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Analyst - Special Liquidity Scheme

Salary

According to experience, plus excellent benefits

Introduction
The Sterling Markets Division of the Bank of England plans and conducts its operations in order to establish short-term interest rates at the level required by the MPC, 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 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 sterling markets' 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.

Background 
 
The role sits within one of two SLS units currently being established
The two SLS units have been set up to implement the Special Liquidity Scheme which the Bank of England is providing to allow banks to swap temporarily their illiquid high quality mortgage backed securities for liquid UK Treasury Bills. 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 counterapties on queries/clarifications).
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Job Description & Responsibilities


The key responsibilities are: 

• Liaising with counterparties on the detailed aspects of applications, collateral to be given, drawdowns and other queries;
• 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 the Bank's Debden Cash Centre (located at Debden in Essex) a few days each month.


Skills/Experience Required

The candidate must have experience of working within the financial sector.
The following skills are also required: 

• A degree qualification in a numerate or analytical discipline;
• A strong interest in financial markets, and ideally an understanding of financial instruments;
• Strong analytical skills;
• Good representational skills;
• Good communication skills – both written and oral 

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