Requisition ID: 105498Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
Assistant Manager, GWO OTC Confirmations
Why work for Scotiabank?
Scotiabank is among the largest banks in the world and the most international bank in Canada. We are powered by our 97,000 high-performing teammates who make a real difference across the globe as a leading provider of advice, products, digital experiences, and financial services. Together with our Digital Factories around the world, we are dedicated to helping our 25 million customers become better-off.
This is a place where youll get to learn and develop your skills, while being recognized for your hard work. At Scotiabank, were passionate about bringing our whole selves to work, allowing us to create inclusive work environments for everyone to enjoy. Say hello to a career at Scotiabank!Global Banking and Markets
Global Banking & Markets provides a full range of investment banking, credit and risk management products and services relevant to the financing and strategic development needs of our clients. Our products include debt and equity financing, mergers & acquisitions, corporate banking, institutional equity sales, trading and research, fixed income products, derivatives, energy, foreign exchange and precious & metals. We also cross-sell the full range of wholesale products and services offered by the Scotiabank Group.
The trade confirmation process performed by Global Wholesale Operations (GWO) is a key control within Scotiabanks Global Banking and Markets (GBM) trading environment.
The GWO Over-the-Counter (OTC) Confirmations departments primary responsibilities are to ensure trades are booked correctly by affirming trades with counterparties, to negotiate and execute confirmations, and to reconcile the banks positions to external electronic trade execution and affirmation/confirmation platforms and to Central Counterparty Clearing Houses (CCPs).
The Assistant Manager, OTC Confirmations, is responsible for maintaining controls, resolving confirmation issues, coordinating legal reviews, drafting and approving OTC Equity and Interest Rate derivatives ISDA trade confirmations, and contributing to the department’s continuous improvement of processes and controls.
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 OTC Equity and Interest Rate Derivatives ISDA trade confirmations
Passion for customer service
Driven to improve efficiency and controls
Excellent interpersonal and communication skills
Accurate and detail oriented with an analytical mind and the ability to detect, articulate, and effectively escalate and resolve issues
Strong excel (VBA, Macros etc), data analytics, and process re-engineering skills
Experience in Confirmations
Education and Other Requirements:
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. At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.