Business Analyst

Found in: Appcast CA A2 P - 1 week ago

Greater Toronto Area, Canada Botsford Associates Full time

Our Clients Regulatory Transformation Team is looking for Business Analyst's to assist with upcoming work associated with EMIR Refit. As a Business Analyst you should have specific experience in the capital markets businesses and experience liaising with IT. This position requires driving changes with cross-functional teams impacting business, technology and corporate support areas (especially Front Office and Operations) within Capital Markets.


EMIR:

EMIR stands for the European Market Infrastructure Regulation. It is a regulatory framework established by the European Union (EU) to enhance transparency, mitigate risk, and promote stability in the over-the-counter (OTC) derivatives market. EMIR aims to address the systemic risks associated with derivative transactions by introducing requirements for reporting, clearing, and risk mitigation.


Key components of EMIR include:

  • Trade Reporting: EMIR mandates that counterparties to derivative transactions report details of these transactions to trade repositories. This reporting requirement enhances transparency and provides regulators with comprehensive data on derivative market activities.
  • Central Clearing: EMIR encourages the central clearing of standardized OTC derivative contracts through central counterparties (CCPs). Central clearing helps mitigate counterparty credit risk and promotes financial stability by reducing the interconnectedness of market participants.
  • Risk Mitigation Techniques: EMIR imposes risk mitigation obligations on counterparties to non-centrally cleared derivative contracts. These obligations include timely confirmation of trades, portfolio reconciliation, portfolio compression, and the implementation of robust risk management procedures.
  • Regulatory Oversight: EMIR establishes regulatory oversight of derivative markets and participants. It empowers regulatory authorities, such as the European Securities and Markets Authority (ESMA), to supervise trade repositories, CCPs, and market participants to ensure compliance with EMIR requirements.
  • Non-Financial Counterparty (NFC) Classification: EMIR categorizes market participants as financial counterparties (FCs) and non-financial counterparties (NFCs). NFCs are further classified based on their derivative exposure, with larger NFCs subject to additional reporting and risk mitigation obligations.
  • Overall, EMIR plays a crucial role in promoting transparency, reducing risk, and enhancing the resilience of the derivatives market within the European Union.


EMIR Refit:

EMIR Refit refers to the amendments made to the European Market Infrastructure Regulation (EMIR) to improve its effectiveness, simplify certain requirements, and address specific challenges faced by market participants. The EMIR Refit regulation came into effect on June 17, 2019, and introduced several changes aimed at enhancing the functioning of the derivatives market while maintaining regulatory objectives.


Some key aspects of EMIR Refit include:

  • Simplification of Reporting Requirements: EMIR Refit introduced measures to simplify the reporting obligations for market participants, especially smaller entities. This includes reducing the frequency of reporting for certain transactions and streamlining reporting processes.
  • Clearing Thresholds for Small Financial Counterparties (FCs): EMIR Refit adjusted the clearing thresholds for small FCs, allowing them to benefit from exemptions or reduced requirements if their derivative positions fall below specified thresholds.
  • Risk Mitigation Techniques for Non-Financial Counterparties (NFCs): EMIR Refit introduced risk mitigation techniques for NFCs with limited derivative exposure, aligning their obligations with the level of risk they pose to the market.
  • Reporting for Intragroup Transactions: The regulation clarified reporting requirements for intragroup derivative transactions, providing more clarity and consistency in reporting practices.
  • Supervisory Powers and Responsibilities: EMIR Refit enhanced the supervisory powers of regulatory authorities, such as ESMA, to oversee trade repositories, CCPs, and market participants effectively. It also clarified the responsibilities of various entities within the derivatives market ecosystem.
  • Other Amendments: EMIR Refit made additional changes related to trade repositories, data access, and transparency requirements, aiming to improve the overall functioning and integrity of the derivatives market.
  • Overall, EMIR Refit represents a significant update to the EMIR framework, reflecting feedback from market participants and regulators to address challenges and enhance the regulatory framework governing the European derivatives market.


Daily Responsibilities:

  • Collecting and analyzing business requirements related to EMIR Refit compliance, including data reporting, trade repositories, and other regulatory obligations.
  • Liaising with internal stakeholders such as compliance officers, IT teams, and business users to ensure alignment on EMIR Refit project goals and deliverables.
  • Analyzing data related to derivative transactions, trade repositories, and other financial instruments to ensure accurate reporting and compliance with EMIR Refit regulations.
  • Creating and maintaining project documentation such as business requirement documents (BRDs), functional specifications, process flows, and test cases.
  • Ensuring that the EMIR Refit project meets regulatory requirements set forth by authorities such as the European Securities and Markets Authority (ESMA) and other relevant regulatory bodies.
  • Collaborating with testing teams to develop test plans, conduct user acceptance testing (UAT), and resolve issues identified during testing phases.
  • Assisting in change management activities related to EMIR Refit implementation, including training sessions, communication plans, and impact assessments.
  • Working closely with project managers, business leads, and other team members to coordinate activities, track progress, and report on key metrics related to the EMIR Refit project.


Must Haves:

  • Capital Markets experience on the Business side
  • Regulatory Background (EMIR preferred)
  • Tangible project background with experience delivering end to end

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