Treasury Auction Operations Associate (Chicago and New York) - Market Operations Monitoring and Analysis (MOMA) - Markets Group
The Markets Group of the Federal Reserve Bank of New York (FRBNY) implements monetary policy on behalf of the Federal Reserve System and acts as fiscal agent for the U.S. Treasury. The Treasury Market (TM) directorate within the Market Operations Monitoring and Analysis (MOMA) function is responsible for carrying out domestic open market operations in the U.S. Treasury market in support of monetary policy and conducting auction of Treasury debt as fiscal agent of the U.S. Treasury. In addition, the Treasury Market directorate monitors and analyzes interest rate markets to inform the formulation and implementation of monetary and financial stability policy.
The Treasury Auction (TA) staff within TM is specifically responsible for executing Treasury auctions as fiscal agent for the U.S. Treasury. Auctions are the primary way that the U.S. government funds its operations and finances existing debt. Over the past year, the Treasury Auction (TA) staff processed approximately $30 trillion in bids and issued over $8.0 trillion to auction participants on behalf of the U.S. Treasury. The TA staff also conducts analysis of the auction participation, monitors compliance to auction rules, and provides business expertise and testing support for various Treasury auction initiatives and has built in resiliency with staff split between the New York and Chicago offices.
The staff is seeking an associate to join the Treasury Auction business line in Chicago. The candidate will be expected to develop a deep understanding of all operational aspects of the auction business and work collaboratively with staff across both the Chicago and NY sites, to ensure that both sites are capable of functioning fully and independently capable of processing auctions on behalf of the U.S. Treasury in a contingency. It is desirable that the candidate has some prior work experience in operations, is detail-oriented, works well across geographical locations and all staff levels, and possesses excellent communication skills. The candidate is expected to provide input and recommendations to improve operational policies and procedures, develop business process metrics to support improved operational efficiencies, and support the U.S. Treasury in its various operational initiatives and projects.
The responsibilities and requirements of the position are outlined below. Responsibilities:
- Process auctions on behalf of the U.S. Treasury. Some examples of daily operations include monitoring auction bidding activity, serving as the front line point of contact for the primary dealer community, facilitating the settlement of securities, troubleshooting auction issues, and producing statistical reports for Treasury and Markets Group management
- Work closely with the staff across both New York and Chicago sites on all production activities and ensure that both sites are independently able to conduct all operational activities in a contingency scenario;
- Become well versed in all auction-related rules and regulations to ensure auction participants are acting and operating in compliance;
- Engage with the U.S. Treasury to support testing of auction system enhancements;
- Contribute and/or assist the operations responsibility manager with developing improved business metrics, provide recommendations to improve policies and procedures and streamline current processes
- Support the analytical responsibility manager on regular and ad hoc analytical deliverables as well as primary market analysis more broadly;
- Provide excellent customer service when dealing with auction participants, including primary dealers, direct bidders, and indirect bidders;
- Maintain effective relationships with all staff and management levels at the U.S. Treasury, Fixed Income Clearing Corporation, and the Bank’s Electronic Payments and Accounting functions.
This position requires access to certain sensitive information and is therefore limited to individuals who are US Citizens and who must undergo a separate background screening. The Federal Reserve Bank of New York is committed to a diverse workforce and to providing equal employment opportunity to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
- Bachelor’s degree in economics, finance, public policy, or related field; advanced degree a plus
- 5 years relevant work experience
- Strong analytical and critical thinking skills demonstrated by the ability to assimilate new information, understand complex topics, execute sound judgement, and develop thoughtful conclusions in a timely manner
- Ability to meet time critical operational processing deadlines and balance multiple priorities
- Ability to analyze and respond appropriately to sensitive customer matters under pressure, considering varying stakeholder interests
- Excellent written and interpersonal skills to effectively interact with all levels of staff and management in the Markets Group, U.S. Treasury Department, primary dealer firms and other auction participants
- Ability to work effectively both independently and in a high-performance team environment
- Ability to support staff-specific projects and manage confidential Treasury information with discretion
- Strong quantitative skills and proven ability in working with and understanding market data; knowledge of SQL and SAS is a plus
- Knowledge of the U.S. Government securities market is strongly desired