Trading Operations Associate

Shift Pattern: Standard 40 Hour Week (United Kingdom)

Scheduled Weekly Hours: 40

Corporate Grade: E - Associate

Reporting Line: (UK Division) Trading & COO

Location: UK-London

Worker Type: Permanent

Overall Purpose:

• To provide an effective first-line supervision for all trading activity on the Ring and LMEselect.
• To participate in the determination of the LME’s Futures reference prices, both on the Ring and on LMEselect.
• To participate on the Ring Disciplinary Committee responsible for ensuring conformity to the LME’s Ring Dealing Regulations and Code of Conduct.
• To ensure the Error Trade Policy and Dynamic Price Bands on LMEselect are managed effectively.
• To determine the Closing Prices for Traded Options.
• To learn all processes across LME venues and functions managed by Trading Operations.

Responsibilities:

• Ensure the LME’s reference prices are determined in a manner that promotes the LME and meets the commercial and regulatory requirements of the job in full.
• Participate on the Pricing Committee on the Ring for the determination of Official and Closing Prices.
• Enforce the LME’s Ring Dealing Regulations and Code of Conduct; as a participant on the Ring Disciplinary Committee this involves imposing disciplinary procedures for rule breaches.
• Establish Settlement Prices on LMEselect for Ferrous Prices and new product launches for cash-settled futures to be traded electronically.
• Ensure the procedures around the Error Trade Policy and Dynamic Price Bands on LMEselect are managed effectively and consistently, with all relevant information updated and documented.
• Carry out the procedure for the determination of the Closing Prices for Traded Options using LMEprism by making reference to all relevant trading activity and participant submissions.
• Ensure Benchmark Regulation Compliance as a Benchmark Administrator.
• Provide regular updates to LMEC on all relevant pricing-related matters, and to ensure the reference price are transmitted accurately on a daily basis through LMEprice.
• Provide Market Surveillance with all relevant observations and referrals from trading activity across LME venues.
• Effectively deal with all stakeholder queries relating to LME’s pricing procedures and Trading Operations in general.
• Recommend and promote enhancements to the management on issues that will benefit the LME’s price discovery procedures, and to participate in all relevant projects and initiatives.
• Provide tutorials and education to LME staff on issues relating to price discovery for Futures and Options.

PERSON SPECIFICATION

Qualifications Required:

• 5 GCSE’s or more with C grades or above for mathematics and English language.
• Where appropriate, to have passed the LME probationary dealers exam.

Knowledge and Experience Required:

• Each position within the department is dependent on knowledge, experience and performance.
• Four years experience either working for a Member/Client, other Exchange or the LME in the trading environment.
• A knowledge or experience in electronic trading.
• A good knowledge of Benchmark Administrator responsibilities.
• A thorough knowledge of market terminology and the LME Rules and Regulations.
• A thorough understanding of the forward price curve for each metal.
• A thorough understanding of the dealing regulations.
• Where appropriate, a knowledge of Traded Options.

Skills Required:

• Data input skills.
• Interpersonal skills and the ability to communicate.
• Good business awareness.
• IT literacy.
• Quick and accurate numerical skills.
• Python (Intermediate Standard).
• SQL (Beginner/Intermediate Standard).
• Power Bi (Intermediate Standard).

Personal Qualities:

• The ability to work under pressure.
• Dealing with confidential information.
• Self-motivation.
• Teamwork.
• Reliability.
• Willingness to learn.