J.P. Morgan is a global leader in financial services, offering solutions to the world's most important corporations, governments and institutions in more than 100 countries.
Derivative Operations provides operational support across the CIB covering six key product areas including FX, OTC Derivatives, Collateral Principal, Cleared Derivatives, Brokerage and CASS with ~1,600 employees. Services provided to our Businesses include:
· Transaction Processing, Confirmation, Settlement and Clearing, Collateral Management, Client Service, Invoicing and CASS Support
· Typical daily activity includes settling in excess of $217B via FX trading, leading a Markets OTC portfolio of 2.5M trades, servicing >200 3rd party clients, performing 10,000 margin calls, processing 470k cleared and intermediated trades and producing >9,000 invoice
India Global Service Centre - Bengaluru
Broad businesses under the Investment Banking Ops - India umbrella are Credit, Rates, Emerging Markets, Equities, Fixed Income, Commodities, Futures & Options, GCRM, IB Loans, Brokerage Control, and Foreign Exchange Operations. Functions include interfacing with both internal business partners i.e. the middle offices and front offices as well as external counter-parties.
Global Clearing Operations supports Clearing, Reconciliations, Middle Office, F&O House Ops, Expiries & Deliveries, Settlement, Commercial Control, Brokerage, Client On-boarding, Client Money, Regulatory Reporting, Static Data Management and Position Management.
· JPM is the largest Futures Commission Merchant based on revenue
· Processes and average of more than 800,000 cleared and intermediated trades daily
· Services ~1,000 clients across 38 CCPs & 64 Exchanges in 20 different regulatory environments
Global Clearing Operations is located in 9 centres around the world, providing operational support to the largest Clearing business in the industry. As a business, Global Clearing Operations routinely manages the clearing of in excess of one million trades a day for our clients, and all the related downstream processes. In addition Global Clearing Operations has a highly demanding change agenda to execute in order to optimize its support model for a growing business, to deliver fundamental structural, technology and process change, and to comply with the ever-increasing complexity of the regulatory environment. The Regional Head of Clearing Operations in Bengaluru will be responsible for teams supporting Trade Clearing and post-trade Position Management for EMEA markets; Exchange and House reconciliation functions; Transaction Reporting for EMIR and CFTC Regulatory Reporting regimes; Middle Office Control functions; and Data Management functions. The Regional Head will be responsible for maintaining the highest standards of Business As Usual execution of all operational functions as well as driving strategic direction and implementation of top-down and bottom-up initiatives aimed at reducing manual processing, simplifying the control environment, and enhancing client experience. This will include budget and resource planning and management for the Bengaluru team.
Summary of Responsibilities
· Leading a team of 100-110 people across a broad range of operational and change functions
· Direct report of Global Head of Clearing Operations
· Meeting financial budget targets, and contributing to formation of finance and technology budget strategies
· Driving a culture and programme of bottom-up process improvement
· Driving successful delivery of strategic technology solutions impacting the teams in Bengaluru
· Helping to drive the development and delivery of an automated MIS framework to improve control of business processing
· Helping define the data structure and data quality strategy to support the Global Clearing business
· Driving the delivery of new workflow strategies intended to reduce manual processing
· Monitoring the management, delivery and closure associated with Action Plans intended to close control gaps within the operational framework
The individual will be constantly looking at ways to improve the offering and challenge any existing processes and will frequently need to think on their feet as new challenges will arise frequently from operational processes. They will need to be organized and have the ability to multitask in a high-pressure environment.
The candidate must be able to demonstrate:
· Leadership skills – motivating, inspiring and organizing teams
· Technical skills – outstanding personal skills and knowledge of trade clearing of Exchange Traded and OTC Cleared Derivatives, the associated operational functions, and industry infrastructure.
· A track record of delivery – a bias for action through tracking and deadline orientated delegation, as well as through personal execution
· Strategic thinking – devising innovative and value adding initiatives that enhance client experience or the immediate and longer term control environment
· Stakeholder management – ability to keep a wide variety of stakeholders engaged and updated and motivated by change
· Excellent communicator – able to absorb complex issues through targeted questioning and distil the key information to senior stakeholders.
· Technical expertise - A strong understanding of the Clearing business, operational functions required to support it, and the related industry infrastructure