Job Title: Assistant Manager- Fixed Income Settlements
Department: Fixed Income Settlements
About Business line/Function:
Global Market Securities Settlements team ensures that Security transactions (Bonds, Equities, Complex Securities, ETF, SLAB, PNS..) and positions registered in the books under CIB ITO’s mandate, match the commitment actually taken with counterparties within a secure setup, in accordance with Group and Regulatory Policies and/or contractual agreements.
Perform all daily settlement tasks. This includes, but is not limited to settlement of Fixed Income transactions settling through DTC and Euroclear, mark to markets, contract compare, end of day balancing and reconciliations
Position Purpose:
Primary responsibilities of the team includes:
· Ensure timely settlement of DTCC transactions
· Ensure timely settlement of Euroclear transactions Daily monitoring and resolution of Loanet contract compare breaks
· Process Loanet same day trade closeouts
· Monitor / resolve breaks, dks, and nostro rec items
· Settlement / resolution of DTC coupon & redemption items
· Mitigation of operational and reputational risk by escalating in a timely and efficient manner
· Liaising with clients, brokers / counterparties and other internal support functions for smooth settlement of trades
Acting as a first level escalation contact, it is essential for this role to ensure the team deliverables are met and issues are highlighted to the appropriate groups and stakeholders in a timely manner.
Responsibilities
Direct Responsibilities
- Responsible for the FI settlement, on a timely and cost effective basis by:
o Ensuring all trades are instructed, matched & settled on a timely basis
o Monitoring of failing trades & updating calypso with details of reason for fails
o Reducing fails and/or potential fails by means of pairing off or offering partial for deliveries
o Pre-matching trades on a daily basis
o Cash management related with funding trades
- Responsible for solving Nostro and Depot reconciliation breaks on a timely basis:
o By investigating and where possible, clearing all nostro breaks reported by Securities Control teams
o By investigating and where possible, rectifying all depot breaks on a timely basis reported by Securities
o Control teams
o By investigating and solving accounting breaks raised by Securities Control & Accounting teams
- Contribute to the minimization of settlement costs & operational risk:
o By becoming more risk aware and by following the procedures or Compliance rules that are in place to mitigate
o operational or reputational risk
o Monitor and take appropriate actions in case of market risks such as buy-ins, penalties etc.
o By seeking to improve STP rates at our custodians thereby reducing cost
o By updating static data as and when necessary
o By reducing the number of manual instructions sent to agents therefore reducing cost, manual intervention and settlement risk according to Compliance rules
o If necessary, using the escalation process when operational risk is detected
Contributing Responsibilities
Contribute to the overall successful running of the settlement department:
o By maintaining close relationships with traders and sales and escalating problems to them promptly where required
o By maintaining good working relationships with domestic agents and custodians
o By communicating with and assisting, other operational departments where needed
o Ensuring direct Managers are kept informed of any potential problems & issues where appropriate and to the Client relationship management on the whole Security Post-Trade Processing area in coordination with CIB CLM OCRM e.g. meetings, investigations, surveys.
o Contribute to ensure all required materials such as procedures, SOP, Skill Matrix, trainers identified, are updated.
o Raise to the management / project teams any dysfunctionality during the course of BAU
o Actively contribute to UAT testing where necessary and engage in training and coaching the new joiner
Technical & Behavioral Competencies
· Through understanding of Trade lifecycle
- Risk awareness and attention to detail
- Strong organization skills and rigorous
Specific Qualifications:
- Minimum of 7 years’ experience
- Prior experience in similar domain -DTC Settlements, Treasury Setts and familiar with Fixed Income products
Skills Referential (Required knowledge, skills and abilities)
Technical Skills:
o DTC Settlements & Application (must have)
o Reconciliations
o Reporting through PowerBI, Tableau.
o Advanced Excel
Behavioral Skills:
- Good communication skills and strong client focus
- Ability to collaborate / Teamwork
- Analytical and result oriented
· Ability to perform multiple tasks and meet established deadlines, in a fast pace work environment
Education Level: Bachelor Degree or equivalent
Location: Bangalore
About BNP Paribas Group:
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 185,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialized businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment, and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy, and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.
About BNP Paribas India Solutions:
Established in 2005, BNP Paribas India Solutions is a wholly owned subsidiary of BNP Paribas SA, European Union’s leading bank with an international reach. With delivery centers located in Bengaluru, Chennai and Mumbai, we are a 24×7 global delivery center. India Solutions services three business lines: Corporate and Institutional Banking, Investment Solutions and Retail Banking for BNP Paribas across the Group. Driving innovation and growth, we are harnessing the potential of over 10000 employees, to provide support and develop best-in-class solutions.
Commitment to Diversity and Inclusion
At BNP Paribas, we passionately embrace diversity and are committed to fostering an inclusive workplace where all employees are valued, respected and can bring their authentic selves to work. We prohibit Discrimination and Harassment of any kind and our policies promote equal employment opportunity for all employees and applicants, irrespective of, but not limited to their gender, gender identity, sex, sexual orientation, ethnicity, race, colour, national origin, age, religion, social status, mental or physical disabilities, veteran status etc. As a global Bank, we truly believe that inclusion and diversity of our teams is key to our success in serving our clients and the communities we operate in. As a global Bank, we truly believe that inclusion and diversity of our teams is key to our success in serving our clients and the communities we operate in.