EXTERNAL CLIENT ROLE
Trade Floor Supervision is part of the overall Business Unit Compliance Organization and is specifically responsible for the monitoring of trade floor activities and ensuring these activities adhere to all applicable regulations. This is done through the utilization of various tools including daily checklists, transaction reviews, risk assessments and attestations.
- Working jointly with the Managing Director, Trade Floor Supervision and the Director, Business Unit Compliance of the Swap Dealer/Commodities, the Vice President will be responsible for the monitoring and supervision of the Commodities Products Group to ensure the business is operating in accordance with regulatory requirements, specifically, the CFTC, NFA, NYMEX, COMEX, ICE Futures, CME, Montreal Bourse Rules, FRB, OSFI, etc.
- The Business Unit Compliance Officer (BUCO) is responsible to understand and interpret such rules and to establish reports and surveillance, validate activity, and document observations and results.
- The candidate must use judgement and recognize when to escalate activity that appears to be outside the boundaries of compliance with such regulatory requirements. Product lines may include but are not limited to: Energy Swaps, Futures, Options, Metals and Foreign Exchange.
- Additional accountabilities will include a robust understanding of Position Limits, CFTC Large Swap Trader Reporting Rules, 102S Filing, Portfolio Compression Exercises, Swap Data Reporting, Swap Execution Facilities, MAT products and the regulatory obligations associated with the Commodity Trading Desk and the development and/or maintenance of a first line of defense for Market Behavior and Prohibited Trade Practices.
- The BUCO is also accountable for helping to promote an inherent culture of compliance across Capital Markets so that resources may be committed toward proactive rather than reactive gap analysis.
- The BUCO will work closely with the Line of Business in this delegated function as well as with the other members of Fixed Income, Currency, Commodities (FICC) TFS and 2nd line Compliance partners, to support adherence to all applicable regulations.
- Review surveillance reports; document and report anomalies and trends to your regulatory supervisor
- Assist in maintaining up-to-date policies and procedures
- Perform E-mail and phone call reviews of employees to ensure appropriateness of communications
- Partner closely with Compliance and Supervision colleagues in order to monitor Regulatory developments in the context of current rules and industry trends
- Provide consultation and advice to trading desks and Business Heads
The BUCO, U.S. Trade Floor Supervision, will have the following authorities:
- Ability to challenge others about any action in an appropriate and balanced manner. They should also be able to follow-up on any concern, question or issue that may arise.
- Overall understanding of the Operating Group and/or assigned Assessable Unit(s) (“AU(s)”)
- Direct access to all operations within their assigned AU(s), which includes access to all documents if the Vice President believes are relevant for the effective execution of their compliance responsibilities;
- Attend meetings the Managing Director believes are relevant for an effective execution of the program.
- Appropriate access to all levels of Management in their assigned AU(s) as well as the OGL and the Compliance Group, as required
- Direct access to Trading Desk Heads and Business Managers for escalation &/or clarification of Trading Activities.
- The BUCO, U.S. Trade Floor Supervision will work closely with the Compliance Group, who carries out the Second Line of Defense mandate of independent oversight and effective challenge.
- Participate in other projects as necessary to support the Trade Floor Supervision function
- Maintain active and ongoing dialogue with the U.S. Legal Entity Executives, when applicable.
- 5-8 years of experience
- Strong Commodities (Energy and Metals) product knowledge and understanding of trading activities and applicable regulations. Front office trading experience a plus.
- Solid knowledge of Banking Regulations, which include but are not limited to CFTC, NFA, SEC, FINRA, OCC, FRB, IIROC, OSFI, EMIR, etc.
- Strong written and oral communication skills
- Strong collaborative skills but also ability to work independently
- Excellent Excel spreadsheet manipulation and data analytic skills
- Strong relationship management skills; ability to establish and manage multiple stakeholder relationships with the business, within the three lines of defense and with corporate support functions
- Proven project management capabilities and an ability to co-ordinate the efforts of people and resources not under their direct control
- Ability to read technical compliance material and distil the applicability of the regulations to respective business unit(s)
- Demonstrated analytical, auditing, writing, communications and presentation skills
- Ability to deal with sensitive issues with tact and discretion
- Excellent judgment and interpersonal skills, who can consult, influence, collaborate, appropriately escalate issues
- Strong analytical skills – analyze the evidence collected on remediated controls and determine if there is substantive conformance with requirements
- Ability to recognize material differences between planned execution and actual practice
- Ability to communicate questions and requests in a professional and clear manner
- Advanced educational degree is desirable (CFA, MBA, CPA, or JD) as well as FINRA licensing (Series 7,24,27).