Middle Office Manager Middle Office Manager …

in London, England, United Kingdom
Permanent, Full time
Last application, 21 Sep 19
in London, England, United Kingdom
Permanent, Full time
Last application, 21 Sep 19
Middle Office Manager
Jefferies, the global investment banking firm, has served companies and investors for over 50 years. Headquartered in New York with its European head office in London and staff in over 30 global cities, the firm provides clients with capital markets and financial advisory services, institutional brokerage and securities research, and wealth and asset management. Jefferies provides research and execution services in equity, fixed income, foreign exchange, futures and commodities markets, and a full range of investment banking services including underwriting, merger and acquisition, restructuring and recapitalisation

Fixed Income Middle Office are a team of 7 supporting Fixed Income trading and sales departments. This consists of approximately 120 Traders and Salespeople covering International Rates, Repo, Credit, Emerging Markets, MBS/ABS, DCM and Structured products. The team is split into Client Services and Trade Support functions.


The role is to actively manage the team and have overall responsibility for all work items passing through it. Regularly review the team structure and processes to ensure the business is supported appropriately and that our clients and internal stakeholders receive excellent levels of service. Represent the team and department in a professional, collaborative and commercially aware manner.

Key Responsibilities

The key responsibilities are:

  • Proactively manage a team of 6 Middle Office Associates providing first point of escalation for all Middle Office issues across Rates, Credit, EM, MBS, Structured Products and Interest Rate Derivatives
  • Manage the resolution of complex outstanding items, business issues and rectify anomalies
  • Ensure accurate and timely capture of cash and financing / repo trades and associated life cycle events for all products.
  • Ensure all client trades are correctly confirmed in a timely manner across all confirmation platforms including CTM, Traiana and ensure client trade allocation exceptions are assigned and resolved.
  • Maintain technical capability for the job, keeping abreast of market and industry developments.
  • Oversight on BAU functions supporting Client Money segregation issues, reconciliations, unmatched failed settlement, Buy-Ins.
  • Attend weekly Operations Control management meetings to discuss outstanding break items across 12 T+1 based FOBO/MOBO reconciliations and track progress on any initiatives to improve controls or decrease manual effort in undertaking rec tasks.
  • Produce weekly and monthly MIS on trade and allocation volumes, client activity, breaks and settlement statistics.
  • Analysis of MIS to identify trends, ensuring the team is scalable and resourced correctly to maintain excellent service levels
  • Proactively engage and develop relationships with other Trading and Operations teams who are stakeholders in an efficient and productive Middle Office.
  • Regularly review procedures, processes and controls to ensure adherence to internal and regulatory framework. Keep Operations SharePoint up-to-date with all key department processes
  • Working with Operations Control group, identify and document KPI/KRIs. Assessing impact risk, suitability of controls and defining risk ratings of the inherent/residual risk for each KPI/KRI
  • Improve STP rates through analysis of trade flows, cancel/amend rates and root cause analysis of breaks
  • Maintain team cross training matrix. Adding any new processes and controls, reviewing coverage and arranging cross training to ensure knowledge levels across the team are appropriate
  • Set yearly objectives for Trade Support Associates and monitor progression, providing measured guidance where required to ensure the objective is complete whilst not encumbering the personal development of the task owner
  • Conduct monthly 1:1 meetings with direct reports to discuss progress on objectives and any ad-hoc issues / future plans
  • Maintain Middle Office book of work. Recording scope and benefits whilst tracking progress of projects and initiatives, assigning tasks and setting priorities
  • Plan and undertake UAT testing on trading and Operations systems. Perform regular regression testing on existing platforms and new systems alike

The following skills and experience are required for this role:

  • Able to demonstrate a good working knowledge of all Fixed Income products across Rates, Credit, EM, MBS/ABS, Structured and IRD products.

  • Have previously managed in a Middle Office / Trade Support setting

  • Have previous experience of Repo Middle Office functions and be able to demonstrate knowledge of all life cycle events relating to financing trades

  • Must be highly analytical with excellent organisational and communication skills - able to confidently face off against the Business, Senior Management and external clients .

  • Must be able to resolve multiple exceptions and queries through to resolution in a busy, time-critical environment.

  • Good knowledge of New Issues and Debt Capital markets support processes.

  • A good understanding of the post execution trade lifecycle from booking, allocation, confirmation and settlement.

Essential System experience

  • EUREX C7 Clearing
  • TRAX Match

Preferred System experience