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VP, Front Office Communications Surveillance - Global Markets (Credit/Rates)

New York, New York 10019

Post Date: 09/05/2017 Job ID: 1865 Industry: Banking/Finance

In response to regulatory requirements, our client is establishing a First Line of defense Surveillance function within Global Markets (GM) Front Office and is adding a Vice President.

The Front Office Surveillance team sits directly on the trading floor working directly with management. Ideal candidate  will have previously traded Credit or Rates. Additional experience within Risk Management and/or Compliance will also be considered if there is strong market knowledge.

Department Overview

Global Markets encompasses seven global business lines; G10 Rates, Equity Derivatives, Forex & Local Markets, Commodity Derivatives, Credit, Prime Solutions & Financing and Primary Markets, helping their franchise of clients find effective ways to raise and invest capital as well as manage their exposure to risk.

Department purpose / objectives:

In response to regulatory requirements, our client is establishing a First Line of defense Surveillance function within Global Markets (GM) Front Office (FO) reporting into Strategy and Risk/COO Americas department.  GM S&R/COO is part of Global Markets FO, but independent from the Business and is also part of the 1st Line of defense.

This newly created function monitors Trading & Sales business activity and electronic Communications, with the objective of deterring, detecting, and preventing Conduct Risk breaches.

The team is quite unique in the industry and has proved efficient in identifying potential conduct risk to managers. The team can follow easily market events and work with Front Office management by being located within the trading floor.

Specific Responsibilities of Role:

  • Contribute to the design, implementation and refinement of the monitoring procedures to more effectively identify actual or potential conduct risk scenarios.

  • Liaise with, and maintain a good working relationship with Desk Heads, and Senior Management and refine the escalation procedures, where possible, in order to help Desk Heads manage their business more effectively.

  • Use tactical spreadsheet-based tools, which can search the database at a trade level, filter unwanted information and display the remaining results concisely, for subsequent analysis.

  • Monitor the Order Management system to identify “ events” that can be associated with potential Conduct Risk breaches, and cross-reference these events against the analysis of the trade data.

  • Monitor chatroom communications using Keyword-based searches. Investigate keyword violations for context, and conduct more “ in-depth” analysis on T+2 where there may be a suspicion of inappropriate communication.

  • Escalate potential conduct risk breaches to Desk Heads ensuring that there is an accurate and comprehensive audit trail of all relevant information.

  • Contribute to the design and production of timely Management Information for the Heads of Trading & Sales.

Preferred Experience:

  • Ideal candidates will have market making experience, previously traded  Credit or  Rates. 

  • Exposure to other asset classes e.g. EQD, Financing, Credit, FX, Commodities, etc would be beneficial

  • Strong understanding of the driving factors behind the required surveillance enhancements in light of industry and firm-specific events

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