The programs objectives are to ensure the smooth transition of the LIBOR discontinuation and seamless introduction of new replacement rates for products. The interbank offer rates (IBORs) are being replaced by Alternative Risk Free Rates (ARFRs), and LIBOR is being phased out by 2021 – denominated in USD, GBP, EUR, JPY, and CHF. Global Markets Operations is one of the key impacted areas alongside Front Office, Sales, Finance, Risk, Compliance, Legal and Technology. The product impacts are as follows: ISDA/Swaps/FX, Bonds, Consumer Credit, Secondary Loans, Equities and Money markets.
In order to meet the 2021 benchmark reform deadline, there will be a broad market adoption of the alternative risk-free rates such as SOFR, SONIA and others over the coming months.
Job Description – General
The principal responsibility of the Business Analyst is to lead and execute analysis activity for one or more streams in the LIBOR programmes. It is highly probable that the Business Analyst will work on multiple projects simultaneously for the programme as it is split into 3 phases. The Market Operations Business Analyst should have detailed fixed income knowledge to assist with the impact analysis, ongoing requirements and test coordination (of the discontinuation of Libor / the introduction of the new ARFRs) on Market Operations Systems and Processes.
Responsibilities will include the following:
• Managing the capture, analysis and documentation of business process (including IT processes) • Designing solutions or change interventions • Oversee change management activities which can include diverse tasks such as timeline planning to stakeholder engagement • Manage or collaborate in change interventions such as training and communication • Tracking and documenting progress and managing status reporting • Managing implementation of solutions • Risk identification, risk reporting and devising interventions to mitigating risks • Budget management and forecasting • Management of external service providers
TOP must-have skills
Need specific derivatives knowledge.
• Strong understanding of Interest Rate Derivatives. In particular, of reference indexes/benchmarks and associated pricing and risk.
• Proven experience working either in a Fixed Income Middle Office line role or delivering change for a Fixed Income Middle Office.
• Communicating with and gathering requirements directly from the Front Office.
• Planning and management of trade/risk migrations.
• Using/delivering change to Fixed Income Trading Systems.
• Setting up new Fixed Income products / getting product approval.
• Experience interacting with industry platforms such as Markitwire, Bloomberg and TradeWeb.
• Understanding of the front to back flow for Fixed Income Derivatives.
Useful experience
• Understanding of contractual requirements for Fixed Income products
• Experience of Murex, Calypso or Summit from an Interest Rate Derivative perspective.