Summary
The Credit Middle Office acts as a support and control function for the activities managed in London by the Credit Market Business Line who works with financial products such as Bonds, CDS, CDS Indices; Synthetic and Cash CDOs, Index Tranches; Swaps, FRAs and Strips. The Intern will assist in this.
Key Responsibilities
The Credit Middle office offers dedicated support to all Credit and some Govies Trading Desks. The Intern will assist in this.
Control:
o Trade validation in FO systems (1st level of control)
o CDS & Indices: Control of New Trades and Unwinds booking plus follow up
o Swaps: Control of New Trades and Unwinds booking plus follow up
o False/technical counterparty checks
o Distressed Assets product line
o Collateral discrepancy checks and investigation
o Monitoring of STP flows
Support:
o Novations (ad hoc and organised bulk): responsibility of e-platforms management, booking in FO systems and follow up with counterparties and BOs
o Failed and alleged trades monitoring
o Funding/re-financing: calculation and booking in FO systems
o Syndication fees follow-up
o CDS booking
o Invoice Booking & P&L Transfers
o Error Status Follow-up
o Bilateral Compressions
o ICE Compressions
o Bond Exchanges and Funges
Credit & Succession Events:
o Bank-wide management of Credit and Succession Events: responsibility of managing and prioritisation of all requests and questions pertaining to Credit Events in a timely manner.
o Booking, FO communication, validation and materialising the P&L impact.
o Co-ordination with other support teams such as: BO, Legal, Risk and MAM.
o Compilation of information of the ISDA Determinations Committee decisions, Markit (refinancing/rename event).
Other ad hoc requests:
o Specific stock reconciliation
o Reporting / KPIs
Reporting
o Investor Reports
o Reporting / Statistics
o Sensitivity to MIFID2 requirements