Senior Associate, Market Surveillance, EMO

  • £46,000 to £65,000
  • London, England, United Kingdom
  • Permanent, Full time
  • FCA UK
  • 15 Aug 17

Market Oversight is responsible for overseeing primary and secondary market activity through its role under the listing, market abuse and short-selling regimes. Market Oversight aims to discharge these responsibilities in a way which is proportionate, risk-focused and forward-looking, through education of the market, and using a range of tools and techniques. Our work protects consumers and delivers market integrity by ensuring high standards of market practice and appropriate disclosure so our markets will function well.

~~Senior Associate, Market Surveillance, EMO

The salary range will be approximately 46,000 to 65,000 GBP plus a competitive benefits package and non-contributory pension.

Background

At the FCA, we're creating a fair and more resilient financial system. We're establishing more transparent relationships between financial services and their customers, building trust in financial markets and protecting vulnerable consumers.

Market Oversight is responsible for overseeing primary and secondary market activity through its role under the listing, market abuse and short-selling regimes. Market Oversight aims to discharge these responsibilities in a way which is proportionate, risk-focused and forward-looking, through education of the market, and using a range of tools and techniques. Our work protects consumers and delivers market integrity by ensuring high standards of market practice and appropriate disclosure so our markets will function well.

The Market Surveillance Team plays a pivotal role within the Market Oversight Division to tackle the harm that market misconduct, and related financial crime, can cause to the integrity of the UK financial system.

With a clear strategy in relation to; STOR supervision, trading venue surveillance, in-house surveillance and external stakeholder engagement, the Market Surveillance Team achieves public value through:
•Supervising firms to improve their systems and controls and surveillance processes, from detection of market abuse to STOR submission. This makes it harder for individuals to commit financial crime or misconduct and ultimately enhances the integrity of the UK financial markets.
•Developing new ways to detect market misconduct through innovative surveillance solutions and collaborations in pursuit of the FCA's credible deterrence strategy. By targeting individuals and holding firms to account using Enforcement & Supervisory tools, we can expose and change the behaviours which threaten the trust and confidence in our markets, as well as to reduce harm to consumers.
•High quality collaborative engagement with other regulators, surveillance industry and academic institutions to; discuss new types of abuse, prepare for new challenges, and to share and promote good surveillance practices. These collaborations will help the FCA to be recognised by all stakeholders for our contribution to making the UK financial system work well for everyone.

What does this job involve?

An opportunity has arisen for highly motivated individuals to join the Market Surveillance team. The key areas of responsibilities for the MS team are:
•Actively engage in all aspects of Senior Associate tasks.
•Contribute to the development of electronic and manual market abuse surveillance processes and procedures.
•Actively engage in markets related projects including the strategy for surveillance in fragmented markets.
•Work with the Infrastructure and Trading Firms teams on the assessment of MTF, OTF and RIE applications to determine if proposed surveillance processes and procedures are in accordance with the requirements of REC, MAR & other legislation. Meet with applicant firms to discuss issues, risks and provide guidance.
•Work with the Infrastructure and Trading firms' teams and Supervision visiting trading venues and authorised firms to analyse potential market abuse risks and ensure that those risks are mitigated through appropriate surveillance processes and procedures in accordance with REC and MAR.
•Responsibility for the supervision of the STOR regime, including visiting firms, UK trading venues and other market participants to discuss, assess and provide guidance on referrals of suspected market abuse.
•Work with the Benchmarks team in assessing the surveillance capabilities of the benchmark administrators.
•Analyse electronic and manual reports/data to identify activity which may indicate Market Abuse and prepare and submit referrals of any suspicious trades or orders to the relevant Enquiries teams.
•Offer input into proposed European policy initiatives which relate to our area.
•Liaise with industry participants and other areas of the FCA, delivering formal presentations to help communicate market abuse surveillance issues.
•Refer activity identified through market abuse surveillance work to the Markets Reporting team where that activity indicates a possible breach of SUP17.

What will I get from the role?

Working in the Market Surveillance team, you will benefit from:
•Exposure to a range of interesting surveillance projects and work streams.
•Opportunity to develop and share professional expertise and knowledge through exposure to a wide range of complex and challenging situations.
•Opportunity to work closely with the other teams within SMO, and other internal stakeholders such as Supervision, to support investigations, visits and interventions where surveillance support is required.
•Opportunity to engage with surveillance practitioners within industry, both in the UK and abroad, and represent MS at forums and conferences.

As an Academy business we place great value on your learning and we offer world-class development opportunities which will assist you in achieving your career aspirations. Our Academy offers you a range of opportunities for personal and professional development, including our MSC in financial regulation, Advanced Managers programme, sponsored study and more.

Which minimum, essential & desirable skills are required?

Minimum

We're a signatory to the Government's Disability Confident scheme. This means that we guarantee an interview to any disabled candidates entering under the scheme, should they meet the minimum criteria for a role.
•Good understanding of the market abuse regime (MAR) and MiFID II.
•Practical working experience of London's Financial Markets.

Essential
•Product knowledge (e.g. equity, OTC derivatives, bond, options, commodities, Benchmarks).
•An understanding of the roles of the UK trading venues and other participants in detecting market abuse.
•An ability to deal confidently and persuasively with a wide variety of internal and external stakeholders, including FCA's IS Department, Supervision and Enforcement Divisions and senior management at firms and exchanges/MTFs.
•Strong analytical skills with the ability to identify key facts from a large amount of information.
•Strong oral and written presentation skills, able to explain clearly and succinctly complex situations.
•Ability to manage several workstreams at once ensuring issues are prioritised effectively and progressed on a timely basis.
•A team player with a positive attitude.
•Strong time management and the ability to think clearly in fast moving situations.
•Drive, enthusiasm and flexibility.

Desirable
•Familiarity with the transaction reporting regime (SUP17).
•Knowledge of regulatory framework for supervision.
•Experience in conducting market surveillance.
•Knowledge of market surveillance systems and/or IT developments in this area.
•Experience of policy work.

Additional Information

As an inclusive employer, we are open to considering flexible working arrangements. Please contact our recruiter if you wish to apply for this role on a flexible basis.

The job family for this role REG C and applications close on Wednesday 16th August 2017.

Selection process

Stage 1: On-line application, please submit your CV and answers to the following application questions:

1. Why do you believe that you are suitable for this role? Please ensure that you specifically relate your answer to the criteria listed in the job advert, covering your relevant skills, technical knowledge and competencies. (Max 300 words)

2. What are the challenges the FCA faces in detecting market abuse? (in no more than 300 words)

Please submit both answers on one document.

Stage 2: Screening - your application will then be forwarded to the recruiting managers

Stage 3: Selection & assessment process (could be subject to change)

This role will be based in London, Canary Wharf, with a planned move in 2018 to a new site in The International Quarter, Stratford.