OTC Contractor

The main purpose of this role will be to ensure counterparty credit risk is mitigated for all of the banks collateralised agreements within Cleared and Uncleared Derivatives. This is within a controlled framework and any uncovered risk is escalated as per agreed processes and procedures to Senior Management and key stakeholders.

The role requires a working understanding of Derivatives products and knowledge of market regulation and the impact on day-to-day management of collateral exposures. Ultimately, the purpose of this role is to ensure the bank is not exposed to credit risk as a result of its activity, while at the same time ensuring the firm is acting within the Regulations that impact this role.

Role will involve learning necessary BAU working arrangements and being able to advise and test on any developments within Cleared and Uncleared Derivatives and any associated margining. Main focus of the role is to carry out the BAU Activities to a high standard within the OPS Collateral Management team.

• Oversee the management of margin calls and ensure all margin movements are captured in MHI systems, and settled, once agreed. This includes both cash and securities.
• Oversee and ensure all actions undertaken on behalf of MHSC and MBE as required are completed, are carried out as instructed, and within the pre-agreed timescales.
• Ensure data has fed from in-house systems to external vendors and controls utilised/exception management remediation is actioned.
• Ensure all payments/receipts are actioned within the agreed deadlines.
• Ensure all Triparty movement instructions have been released to our relevant custodians, and matched and covered where applicable.
• All disputes are reconciled and reported to relevant departments for remediation and action.
• Ensure cleared margin movements reflected in internal systems and reconciled on a daily basis.
• Monitor any custodian systems to ensure security activity has matched for settlement and ensure position for settlement.
• Follow up on and escalate any cash margin and security fails.
• Ensure all portfolios are reconciled and in line with counterparties, and any remediation work required by MHI is actioned.
• Agree interest payments on cash positions with counterparts ensuring these are posted within internal accounting systems to ensure timely settlement.
• Identify areas of improvement and contribute to change within the department.
• Understand the control framework within which the team works.
• Work on projects and firm initiatives when required.
• Understand and remain vigilant to MHI's risk profile and keep up to date on industry (external) events.

Responsibilities will straddle both International Bank and Bank. Adhere to the Dual Hat Policies & Procedures which set out the permitted activities and ensure you conduct yourself accordingly, when acting in a dual hat capacity. Responsibility for identifying and resolving where there may be a difference or conflict in needs, between banks, escalating where required.

Adhere to the Groups Dual Hat Policies & Procedures, regulatory and compliance obligations and any other applicable policies made available to you, and as updated from time to time.

This section provides a succinct list of qualifications, skills and experience required to be successful in this role, both technical & soft skills:

• Experience within Operations and knowledge of operational functions.
• Experience in daily functions around OTC collateral.
• Solid understanding of OTC Derivative products.
• Sound knowledge of regulatory framework affecting collateral i.e. EMIR uncleared margin rules and experience with Triparty initial margin process.
• Dispute management, escalation & resolution experience.
• Knowledge of relevant stakeholders concerned with the dispute process.
• Detailed knowledge of CSA agreements.
• Detailed knowledge of Initial Margin and Variation Margin agreements.
• Detailed knowledge of Acadia, Tri-Optima.
• Desirable system knowledge: Anvil, Gloss.