GMD Non-Flow Credit Repo Trader, Associate (New York)

Summary

The Global Repo and Indexing business line, within the Global Markets Division, is looking for junior level candidate to join its Credit Repo and Secured Lending team in New York. The role would involve:

1) assisting senior traders with daily tasks such as P&L calculations and risk monitoring

2) assisting senior traders with the pricing and execution of structured transactions

3) risk analysis of transactions and collateral obligations

The ideal candidate would have a post-graduate degree in an analytical field. Experience as a corporate credit analyst at a rating agency or equivalent a strong plus. Understanding of securitization structures, techniques and documentation helpful. Strong problem-solving and critical thinking skills are a pre-requisite. A native or fluent level of English is expected to be spoken.

Key Responsibilities

Transactions

• Analyze, understand and price transaction risk and use of scarce resources to optimize risk/return
• Execute transactions in accordance with established risk management procedures and risk parameters.
• Identify market opportunities and formulate trading strategy to optimize risk/return.
• Input all executed trades directly into the Front Office Systems in a timely manner.
• Monitor and manage position risk.
• Partner with Structuring and Sales in providing client solutions
• Partner with and inform risk functions including obtaining risk approvals as necessary
• Keep abreast of the markets and risk by staying informed of economic, regulatory and technological changes

Management and Reporting

• Report Daily pnl, risk and key market movements to management and partners as required
• Escalate issues requiring management attention

Mandate

• Ensure strict compliance with the mandate attributed to the desk
• Sign the mandate in the MRL tool according to the procedure currently in place with the Bank
• Ensure that processes are in place for appropriate identification, escalation, review and response to any actual or potential violation of the regulations.

Risk

• Establish relationships with key risk functions
• Contribute to the evolution of overall risk parameters and processes.
• Assist with managing and hedging the overall risk of the Repo & Secured Funding portfolio on an intra and inter day basis.
• Ensure adherence with regard to position and risk limits.
• Ensure adherence to the overall risk limits, including both credit and market risk, as set for Repo & Secured Funding.
• Ensure adequate systems and information flow to allow monitoring and management of these risks.
• Ensure that other categories of risk to which the Company is exposed (e.g. legal, operational, and reputational risk) are identified to the extent possible within the trading function. Such risks should then be delegated, documented and managed as appropriate within acceptable levels.
• Risks manage the trading book for which responsible. Maintain such risks within the risk limits delegated by Market Risk together with any additional limits imposed to Repo & Secured Funding.

Counterparties and clients

• Develop and maintain relationships with peers in other organisations as applicable.
• Represent the firm with external organisations (e.g., industry or product committees, and regulatory or governing bodies) if requested.
• Notify Trading management and Back Office immediately of any and all trading disputes with counterparties.
• Ensure adherence to KYC procedures and policies.

Communication

• Contribute to discussions with the other members of Repo & Secured Funding Trading teams as requested and as appropriate to review market strategy and exchange ideas and any other pertinent information.
• Attend regular meetings or conference calls with the other members of Repo & Secured Funding Trading group as requested and as appropriate to review market strategy and exchange ideas and any other pertinent information.
• Maintain open and constructive relationships with Sales and Structuring in executing transactions and building business
• Maintain open and constructive relationships with key risk functions
• Ensure that the relevant managers are made fully aware in a timely fashion of all matters that might have a material impact on the Repo & Secured Funding’s group performance, risk position or compliance with legal or regulatory requirements.
• Liaise closely with global overseas offices

Key Internal Contacts, where relevant

• GRI team
• Chief Operating Officer (Global Business Manager) team
• Sales
• Structuring
• Market Risk
• Counterparty Risk
• Compliance
• Market Activity Monitoring (MAM)
• Back office/Middle office (trade processing and settlements)

Key External Contacts, where relevant

• Clients/Counterparties
• Brokers

Control

• Ensure any warning signals of emerging issues in the business are followed up; ensure appropriate investigation and any appropriate remedial action.
• Address, in the suggested timeframe, any points or recommendations made by internal or external auditors or regulators.

Systems Used

Internal

Outlook, Office, Intranet; Apex, Orchestrade

External

Bloomberg; Reuters.

Legal and Regulatory Responsibilities

• Comply with all applicable legal, regulatory and internal Compliance requirements, including, but not limited to, the London Compliance manual and the Financial Crime Policy. Complete any mandatory training in line with legal, regulatory and internal Compliance requirements.

• Maintain appropriate knowledge to ensure to be fully qualified to undertake the role. Complete all mandatory training as required to attain and maintain competence.

• Refrain from taking any steps which could lead to the removal of certification of fitness and propriety to perform the role.

• Undertake all necessary steps to satisfy the annual certification process.

• Comply with all applicable conduct rules as prescribed by the relevant regulator

Qualifications/Education Required

• Bachelor’s/University degree, preferably in an analytical area, followed by appropriate market relevant working experience

Experience Required

• 3 - 5 years of experience in trading and risk managing a trading book, where applicable
• Experience as a credit analyst

Competencies Required

• Team oriented
• Excellent communication skills and able to coordinate effectively with other Senior Managers, Sales, Structurers and Quants
• Ability to think quickly, make decisions using good judgement and prioritize in busy trading situations
• Ability to remain calm under pressure

Skills & Knowledge Requirements

• IT literate
• Credit analysis skills
• Strong numerical, analytical and spreadsheet skills