Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with around 3,000 offices in more than 50 markets. The Group has over 180,000 employees, and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.
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The Operations division is core to all of MUFG’s business activities. With employees based in London, New York and Hong Kong, the function consists of five pillars Middle Office, Business Management, Transaction Processing, Clearing and Settlement, and Operational Control. A diverse product range is covered including Equities, FX, Fixed Income, and Derivatives.
The division has a wide range of responsibilities including oversight of the business and our ability to achieve strategic goals via our change program; interface to the business, customer, branch and agent network; managing the processing lifecycle for trades and transactions from the single touch, single entry items through to the complex, multi-entry trades; providing a shared service/utility function by receiving the output of Transaction Processing and executing the cash and/or clearing of processed transactions; independent control function ensuring Transaction Processing and Clearing & Settlement Services execute appropriate controls to mitigate regulatory and operational risks. Operations
NUMBER OF DIRECT REPORTS
MAIN PURPOSE OF THE ROLE
The opportunity is for an enthusiastic and intelligent individual to join the Middle Office Derivatives Trade Support team within Operations, responsible for providing control and support for multiple trading desks. The desks are engaged in pricing and trading of vanilla and structured derivative products across multiple assets classes including rates, equity, commodity, credit and FX.
The team provides trader support to facilitate the accurate and timely booking and post execution care of all trades executed. Acting as a vital intermediary between Trading, Sales, Structuring and various back office areas, the Derivatives Trade Support team has a pivotal role in BAU whilst contributing to the planning and development of new product offerings on a regular basis.
The successful candidate will spend time learning the day-to-day processes, interactions and many relationships managed by the team, helping to provide continuous development ideas and driving through required improvements. The role will focus on supporting flow derivative products, therefore a very strong understanding of the trading infrastructure, pricing inputs and lifecycle management mechanics of these products is critical. The position will require daily face off to the business, performing real time validation control routines across the platform, and running daily reconciliations to identify discrepancies and ensuring they are fully understood, explained and communicated to relevant stakeholders. A detailed understanding of the front to back process is essential since daily interaction with internal and external stakeholders is required to ensure relevant updates are processed in a timely manner.
This is a demanding role which requires the candidate to undertake a multitude of disciplines, and has existing multi-asset derivatives experience in flow products.
In this role, you will be responsible for Derivatives Trade Support across MUFG’s banking arm and securities business under a dual-hat arrangement. Under this arrangement, you will act and make decisions on behalf of both the bank and the securities business,
Responsibilities will include:
- Review of complex bookings, structures and bespoke transactions
- Ensure accuracy of all components of new and existing trade bookings across multiple systems and exception management of approximate bookings
- Development and testing of in-house systems
- Day to day accurate execution of processes, being a direct contributor to re-engineering or building of controls
- Liaising closely with Trading, Sales and Structuring to ensure accurate and timely bookings of trades
- Act as a key liaison between trading, other support functions and the counterparty
- Trade lifecycle management including T0 validation, fixings, coupon calculations, trigger monitoring, break clause and expiry monitoring
- Fully understand the controls required to support the business through inter-system reconciliations
- Strict adherence to internal control and escalation protocol
- Maintain a consistent and robust control environment
- Contribute to continuous process improvements
- Participate in strategic projects across multiple infrastructures
- Compose and maintain process manuals to ensure accurate and efficient trade support
- Middle Office, Trading Assistant or Product Control experience in flow or exotic derivatives
SKILLS AND EXPERIENCE
Functional / Technical Competencies:
- A strong understanding of different asset classes particularly rates, credit and FX derivatives and complex booking methodologies
- Strong understanding of derivative products and payoff features including risk profile analysis.
- Strong understanding of the various lifecycle events and associated risks on these products
- Infrastructure knowledge of electronic trading platforms including MarkitWire, TradeWeb, Bloomberg TOMS, ICE Link, etc.
- Working knowledge of Confirmations, ISDA documentation and ISDA swap definitions
- Understanding and experience in clearing mechanics and compression optimization
- Understand the key elements of the front to back process flow including other infrastructure groups i.e. Market Risk, Credit Risk, Finance, Product Control, Legal, Compliance, etc.
- Financial Math knowledge
- Fundamentals of P&L substantiation
- Basic understanding of the term structure of projection/discount curves and swap pricing
- Appreciation of the Greeks
- Understanding of the
- Good understanding of the regulatory reporting requirements in various jurisdictions
- Familiar with running robust reconciliations and controls and implementing relative controls
- Familiar with implementing VBA solutions / End User Applications
- Understanding of the lifecycle event management on both vanilla and structured products
- Understand the cash flows and dynamics of a banking business such as funding requirements and their importance
- Knowledge of collateral processes, Initial Margin, Variation Margin, general CSA familiarity
- Accounting knowledge, ability to identify impacts to P&L and Balance Sheet from trade bookings
Education / Qualifications:
- Bachelor or Master’s Degree in a technical or appropriate field of study (Economics, Mathematics, Finance, Engineering, etc.)
- Strong technical ability – marrying exemplary product knowledge with meticulous attention to detail and analytical skills
- Creates a culture of creativity and innovation – identify ways to improve processes and develop creative solutions
- Excellent communication skills – ability to communicate complex issues in clear and concise terms to a broad audience
- Stakeholder management – ability to communicate with senior stakeholders, constructively managing feedback and prioritise accordingly BoW
- Responsible – highly motivated self-starter who takes ownership of a given process, executes it with due diligence and efficiency
- Problem solving and judgement – proactive, thinks ahead, plans for contingencies, anticipates questions from different perspectives, seeks alternative solutions and delineates clear objectives
- Excellent interpersonal skills – team focus, gives evidence of a strong collaborative working ethic
- Results driven, with a strong sense of accountability
- A proactive, motivated approach.
- The ability to operate with urgency and prioritise work accordingly
- Strong decision making skills, the ability to demonstrate sound judgement
- A creative and innovative approach to work together with structured and logical reasoning
- The ability to manage large workloads and tight deadlines
- A calm approach, with the ability to perform well in a pressurised environment
- Excellent Microsoft Office skills (Excel, VBA)
- A confident approach, with the ability to provide clear direction to the team
- A strategic approach, with the ability to lead and motivate a team
PERFORMANCE AND DUTIES
The role holder will be assessed in accordance with their employing entity’s performance framework and process with relevant input obtained from the dual hatting entity as relevant.
As duties and responsibilities change, the job description will be reviewed and emended in consultation with the role holder. The role holder will carry out other duties as are within the scope, spirit and purpose of the role as requested by their line manager or Department Head.
MANAGING CONFLICTS OF INTEREST
- The role holder will have responsibilities for both MUFG Bank and MUFG Securities EMEA plc.
- The role holder will be required to perform their duties and responsibilities on an entity neutral basis, without favour.
- The role holder is required to follow regulatory requirements applicable to ensure each business is appropriately supported and to maintain the legal entity integrity of each of MUFG Bank and MUS.
- Working terms are dictated by functional mandates, the terms of the Dual-Hat Arrangement Agreement in place between MUFG Bank and MUFG Securities EMEA plc and any other relevant agreements entered into between MUFG Bank and MUFG Securities EMEA plc.
- The role holder will have responsibility for identifying and resolving where there may be a difference or conflict in needs between MUFG Bank and MUFG Securities EMEA plc, escalating to their manager where required.
We are open to considering flexible working requests in line with organisational requirements.
MUFG is committed to embracing diversity and building an inclusive culture where all employees are valued, respected and their opinions count. We support the principles of equality, diversity and inclusion in recruitment and employment, and oppose all forms of discrimination on the grounds of age, sex, gender, sexual orientation, disability, pregnancy and maternity, race, gender reassignment, religion or belief and marriage or civil partnership.
We make our recruitment decisions in a non-discriminatory manner in accordance with our commitment to identifying the right skills for the right role and our obligations under the law.