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Assistant Market Operations Technician

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation, made up of approximately 4,000 people – each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Markets Directorate promotes monetary and financial stability by leading the Bank's market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities.

The Markets Directorate includes 6 Divisions which are:

• Sterling Markets
• Foreign Exchange
• Market Intelligence
• Financial Risk Management
• Middle Office
• Markets & Banking COO

Department Overview
The Middle Office CCO team sits in the heart of the Bank’s financial operations in supporting the Markets Front Office and Risk Management functions and systems, including links through to Back Office and external counterparties.

The CCO team manages the eligibility of balance sheet and collateral assets including loans and the application of haircuts, whilst also being responsible for how counterparty and instruments data are stored in Markets’ systems. The team works alongside a Support Team to identify and implement improvements to the current operational processes in the middleware system, EDM. In addition, the team works closely with Pricing Policy & Valuations (PPV) in Middle Office and the Financial Risk Management Division (FRMD) to implement new risk policy and methodologies, as well as managing the loans data processes.
CCO plays a vital role to change within the Markets and Banking area. The team participates in contingency planning working groups as well as investment projects across the directorate. Recent examples of this is CCO’s involvement in the response to market-wide events, participation in the introduction of the Alternative Liquidity Facility and the introduction of new trading products.

Job description
Markets is a dynamic and fast paced area and, as a result, the job holder will have exposure to high profile projects in addition to their regular work. The job holder will be given the opportunity to research and implement improvements and work across teams within Middle Office, Markets and other directorates.

We are looking to fill an Operational Assistant role on the team. The successful candidate will join a team consisting currently of a Manager, one Analyst, three Operational Analysts and four Operational Assistants. The job holder will be an integral member of the CCO team and as such will play a key role in the support of the Bank’s financial and monetary operations. Key responsibilities include, but are not limited to:

• Manage and own market data, implementing and maintaining consistent records for use across multiple systems and by key stakeholders
• Coordinate, liaise and communicate across the Front, Middle and Back Offices to ensure smooth and effective running of the Bank’s operations
• Developing an understanding of the Bank’s Risk Management functions and close liaison with FRMD to implement the Bank’s polices
• Identify and implement business improvements to ensure operational excellence within all tasks on the team
• Recording incidents across the division, producing analysis and recommendations for senior managers
• Producing management information to support the key operations of the team, spotting trends and anomalies in the data where appropriate
• Becoming a subject matter expert on one of the workstreams within the team, providing expertise for change projects, including Markets-wide initiatives to support the Bank’s mission
• Contributing to the systems improvement programme and support of live technical issues, working alongside Analysts within the team.

Role Requirements
Minimum (Essential) Criteria

• A team player, willing to help others to achieve results
• Experience of working accurately to tight deadlines
• Attention to detail with the ability to deliver outputs to a high standard
• Determination to seek to improve both outputs and processes
• Strong interpersonal skills to interact confidently with other teams and directorates at junior and senior levels, including externally
• Strong IT skills and a willingness to learn new processes and systems
• Some knowledge of the Bank’s financial market operations would be an advantage. Training on the use of EDM, Bloomberg, Openlink and other local systems will be provided.
• An interest in the Bank’s market operations and how we support them operationally

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

This role includes operational duties and there are team rotas that need be covered. Despite this, Middle Office is dedicated to promoting a healthy work-life balance and encourage flexible working. Examples of flexible working in the team include part-time working, late starts, early finishes and part-time study.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident scheme. You can find more information on what this means here. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

This specific role offers a base salary range of £25,620 - £30,330 per annum (depending on skills and experience) on a full-time basis.

In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. (Note that from April 2023 and for the Benefits year 2023/24, this will increase to 8%)
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank’s Privacy Notice at Privacy and the Bank of England | Bank of England.

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The closing date for applications is 2 May 2023.

The assessment process will comprise of will include an interview with the hiring manager.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.