BA Continuum — Equity Derivative Trades (4-8 yrs)

Overview.

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

BA Continuum is a nonbank subsidiary of Bank of America, part of our Global Delivery Center of Expertise in the bank. Our employees help our customers and clients at every stage of their financial lives, helping them connect to what matters most. This purpose defines and unites us. Every day, we are focused on delivering value, convenience, expertise and innovation for the individuals, businesses and institutional investors we serve worldwide.

We- re committed to attracting and retaining top talent across the globe to ensure our continued success. Along with taking care of our customers, we want to be the best place for people to work and aim at creating a work environment where all employees have the opportunity to achieve their goals.

BA Continuum India Pvt. Ltd. supports business process, information technology and knowledge process across Consumer Banking, including Card and Home Loans, Legacy Asset Servicing, Global Banking and Markets, and Global Wealth and Investment Management lines of business at Bank of America.

Global Markets Operations & Middle Office provides operations support to the Global Markets Business of BOAML. Key Business activities include back office and middle office operations related to securities, derivatives, futures, options, currencies (fx) and commodities. Key functions include Trade Processing & settlement, Inventory Management, Cash Management, Asset Services, Collateral Management, Reconciliation, Client & Product Data.

Job Description:

The Job involves performing review on the Exotic Equity derivative trades. It involves a 3 way review of comparing the Term Sheet to Booking to Confirmation. This process will help the STR function enhance controls for all LOB Stakeholders and ensure consistent quality of STR function. This would be in the nature of Quality assurance from STR Team to the LOB Stakeholders.

Responsibilities:

- Ensuring all Equity Derivative trades are booked accurately and correspond to terms as agreed between the Front Office and the client. This involves understanding how the trade has been booked on the BAML models to replicate the payoff and comparing this to the economic conditions as set out in the Term sheet and Confirmation which have been agreed with the counterparty.

- Reviewing Structured Products term sheets and confirmations provided to the STR team by internal Marketers and Operation groups. It is essential that potential candidates have a high level of attention to detail and a good grasp of the English language to review the conditions set out in the documentation. The candidate will need be aware of different, potential scenarios that may affect the trade and understand the impact to payoff.

- Learn BAML booking templates and scripting languages for model bookings, which is essential in understanding the pay-off profiles of all exotic trade structures. This may also involve reviewing a combination of multiple products and payoffs.

- Review any subsequent trade amendments that have been done post initial review, to ensure that the trade accurately reflects the agreed / revised terms.

- The candidate will need to understand how the trade is being risk managed and to review the booking within the context of BAML booking policies. This will form part of monitoring and control of Overhedge and Model Limitation policies.

- Input into management information around new deal bookings and review metrics, which are regularly produced and submitted to senior middle office management and the trading desks.

- Answering booking related queries from various groups within the bank. This involves developing relationships with a variety of internal stakeholders, including discussing booking issues with the desk, querying documentation discrepancies with marketers and facing off to operation teams as necessary.

- Products covered include (but not limited to) Barriers, Cliquet, Asian Option, Variance Swap, Dividend Swap, Best of worst of options, Structured notes e.t.c.

Requirements:

- Must be able to demonstrate good university academics with courses in Finance required

- Proven analytical skills and an interest in the products / developing greater understanding. The candidate will need to be able to determine a pay off from a term sheet, describe it and understand the risks that is delivers

- Knowledge of products in specific asset classes is preferable but full training will be given. (Equity Derivatives, FX, Commodities etc)

- Proven ability to use excel at the highest levels

- Good ability to work across teams and support colleagues

- Good Understanding of the core concepts underlying derivative valuations, option trading strategies/ option combinations, mark to market valuation concepts

- Ability to extract information and analyze it accordingly, knowing what is most relevant

- Ability to notice minor discrepancies / issues

- Must own issues that arise until they are resolved and pro-actively engage management in escalation of items where appropriate

- Ability to interact well with other internal colleagues across the Bank

- Must be able to manage own time, work to deadlines and priorities workload accordingly

- Post Graduation in finance from any university with minimum 60%, CA, ICWA, CFA (Level 1)

- NCFM Certification on Derivatives will be an added advantage

- Overall 4 to 8 years of experience with 3-4 years of relevant experience

Education requirement: Any Graduate with relevant experience.

Shift Timings — 11.30 am to 8.30 pm (weekend off)