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Job Description
What is the Opportunity?
- Primary focus of role is on day to day deliverables, developing solutions based upon subject matter expertise, and occasionally representing the department or function at a broader level. This person is able to document procedures and process flows independently, perform user testing for process enhancements and is seen as a go-to-person for daily questions from other areas
- This position will provide Trade Support for the Primary and Secondary Fixed Income Trading Desks and Revenue Generators (Municipal Tender Option Business, Investment Grade High Yield, Asset Backed, Money Markets, CLO's and Structured Rates) including the daily reconciliation, support and associated Contract/DTC/Euroclear/Fed Settlement of Fixed Income and Equity Products.
- Position offers a hybrid work schedule with 3 days in the New York office each week.
What will you do?
- Day-to-day focus is on resolution of complex problems or transactions, where expertise is required to interpret against policies, guidelines or processes. Roles at this level would usually have full ownership for one or more processes, reports, procedures or products, and may also be considered analytical or procedural "experts" representing a unit or team on cross-function process or project deliverables.
- Trade support of Municipal Tender Option Bond (TOB) Business, Debt Capital Markets and Secondary Corporate Trading desks for Corporate, ABS and CLO securities, Equity, Private Equity, ETF, Distressed, and US Treasuries bonds.
- Ensure proper controls are in place to resolve trade breaks in a timely manner, meet all regulatory reporting requirements (TRACE, ACT I OATS, Reg M), Balance positions, monitor GSCC, NSCC, OTC and Euroclear settlements using the FI and Equity Fail reporting process.
- Use Bloomberg TOMs, ICl Impact, Fidessa, SOPHlS, Fenergo, TOB Database, Muni DSS, MS Excel, 1-Synd, Cognos.
- Monitor / Action Reconciliations (Position, Transaction, Security) in several systems, request CUSIPs, request and validate Bloomberg Description Pages/ ICI Impact security and fee Setups are correct, FINRA TRACE setups, verify Trades details in Bloomberg TOMS /ICl are accurate, verify accuracy of updates in front end systems and monitor I action Trade Under Repair queues.
- Prepare and send internal announcements to align downstream teams, ensure updates/ changes are communicated to relevant ops teams (i.e. Syn Ops, Sec Master). Ensure smooth settlement on settlement date (working w/ Syn Ops and R&D).
- Handle operational ad-hoc queries from Desk, Product Control, Financial Controls, and Syndicate Operations.
- Support the implementation of new business initiatives while maintaining efficiencies and controls.
- Minimize operational gaps/risks between Revenue Generators and Support teams by connecting-up the organization to support Primary and Secondary Sales and Trading activities.
- Ensure all queries/issues are addressed in a timely fashion. Escalate issues when necessary. Minimize reputational risk to the firm.
- Suggest enhancements to and/or create reports/procedures to fill any gaps in control.
- Reconcile all trade differences and DKs quickly to ensure all bookings/process is clean and efficient.
- Ensure positions are in sync and resolve any position breaks. Resolve Fails and Unmatched trades in a timely fashion.
- Ensure FOBO, NSCC, GSCC, Ex-Clearing, and Fail Report is updated daily with accurate commentary.
- Monitor and control Settlements that are driven by the effective collaboration of Revenue Generating and Support teams. Liaise with Trading Desk and Stock Loan/Repo on deliveries where there is a short position. Monitor progress ofReorg Conversions and Tenders on FOBO as well as l44a/RegS tracking spreadsheet (if applicable).
- Monitor Commercial Paper to remedy issues with IPA/Issuer.
- Ensure all amendments are accurate and evidenced with Trade approval (when necessary) in End of Day spreadsheet for audit transparency.
- Monitor KRIs to endure items do not reach Amber / Red status. In the event a KRI does reach those statuses, attempt to resolve in a timely fashion.
Key relationships:
- Front Office trading staff
- Back Office support staff
- Street side Brokers/Dealers
- FICC, IMM and Wealth Management sales staff
- Product Control
- Financial Control
- Security Master
- IT
- External Trustees
Working conditions:
This position can be a fast paced job with responsibility for extremely large amounts of currency. The financial risk is high and therefore can involve a high level of stress.
What do you need to succeed?
Must have:
- Roles at this level typically require an individual emerging as an expert in a specific skill set, business areas or product but who remain focused primarily on daily execution.
- This role would typically require some functional and industry experience and/or expertise, as they are expected to be subject area experts in one (or more) specific skill sets, business areas or products.
- Strong knowledge of FI products, settlements and surrounding processes
- Specific knowledge of settlement processes.
- Knowledge of trading regulatory policies and procedures i.e. TRACE, ACT I OATs.
- Proficient with trading systems and personal computers.
- Work with time deadlines requiring ability to prioritize.
- Excellent problem identification and resolution skills.
- Strong organizational skills.
- Team player with strong communications skills.
- Be a catalyst for cross functional collaboration between Front Office and RBC Teams as well as Third Party Vendors that support the Tender Option Bond Structures.
- Experience sitting on/supporting the trading floor.
Experience with comparison process.
- Basic accounting knowledge.
Nice to have:
- 4 year degree or equivalent industry experience
- Series 7 & 63 licenses
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, commissions, and stock where applicable
- Leaders who support your development through coaching and managing opportunities
- Ability to make a difference and lasting impact
- Work in a dynamic, collaborative, progressive, and high-performing team
- Opportunities to do challenging work
- Opportunities to building close relationships with clients
- This position is overtime eligible
The good-faith expected salary range for the above position is $75,000 - $85,000 depending on factors including but not limited to the candidate’s experience, skills, registration status; market conditions; and business needs. This salary range does not include other elements of total compensation, including a discretionary bonus and benefits such as a 401(k) program with company-matching contributions; health, dental, vision, life and disability insurance; and paid time-off plan.
RBC’s compensation philosophy and principles recognize the importance of a highly qualified global workforce and plays a critical role in attracting, engaging and retaining talent that:
- Drives RBC’s high performance culture
- Enables collective achievement of our strategic goals
- Generates sustainable shareholder returns and above market shareholder value
Job Skills
Adaptability, Critical Thinking, Customer Service, Decision Making, Effectiveness Measurement, Operational Delivery, Process Improvements, Time ManagementAdditional Job Details
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