills
Active Learning, Adaptability, Business Appraisals, Critical Thinking, Customer Service, Decision Making, Effectiveness Measurement, Operational Delivery, Process ImprovementsAdditional Job Details
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