Assistant Manager - Equity Derivatives Control and Reconciliation

Assistant Manager- Regulated

Job Description:

About Us

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection.  Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

 Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Global Business Services

Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.

Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.

In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.

Process Overview

The role acts as a control function for Equity Derivatives traded by our equities desks. The Teams primary responsibility is to ensure risk is captured accurately in the system of records. The role also involves acting as a central point of contact for queries from Traders, Trade Support, Finance and other Operation groups. Understanding the trade booking and trade amendments, analyze and review the Trades (Vanilla & Exotic) which are cancelled or edited/corrected.

The candidate will have regular interaction with the Front Office and be expected to assist with trader related queries in a timely manner despite the highly pressured environment.

Job Description

• Understand how the trades for various assets classes have been booked on the BAML models

•It is essential that potential candidates have a high level of attention to detail and a good grasp of the Domain understanding to review the conditions set out in the booking tool. The candidate will need be aware of different, potential scenarios that a trade is cancelled or edited or missing feed

•Understand trade flow from front to back perspective

•The candidate will need to understand how the trade is being risk managed and to review the booking within the context of BAML booking policies. This will form part of monitoring and control process.

•Good Understanding of Accounting Principle and PnL Balance sheet adjustments

Responsibilities

• Performing BAU T+1 and SD+1 Front to Back Reconciliations.
• Work closely with Front Office, Trade Support, Finance and other Operation Groups to resolve breaks
• Performing daily MIs and KRIs
• Break reporting and governance
• Month-end reconciliation between Subledger and General Ledger
• Research and resolution of breaks in multiple reconciliation
• Escalate aged breaks across various recons performed in Equities to Senior Management.
• Maintenance of various recon processes performed in EMEA and AMRS.
• Accounting sign-offs for accounts under ownership by substantiating subledger and general ledger balances.
• Become proficient in the reconciliation process and the different system flows
• Analyzing why trades are not matched in the recon tool on a T+1 or VD+1 basis
• Liaising with internal stakeholders and external client to remediate root causes
• Change mind-set, leading and delivering upon change initiatives within the context of the reconciliation function
• Partner with the other regional teams to help move this team into a true global service model
• Pro-actively challenge the status quo, identify and drive change to improve upon the current model

Requirements

• Education – Graduate and Preferably MBA with Finance Background
• Certification If any - Any Finance related certifications
• Experience Range – Experience in a middle office support functions or operations function for derivative products with a total experience of 5+ years

Foundation skills

• Hands on understanding of Global Markets/Investment Banking business and basic knowledge of derivatives Products, Trade Life cycle events
• Strong analytical skills, mathematical ability, verbal, and written communication skills
• Attention for detail and must be quick learner to adapt to new systems/procedural change

Desired skills:

• Hands on understanding of Process Controls, Risk in Global Markets, Regulations
• Strong understanding of all asset classes, product line, Fixed Income and Equity products
• Hands on understanding of MS Office applications
• Learning agility, self-driven and ability to work under pressure and in complex environment

Work Timings: 13:30 to 22:30 IST (UK Shift)

Job Location: Chennai

Experience Level

Mid Level