Manager Commodity FM Operations - Americas ( AVP)

  • Location: Newark, NJ, USA
  • Salary: Negotiable
  • Job Type: Full time

Please view Job Description for details.

We're a leading international bank, with more than a 150-year history in some of the world's most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East.

With more than 1,100 branches and offices in 68 countries, we offer exciting and challenging international career opportunities.

Strategy
* This role is a key hire into the New York Operations team to deliver the operational requirements of the CME Self Clearing project and manage a team supporting the CME, ICE and LME Clearing operations and Middle Office Trade Support activities post go live.
* The role will be the 1st point of contact onshore for any operational issues and will be integral to achieving the banks ambition of becoming a self-clearing member of the CME (NYMEX, CBOT and COMEX).

Key Roles and Responsibilities

Business
* Standard Chartered Bank (SCB) Information Technology & Operations (ITO) has a dedicated Financial Market Operations which supports the market clients and products within Corporate & Institutional Banking (C&IB). FM Operations has responsibility for the execution, control and continuous improvement of processes to support our Products & Clients. FMO has 3 distinct functions - Product Management, Regional/Country oversight and Processing Functions (Service Providers). This role has oversight for product management of Financial Market Commodity Operations including Futures, Listed and OTC Derivatives and Physical Commodities.

Processes

Responsible for leading a team of Middle Office/Clearing analysts covering the following activities;

Clearing Operations

* Maintenance of broker, contract, accounts in the banks systems to ensure STP trade flow
* Top Day Trade Monitoring and allocations for CME (NYMEX, COMEX, CBOT) and LME
* Monitoring Lifecyle events on TAS trades
* Trade and Position Reconciliation against the CME
* Front Office - Back Office (FOBO) Reconciliations
* Open interest management
* Managing intra-day cash margin calls
* Option Abandonment/Exercise
* Position Reporting to the exchange

Middle Office Trade Support

* Trade Validation (Inventory Financing and Commodity Derivatives)
* Ensure all trades are booked as per approved booking models.
* Be the 1st point of contact for all front office queries with regards trade booking/fixings
* Perform Present Value detective controls. Use PNL Simulation Viewer to identify trade anomalies. Analyse and resolve any trade errors.
* Ensure all prices which require fixing in NY working hours are done so in accordance with the fixing procedure and the product spec. Facilitate the build-out of automated fixings
* Perform timely reconciliation between internal trading systems

Additionally, each team member is expected to take a key role and proactive stance on new initiatives and projects to drive the business forward, including working closely with the exchanges to deliver new market services to SCB.

People and Talent
* Responsible for personnel management and operational leadership within own function including resource planning, performance management, objective setting and staff development.
* Ensure that there is a strong support model and staff contingency plan in place within the team at all times.
* Enhance the development of peers by imparting knowledge in your area of expertise.
* Lead through example and build the appropriate culture and values. Set appropriate tone and expectations from their team and work in collaboration with risk and control partners.

Risk Management
* Responsible for identifying, assessing, monitoring, controlling and mitigating risks to the Group. Also, an awareness and understanding of the main risks facing the Group and the role the individual plays in managing them
* Responsible for execution of the banks 1st line controls within the Trade Initiation Execution and Capture and Settlements and Clearing Processes.
* Ensure operational risk/loss incidents are logged and managed in accordance to group OR procedures.
* Ensure a full understanding of the risk and control environment in area of responsibility
* Assist in the identification of new business and regulatory risks and the implementation of appropriate controls to mitigate those risks.
* Represent the function at Country Operational Risk Committees (CORC).

Governance
* Responsible for assessing the effectiveness of the Group's arrangements to deliver effective governance, oversight and controls in the business and, if necessary, oversee changes in these areas
* Awareness and understanding of the regulatory framework in which the Group operates, and the regulatory requirements and expectations relevant to the role.
* Responsible for delivering 'effective governance'; capability to challenge fellow executives effectively; and willingness to work with any local regulators/exchange in an open and cooperative manner.

Regulatory & Business conduct
* Display exemplary conduct and live by the Group's Values and Code of Conduct.
* Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
* Lead the US Commodity Clearing Operations/Middle Office team to achieve the outcomes set out in the Bank's Conduct Principles: Fair Outcomes for Clients; Effective Financial Markets; Financial Crime Compliance; The Right Environment.
* Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
* Comply with all regulation including, CASS, EMIR, Dodd Frank, client identification, KYC and apply relevant AML procedures and all reporting as necessary.

Key Stakeholders
* Work in close synergy with the global ETD Clearing teams in London, Singapore and Kuala Lumpur and Middle Office in London, Singapore and India to resolve daily BAU issues and ensure processes are executed efficiently.
* Support the trading desks by being responsive to any questions and challenge when necessary.
* Work closely with Country and Group Operational Risk Functions to address control gaps or process weaknesses.
* Support the Global Head of Commodity Operations and the Commodities COO office to execute the strategy of the Commodities Business.
* Support both country and product compliance to ensure the function is compliant to all regulatory and exchange requirements.
* Be the point of contact for internal and external auditors for the function.

Other Responsibilities
* Embed Here for good and Group's brand and values the US Clearing Operations team,
* Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures.
* Responsible for ensuring an effective Business Continuity Plan is in place for the function.

Qualifications and Skills

COMPETENCIES:
LEADERSHIP
COMPETENCIES

Spot Opportunities
Experience in delivering change and removing obstacles to efficiency or improving the control environment.
Solve Problems
Demonstrated ability to make quick, clear and effective decisions independently while operating within the banks control framework and risk appetite.
Take the Lead
  • Proven track record of delivering positive change within own function
  • Strong people management skills

Build Resilience
  • Capability and willingness to raise the performance of the team by delivering training and imparting domain expertise.
  • Courage to challenge and curtail activity which is not in the interests of the bank or its clients.
Collaborate
Able to operate across geographies and time zones to deliver results in a truly global organisation.
Communicate
Ability to communicate clearly and effectively with varied stakeholders including trading, operations, compliance, market risk, finance.
Achieve Results
Able to operate within a fast paced and time sensitive environment where the regulatory requirements and processes are evolving.
TECHNICAL
COMPETENCIES

Systems Experience
FEC, PTMS, ACS, LME SMART, LME SELECT, Clearvision, UBIX, Murex 2.11, OPICS preferred
Process Experience
Strong understanding of post trade clearing processes on CME required. Strong or sound understanding of ICE and LME processes preferred.
Markets Experience
  • Strong understanding of Futures, Listed and OTC Derivaitives and Repo/financing structures.
  • Understand PNL derivation for all trades to facilitate the identification of incorrect trade details and enhance understanding of the trades being done.
  • In depth knowledge of the full end to end process management (Trade booking to trade settlement). This includes all the lifecycle events.

Product Experience
  • Strong understanding of commodities products including Base Metals, Precious Metals, Structured Inventory Product, Energy. Financial and physical knowledge needed.
  • Strong understanding of inventory finance of warrants/warehouse receipts/holding certificates preferred.


QUALIFICATIONS - training, licenses, memberships and certifications
  • Academic or Professional Education/Qualifications; Degree holder in Banking or Finance or related field preferred.
  • Minimum 6-10 years working in a clearing/Middle Office operations role
  • Languages; English (verbal and written)