Trade Settlements Manager

Manager

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:

EMEA Securities Settlements team perform various functions like pre-matching, settlements, sufficiency, Depot Transfers and controls functions like margin, queue/break management, FOP, and margin payments for few entities. We work on both equities and fixed income products. Maintaining client/broker relationship and keeping the market, credit, liquidity, and operational risk to its minimum is key to the success. Teams interact with several different internal teams which are part of trade lifecycle and also with various counterparties externally to match/settle the trades.

Job Description*

This is a great opportunity for someone looking to gain experience in the world of securities. The associate will be part of the Securities settlements team working in a fast paced and time sensitive environment.

The successful candidate will be responsible for pre-matching, matching, Trade Narrations, and timely settlement of trades-value date & failing trades, stock loan reconciliation, Depot Management functions across CREST, DOMESTIC & EUROCLEAR markets.

Although working individually, the success is measured at a team level, with internal targets and results being measured against the Line of Business external peer group on a regular basis. The level error free settlements, adhering to the regulators requirements Segregation Violations, Fines) and our success in the market versus our peer group is a key barometer in measuring the control of risk around the process.

The key to success is to ensure we settle all equity trades within tight deadlines as prescribed by the SLA. In a deadline driven environment, turnaround, accuracy, and escalation are of high importance as we are at risk to market movements, traders P & L, client relationship, and the bank’s reputation including settlement risk. Sense of urgency and attention to detail are pivotal competencies required to perform the functions.

Responsibilities

Pre matching & matching trades on VD-1 & VD with counterparties. Trades which are unmatched are to be identified, researched, and actioned for resolution.

Reduce failing trades and increase settlement efficiency.

Settle failing trades by liaising with various external clients, brokers, local agents & custodians.

Reduce intercompany failing trades across.

Ensure Capital exposure is as per the levels fixed by the regulators.

Ensure that there are no segregation violations as per SEC regulations and fines imposed by regulators are well below prescribed standards.

Prioritize on reducing failing SELL trades to mitigate the risk of buy-in threat to the firm.

Take necessary steps to ensure that Buy-in threats are avoided to the firm as a result of failing   trades

Ensure Depot transfer requests are entered in the system are settled on time by liaising with Custodian, Client services.

Ensure that breaks pertaining to stock loan are resolved within defined timelines.

Researching on trades which are not recognized by CP and checking is it a valid and following the escalation procedure to make sure that trade settled on the same day or cancelled.

Perform telephone confirmations on transactions due for settlement/matching.

MIS, reporting of operational and trading exposures to management.

Responsible for clearing of items on the daily exception accounting reports.

Maintain established productivity levels as per SLA.

Ensure that all established procedures are followed.

Meet or exceed all deadlines given as per SLA.

To be flexible in their attitude and approach and be willing to work extra hours during the week with overflow of volume and to provide cover for holidays planned and unplanned.

Requirements

Education: Graduate/Post Graduate

Experience – 10 - 12 years of relevant experience in trade settlements.

Certifications If Any:

Foundational Skills

Understanding of Investment Banking,

Good understanding of capital markets & trade life cycle.

Excellent verbal and written communication skills and effective interpersonal skills.

Ability to work under pressure with excellent attention to detail,

Ability to multitask, prioritize

Escalation of critical risks & non-compliance with policies, standards, and limit.

Desired skills  - Flexible

                 

Work Timings: 01:30 PM – 09:30 PM

Job Location: Chennai

Experience Level

Mid Level