Assistant Vice President, Collateral Management London, England
MUFG
Full Time
London, England
57386 - 70115 GBP ANNUAL Today
Job description
Do you want your voice heard and your actions to count?
Discover your opportunity with Mitsubishi UFJ Financial Group (MUFG), the 6th largest financial group in the world. Across the globe, we’re 160,000 colleagues, striving to make a difference for every client, organization, and community we serve. We stand for our values, building long-term relationships, serving society, and fostering shared and sustainable growth for a better world.
With a vision to be the world’s most trusted financial group, it’s part of our culture to put people first, listen to new and diverse ideas and collaborate toward greater innovation, speed and agility. This means investing in talent, technologies, and tools that empower you to own your career.
Join MUFG, where being inspired is expected and making a meaningful impact is rewarded.
Mitsubishi UFJ Financial Group (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with approximately 350 years of history, MUFG has a global network with 1,100 offices in over 40 countries. The Group has over 140,000 employees, offering services including corporate banking, commercial banking, retail banking, wealth management, investment banking, capital markets, personal and corporate trust, and transaction banking.
The Group’s operating companies include Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ Trust and Banking Corporation (Japan’s leading trust bank), and Mitsubishi UFJ Securities Holdings Co., Ltd., one of Japan’s largest securities firms.
MUFG conducts securities business internationally through its overseas subsidiaries MUFG Securities EMEA plc, MUFG Securities Americas Inc., MUFG Securities Asia Limited. And MUFG Securities Asia (Singapore) Limited. With each member of the group working in partnership with one another, MUFG provides best in class service and products to corporate and institutional clients.
MUFG Securities EMEA plc is the European hub of MUFG’s securities business. Headquartered in London we have just over 600 employees and are active throughout the international capital markets, focusing on debt, equity, derivatives and structured products. Due to the diverse nature of our business we require a clear unifying vision for all of our people. It is this vision and our corporate values that reflect who we are and guide how we behave. We therefore strive to recruit individuals who share our vision and values, and who have the motivation and commitment to help us move our business forward.
The Operations division is core to all of MUFG business activities. Comprising of c.100 employees across London, New York and Hong Kong, the function consists of Middle Office, Settlements, Collateral Mgmt and Operational Control, covering a diverse product range including Equities, Fixed Income, Derivatives and Futures.
The division is responsible for processing and settling every trade booking and that cash flow and margins are managed, while ensuring wide ranging regulations are consistently met. Operations also play an instrumental role in business development and the introduction of new products and markets.
The Collateral Management area is responsible for the management of the division’s collateral across OTC, Fixed Income and Stock Borrow Lending efficiently and accurately.
MAIN PURPOSE OF THE ROLE
We have an exciting opportunity for an experienced AVP to work within our Collateral Management department. The candidate will be responsible for processing the Margin Exposure across all asset classes (OTC, Repo and SBL) by calling counterparts where MUFG is exposed and meeting counterparts calls on MUFG in line with MUFG valuations. This role will initially be specific cover for Repo and cleared margin with the opportunity to gain exposure in the OTC and Securities Lending margin space as well.
- Ensure all margin bookings are correctly reflected in key systems (TLM, Murex, Apex) for agreed settlement.
- Timely resolution of any resulting Nostro breaks.
- Ensure the CTD collateral is used in conjunction with TRY/RPG
- EOD Dispute and MtM differences escalated to line manager.
- Carry out all duties in line with the Department’s procedures and ensuring these are updated accordingly to reflect current processes in conjunction with your Line Manager.
KEY RESPONSIBILITIES
- Strong skill-set to support agreement and processing of margin of all daily VM and IM OTC Margin calls in accordance to the CSA agreements.
- Regular communication with the treasury desk to ensure that collateral posted is in line with their cheapest to deliver policies.
- Booking of collateral and understanding the cost associated with the optimization of any outflow, based on eligibility criteria.
- Monthly settlement of interest on cash variation margin posted and received.
- Ensure that all margin bookings are accurate and settle as agreed within currency/settlement cut-offs
- Dispute/exposure reporting to senior Management, risk and the business and the ability to explain issues to all levels
- High level of client service around incoming query management
- To ensure that desk procedures are kept up to date and that improvements are made when necessary in an effort to improve efficiency and reduce manual touch points
- To liaise with traders, Legal, other support areas and counterparties, and strive to ensure maximum internal and external client satisfaction
- Maintain a robust control environment by way of regular review of controls, raising Self-Identified Issues where required, and driving issues to closure
- Actively manage and build relationships with the Front Office and other key business partners across the firm.
- Define the prioritisation of the team BAU activity and book of work ensuring the sustainability and robustness of the operational control framework and define solutions commercially beneficial for the organisation.
- Ensure the completion of BAU activity and complete the book of work assigned ensuring the sustainability and robustness of the operational / control framework and implement solutions that are commercially beneficial for the organization.
- Promote an inclusive, positive culture and way of working across teams and provide regular feedback and formal performance reviews to team members
WORK EXPERIENCE
Essential:
- A solid understanding of the legal documentation and key terms within the ISDA CSA agreement
- Understanding the life-cycle of trade processing/handling across derivative swap products including trade capture/allocation, confirmations, trade exception clearance and connectivity issue resolution with tech teams
- A sound understanding of the current regulatory framework i.e. UMR
- Working knowledge of OTC Derivatives products, being able to understand and unravel complex trading that can impact the margin call process
- Strong understanding of the inputs that makeup derivative trade level valuations and being confident to compare and challenge our counterparties PVs
- Previous knowledge and experience of using the TriResolve reconciliation manager tool
- Understanding of key collateral optimisation initiatives such as cheapest to deliver
- Experience using large data sets and using data visualisation tools
Preferred:
- Exposure to mark reviews to validate trader marks to external pricing sources
- Understanding of Repo margin/collateral processes
- A good working knowledge of the cleared margin process i.e. supporting the margining process at the various clearing houses; LCH, Eurex, ICE, CME etc.
- Experience of dealing with LCH Repoclear and Eurex Repo
- Solid understanding of Repo and SBL (Securities, Borrowing & Lending) including the front to back repo and SBL trade booking workflows
- Experience of using TLM/Sentry/Algo, SunGard Apex, SWIFT, Intellimatch, TriOptima
SKILLS AND EXPERIENCE
Functional / Technical Competencies:
Essential:
- Strong Microsoft skills i.e. Word and Excel
- Strong communication skills, written, oral and listening
- Strong stakeholder management techniques
- Excellent understanding of Operational Risk and Control.
- Strong understanding of the trade lifecycle management of various products and associated risks
- Good working knowledge of the regulatory environment and upcoming changes
- Understand the cash flows and dynamics of a banking business such as funding requirements and their importance
- Understand the key elements of the front to back process flow including other infrastructure groups i.e. Market Risk, Credit Risk, Finance, Product Control, Legal, Compliance, etc.
Education / Qualifications:
- Degree qualified or equivalent experience
PERSONAL REQUIREMENTS
- Excellent communication skills
- Results driven, with a strong sense of accountability
- A proactive, motivated approach.
- The ability to operate with urgency and prioritize work accordingly
- Strong decision making skills, the ability to demonstrate sound judgement
- A structured and logical approach to work
- Strong problem solving skills
- A creative and innovative approach to work
- Excellent interpersonal skills
- The ability to manage large workloads and tight deadlines
- Excellent attention to detail and accuracy
- A calm approach, with the ability to perform well in a pressurized environment
- Strong numerical skills
- Excellent interpersonal and communication skills with proven ability to influence decision-making process and build consensus. Ability to demonstrate strong and independent decision making skills.
We are open to considering flexible working requests in line with organisational requirements.
MUFG is committed to embracing diversity and building an inclusive culture where all employees are valued, respected and their opinions count. We support the principles of equality, diversity and inclusion in recruitment and employment, and oppose all forms of discrimination on the grounds of age, sex, gender, sexual orientation, disability, pregnancy and maternity, race, gender reassignment, religion or belief and marriage or civil partnership.
We make our recruitment decisions in a non-discriminatory manner in accordance with our commitment to identifying the right skills for the right role and our obligations under the law.
