Job Description
Repo/Bonds settlements
About BNP Paribas Group:
BNP Paribas is a top-ranking bank in Europe with an international profile. It operates in 71 countries and has almost 199 000 employees. The Group ranks highly in its three core areas of activity: Domestic Markets and International Financial Services (whose retail banking networks and financial services are grouped together under Retail Banking & Services) and Corporate & Institutional Banking, centered on corporate and institutional clients. The Group helps all of its clients (retail, associations, businesses, SMEs, large corporate and institutional) to implement their projects by providing them with services in financing, investment, savings and protection. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas enjoys leading positions in Europe, a strong presence in the Americas and has a solid and fast-growing network in the Asia/Pacific region.
About BNP Paribas India Solutions:
Established in 2005, BNP Paribas India Solutions is a wholly owned subsidiary of BNP Paribas SA, a leading bank in Europe with an international reach. With delivery centers located in Bengaluru, Chennai and Mumbai, we are a 24x7 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 6000 employees, to provide support and develop best-in-class solutions.
About Business line/Function :
Global Market Securities Settlements team ensures that Security transactions (Bonds, Equities, Complex Securities, ETF, SLAB, Repo..) 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.
Within the Securities Settlement Department, the main processes include pre & post settlement activities, clearing, and event-related accounting for securities deemed in scope.
Job Title:
Assistant Vice President
Date:
Department:
Global Markets Operations – Securities settlements
Location:
Bengaluru
Business Line / Function:
Repo/Bonds settlements
Reports to:
(Direct)
NA
Grade:
(if applicable)
Assistant Vice President
(Functional)
Number of Direct Reports:
NA
Directorship / Registration:
NA
Position Purpose
Primary responsibilities of the team includes:
· Settlement of Repo and Bonds transactions and associated products in a timely and cost effective manner
· Timely resolution of nostro and depot breaks
· 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
The team works closely with other internal teams and support functions and timely action and identification of issues are of prime importance. It is essential for this role to ensure the team deliverables are met and issues are highlighted to the relevant groups and stakeholders as appropriate.
Main drivers are client service quality, independent control, operational risk safety and cost efficiency.
Responsibilities
Key responsibilities:
1. Responsible for the settlement of Repo and Bonds transactions & associated products booked in Calypso, 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
o Reducing fails and/or potential fails by means of pairing off or offering partials for deliveries
o Pre-matching trades on a daily basis
o Cash Management related with funding trades
2. Responsible for solving Nostro and Depot reconciliation breaks on a timely basis:
o By investigating and, where possible, clearing all nostro breaks in reported by Securities Control teams
o By investigating and, where possible, rectifying all depot breaks on a timely basis reported by Securities Control Teams
o By investigating and solving accounting breaks raised by Securities Control & accounting Teams
o Escalating items that represent operational risk to direct Manager
3. 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 operational or reputational risk
o Monitors and take appropriate actions in case of market risks (buy-ins, market fines and penalties etc.)
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
4. 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
Skills and Experience:
· Strong knowledge of Securities & operational processes of securities
· Knowledge of Cash Management
· Strong knowledge of Microsoft software (Excel, VBA, Word, PPT, Outlook)
· Knowledge of practices of Lean & CI would be a plus
Competencies:
· Analytical mindset: Aptitude to understand the F2B workflows and handle exceptional issues with logical mindsets to communicate with Front Office / other internal teams
· Organized & good resistance to stress: This is a much faced paced dynamic environment; therefore excellent time management and good positive resistance to stress are compulsory.
· Attention to detail: Ability to ring the bell for any abnormal trade pattern and escalate in timely manner
· Innovation and initiatives (Think “outside the box”): Demonstrate willingness to constantly improve the status quo. Understand well the processes in place and evaluate if needed, alternative options to do things better with a cost - benefits / ROI approach.
· Self-discipline & autonomy: Have a constant “delivery on time” mindset, both on the daily production and on the projects handled. Ability to work on its own with little supervision.
· Adaptability & Change Management: Ability to easily adapt to new situations (new booking systems, new products, new activities to manage…) as this is a constant changing environment
· Strong Client Focus: Capacity to work with various clients. Need to be sensitive about the rationale of their requests and be proactive when replying to them. Work as partnership while consistently keeping an independent mindset.
· Escalation & Reporting process: Internal rules of reporting and escalation to Ops and FO need to be known & applied. The team member also needs to report any sensitive information/issues and escalate immediately to their management.
Experience Required
Minimum of 12 years’ experience
Skills Referential
Behavioural Skills: (Please select up to 4 skills) –
Ability to deliver / Results driven
Ability to synthetize / simplify
Decision Making
Critical thinking
Transversal Skills: (Please select up to 5 skills)
Ability to understand, explain and support change
Analytical Ability
Ability to develop others & improve their skills
Ability to develop and leverage networks
Ability to anticipate business / strategic evolution
Education Level:
Bachelor Degree or equivalent
Experience Level :
At least 12 years
Other/Specific Qualifications (if required)
