The bank for a changing world

Associate - Corporate Actions (Clearing & Custody Services)

Contract

Standard / Permanent

Location

IN-TN-Chennai

Job function

OPERATION PROCESSING

Reference

MO 000225

Company Background

The Bank

With a presence in over 80 countries and employing over 200,000 staff, BNP Paribas is one of the biggest banks in the world, ranking highly in its three core business areas: Retail Banking, Corporate and Investment Banking and Investment Solutions.

BNP Paribas Securities Services

A wholly-owned subsidiary of the BNP Paribas Group, BNP Paribas Securities Services is a leading global custodian and securities services provider backed by the strength of a universal bank (rated AA- by Standard and Poor’s). It has USD 5,800 billion assets under custody, USD 1,000 billion assets under administration and administers close to 7000 funds. BNP Paribas Securities Services (Securities Services) has a unique multi-local model, servicing both the buy-side (the institutional investors and the fund managers) and sell-side (the broker-dealers community and the banks) with 7,700 employees worldwide representing 92 nationalities, a local presence across 34 countries, 22 proprietary local custody and clearing branches and global coverage of over 100 markets.

Securities Services Chennai Hub

One of the three international operations centers, BNP Paribas Global Securities Operations (GSO) provides services to global clients in the Asian region and some “follow-the-sun” activities for European clients. Our services include custody operations, fund accounting, middle office operations, static data management, IRP and other transversal services.

Job summary

Roles & Responsibilities

  • Cross-checking information received with other data sources
  • Reverting to local sub-custodians to clarify/solve any open issue.
  • Analyzing the corporate event in order to anticipate any reporting or processing issues.
  • Setting-up of financial information into the Custody system
  • Collecting and relay any update related to the corporate event on an on-going basis.
  • Processing the securities reconciliation with sub-custodians client positions at the different steps of the event.
  • Checking eligible positions of  accounts within the local sub-custodian
  • Checking that all eligible positions have been instructed at response deadline (for voluntary events only)
  • Consolidating client instructions (for voluntary events only)
  • Advising local market by sending instructions of participation to sub-custodian ((for voluntary events only)
  • Checking that instructions of participation have been duly acknowledged by sub-custodian.
  • Tracking of the payment date of the event in order to advise clients accordingly
  • Processing payment of the event on client’s account upon recovery of cash and/or securities from the local sub-custodian
  • Processing foreign exchange orders according to client’s set up.
  • Processing any manual adjustment related to cash or securities in order to finalize the recovery process
  • Justifying any cash or securities breaks to Control Teams
  • is happening on periodic basis.
  • Participate in Brain Storming Sessions and share the best practices and ideas with the peer groups and team members.
  • Consistently evaluate and update documented procedures to ensure they are complete, accurate and current.
  • To be based in Chennai and prepared to travel as required.
  • Must be prepared to work in any shift supporting Asia/Americas/European business hours.

Job requirements

Number of staff supervised: none

Educational qualifications: Graduation/Post Graduation

Total years of experience:  0-2 years

Relevant years of experience: 0-2  years

Knowledge and skills required

  • Strong knowledge in handling corporate actions and income related events for various instrument types                                                                                                                  
  • Expertise in Using Banking Software’s & overall awareness of using MS Word, Excel, PowerPoint etc.
  • Minimum of 2 years and/or prior related industry and operations experience, in Corporate actions Operations (Hands on knowledge of SWIFT & SWIFT Alliance will be an added advantage) of a Multi National Banking Company.
  • Able to clearly understand and envisage the SWIFT messages (MT564, MT565, MT567, MT568, MT599 etc). The Associate should read through the SWIFT message very comfortably and act on the amendments in the message ( Field - 23C: NEWM / REPL / CANC/ REVR etc)
  • To create events for the respective teams (Mandatory, Voluntary, Income, DVOP & Tax) by analyzing and understanding the SWIFT messages with error free processing and high standards.
  • Understanding the usage and implications of the Applications like Reflections, Intellimatch, MIDAS, and ISISET and apply it in daily BAU when required.
  • Should be well versed in checking Client inbound and analyze whether the particular client / trade is eligible for the CA. If in case of any discrepancy, need to re-confirm with the ISISET application to check the status of trade.
  • Need to perform the Entitlement and Eligibility reconciliation to forecast the payments and holdings in the future.
  • Should be well versed with the Reflections especially with the functions like CMP, CCV,CCA,CTAK, CVVC etc
  • Should be able to research and analyze the Nostri and Pivot breaks, then acting upon in resolving the breaks.
  • Should be able to comfortably process the payments (Security & Cash) from MT 566 messages received without error and within specified time bound .
  • Should be able to create instructions (Manual Instructions also) and deposit the message with due -diligence and accuracy.
  • Should ensure to give accurate and appropriate resolutions to the client queries and also respond to any client mails with a TAT of < 30 mts.
  • Ensure strict compliance /adherence to the company policies and always follow the set modus operandi with due diligence.
  • Should be a good team player and be empathetic towards the peers.
  • Should have good attitude, pleasant disposition, respect towards peers, always have quest for knowledge and work towards Team / Department / Company objectives.
 
 
  1. Job specific competencies

Client Focus

Complete commitment to provide professional, intelligent and timely responses to our clients’ needs and to changes in the market.

Communication

Oral: Expressing ideas effectively in individual and group situations. Adjusting communication style to match the needs of the audience.
 
Written: Expressing ideas clearly in all written documents. Using professional, appropriate language at all times, and adhering to the use of the BNPP Email Protocols.

Team Work

Work effectively with team members to accomplish goals, Respect the needs of others and displays integrity in dealing with team members.

Continuous Improvement and adaptation

Generate creative solutions to problems, Ability to plan work ahead and to prioritize workload in an organized manner. Always looks for ways to improve services and processes.