Summary:

The Credit Middle Office acts as a support and control function for the activities managed in London by the Credit Market Business Line who works with financial products such as Bonds, CDS, CDS Indices; Synthetic and Cash CDOs, Index Tranches; Swaps, FRAs and Strips.

Key Responsibilities:

The Credit Middle office offers dedicated support to all Credit and some Govies Trading Desks.

Control:

• Trade validation in FO systems (1st level of control)
• CDS & Indices: Control of New Trades and Unwinds booking plus follow up
• Swaps: Control of New Trades and Unwinds booking plus follow up
• False/technical counterparty checks
• Distressed Assets product line
• Collateral discrepancy checks and investigation
• Monitoring of STP flows

Support:

• Novations (ad hoc and organised bulk): responsibility of e-platforms management, booking in FO systems and follow up with counterparties and BOs
• Failed and alleged trades monitoring
• Funding/re-financing: calculation and booking in FO systems
• Syndication fees follow-up
• CDS booking
• Invoice Booking & P&L Transfers
• Error Status Follow-up
• Bilateral Compressions
• ICE Compressions
• Bond Exchanges and Funges

Credit & Succession Events:

• Bank-wide management of Credit and Succession Events: responsibility of managing and prioritisation of all requests and questions pertaining to Credit Events in a timely manner.
• Booking, FO communication, validation and materialising the P&L impact.
• Co-ordination with other support teams such as: BO, Legal, Risk and MAM.
• Compilation of information of the ISDA Determinations Committee decisions, Markit (refinancing/rename event).

Reporting:

• Investor Reports
• Reporting / Statistics
• Sensitivity to MIFID2 requirements

Management and reporting:

• The candidate will report to the Head of London Credit MO

Legal and Regulatory Responsibilities

• Comply with all applicable legal, regulatory and internal Compliance requirements, including, but not limited to, the London Compliance manual and Compliance policies and procedures as issued from time to time; Financial Security requirements, including, but not limited to, the prevention of Financial Crime and Fraud including reporting obligations to the Money Laundering Reporting Officer.
• Maintain appropriate knowledge to ensure to be fully qualified to undertake the role. Complete all mandatory training as required to attain and maintain competence.

Key Internal contacts

• Credit Cash & Derivatives Front Offices – Structured and Flow products
• Risk management
• Reconciliations department
• Back Offices
• IT

Key External contacts:

• Brokers
• DTCC and Novations departments at other banks

Systems Used:

• Murex v2 and v3; MarkitWire; Bloomberg, Outlook, Microsoft Office, ICE, DTCC Novation Consent.
• Various in-house built systems

• Qualified to BSc level or above in relevant discipline with minimum classification of 2:1. 

• Previous experience in a Credit support function (ideally in a dealing room)
• Credit Events experience

• Good knowledge of credit products: bonds and CDS.
• Swaps
• Vanilla and exotic settlement
• Structured products
• Ability to work in a team environment
• Strong attention to detail
• Ability to work well under pressure.