Manager, Special Liquidity Scheme

Salary

According to experience, plus excellent benefits

Background 

The Sterling Markets Division (SMD) of the Bank of England plans and conducts its operations in order to establish short-term interest rates at the level required by the Monetary Policy Committee, contributes market intelligence and analysis in support of the Bank’s monetary and financial stability work and seeks to promote efficient structures in domestic money markets.

This is an analytical, policy and market facing role which provides an opportunity to work with the Bank’s counterparties to implement all front office activities for the Special Liquidity Scheme (SLS). Working alongside the SMD dealing and operations team, the role provides an opportunity to gain an understanding of the Bank's sterling market operations and how they fit into central banking policy more broadly.  

This is one of two units currently being established to implement the SLS. The units will be in place for 3.5 years. They have three responsibilities:

(1) Oversight of the overall SLS policy framework and end to end transaction process, including support of the SLS Steering Group chaired by the Executive Director, Markets and the SLS Board chaired by Head of Division for Sterling Markets;

(2) The implementation of all front office activities, liaising with individual counterparties and the Debt Management Office (DMO), providing detailed operational market intelligence on the SLS; and

(3) The proactive management of all collateral received in SLS (in terms of both on-going eligibility and in respect of valuation/margining, and including liaising with counterparties on queries/clarifications). 


Job Description & Responsibilities

The key responsibilities are: 

• Liaising with individual counterparties about all aspects of their access to the SLS (including proactive management of counterparties to ensure the Bank’s objectives are met);
• Reporting to senior management  
• Providing market intelligence on the impact of SLS;
• Managing the front office and counterparty facing aspects of the SLS process;
• Liaising with a broader range of market participants on issues relating to the SLS;
• Contributing to SLS policy development work;
• Providing support to the SLS Steering Group and Board;
• Contributing to Markets Area market intelligence work with a particular focus on banks, money markets and liquidity management; and
• Identifying and managing SLS business process improvements.

SMD operations are due to move to split site working in 2009, and the job-holder will need to be prepared to be a part of the rota for working at Debden a few days each month.


Skills/Experience Required

• Extensive, recent experience of working within the financial sector;
• A degree qualification in a numerate or analytical discipline;
• Previous management experience;
• A strong interest in financial markets
• A good understanding of financial instruments such as asset backed securities and mortgage backed securities;
• Strong analytical skills;
• Strong representational skills; and
• Strong Communication skills – both written and oral. 

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