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Ops Analyst MKTS - Collateral Operations - Chicago, IL

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Job Details
Job Order Number
JC192948587
Company Name
Bank of America
Physical Address

Chicago, IL 60684
Job Description

Ops Analyst MKTS – Collateral Operations – Chicago, IL

Chicago, Illinois

Job Description:

The main function of the Collateral/Margin Operations unit is to mitigate exposure to counterparty risk on OTC derivative trades. The analyst will be expected to be a team member of the Collateral Operations Unit, which monitors daily margin for customers across various products (Rates, Commodity, Structured Credit, Equity, and Foreign Exchange). Counterparty net exposure is evaluated each morning in order to determine collateral requirements.

Deliveries and Responsibilities:

The Collateral Unit interacts with a variety of different groups within the bank:

+ Back Office/Middle office Operations – stores copies of all confirmations of each transaction and can verify market values and rate for individual trades.

+ Corporate Treasury/Global Securities Operations – determines collateral allocation and delivery of securities.

+ Cash/Wire Transfer – send/receive cash collateral.

+ Marketers/Traders – trade and market derivatives with Financial Institutions and Corporate Customers.

+ Credit – monitors credit exposure on derivatives.

+ Capital Markets Documentation – negotiates the collateral agreements.

Due to the amount of interaction with our counterparts and other groups, excellent communication skills are necessary. An open flow of communication, specifically relating to new issues or problems, is necessary between team members. The ability to read and interpret a Credit Support Annex is a priority as discrepancies and reconciliations are a regular part of the business. Aside from daily position monitoring and counterparty contact, the analyst will be required to investigate mark discrepancies, maintain current procedure manuals and look for methods of improving efficiency. Additional responsibility will arise as projects are mastered and time permits. As our landscape is changing with the implementation of Dodd-Frank Act the ability to adapt to change is a must and gives opportunity to learn.

Enterprise Role Overview:

Follows established written procedures and guidelines, provides standard reporting and analytical support. Uses established techniques, analyzes and resolves a wide variety of moderately complex operations problems and initiatives including transactions that require special handling and/or exception handling. Employees in this role typically have a college degree (Associates or higher) or comparable work experience. Required skills include: basic Excel knowledge, detail orientation, ability to manage multiple priorities and multi task, excellent time management and prioritization skills, ability to meet tight deadlines, ability and willingness to continuously learn on the job , ability to problem-solve and take ownership of process improvements, ability to work in a team environment, excellent verbal and written communication skills with ability to communicate with various stakeholders. Desired skills for this role include: expert Excel knowledge, Business, Finance, Accounting, Economics, or similar major preferred and basic understanding of and/or experience in Financial service industry. To be used for employees in Global Markets only.

Required Skills: (Must have these skills to be minimally qualified)

+ A basic understanding of financial markets and derivative products.

+ A basic understanding of financial markets documentation (ISDA, IFEMA, PSA).

+ Strong communication skills.

+ Basic Excel skills.

+ Ability to meet deadlines, handle high pressure situations, and juggle multiple tasks.

+ Detail oriented -specifically the ability to recognize unusual flows/triggers for collateral in agreements and new trade structures.

Desired Skills:

+ College degree or related experience.

Other Qualifications:

+ Strives to bring new thoughts and ideas to teams in order to drive innovation and unique solutions.

+ Excels in working among diverse viewpoints to determine the best path forward.

+ Experience in connecting with a diverse set of clients to understand future business needs – is a continuous learner.

+ Commitment to challenging the status quo and promoting positive change.

+ Participate in and drive collaborative efforts to advance tools, technology, and ways of working to better serve an evolving client base.

+ Believes in value of diversity so we can reflect, connect and meet the diverse needs of our clients and employees around the world.

Job Band:

H6

Shift:

1st shift (United States of America)

Hours Per Week:

40

Weekly Schedule:

Referral Bonus Amount:

0

Job Description:

The main function of the Collateral/Margin Operations unit is to mitigate exposure to counterparty risk on OTC derivative trades. The analyst will be expected to be a team member of the Collateral Operations Unit, which monitors daily margin for customers across various products (Rates, Commodity, Structured Credit, Equity, and Foreign Exchange). Counterparty net exposure is evaluated each morning in order to determine collateral requirements.

Deliveries and Responsibilities:

The Collateral Unit interacts with a variety of different groups within the bank:

+ Back Office/Middle office Operations – stores copies of all confirmations of each transaction and can verify market values and rate for individual trades.

+ Corporate Treasury/Global Securities Operations – determines collateral allocation and delivery of securities.

+ Cash/Wire Transfer – send/receive cash collateral.

+ Marketers/Traders – trade and market derivatives with Financial Institutions and Corporate Customers.

+ Credit – monitors credit exposure on derivatives.

+ Capital Markets Documentation – negotiates the collateral agreements.

Due to the amount of interaction with our counterparts and other groups, excellent communication skills are necessary. An open flow of communication, specifically relating to new issues or problems, is necessary between team members. The ability to read and interpret a Credit Support Annex is a priority as discrepancies and reconciliations are a regular part of the business. Aside from daily position monitoring and counterparty contact, the analyst will be required to investigate mark discrepancies, maintain current procedure manuals and look for methods of improving efficiency. Additional responsibility will arise as projects are mastered and time permits. As our landscape is changing with the implementation of Dodd-Frank Act the ability to adapt to change is a must and gives opportunity to learn.

Enterprise Role Overview:

Follows established written procedures and guidelines, provides standard reporting and analytical support. Uses established techniques, analyzes and resolves a wide variety of moderately complex operations problems and initiatives including transactions that require special handling and/or exception handling. Employees in this role typically have a college degree (Associates or higher) or comparable work experience. Required skills include: basic Excel knowledge, detail orientation, ability to manage multiple priorities and multi task, excellent time management and prioritization skills, ability to meet tight deadlines, ability and willingness to continuously learn on the job , ability to problem-solve and take ownership of process improvements, ability to work in a team environment, excellent verbal and written communication skills with ability to communicate with various stakeholders. Desired skills for this role include: expert Excel knowledge, Business, Finance, Accounting, Economics, or similar major preferred and basic understanding of and/or experience in Financial service industry. To be used for employees in Global Markets only.

Required Skills: (Must have these skills to be minimally qualified)

+ A basic understanding of financial markets and derivativ


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