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Policy Adviser, Capital Markets Division

Within FSSR, Capital Markets Division (CMD) is responsible for assessing risks to financial stability arising from financial markets and non-bank financial institutions. We help the FPC to develop policies to mitigate those risks and hence to improve the resilience of the UK financial system. Given the international nature of capital markets, a lot of our work is directed towards the international policy debate, including via the Financial Stability Board (FSB). Our work brings together knowledge from around the Bank, the Financial Conduct Authority, as well as market participants and academics.

Some of the key parts of our agenda relate to addressing the vulnerabilities in market-based finance that crystallised during the March 2020 “dash for cash” and the recent stress in the liability-driven investing sector. These episodes demonstrated how vulnerabilities in financial markets and the non-bank sector can interact, amplify an initial economic shock and threaten financial stability. To learn more about our work, read our recent report, as well as the December Financial Stability Report.

CMD is comprised of four teams:

Financial Market Risks team is responsible for assessing global asset valuations and their implications for UK financial stability. The team also conducts analysis and research to monitor and assess the resilience of market liquidity, and considers policy solutions aimed at enhancing market structure to ensure financial markets are resilient and can effectively support the economy. We regularly present our work to the FPC during their quarterly meetings.

Market Behaviour and Activities team is responsible for assessing risks from the behaviour of non-banks in financial markets. Specifically, the team conducts analysis and research on the behaviour of hedge funds, pension funds and insurers. We also look at how the non-bank system fits together by mapping and understanding interconnectedness across the system, with particular focus on that arising from derivatives markets.

Asset Management team focuses on the asset management sector, particularly on liquidity mismatch risks in open-ended funds and money market funds and policies to mitigate those risks. We also work with staff from across the Bank and beyond to scan the horizon for new risks in the non-bank system.

Horizon Scanning team assesses emerging financial stability risks and seeks to understand linkages across the financial system, with a view to strengthening the Bank’s preparation mechanisms.

Across CMD we seek to employ advanced analytical techniques to make the best use of trade-level regulatory datasets, such as those on derivatives, bond and money markets. This helps ensure timely and robust risk assessment, as well as well-informed policy design.

The areas listed above are of significant interest to the FPC as it seeks to mitigate systemic risks. And we are fully engaged in international policy debates, so that the work we do is influential on the international arena. Risks from and resilience of financial markets and non-banks are currently at the top of the international financial stability policy agenda, so there are opportunities to be active in this debate and influence some of these workstreams.

We are looking to recruit candidates for a number of potential opportunities across CMD and we would encourage you to apply if you are interested. Please let us know if you are particularly interested in joining a specific team.

In particular, we are looking to recruit for a Policy Advisor role on the Financial Market Risks team. As a Policy Advisor you will be expected to lead projects independently from planning stage up to delivery to senior Bank stakeholders and related external publications. In doing so, you will lead small teams delivering through others. Although this is not a line management role, there are opportunities to manage 1-2 members of staff on a permanent basis, depending on preferences.

Some of the projects you could be involved in include:

• Lead the development of the suite of asset valuation metrics/models to assess whether current levels of asset valuations look stretched and thus may be prone to a sharp correction. Lead the development of robust infrastructure for those toolkits and embed them into regular team processes.
• Lead projects and use advanced data techniques to extract policy-relevant information from available granular datasets (e.g. on derivatives, bonds and money markets). For example, estimating the capacity of bond markets to meet the demand for liquidity by market participants, especially in stress.
• Lead a strand of policy work to enhance the resilience of core UK markets via market structure reform, collaborating effectively with stakeholders within and outside of the Bank.

In CMD, we work fluidly across teams to ensure we make the best use of our talent and cater to staff interests and preferences. We also actively contribute to cross-divisional projects throughout FSSR. Alongside building expertise in your core role, you will have the opportunity to work on cross-Directorate and cross-Bank projects, allowing you to engage in a wide and varied set of issues affecting the Bank.

We are looking for potential, rather than just past experience!

Essential:

• Interest in and appetite to learn about financial markets and non-bank financial institutions.
• Demonstrated ability to lead projects/pieces of work independently (with minimal oversight), including delivering through others.
• Track record of delivering high-quality analytical work.
• Creative thinking and ability to find solutions to analytical problems.
• Ability to explain and communicate complex topics to seniors in a clear and concise way, influencing them effectively.
• Desire and skills to work effectively with colleagues from around the Bank and external organisations, such as the FCA and other central banks.
• Commitment to work with colleagues to improve diversity and inclusion in the Bank.

Desirable but not essential:

• Previous experience of leading analysis of financial markets and institutions (banks or non-banks).
• Practical knowledge or experience of how markets and/or non-banks operate.
• Knowledge of advanced data analytics techniques and ability to lead analysis of large and complex datasets, including experience of analysing economic or financial data using R/other relevant programming languages (e.g. Python).
• Academic or professional qualification in finance, economics, data science or a related field.
• Line management experience.

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.

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 of circa £62,700-£79,470 per annum (depending on skills and experience) on a full-time basis. We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.

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 8% benefits allowance with the option to take as salary.
• 26 days’ annual leave with option to buy up to 12 additional days.
• Private medical & dental 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 30 April 2023.

The assessment process will comprise of two stages.

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.

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