Team Developer

1 week ago

Hyderabad, Telangana, India Bank of America Full time
Job Description

Job Description:

About Us

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. Were devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us

Global Business Services

Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.

Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.

In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.

Process Overview

Global Markets Operations &Middle Office provides operations support to the Global Markets Business of BAML. Key Business activities include back office and middle office operations related to securities, derivatives, futures, options, currencies (FX) and commodities. Key functions in the middle office

include trade control, product control and balance sheet management. While in the operations groups the key functions are Trade Processing & settlement, Inventory Management, Cash Management, Asset Services, Collateral Management, Reconciliation, Client & Product Data management.

Job Description

Derivatives Collateral Operations manages the margining for the OTC, Repo Derivatives & Foreign Exchange businesses and Repo agreements. Collateral Management is a tool to control & reduce the bank&aposs credit exposure risk on Derivative trades. The Collateral Operations Unit monitors daily margining for customers across various products (Rates, Commodity, Structured Credit, Equity, Foreign Exchange, and Repo, Futures & Options). The Counterpartys net exposure is evaluated each morning in order to determine collateral requirement. Margin Calls are made and received by Collateral Analyst and collateral exchanged. Team is also responsible to perform Security Optimization, Journal processing, liquidity and regulatory reporting.

Responsibilities

- New agreement setups in margining application to facilitate daily exposure feed based on Agreement terms
- Verification of call details originating from internal applications and exchange margin call notices with clients
- Follow-up on margin calls due for payment where we do not have receipt of counterparty confirmation
- Verification of settlement instructions before releasing cash /securities as collateral
- Month end interest settlements with clients on collateral balances
- Daily reconciliation, investigation and resolution of margin call disputes/discrepancies.
- MIS, reporting of operational and trading exposures to management
- Maintenance of data in relation to points of contact internal and external and additional information necessary to effectively and efficiently resolve disputes
- Working closely together with Static data team, Settlements, Traders, and clients to ensure accurate information is updated within our processing database
- Responsible for monitoring and clearing items on the daily breaks/exception reports, Clearing aged breaks
- Generate and publish daily control reports including MTM Swings, cash/security fails, zero MTM, Stale prices, open aged calls, etc.
- Monitoring of security balances and allocating securities based on prioritization list to optimize utilization
- Responsible for placing margin calls, performing reconciliation and resolving disputes for repurchase agreements
- MIS, reporting of operational and trade exposures to management, liquidity and regulatory reporting
- Reconciliation of collateral balances for Repo, F&O and publishing breaks reports

Requirements*

Education : Graduation/PG

Certifications if any : NA

Experience Range : 8+ Years

Foundational skills:

- Excellent communication skills (both verbal and written)
- Flexible to work in night shifts
- Strong knowledge of investment banking, capital markets & Derivatives
- logical and analytical skills
- Excellent organizational skills are required with the ability to prioritize daily workload, work accurately and efficiently under pressure
- To be flexible in their attitude and approach, and be willing to work extra hours during the week with overflow of volume and to provide cover for holidays planned and unplanned.
- To be able to communicate effectively, and clearly escalate queries to clients and Onshore
- Team verbally and written.
- Maintain established productivity levels as per SLA

Desired Skills

- Experience in OTC/Repo/F&O Derivative Collateral Management/Portfolio
- Reconciliations/Margin Management
- Knowledge of regulations such as Dodd Frank, EMIR, CFTC, etc would be and added
- advantage
- Market knowledge on Derivatives & Fixed income, recent trends and global changes

Work Timings : 06:30 AM IST - 03.30 AM IST

Job Location : Hyd

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