Assistant Vice President, Collateral Management

Do you want your voice heard and your actions to count?

Discover your opportunity with Mitsubishi UFJ Financial Group (MUFG), one of the world’s leading financial groups. Across the globe, we’re 150,000 colleagues, striving to make a difference for every client, organization, and community we serve. We stand for our values, building long-term relationships, serving society, and fostering shared and sustainable growth for a better world.

With a vision to be the world’s most trusted financial group, it’s part of our culture to put people first, listen to new and diverse ideas and collaborate toward greater innovation, speed and agility. This means investing in talent, technologies, and tools that empower you to own your career.

Join MUFG, where being inspired is expected and making a meaningful impact is rewarded.

Mitsubishi UFJ Financial Group (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with approximately 350 years of history, MUFG has a global network with 1,100 offices in over 40 countries. The Group has over 140,000 employees, offering services including corporate banking, commercial banking, retail banking, wealth management, investment banking, capital markets, personal and corporate trust, and transaction banking.

The Group’s operating companies include Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ Trust and Banking Corporation (Japan’s leading trust bank), and Mitsubishi UFJ Securities Holdings Co., Ltd., one of Japan’s largest securities firms.

MUFG conducts securities business internationally through its overseas subsidiaries MUFG Securities EMEA plc, MUFG Securities Americas Inc., MUFG Securities Asia Limited. And MUFG Securities Asia (Singapore) Limited. With each member of the group working in partnership with one another, MUFG provides best in class service and products to corporate and institutional clients.

MUFG Securities EMEA plc is the European hub of MUFG’s securities business. Headquartered in London we have just over 600 employees and are active throughout the international capital markets, focusing on debt, equity, derivatives and structured products. Due to the diverse nature of our business we require a clear unifying vision for all of our people. It is this vision and our corporate values that reflect who we are and guide how we behave. We therefore strive to recruit individuals who share our vision and values, and who have the motivation and commitment to help us move our business forward.

The Operations division is core to all of MUFG business activities. Comprising of c.100 employees across London, New York and Hong Kong, the function consists of Middle Office, Settlements, Collateral Mgmt and Operational Control, covering a diverse product range including Equities, Fixed Income, Derivatives and Futures.

The division is responsible for processing and settling every trade booking and that cash flow and margins are managed, while ensuring wide ranging regulations are consistently met. Operations also play an instrumental role in business development and the introduction of new products and markets.

The Collateral Management area is responsible for the management of the division’s collateral across OTC, Fixed Income and Stock Borrow Lending efficiently and accurately.

NUMBER OF DIRECT REPORTS

0

MAIN PURPOSE OF THE ROLE 

We have an exciting opportunity for an experienced AVP to work within our Collateral Management department. The candidate will be responsible for processing the Margin Exposure across all asset classes (OTC non and cleared, Repo and SBL) by calling counterparts where MUFG is exposed and meeting counterparts calls on MUFG in line with MUFG valuations. This role will initially be specific cover for Repo and cleared margin with the opportunity to gain exposure in the OTC and Securities Lending margin space as well.

• Ensure all margin bookings are correctly reflected in the core systems for agreed settlement.
• Timely resolution of cash and non-cash fails.
• Ensure the Cheapest to Deliver collateral is used in conjunction with Front Office requirements.
• Collateral Dispute and reconciliation management.
• Regulatory Reporting, Controls Reporting, Relationship Management with internal and external stakeholders including Vendors.
• Carry out all duties in line with the Department’s procedures and ensure these are updated accordingly to reflect current processes in conjunction with your Line Manager.

KEY RESPONSIBILITIES

• Strong skill-set to support agreement and processing of margin of all daily Variation/Initial OTC Margin calls in accordance to the CSA/GMRA/GMSLA/CDEA agreements.
• Regular communication with the treasury desk to ensure that collateral posted is in line with their cheapest to deliver policies.
• Approval of collateral bookings and understanding the cost associated with the optimization of any outflow, based on eligibility criteria.
• Approval and query management of interest on cash variation margin posted and received.
• Ensure that all margin bookings are accurate and settle as agreed within currency/settlement cut-offs.
• Booking of SBL margin calls including prepays and processing of marks.
• Dispute/exposure reporting to senior Management, risk and the business and the ability to explain issues to all levels.
• Process procedures are kept up to date and that improvements are made when necessary in an effort to improve efficiency and reduce manual touch points.
• Outstanding stakeholder engagement with Front Office, Credit Risk, Product Control, Operations Teams and strive to ensure maximum internal and external client satisfaction.
• Maintain a robust control environment by proactive regular review of controls, raising Self-Identified Issues where required, and driving issues to closure.
• Provide guidance and support to team members including Vendor ensuring interaction is
• Ensure the completion of Business As Usual tasks and complete the book of work assigned ensuring the sustainability and robustness of the operational / control framework and implement solutions that are commercially beneficial for the organization.
• Promote an inclusive, positive culture and way of working across teams and provide regular feedback and formal performance reviews to team members
• Understanding of SOX, RCSA and Key Controls
• Understanding of Balance Substantiation, using an analytical mindset.
• Able to troubleshoot End User Computing Tools (Knowledge of VBA)

WORK EXPERIENCE

Essential

• A solid understanding of the legal documentation and key terms within the ISDA CSA, GMRA, GMSLA agreement
• Understanding the life-cycle of trade processing/handling across derivative swap products including trade capture/allocation, confirmations, trade exception clearance and connectivity issue resolution with tech teams
• A sound understanding of the current regulatory framework i.e. Uncleared Margin Rules
• Working knowledge of REPO and OTC Derivatives products, being able to understand and unravel complex trading that can impact the margin call process
• Strong understanding of the inputs that makeup derivative trade level valuations and being confident to compare and challenge our counterparties PVs
• Previous knowledge and experience of using the TriResolve reconciliation and Acadiasoft platforms.
• Understanding of key collateral optimisation initiatives such as cheapest to deliver
• Experience using large data sets and using data visualisation tools
• Knowledge of CCPs and clearing arrangements and supporting the margin process for Clearing houses
• Solid understanding of Repo and SBL (Securities, Borrowing & Lending) including the front to back REPO and SBL trade booking workflows

Preferred:

• Exposure to mark reviews to validate trader marks to external pricing sources
• Experience of working with LCH Repoclear and Eurex Repo
• Experience of using TLM/Sentry/Algo, SunGard Apex, SWIFT, Intellimatch, TriOptima, Acadiasoft
• Ability to read macros and VBA skillset

SKILLS AND EXPERIENCE

Functional / Technical Competencies:

Essential

• Strong Microsoft skills i.e. Word and Excel
• Strong communication skills, written, oral and listening
• Strong stakeholder management techniques
• Excellent understanding of Operational Risk and Control.
• Strong understanding of the trade lifecycle management of various products and associated risks
• Good working knowledge of the regulatory environment and upcoming changes
• Understand the cash flows and dynamics of a banking business such as funding requirements and their importance
• Understand the key elements of the front to back process flow including other infrastructure groups i.e. Market Risk, Credit Risk, Finance, Product Control, Legal, Compliance, etc.

Education / Qualifications:

• Degree qualified or equivalent

PERSONAL REQUIREMENTS

• Excellent communication skills
• Results driven, with a strong sense of accountability
• A proactive, motivated approach
• Strong decision making skills, the ability to demonstrate sound judgement
• A structured and logical approach to work
• Strong problem solving skills
• A creative and innovative approach to work
• Excellent interpersonal skills
• Excellent attention to detail and accuracy
• A calm approach, with the ability to perform well in a pressurized environment
• Strong numerical skills
• Excellent interpersonal and communication skills with proven ability to influence decision-making process and build consensus. Ability to demonstrate strong and independent decision making skills

We are open to considering flexible working requests in line with organisational requirements.

MUFG is committed to embracing diversity and building an inclusive culture where all employees are valued, respected and their opinions count. We support the principles of equality, diversity and inclusion in recruitment and employment, and oppose all forms of discrimination on the grounds of age, sex, gender, sexual orientation, disability, pregnancy and maternity, race, gender reassignment, religion or belief and marriage or civil partnership.

We make our recruitment decisions in a non-discriminatory manner in accordance with our commitment to identifying the right skills for the right role and our obligations under the law.