BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 73 countries, with more than 196,000 employees, including around 149,000 in Europe. The Group has key positions in its three main activities: Domestic Markets, International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors.
BNP Paribas Corporate and Institutional Banking is a globally recognised leader offering capital markets, securities services, financing, treasury and advisory solutions.
The Structured Products Middle Office (SPMO) is part of the Middle Office of Global Markets Operations, with our main mandate to support the Structured Credit front office team. In addition, the SPMO team supports a variety of other Fixed Income desks where complex structures or ad-hoc bookings are involved including G10 Rates and FXLM.
The London team consists of 11 individuals and is part of the larger Fixed Income Middle Office. The team supports a portfolio of complex transactions and have to ensure that each of them is systematically represented and that all events (coupon payments, substitution, restructure, credit events etc…) during the life cycle of the transactions are properly processed.
What SPMO Offers :
- Exposure to many different areas of the bank (Structuring, Trading, Trade Support, P&L, BO, Legal, Finance)
- A chance to learn about complex structures and build your product knowledge
- Learn about multiple front to back systems and the related bookings
- Develop a wide operational understand of the Banks processes.
- Take ownership for your tasks, which could include process enhancements and project exposure as well as the BAU.
- Thrive on being in an operationally pivotal role, building self-confidence, and communication skills.
SPMO are recruiting a self-motivated individual to join the team in order to provide support for existing deal stock as well as managing new business across all the related Business lines. The role will demand building close working relationships with the Front office, Risk, Legal, Finance as well as other Middle office and Back office personnel.
- Co-ordinate settlement of new structures with various parties, both internal and external.
- Verifying deals are represented correctly in the Bank’s booking systems and that they conform to all legal documentation terms.
- Ensure that all allocated Level 1 and Level 2 controls have been performed on new structured transactions, and recorded SPMO spreadsheet (DCR).
- Ensure appropriate records of the transactions are kept and saved.
- Set up and ensure appropriate controls and reminders are in place for the entire life of the transaction.
- SPV invoice tracking
- Making payment instructions to BO and some external parties
- Ensuring all cash account breaks related to the structures have been investigated and cleared.
- Nostro break investigation and resolution.
- Team mailbox management
- Updating the transaction mapping file
- Solving issues and answering various queries.
- Depending on experience - Sending out various monthly reports
- Depending on experience - Work closely with other Operational areas to ensure existing deal stock is being correctly represented, especially for non-standard bookings.
- Depending on experience - Produce transaction specific documentation for some deals highlighting any particular booking feature or control to be performed for the complete life cycle of the transaction.
- Depending on experience - Managing any specific transaction waterfalls
- Depending on experience - Performing various reconciliations and controls (coupons, repo rolls etc)
- Depending on experience – Involvement in ad-hoc projects, including system UAT, process review and enhancement, migration projects and compilation of procedures and controls.
- Depending on experience - take the lead on new Business transactions including representing Operations at Approval committees.
- Depending on experience - Cross training more junior team members
- Weekly teams meetings and daily whiteboard meetings
- BNPP operational control framework
- Resolution of settlement issues with Back Office.
- Look out for potential operational risks and help implement mitigating solutions
Skills & Experience Required
- Positive and dynamic attitude to complying with deadlines and objectives.
- A willingness to take ownership for the tasks assigned.
- Problem Solving/Analysis with a “can do” approach.
- Ability to use initiative to pursue booking solutions
- Strong Communication and relationship building skills, both verbal and written.
- Effective time management and personal organisation (ability to prioritise workload and escalate issues to Manager accordingly).
- Analytical mind set
- Ability to systematically question processes with a view to improving them
- Ability to coordinate several department within the bank
- Strong attention to detail.
- Aptitude for working in a controls focused environment.
- Confident dealing with peers and more senior personnel.
- Curiosity / desire to learn
Qualifications and previous knowledge
- 2 to 5 years Investment banking experience in Operations roles, with knowledge of Fixed Income products (Bonds, IRS, CDS, Repo etc ) and how they are booked, settled and reported.
- Some understanding of structured products
- Very good PC skills (including strong Excel skills)
- A strong knowledge of how the Fixed Income business is organised: relationship between the Middle office and other Functions such as Front Office, Legal, Risk, Back Office and Finance.
- An understanding of settlement and P&L is important, and accounting skills would be helpful.
- Graduate in a technical discipline with 2.1 or higher
- Some project experience is an advantage.
BNP Paribas promotes equality of opportunity and is committed to ensuring that no individual is discriminated against on the grounds of age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity, race, religion or belief, sex or sexual orientation.
As an employee with BNP Paribas London Branch, we want to make sure that you are rewarded for your commitment. As such, you will be entitled to our award winning benefits package which includes a generous holiday allowance of at least 34 days (including bank holidays), a non-contributory pension of 12%, private healthcare, GP service and dental cover all as standard, along with a number of personal insurances such as income protection, life assurance and personal accident insurance. We believe in ensuring all our employees have a positive work life balance so in addition you will also have access to a variety of flexible lifestyle benefits such as cycle to work and green car leasing schemes, season ticket loans and reduced cinema and gym membership to name a few