Middle Office Trade Management VP
Who we are looking for
The candidate will be expected to help manage the day to day running of the onshore oversight of all offshore Trade Management Support related activity, with responsibility for the provision of a premier service standard to the client.
The Trade Management Support Team is responsible for servicing all aspects of trade processing and settlement across multiple products traded on behalf of EMEA administered client accounts.
The onshore Manager is required to oversee the offshore team effectively in order to ensure that all trades are confirmed and instructed within market deadlines in order to affect timely trade settlement. This will be accomplished by working closely with brokers, custodians, fund accountants, various internal clients and other third parties. Timely investigation and resolution of failing settlement is critical. In addition, this involves close liaison with cross functional global teams including Database Management, Corporate Actions, Reconciliation and IT, as well as the client Middle and Front Office teams.
The candidate will also be responsible for participation in all governance related activity in accordance with standard operating procedure and to both ensure and then review the provision of timely and accurate KPI, KRI and general MIS from the offshore team measured against established SLA criteria. Responsibilities will also include the support of effective broker performance management, including regular review meetings and statistical reporting to both internal senior management and externally to the client.
Liaison with third party vendors of software and services will be required, as will attendance at various industry conferences and seminars when required. Knowledge of Electronic Trade Confirmation and Trade Settlement across all products and global markets is a critical requirement.
Why this role is important to us
The team you will be joining is a part of State Street Global Services (SSGS). SSGS gives asset owners and managers access to the essential financial tools they need to deliver effective investment solutions. From core custody, accounting, fund administration and shareholder recordkeeping, to complete operations solutions and servicing for alternative assets like OTC derivatives, private equity and real estate, SSGS’ tools help our clients make better investment choices and act on growth opportunities.
Join us if making your mark in the financial services industry from day one is a challenge you are up for.
What you will be responsible for
- Close monitoring of offshore team performance with regard to automated electronic trade confirmation process and systems; attention to ‘straight through’ processing of trades; verification of trades against counterparty instructions; authorize and dispatch trades via SWIFT messaging system to custodians, clients, and fund accountants. Ensure offshore performance SLA requirements have been met and escalate non-compliance appropriately.
- Ensure effective daily supervision of all product streams within the onshore London Trade Support group, reporting to the senior manager. Supervisory role includes oversight for the accurate and timely processing of all trade input, prompt and timely escalation of all identified risks, both reputational and financial, fail management reporting and resolution, quality control for the production of accurate governance reporting, MIS and broker performance.
- Effective prioritization and closure of inbound client and external party query escalation. Work with all internal cross functional teams and external parties as appropriate.
- Manage all critical business relationships, both internally and externally. Ensure effective client communication at all times.
- Identify opportunities for process improvement and process efficiency. Key participation in strategic projects and initiatives as representative of the team.
- Ensure regular review of unmatched trade reports to ensure timely settlement and adequate investigation, follow-up, resolution and documentation of all trade queries and failing settlements from counterparties, custodians and other interested third parties.
- Work collaboratively with all in scope TM units to ensure robust controls and procedures for the accurate maintenance of broker and client settlement details on internal and external systems.
- Communicate effectively with management in the event of risk events (e.g.failing trades, overdrafts, claims, aged breaks) and exposures which may result pose financial or reputational risk to State Street or our client base.
- Maintain up-to-date awareness of settlement practices and wider market changes that may impact trade processing or settlement. Assess changes and review against IMS processes and systems.
- Assist with assessing custodian performance with regard to trade settlement processes and customer service performance.
- Establish relationships with trading brokers; assist in tracking broker delivery performance and service standards; regularly present broker benchmarking statistics. Provide regular feedback to Front Office.
- Work with the regional Reconciliation team and offshore Trade Investigation Team to resolve all break items for cash and stock reconciliation within established clearance timeline parameters.
- Responsibility for staff career development, including relevant coaching and training programs, PDP’s and the writing of year end evaluations.
Demonstrate the ‘Risk Excellence’ culture in your behaviour
- Develop effective working relationships and communications with staff and ensure that staff are motivated, developed and supported.
- Establish and monitor systems of control, delegated authority and escalation procedures so that the business complies with internal policies and external regulations and can be managed effectively
- Adhere to the delegation and oversight (management information and escalation) framework in the performance of daily tasks. This includes taking proactive action to ensure there is adequate production of management information that is fits for purpose, and issues are raised as appropriate
- Establish and monitor an effective oversight framework to ensure that issues are appropriately identified, escalated and resolved. This includes: a) ensuring that appropriate management information is received, considered and challenged as appropriate at intervals proportionate to the risks; and b) that staff members have clear understanding of the escalation path/principles
- Establish and nurture a culture of ‘Risk Excellence’ within the team, encourage an environment of openness that welcomes effective challenge and supports open discussion.
- Establish and nurture a culture of individual ownership of tasks to embed a clear individual sense of accountability into staff members’ behaviour in performing their roles.
- Ensure that the highest level of the Code of Conduct is displayed in your own and staff behaviour.
- Responsibility for staff career development, including relevant coaching and training programs, personal objectives, regular 1:1 discussions and completion of mid / year end evaluation process.
What we value
These skills will help you succeed in this role
Candidates for this position will ideally have gained at least 5-10 years of direct experience both managing and processing domestic and international Equity, Fixed Income and FX trades, including cash deposits, in a supervisory capacity within a similar Investment Advisory organisation, Broker-Dealer or Global Custodian.
Additional knowledge of mortgage and asset backed securities processing would be an advantage, as would any additional knowledge of processing trades for Liquidity Funds. The individual must be highly detail-oriented and motivated, and able to display a high standard of accuracy and professionalism at all times. First class communication skills are essential to maintaining both internal and external client relationships. Extensive knowledge of ETC/STP is extremely beneficial, as is experience using Alert, CTM, GTSS and local middleware matching products. Basic Excel, Word and Power Point skills preferred.
Strong Managerial Skills, Self-Motivated, Excellent Communicator, Ability to work to strict deadlines and within a pressured environment.
Education & Preferred Qualifications
- Degree BSC preferable
About State Street
What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.
Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.
Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.
State Street is an equal opportunity and affirmative action employer.
For further information, and to apply, please visit our website via the “Apply” button below.