Analyst, OTC Confirmations

4 months ago

Toronto, Canada Scotiabank Full time

Requisition ID: 181358

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

**Analyst, OTC Confirmations**

The Global Wholesale Operations (GWO) confirmation process is a key control within Scotiabank’s derivative products trading environment. The GWO Confirmations department’s primary responsibilities are to affirm transactions, prepare and issue ISDA confirmations that accurately reflect the trade booking of the transaction, examine and verify ISDA confirmations received from issuing counterparties ensuring details accurately reflect the trade booking of the transaction, follow-up on unexecuted confirmations, and to reconcile the Bank’s positions to external electronic trade execution and affirmation/confirmation platforms and to Central Counterparty Clearing Houses(CCPs).

**Purpose**

The Assistant Manager, OTC Confirmations, is responsible for maintaining controls, resolving confirmation issues, coordinating legal reviews, drafting and approving FX Options, OTC Equities and Interest Rate derivatives’ trade confirmations, and contributing to the department's continuous improvement of processes and controls.

**Key Job Accountabilities**

1. Ensure risk inherent in the trade confirmation process is identified, understood, monitored, and controlled. This includes:

- Ensure all trades are recognized by trade counterparties, economic terms of all transactions are matched on, and all breaks are identified, reported, and resolved
- Generate, review, and execute trade confirmations in accordance with Bank policy
- Ensure the Bank is reconciled with external electronic trade execution and affirmation/confirmation platforms
- Train staff to minimize errors and maximize quality and adherence to regulations, policies and standards
- Escalate and resolve issues
- Investigate issues such that root causes are identified and appropriate actions are taken to prevent recurrence
- Assign and prioritize work, while balancing the workload and dynamically shifting cross trained staff to minimize risk and ensure consistent high quality customer service
- Review control/KPI/KRI reports circulated to management and the business to highlight risk and drive issue resolution

2. Ensure a high degree of processing accuracy, customer service, and operational efficiency:

- Maximize STP rates and the use of automation to ensure controlled efficient operations
- Identify and implement opportunities for improvement in controls, customer service, productivity, and cost effectiveness
- Understand customer needs and maintain customer service standards
- Develop and maintain relationships with customers, at both the operations staff and management levels, allowing for effective escalations and issue resolution
- Ensure customer issues are identified, reported, and escalated, and resolution is coordinated with internal stakeholders and the relationship owners

**Skills, Experiences and Functional Competencies**
- Expert knowledge of FX Options, OTC Equities and Interest Rate Derivatives’ ISDA trade confirmations
- Passion for customer service
- Driven to improve efficiency and controls
- Excellent interpersonal and communication skills
- Ability to prioritize and multitask effectively
- Accurate and detail oriented with an analytical mind and the ability to detect, articulate, and effectively escalate and resolve issues
- Strong computer, data analytics, and process re-engineering skills
- Business/Finance, Law or Engineering University Degree, or a related educational background

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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