Senior Trader: Financial Markets

Duties

• The purpose of this position is to manage all Market risk for the bank as arises from fixed income, currency and commodity exposures when trading, spot, forward or derivatives arising from client, branch and proprietary trades
• Key Performance Areas (KPAs):

Strategic Focus

• Proactively understand the Banks and Clients’ strategic direction and long term needs as well as any opportunities or threats that may face the Clients in terms of Fixed Income, Currency and Commodity (FICC) exposures or commitments
• Ensure the bank is competitive and well positioned to trade in the Fixed Income, Currency and Commodity (FICC) markets and be in a position to offer clients what they need in terms of products, advice and price as well as enhancing staff skill levels, while managing the banks associated market risk within pre-approved parameters
• Maintain a focus on non-interest income performance of the Treasury through management of actual results against budget

Business Acumen and Market Understanding

• Strong awareness and an intimate understanding of the activities of the traditional and non-traditional competitors and the impact on the Bank’s relationship with the Client
• In-depth knowledge of Treasury products, as well as regulatory and compliance requirements in order to accurately advise clients and ensure both the client and bank fully comply with all laws and regulations e.g. AML and Exchange Control
• Foreign Exchange (FX) Trading and Management:

Retail FX Trading

• Ensure profitable retail trading activities of the desk and branches by comparing current prices and practices and aligning them to that of our competitors
• Quotation of market related currency rates to branches for values outside the branch mandates
• Prompt and up to date distribution of FX retail rates to all branches and relevant departments
• Trading with retail clients, ensuring adequate margins/spreads and following correct procedures to manage profitability and limit losses due to errors
• Manage and comply with all trader limits, stop losses and counterparty limits

Foreign Note Trading

• Quote market related rates on all note trading with branches and clients to ensure a profitable margin on all note trading
• Monitor open positions on foreign currency notes
• Ensure currency notes are cleared in the interbank market via the predetermined processes of foreign currency note clearing
• Maintain profitably by scheduling regular clearance on the interbank market and hedge exposures that may result in loss of interest by holding foreign cash notes
• Remain within limits and confine risks by hedging open positions on foreign currency notes

Daily distribution and updates on information sources

• Draft and distribute analysis of currency and other markets at least once a week and as and when required by market changes
• Ensure updated Foreign Exchange rates are on Bank Windhoek website, Phoenix and other required systems and reports each morning and as and when market movement merit changes
• Proactively provide currency rates to branches
• Assist in distribution of Market indicators and other market information to clients and branches

Wholesale FX trading

• Keep corporate clients aware of market conditions, activities and other changes in the FX market as and when required
• Assist in providing solutions to corporate clients in the scope of current market conditions and expectations in an effort to add value to the clients business
• Maintain all positions within predetermined limits by clearing these excess/short positions on the interbank market as soon as relevant limits dictate
• Trade only within counterparty, dealer and other relevant limits
• Ensure stop losses and orders are in place at all times as required in terms of the Treasury Dealing Policy

Derivatives and Hedging Register

• Provide clients with hedging solutions through the use of derivative instruments
• Trade derivative instruments on behalf of clients and the bank
• Trade derivative instruments for active management of fixed income, foreign currency and commodity positions
• Manage the hedging register for clients to ensure correct handling of non-vanilla transactions and adherence to limits
• Report all derivatives to back office including need for margin calls
• Ensure daily updated reporting of Bank positions to Heads of desks and Chief Treasurer

Fixed Income, Currency, and Commodity position management

• Manage the bank’s overall foreign currency and Commodity positions, including derivatives, within approved policies and limits
• Assist in management of the Bank Fixed Income trading and derivative positions
• Responsible for the prompt resolution of issues that affect the above positions and that may exposure the bank adversely so as to limit market and settlement risk

Stakeholder engagement and service delivery

• Proactive marketing of Fixed Income, Currency, and Commodity related products and services to corporate clients, branches and elsewhere in the group
• Provide market information for both fundamental and technical analysis to clients both internally and externally
• Assist relationship managers in building and maintaining the banks client portfolio
• Professional and regular interaction with top corporate clients via meetings, social events and telephone to gauge needs and level of satisfaction
• Assist Treasury Sales Manager in maintaining and growing relationships by being available for client meetings and regional visits
• Ensure branches and other department are assisted with solving issues/queries related to Fixed Income, Currency, and Commodity transactions
• Ensure fair spread of trade amongst banks and other institutions in order to establish, maintain and increase lines
• Continuous liaison and co-operation with Back and Middle office to ensure proper reconciliation of daily positions, effective settlements, and all associated risks are competently dealt with
• Open and ongoing communication between Treasury and IBS team

Risk Management Awareness and Compliance

• Comply with all Policies and limits
• Feedback and submission of reports and feedback to relevant committees and meetings
• Adherence to all Strategies, Policies, Plans and Limits relevant to the bank, specifically regulatory, credit, liquidity and market risk
• Assist in solving any issues related to Market risk management that may affect the position of the bank adversely
• Continuously and proactively provide input into credit/counterparty, dealing and other limits
• Provide prompt mark to market of exposures on the derivative book for all open positions, especially those of clients as required
• Ensure clients and bank positions are settled on correct date so as not to impact on the funding of bank or increase client exposures
• Assist Chief Treasurer and the team in correcting Internal Audit and BoN assessment findings within given deadlines

Process, Systems and Functional

• Ensure compilation of FX monthly branch profit distribution, turnover etc on trades as soon after month end as possible and distribute to finance and Sales Manager.
• Assist the branches and other departments in solving issues/queries related to Treasury transactions
• Manage distribution of market reports and indicators to clients as and when required
• Ensure all trades are forwarded and confirmed with counterparts and back office/IBS as soon as possible after trading
• Update all processes and procedures as they change ensuring they are comprehensive and cover all existing and newly identified functions and risks

People Management and Personal Development

• Provide staff with continuous feedback, support and guidance
• Regular Balanced scorecard feedback with Treasurer and Head of Trading
• Growth and development via regular updates of own PDP
• Ensure the transfer of skills and knowledge to and coaching of Treasury and IBS staff as well as the
• Relationship Managers and other client facing bank employees who have dealings with the client to facilitate business continuity and succession planning
• Update relevant skills and knowledge in line with client and bank requirements and focus and PDP
• Cross desk and department training of self and staff as required or instructed
• General:
• Maintenance of up-to-date economic data base and client contact/ information data base
• Help with preparation of EMT, Board and any other reports required by the department
• Must be prepared to perform any other reasonable and lawful instruction or task as instructed by Senior
• Manager of Treasury or EMT member, ensuring it is carried out on time and correctly

Requisites

• Core Competencies:
• Deciding and Initiating Action
• Relating and Networking
• Persuading and Influencing
• Presenting and Communicating Information
• Applying Expertise and Technology
• Analysing
• Delivering Results and Meeting Customer Expectations
• Entrepreneurial and Commercial Thinking
• Necessary Competencies:
• Integrity
• Energy and willingness
• Relationship skills with colleagues, subordinates and line management
• Planning & organising
• Professionalism
• Communication skills
• Effective use of technology
• Self development skills
• Code of conduct
• Problem solving skills
• Leadership skills
• Results focused
• Independent
• Ability to manage Risk and Stress
• Resilience
• Minimum Requirements:
• Experience/Knowledge & Skills
• Minimum 5 years general work experience in the financial field.
• At least 3 years experience in Currency and Interest rate market and client trading
• Deep FICC product knowledge and understanding is essential
• Ability to articulate the value of FICC products
• Ability to work under pressure
• Ability to multi task
• Knowledge of the bank’s and market systems and processing activities.
• Professional image and grooming
• Self-confidence and interpersonal skills
• Computer literate: (knowledge of Windows, Microsoft Outlook, Excel Level I & II and Word Level I & II, Powerpoint)
• Analytical skills
• Treasury Product knowledge
• Qualifications:
• Matric (Grade 12)
• A Commerce degree or other relevant degree
• Certificate in Banking (IOB)/Treasury Certificate
• Mastery in Excel and ACI Dealing Certificate Complete

Notes

• Only shortlisted applicants will be contacted