Manager, Global Wholesale Operations (GWO) / Middle Office / Prime Services - Part Time role

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Requisition ID: 199981

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Purpose

Prime Brokerage Middle Office is responsible for providing a focused and high quality operational Prime Brokerage service to clients of the Prime Services business. Prime Brokerage, a functional business line ("PB business line") that exists under Prime Services provides fully integrated front to back services for the alternative and traditional investment managers that operate in global markets. These services include: cash and synthetic financing, execution, clearing and settlement of trades, asset servicing, custody and reporting. The PB Business Line is a global business servicing clients across Canada, US, Europe and Asia.

Prime Brokerage Middle Office is a key function responsible for ensuring that all aspects of the trade life cycle in respect to the PB business line are completed on time; that processing exceptions are addressed and that client enquiries are resolved. In addition, and in in conjunction with other internal support functions in London, the incumbent will provide operations expertise and advice to the PB business line and to their clients on trade, settlement and control matters.

This position is primarily responsible for the operational relationships with internal and external clients that utilise our Prime Brokerage Offering. The incumbent will support our Stock Loan Desk, our synthetic desk and our cash PB clients

Accountabilities

• Ensures a high level of support to both our clients and our trading desks to mitigate risk to the bank.

• • Ability to provide Middle Office Support for Stock Loan, Synthetic Prime Brokerage, Cash PB and Basket Swap business for the Prime Services desk and escalate issues where necessary.
  • Operate effectively within the defined regulatory control framework and ensure inherent risks are timely reported, escalated and mitigated.
  • Resolve operational issues and problems in an efficient manner and collaborate with clients and other groups to reduce the risk of reoccurrence.
  • Identify and implement opportunities for improvements in productivity, control, cost effectiveness and client service delivery encouraging global processing consistency where applicable

• Ensures and seeks to maintain delivery of high-quality client service and contributes to promoting an overall excellent client experience by:

• • Providing timely responses and resolution to trade booking/settlement issues, positions and cash/cash-flow reconciliation exceptions and general operational queries emanating from the PB business line, GWO, internal support functions or directly from the clients.
  • Collaborating with internal support functions and GWO to ensure service expectations are clearly communicated, understood and adhered to in accordance with agreed operating procedures/guidelines and assist in assessing the viability and prioritization of non-standard/client customised services.
  • Building and reinforcing consistency in the service delivery model in accordance with best practices (leveraging internal and competitor offerings), anticipating client issues, identifying trends and root causes with the objective of developing and executing solutions to strengthen business confidence and increasing client satisfaction.
  • Use Metrics and KPI's to identify and eliminate bottle necks and processing issues to improve STP.

• Effective mitigation of operational risks inherent in the Prime Brokerage Middle Office by managing the PB business line activities and ensuring processes are defined, understood and controlled. This includes:

• • Timely import of client trades and allocation of client activity to facilitate entry into the Bank's settlement, accounting and client reporting applications.
  • Reconciliation of all trading and related event activity reflected between front and back office systems and appropriate escalation and resolution of client position and cash discrepancies
  • Co-ordinating with GWO with regard to trade matching, confirmations and settlement in adherence with local market regulations and internal Bank policies. Ensuring discrepancies are accurately documented, escalated in a timely fashion and resolved while minimising opportunities for losses.
  • Developing a detailed understanding of each client's account, actively monitoring the client's behaviour as it relates to operational activity and escalating appropriately where conditions exist that are considered out of the norm.

• Co-ordinates, executes and influences internally and externally initiated change upon and by the Prime Brokerage Middle Office by:

• • Staying abreast of local industry/regulatory changes and internal initiatives and anticipating the impact upon the function and overall client service delivery.
  • Development and co-ordination of local and globally instigated change management strategies ensuring they are effectively communicated and understood while ensuring adequate resourcing.
  • Interaction and effective co-ordination with operational and PB business line management, relevant governance committees GWO and other internal support functions to provide operational feedback and suggestions on common issues and areas for improvement (people; process and systems).

• Projects, work closely with PB Senior Manager to ensure all requirements for PB MO are met globally by all initiatives.

• • Attend weekly working groups for each product line. Be the voice of PB MO.
  • Express views and suggestions for improvements across all product lines.
  • Work as a global middle office to ensure the views and thoughts of all regions are considered.

• Support the Global Cross Product Middle Office

• • Learn additional middle office functions in across other products to support the EMEA location.
  • Identify synergies between products to enhance our coverage model

• Understand how the Bank's risk appetite and risk culture should be considered in day-to-day activities and decisions.

• Creates an environment in which his/her team pursues effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF Global Handbook and the Code of Conduct.

• Builds a high-performance environment and implements a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment, communicating vison/values/business strategy and managing succession and development planning for the team.

Experience/Education

• Extensive knowledge of regulations associated with the various Prime Brokerage financing platforms, products and services (i.e. exchanges; depositories, markets and regulatory compliance); in multiple geographic locations

• Strong working knowledge of cross product asset classes including Equities, Exchange Traded Options, Equity Derivatives, SBL/Repo (Equity/FI), Tri-party, Futures and FX (Spot & Forward) traded across major regions and markets.

• Detail orientated SME with broad experience of supporting Prime Brokerage (Cash & Synthetic), Client Service and/or Stock Borrow Lending businesses, including detailed knowledge of the front to back processing flows and life-cycle events; specifically, execution & trade capture, pre-settlement, clearing and custody, swap resets, options expiration, asset servicing, margin and risk, cash management, controls and reporting services typically offered under Prime Services.

• Understanding of Prime Brokerage legal frameworks and relevant product documentation i.e., Margin financing agreements, Form 1 Schedule A's, GMSLA, ISDA/CSA, Master Confirmation Agreements.

Location(s): England : Greater London : London

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.