Trade Management

Who we are looking for

A Managerial role within the London based EMEA Trade Management, Oversight and Governance team. The candidate will be responsible for appointed TM service delivery activities and engaged with Global colleagues both within and outside of the immediate department.

The Trade Management Team is responsible for servicing all aspects of trade processing, settlement, IBOR capture, interest claims across a vast range of products and markets traded on behalf of our Middle Office outsourced client base.

The onshore Manager is required to oversee the BAU offshore teams effectively in order to ensure that all trades are confirmed and instructed within market deadlines in order to affect timely trade settlement. This will be accomplished by working closely with brokers, custodians, fund accountants, various internal clients and other third parties. Timely investigation and resolution of failing settlement is critical. In addition, this involves close liaison with cross functional global teams including Database Management, Corporate Actions, Reconciliation and IT, as well as the client Middle and Front Office teams. Interest claims, debit interest and CSDR knowledge is also vital for this role.  

The candidate will also be responsible for participation in all governance related activity in accordance with standard operating procedure and to both ensure and then review the provision of timely and accurate KPI, KRI and general MIS from the offshore team measured against established SLA criteria. Responsibilities will also include the support of effective broker performance management, including regular review meetings and statistical reporting to both internal senior management and externally to the client.

Data analysis and ability to present accordingly to clients and Senior management is a vital quality that the candidate must demonstrate as this area is becoming an increasingly important aspect of what we do.

Liaison with third party vendors of software and services will be required, as will attendance at various industry conferences and seminars when required. Knowledge of Electronic Trade Confirmation and Trade Settlement across all products and global markets is a critical requirement.

What you will be responsible for

• Close monitoring of offshore team performance with regard to automated electronic trade confirmation process and systems; attention to ‘straight through’ processing of trades; verification of trades against counterparty instructions; authorize and dispatch trades via SWIFT messaging system to custodians, clients, and fund accountants. Ensure offshore performance SLA requirements have been met and escalate non-compliance appropriately.  
• Effective prioritization and closure of inbound client and external party query escalation. Work with all internal cross functional teams and external parties as appropriate.
• Manage all critical business relationships, both internally and externally. Ensure effective client communication at all times.
• Identify opportunities for process improvement and process efficiency. Key participation in strategic projects and initiatives as representative of the team.
• Ensure regular review of unmatched trade reports to ensure timely settlement and adequate investigation, follow-up, resolution and documentation of all trade queries and failing settlements from counterparties, custodians and other interested third parties.
• Ownership of appointed Interest claim processes and practices including ISITIC covering market claims, debit interest and CSDR activity.
• Work collaboratively with all in scope TM units to ensure robust controls and procedures for the accurate maintenance of broker and client settlement details on internal and external systems.
• Demonstrate excellent risk management awareness and ability to communicate effectively with management for risk events and exposures which may result pose financial or reputational risk to State Street or our client base.
• Maintain up-to-date awareness of settlement practices and wider market changes that may impact trade processing or settlement. Assess changes and review against IMS processes and systems.
• Assist with assessing custodian performance with regard to trade settlement processes and customer service performance.
• Establish relationships with trading brokers; assist in tracking broker delivery performance and service standards; regularly present broker benchmarking statistics.    Provide regular feedback to Front Office.
• Work with the regional Reconciliation team and offshore Trade Investigation Team to resolve all break items for cash and stock reconciliation within established clearance timeline parameters.
• Responsibility for staff career development, including relevant coaching and training programs, PDP’s and the writing of year end evaluations.  

• Develop effective working relationships and communications with staff and ensure that staff are motivated, developed and supported.
• Establish and monitor systems of control, delegated authority and escalation procedures so that the business complies with internal policies and external regulations and can be managed effectively
• Adhere to the delegation and oversight (management information and escalation) framework in the performance of daily tasks. This includes taking proactive action to ensure there is adequate production of management information that is fits for purpose, and issues are raised as appropriate
• Establish and monitor an effective oversight framework to ensure that issues are appropriately identified, escalated and resolved. This includes: a) ensuring that appropriate management information is received, considered and challenged as appropriate at  intervals proportionate to the risks; and b) that staff members have clear understanding of the escalation path/principles
• Establish and nurture a culture of ‘Risk Excellence’ within the team, encourage an environment of openness that welcomes effective challenge and supports open discussion.
• Establish and nurture a culture of individual ownership of tasks to embed a clear individual sense of accountability into staff members’ behaviour in performing their roles.
• Ensure that the highest level of the Code of Conduct is displayed in your own and staff behaviour.
• Responsibility for staff career development, including relevant coaching and training programs, personal objectives, regular 1:1 discussions and completion of mid / year end evaluation process.  

What we value

These skills will help you succeed in this role

Candidates for this position will ideally have gained at least 5-10 years of direct experience both managing and processing domestic and international Equity, Fixed Income and FX trades, including cash deposits, in a supervisory capacity within a similar Investment Advisory organisation, Broker-Dealer or Global Custodian. 

Additional knowledge of mortgage and asset backed securities processing would be an advantage, as would any additional knowledge of processing trades for Liquidity Funds. The individual must be highly detail-oriented and motivated, and able to display a high standard of accuracy and professionalism at all times.  First class communication skills are essential to maintaining both internal and external client relationships. Extensive knowledge of ETC/STP is extremely beneficial, as is experience using Alert, CTM, GTSS and local middleware matching products. Excel and PowerBI skills will be a crucial aspect of the role.

Strong Managerial Skills, Self-Motivated, Excellent Communicator, Ability to work to strict deadlines and within a pressured environment.

Education & Preferred Qualifications

• Degree BSC preferable

About State Street

What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.

Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.

State Street is an equal opportunity and affirmative action employer.

Discover more at StateStreet.com/careers

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