Manager, OTC Confirmations - Toronto, Canada - Scotiabank

Scotiabank

Verified Company

Toronto, Canada

4 weeks ago

Posted by:

Sophia Lee

beBee Recruiter

Description

Requisition ID: 174388

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Why work for Scotiabank?
Scotiabank is among the largest banks in the world and the most international bank in Canada.

We are powered by our 97,000 high-performing teammates who make a real difference across the globe as a leading provider of advice, products, digital experiences, and financial services.

Together with our Digital Factories around the world, we are dedicated to helping our 25 million customers become better-off.

This is a place where you'll get to learn and develop your skills, while being recognized for your hard work.

At Scotiabank, we're passionate about bringing our whole selves to work, allowing us to create inclusive work environments for everyone to enjoy.

Say hello to a career at Scotiabank

Global Banking and Markets

Global Banking & Markets provides a full range of investment banking, credit and risk management products and services relevant to the financing and strategic development needs of our clients.

Our products include debt and equity financing, mergers & acquisitions, corporate banking, institutional equity sales, trading and research, fixed income products, derivatives, energy, foreign exchange, and precious & metals.

We also cross-sell the full range of wholesale products and services offered by the Scotiabank Group.

Purpose
The Global Wholesale Operations ("GWO") confirmation process is a key control within Scotiabank's derivative products trading environment.

The GWO Confirmations department's primary responsibilities are to affirm transactions, prepare and issue ISDA confirmations that accurately reflect the trade booking of the transaction, examine and verify ISDA confirmations received from issuing counterparties ensuring details accurately reflect the trade booking of the transaction, follow-up on unexecuted confirmations, and to reconcile the Bank's positions to external electronic trade execution and affirmation/confirmation platforms and to Central Counterparty Clearing Houses.

The GWO Confirmations Manager is responsible for managing the GWO Confirmations team.

This includes managing the day-today operations, as well as the identification and incorporation of changes required to support new regulations, business, products, and Senior Management's strategies and goals.

The GWO Confirmations Manager is required to coordinate work and manage relationships with external clients and counterparties, as well as manage relationships with internal partners including Operations, Legal Counsel, Global Risk Management, Compliance, Regulations, Technology, and the Front Office both locally and internationally.

Derivative transactions conducted by the Front Office can be complex and include products such as Interest Rate Swaps, Credit Default Swaps, Total Return Swaps on debt and equities, Equity Options and Bond Forwards.

Trades are executed bilaterally or through Brokers or Swap Execution Facilities, and are affirmed and confirmed either directly with clients and trade counterparties or through middleware such as MarkitWire, DS Match, etc.

Accountabilities
Ensure a high degree of processing accuracy, customer service, operational efficiency, and conformity to Bank policies and external regulations by:

Train, develop, and supervise staff and the work they perform, ensuring trade booking issues are identified and corrected, and trades are confirmed accurately and correctly in a timely manner
Identify and implement opportunities for improvements in controls, customer service, productivity, and cost effectiveness
Manage resolution of operational problems, ensuring appropriate action is taken to prevent recurrence

Coordinate management of significant internally and externally initiated change by:

Stay abreast of regulatory, industry and/or internal initiatives and changes in order to forecast and prepare for the impact upon the unit in advance
Define operational and technology requirements, and coordinating with project teams to ensure requirements are met
Manage change, seeking input and ensuring buy in from staff and internal partners, and successful controlled implementations of new processes and technology
Interact with Senior Management to provide operational input and recommendations
Assist with ad hoc projects as directed by Senior Management ensure all timelines are met
Ensure risk inherent in the trade confirmation process is identified, understood, and controlled

This includes:

Ensure all trades are recognized by trade counterparties, economic terms of all transactions are affirmed, and all breaks are identified and resolved
Generate, review, and execute trade confirmations in accordance with Bank policy and industry standards
Check and approve confirmations prior to execution
Ensuring the Bank is reconciled with external electronic trade execution and affirmati