Agency Lending Trader – Vice President (London)

BNP Paribas is the European Union’s leading bank and a key player in international banking. We operate in 65 countries and employ 190,000 people, including nearly 145,000 in Europe. Our Group holds key positions in its three main fields of activity: Commercial, Personal Banking & Services; Investment & Protection Services; and Corporate & Institutional Banking (CIB) for corporate and institutional clients.

Our Securities Services business, which forms part of CIB, is a leading global custodian providing specialist post-trade and asset servicing solutions to buy and sell-side market participants, corporates and issuers. Based in 35 locations around the world, our award-winning Securities Services teams have built one of the most extensive custody networks in the industry, giving clients the connectivity and local knowledge they need to navigate change in a fast-changing world.

Our company purpose is to contribute to a responsible and sustainable economy by financing and advising clients according to the highest ethical standards. Our employer promise is built around three pillars:

• Being a great place to work
• Committed to sustainability and having a positive impact
• Being dedicated to the development of our people

The MFS department within Securities Services business line acts as a central actor in the provision of financing and liquidity solutions for the Securities Services client base. We notably offer:

• Securities Lending and Repo services: Agency Lending and Financing & Collateral Services (ex-principal lending) for asset classes of government debt, corporate bonds, equities, and ETFs.
• Financing & Collateral Services also includes a fail coverage programme for local custody clients.
• FX and Passive Currency Overlay (PCO) services are key products in our offer.
• Financing Solutions: solutions that maximize the use of securities while maintaining access and movement to cover trading obligations.
• Triparty Collateral Management: supporting a range of market activities including securities lending, repo, financing, and derivatives.

Job purpose: Agency Lending offers institutional investors the opportunity to generate returns through the provision of a guaranteed return on their investment portfolio. We provide securities lending services to our clients, which is considered as a value-added product to accompany global custody, fund administration and middle office outsourcing.

The Trader acting at Vice President level will be responsible for the day-to-day Agency Lending activity, trading with counterparties to maximise revenues in line with regulatory requirements and BNPP policies. They will act in a senior capacity in the absence of the Trading Desk Head and ensure all key procedures and processes are carried out by the trading team. The role covers not only the AGL EMEA but includes collaborating with trading desks in Hong Kong, New York and Sydney.

Key responsibilities:

• Manage the day-to-day business of Agency lending.
• Delegate key tasks to team members, ensuring they are completed.
• Point of escalation for sensitive topics in order to resolve in a timely manner.
• Negotiate and agree fee rates for securities lending trades within business.
• Act on direction from desk head and implement trading strategies to meet client needs.
• Covering short position requests from borrowers.
• Adept at managing and building borrower relationships.
• Identify and agree trade structures and collateral swaps.
• Book management to ensure we are in line or outperform the market.
• Effective co-ordination with global teams Hong Kong, Sydney, London and New York desks.
• Ownership of claims in need of payment to reduce costs incurred by BNP.
• Ensure procedures are up to date, well maintained and improved where possible while enhancing control functions.
• Assist Operations, Corporate Actions, Dividends and Billing with relevant information to facilitate their daily tasks.
• Ensure AGL adhere to credit lines, VaR, BEST, NC+, PFE and client limits.
• Running simulations where needed prior to trading.
• Provide training to new/less experienced team members where needed.
• Strong grasp of regulation and trading strategies required to adhere to these.
• Ownership of revenue estimates for potential and existing clients.
• Knowledge of Revenue metrics and performance to forecast and budgets.
• Propose solutions to streamline existing processes and improve efficiency across the product.
• Assist with KYC requirements as requested.

Requirements Competencies required for the role:

• Strong trading experience and understanding of Securities lending front to back operational flows.
• Strong technical skills.
• Excellent verbal and written communication skills.
• Ability to work under pressure and to strict deadlines.
• Attention to detail and accuracy.
• Computer literate with sound working knowledge of all Microsoft Office programmes.
• Ability to work both alone and in a team.
• Knowledge of regulatory framework from a macro perspective and directly impacting BNP and our clients, with an ability to mitigate potential risks faced.
• Competent Microsoft Office and VBA skills.
• Able to delegate and communicate across internal teams.
• Familiar with Bloomberg.
• Coding experience: Python and Microsoft BI.

Qualifications required for the role:

• CISI Regulatory and Securities Exams.

We expect all our colleagues to embody and practice the Group values (alignment with the Bank’s strategy, commitment, work ethic, integrity and Code of Conduct).

A bit more about why you should join us:

• We’re a great place to work. We aim for optimal work/life balance (depending on role, this includes hybrid working, flexible working and agile).
• We are proud of our award-winning flexible benefits and health & wellbeing strategy.
• As the eurozone’s largest bank, we are committed to having a positive impact in the world.
• We believe in our people and support our people to develop skills to adapt to the ever-evolving world of work.

Equal opportunities: BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity, race, religion or belief, sex or sexual orientation, or any other legally protected status.

Adjustments: We don’t want anyone to be disadvantaged in our recruitment processes, so if you have a disability or health condition which may mean that you’d benefit from some adjustments or additional support, please let us know as early in the process as possible.