Manager in Post Trade Policy

In the Financial Market Infrastructure Directorate (FMID) you will join a directorate at the heart of the Bank, responsible for supervision, policy and technical risk analysis on the infrastructure that sits at the core of the financial system – payment systems, central counterparties (CCPs) and central securities depositories (CSDs).

The financial market infrastructure firms (FMIs) that we regulate are essential to the smooth and safe operation of the UK financial system. For example, payment systems allow funds to be transferred between businesses and individuals, and from business-to-business and individual-to-individual. They are used for many day-to-day transactions. CSDs keep ownership records of individual securities and facilitate the secure transfer of these securities between people or entities. CCPs sit between buyers and sellers of financial contracts so that both parties hold a contract with the CCP rather than with each other. This ensures that the obligations of a trade can be fulfilled if one party fails so reducing counterparty credit risk. As a global financial centre, the smooth and safe operation of UK FMIs is also vital for international markets.

We offer an outstanding and exciting place to work in a highly collaborative directorate, which is unusual in bringing together supervisors, policy analysts, risk and data specialists in one place. This means there are plenty of opportunities for cross-cutting working and the opportunity to gain insight into how different areas work. Working in FMID is a phenomenal way to understand the linkages of the financial system. We also undertake work with strong links into numerous other parts of the Bank and international regulators.

FMID is passionate about delivering the Bank’s diversity agenda, retaining and attracting diverse talent and ensuring that the directorate is somewhere that all staff feel they belong. Flexible working is encouraged.

FMID is recruiting for a Manager role in the Post Trade Policy Division (PTP).

As a Manager in PTP:

• you will support the team’s senior manager by leading on a portfolio of topics which you deliver with and through other colleagues. You will use your analytical skills and critical thinking to deliver policy analysis and recommendations. You will drive forward specific aspects of the regulatory framework, by managing analysts to undertake analysis of key policy issues and draft clear papers for the Bank’s senior committees (e.g. Financial Policy Committee, and FMI Committee). You will also provide briefings and deliver presentations to inform policy discussions.
• you might also get involved in work to help develop the Bank’s positions on related issues in international fora; and support the Executive Director and other senior staff when they are representing the Bank, for example at the Committee on Payments and Market Infrastructures.
• you will also collaborate closely with and support other teams in the Bank leading work in areas related to FMID’s responsibilities. This could include working with FSSR on issues relating to CCP margin, working with International Directorate on maximising the Bank’s influence in international committees or with Prudential Policy Directorate on cross-cutting operational resilience issues.
• Likely to have 3 direct reports

PTP works on a range of exciting and high-profile domestic and international policy issues. We work closely across the teams: Strategy and Market Access, International Policy and CCP Resources, and Governance, OpRes and Framework Policy, to deliver divisional priorities and support colleagues’ development. Our policy work involves working with a range of internal and external stakeholders including FCA, HMT, industry bodies and international regulators.

Some of the work we are currently doing includes:

• Designing the future regulatory framework for CCPs and CSDs, including how we approach Cost Benefit Analysis and our Secondary Innovation Objective
• Participating in the design and negotiation of international global standards for FMIs
• Creating the regime for overseas CCPs and CSDs to provide services in the UK, and advising on the equivalence of third country regimes
• Delivering policy on cutting edge issues relating to the financial and operational resilience of CCPs including critical third parties and margin; and authorisation of innovative new firms.

Role requirements

Minimum criteria

• People management - ability to create diverse teams and lead inclusively, ensuring all colleagues are engaged, productive and able to bring their full selves to work, contributing towards building a diverse and inclusive Bank. This includes role modelling Bank Behaviours.
• Analysis and judgement – ability to lead major workstreams with minimal oversight and think strategically to reach evidence-based judgements using limited information.
• Stakeholder management – experience of establishing and owning relationships with internal and external stakeholders, and able to influence through these relationships.
• Good written and oral communication skills – ability to independently oversee and communicate complex information in a clear and concise manner to senior audiences, adapting style as appropriate.
• Managing workload – able to handle multiple workstreams, reprioritising as needed to ensure key deadlines are met, and take routine work forward with minimal direction.

Desirable criteria

• Taking a strategic approach - ability to think strategically, regularly considering how own work and actions, and those of their team and their division/directorate, might impact on the wider work of the Bank (and vice versa).
• Knowledge and experience of the financial services regulatory agenda as it relates to central counterparties or central securities depositories
• Some knowledge of, or previous exposure to, the activities undertaken by financial institutions