Manager, SBL Middle Office - Jobs in Toronto, ON

Job Description

Requisition ID: 163535Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.Why work for ScotiabankScotiabank is among the largest banks in the world and the most international bank in Canada. We are powered by our 97,000 high-performing teammates who make a real difference across the globe as a leading provider of advice, products, digital experiences, and financial services. Together with our Digital Factories around the world, we are dedicated to helping our 25 million customers become better-off.This is a place where you’ll get to learn and develop your skills, while being recognized for your hard work. At Scotiabank, we’re passionate about bringing our whole selves to work, allowing us to create inclusive work environments for everyone to enjoy. Say hello to a career at Scotiabank!Global Banking and MarketsGlobal Banking & Markets provides a full range of investment banking, credit and risk management products and services relevant to the financing and strategic development needs of our clients. Our products include debt and equity financing, mergers & acquisitions, corporate banking, institutional equity sales, trading and research, fixed income products, derivatives, energy, foreign exchange, and precious & metals. We also cross-sell the full range of wholesale products and services offered by the Scotiabank Group.Purpose of JobThe Securities Borrowing and Lending Middle Office (SBL MO) is responsible for providing a focused and high-quality operational service to the Front Office Securities & Agency Lending businesses and to the external borrowing/lending counterparties of Prime Services.SBL MO is a key function responsible for ensuring that all aspects of the trade life cycle in respect to the SBL activities are completed on time; that processing exceptions are addressed and that enquiries received from the trading desk and external counterparties are resolved in a timely and expedited manner. In addition, and in conjunction with other internal support functions across Toronto, New York, London & Singapore, the incumbent will provide operations expertise and advice to the Securities Borrow Lending & Agency Lending business lines and to their external counterparties on trade booking, settlement and control matters.This position is primarily responsible for providing regional operations support to the internal SBL trading desk. The incumbent will work in close collaboration and partnership with the Prime Brokerage Middle Office and Settlement/Clearing functions, to provide high quality operational support to the daily activities associated with securities borrowing and lending. specifically:

• Assume the daily functional responsibilities of the Securities Lending Middle Office in Toronto, across trade booking, exposure management reconciliations, returns, recalls, buy-ins, settlement monitoring, billing and reporting. Ensuring a high level of efficiency, processing control and service delivery to the regional trading desk and to their external counterparties. In addition, extend such support to the trading desks located in New York, London and Singapore, in support of cross boarder activities.

Key Job Accountabilities:

• Oversight and ensures a high degree of operational efficiency, processing accuracy and conformity to the Bank’s strategy, objectives and regulations by:
  • Efficient prioritization and execution of tasks as they support the regional, global and divisional business objectives to improve and maintain to a high standard and working in collaboration with GWO providing a strong contribution towards, the overall operational performance and client experience.
  • Operate effectively within the defined regulatory control framework and ensure inherent risks are timely reported, escalated and mitigated.
  • Oversight and resolve operational issues and problems to an acceptable standard and influence behaviours and corrective action to prevent recurrence.
  • Identify and implement opportunities for improvements in productivity, control, cost effectiveness and client service delivery encouraging global processing consistency where applicable

• Ensures and seeks to maintain delivery of high-quality customer service and contributes to promoting an overall excellent client experience by:
  • Providing timely responses and resolution to trade booking/settlement issues, return and recall requests and general operational queries emanating from the Securities and Agency Lending business lines, GWO, internal support functions or directly from external counterparties.
  • Collaborating with internal support functions and GWO to ensure service expectations are clearly communicated, understood and adhered to in accordance with agreed operating procedures/guidelines.
  • Building and reinforcing consistency in the service delivery model in accordance with best practices (leveraging internal and competitor offerings), anticipating desk issues, identifying trends and root causes with the objective of developing and executing solutions to strengthen business confidence and increasing desk and counterparty satisfaction.

• Participates in effective mitigation of operational risks inherent in the SBL Middle Office by executing tasks/activities. This includes:
  • Working closely with the trading desks, timely input and accuracy of trades to facilitate entry into the Bank’s settlement, accounting and financial reporting applications.
  • Reconciliation of all trading and related event activity reflected between front and back-office systems.
  • Co-ordinating with GWO and Counterparties with regard to contract and rate matching, confirmations and settlement in adherence with local market regulations and internal Bank policies. Ensuring discrepancies are accurately documented, escalated in a timely fashion and resolved while minimising opportunities for losses.
  • Ensure the accurate and timely input of static into the relevant operational applications and platforms in accordance with internal policies, documentation and controls.

• Be the key expertise person for SBL team for specific duties include but are not limited to:
  • Reporting – generating and distributing available short position reports to the Scotiabank retail broker network.
  • FED Rate Changes – monitoring and updating SBL rates in line with FED movements.
  • Regional & International Returns – acting as main point of contact for SBL returns from our various clients and counterparties. Accurate position monitoring and effective communication with both front and back office to ensure optimal book management.
  • Profit n Loss Monitoring – daily PnL monitoring as control function to ensure accuracy and completion of daily activities related to SBL MO.
  • Equity Collateral Management – Pledging, releasing and monitoring exposure related to equity for equity trading books.
  • Contract Compare – fee, rate and dividend management across all regional trading books; timely communication to front office to ensure accurate month end fee reporting.
  • Recalls – detailed management and reporting of all recalls to ensure potential exposures are covered and communicated to trading desk to avoid default.
  • Agency Lending MO – returns booking, collateral margining and rate break monitoring for agency lending trading desk.

Requirements

• Good knowledge and proficiency in the functions supporting Securities Lending processing.
• Effective understanding of settlement conventions of various markets in multiple geographic locations leveraging clearing agents and central clearing depositories, specifically DTC, CDS, CREST, Euroclear and Clear stream. In addition, knowledge of risk mitigation practices and conventions i.e., buy-ins & recalls.
• Working knowledge of Domestic and International Securities Lending settlement process (day to day operating model, timing and data flows)
• Strong analytical, problem solving, and metrics management skills demonstrating initiative to drive, as required and navigate change, enhance process controls and deliver workable solutions for both the business and clients.
• Ability to act decisively, calmly and demonstrate good judgement under tight deadlines within a dynamically changing, highly regulated environment, while equally demonstrating tact and diplomacy in completing work activities by demonstrating sensitivity to client concerns and interests.
• Ability to demonstrate good judgement and sound decision making when faced with complex or ambiguous situations.
• Excellent interpersonal skills and the ability to develop collaborative working partnerships with regional business partners and across infrastructure functions to help present and project a single face to the clients in the delivery of operational services.
• Effective time management skills with the ability to meeting deadlines and working to defined targets with satisfactory outcomes for a demanding global trading operation.
• Effective organizational and prioritization skills, and the ability to quickly recognize and deliver solutions from conception to implementation within a deadline driven environment
• Demonstrated understanding of related systems/platforms currently deployed in the operating environment including Broadridge (BPS / Wilco GLOSS), Global 1, Loanet, Anvil, Equilend, Pirum
• Advanced Excel (Pivot Table, V-Lookup, Macro, Data Analysis), Access (Query, Forms, Report) skills
• Intermediate knowledge with VBA coding and SQL.

Location(s): Canada : Ontario : TorontoScotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.Quick Apply

• Terms & Conditions
• New Privacy
• Privacy Center
• Accessibility

For Job Seekers

• Browse Jobs
• Advanced Job Search
• Emplois Quebec

For Employers

• Post a Job
• SimplyHired OnDemand

Stay Connected