Ref 16670
Country USA
City New York
Business Area Global Finance
Contract Type Permanent
Estimated publish end date
Department Overview
The Finance department covers Product and Financial control. Both Product and Financial Control are jointly responsible for the integrity of the financial records of Barclays Capital.
The USD Exotics Middle Office Team is part of the NY Fixed Income product control group aligned to the USD Exotics and Structured Notes, trading businesses.
Main Function
The FI Exotics Middle Office was created in early 2005 with the primary goal of working with Front Office to facilitate business growth while incorporating rigorous controls.
Main Duties
The Middle Office team are responsible for supporting the Front Office in the business of dealing Exotic Interest Rate Derivatives. In practice this will mean being responsible for ensuring trades are booked accurately and generate the correct Risk and P&L given the risk profile and structure of the trade.
Specific Tasks:
1. Daily production of trading positions to Front Office. Provide detailed and value added analysis of any large or unexpected moves in the risk position.
2. Production of risk based P&L Explain for the Front Office. Responsible for the investigation and resolution of any unexplained P&L
3. Trade Life Cycle Management. The Middle Office are responsible for ensuring all market observations, barrier events, option decisions and cashflows are correctly represented on the trade bookings.
4. Reviewing all trades to Termsheets on T+1 and performing a full review to the Legal Cofirmation as soon as it is available.
5. EOD reporting to Front Office. Specifically providing a New Trades and Activity Reports, as well as position predicts based off parallel scenarios.
6. Establishing a strong Control Environment around the capture of Exotic Transactions such as Approximate Loads Policy, Model Migration and Off-Line Transactions.
7. Process Improvements. Middle Office is constantly seeking to innovate and rationalise existing processes. All team members are expected to contribute to this process.
8. Trade-event ‘Scenario Analysis’: Exotics Traders spend a lot of time reviewing past deals to see where risk/P&L events have happened. A large part of the job will involve producing reports that help traders to analyse the portfolio and specific trades within it.
9. End of day market data environment generation and validation.
10. Testing and implementation of system upgrades and process improvements.
Person Requirements
Essential :
· Degree
· 1 – 3 years work experience within Finance with Middle Office or Product Control IR Derivatives Experience
· The candidate will be expected to understand the business from a non-accountancy point of view.
· Good knowledge and understanding of financial markets
· Experience of working against tight short-term deadlines in a dynamic, pressurised environment
· Work experience has involved direct interaction with Traders / Front Office
Business Skills:
· High attention to detail
· Analytical problem solver
· Ability to manipulate financial information for analysis.
· Ability to meet regular, tight daily deadlines.
· Strong numeric skills
· Ability to review problems from different view points, devising and implementing practical solutions
· An understanding of the control environment
· Understanding of trade payoffs and risk profiles for vanilla IR derivatives
Preferred :
Numerate Degree/Masters Degree
Use of Excel macros and Access to build reporting and analysis tools
Use of SQL / DB queries and ability to code in VBA would be advantageous
· Ability to code in VBA including writing macros, custom functions and interfacing with other applications.
· Knowledge of C#
· Experience of object orientated programming.
· Knowledge of IR Exotics product types.
· Advanced understanding of trade payoffs and risk profiles for IR Exotic Products.
· Good data presentation skills
