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CIB Operations (Derivatives Ops) - Global Clearing F&O House Manager - Bournemouth - Senior Associate

Req #: 170086549
Location: Bournemouth, ENG, UK
Job Category: Operations
Potential Referral Amount: 3500 Pound Sterling (GBP)
F&O House Operations-Senior Associate
J.P. Morgan is a global leader in financial services, offering solutions to the world's most important corporations, governments and institutions in more than 100 countries.
Derivative Operations provides operational support across the CIB covering eight key product areas including FX, OTC Derivatives, Collateral Principal, 3rd Party Derivatives, Cleared Derivatives, Agency Collateral, Billing and CASS with ~1,900 employees.  Services provided to our Businesses include:
  • Transaction Processing, Confirmation, Settlement and Clearing, Collateral Management, Client Service, Invoicing and CASS Support
  • Typical daily activity includes settling in excess of $217B via FX trading, leading a Markets OTC portfolio of 2.5M trades, servicing >200 3rd party clients, performing 10,000 margin calls, processing 470k cleared and intermediated trades and producing >9,000 invoices
Global Clearing Operations supports Clearing, Reconciliations, Middle Office, F&O House Ops, Expiries & Deliveries, Settlement, Brokerage, Client On-boarding, Client Money, Regulatory Reporting, Static Data Management and Position Management.
  • JPM is the 2nd largest Futures Commission Merchant based on Client Assets
  • Processes ~750,000 cleared and intermediated trades daily
  • Provides clearing at 62 global Clearing Houses
  • Settled USD equivalent 24.3Bn in physical deliveries Q1 2016
Location Description
Bournemouth.  Over 4,000 employees work at the Bournemouth Corporate Center. We take immense pride in our work and in helping our community. We’re proud to leverage the local workforce and engage closely with local schools and charities. Our campus is set in 13 acres of grounds and includes on-site Tennis Courts and easy access to local sports facilities. We have good transport links including our commuter bus service. The site is currently benefitting from massive investment, redeveloping the office space into a High Performance Workspace and adding exciting new offerings to our communal spaces. We have 2 restaurants on site offering a wide range of healthy options. The staff are able to join in a wide range of groups from yoga to language classes, to groups supporting the diverse range of cultures represented here.
Job Description
The  F&O House team specifically supports exchange traded business conducted through JPMorgan's lines of business (Rates, Equities, Commodities, GEM). House Operations are currently based in 2 locations globally, in Bangalore and Bournemouth. This global team provides critical support for 120 desks across all businesses, and supports around 80,000 trades daily, with Bournemouth focused primarily on the Commodities business alongside a small amount of Equity & Rates activity. The Bournemouth
As part of the DCO House EMEA team based in Bournemouth, the team are responsible for reconciling traders’ position and risk for exchange traded instruments in their risk management system versus GMI the back end system. This is done through reconciling the entire structure, from instrument setup, trade booking and daily overall position, as well as ensuring the profit and loss (P&L) for the risk system equals the P&L held in GMI. This is done in the system Union II. Break investigation and resolution is reached through liaison with middle offices, product controllers and technology teams.
Other core functions include the settlement of daily variation margin and initial margin, funding and Nostro reconciliation, new account set up and Egus  management. In addition to new product onboarding, system enhancement planning and UAT support.
The role is very specific to the House team as they are in effect a client of the F&O Business, knowledge of the legal entity set up is required as well as systems access such as Union II
The area is constantly evolving and scope is expanding due to various regulatory changes, consequently, there are numerous opportunities for the right candidate to be involved in ad-hoc projects and the House Strategic Agenda.
Summary of Responsibilities
  • Team manager so the individual must be a proven people manager and able to manage all day to day team responsibilities.
  • Risk escalation to senior managers and trading desks.
  • Ensure timely completion of Trade, Position and P&L reconciliations, with prompt delivery of reconciliation details to the relevant middle offices, Product controllers and brokers. 
  • Work closely with key stakeholders to manage and coordinate all new product, entity, trading book and desk set ups.
  • Execution of daily, weekly and monthly tasks covering: reconciliations, margin movements and control, global house metrics, oversight and impact monitoring of trade events including option expiries, physical deliveries and cascading instruments.
  • Work closely with the Controls team to deliver on the controls agenda.
Skills and Qualifications
  • Understanding of the Futures and Options products would be beneficial due to the technicalities of the role.
  • Detail oriented with excellent numerical/analytical skills
  • Strong problem solving abilities.
  • Works well under pressure and has the ability to multi task.
  • Team player who enjoys working in a fast paced, highly controlled environment and not afraid to commit and take on responsibility.
  • This role could suit someone looking for a flexible working opportunity
  • The role is very specific to the House team as they are in effect a client of the F&O Business
  • As we support multiple products from commodities, equities, bonds, rates & FX amongst others so at least 3 years’ experience is required to manage the team.
We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
JPMorgan Chase & Co. offers an exceptional benefits program and a highly competitive compensation package. JPMorgan Chase & Co. is an Equal Opportunity Employer.
Closing Date: 24th November, 2017
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