Purpose
Settlements Operations is a client facing division within Global Wholesale Operations, responsible for ensuring timely and accurate settlement of trade obligations, whilst providing a professional and exemplary customer experience.
This role contributes to the overall success of Settlements Operations, with a focus on Treasury support / products, ensuring specific individual goals, plans, and initiatives are executed / delivered in support of the team’s business strategies and objectives.
Accountabilities
The incumbent is required to perform Treasury settlement functions primarily, focusing on FX, MM, NCD and Derivative products as well as Payments and Cash management function.
This position is principally responsible for the following, related to trading activity for BNS Singapore, BNS Australia, BNS Hong Kong, BNS Toronto and BNS London:
- Processing SWIFT payments/receipts, ensuring settlement confirmation are in place.
- Monitoring WSS MM and WSS FX settlements, ensure settlement are completed within market cut off time.
- Identify FX trades booked in K2/PEAK (Derivative) for respective transits and prepare payments accurately in GTX (swift platform)
- Process Negotiable Certificate of Deposit (NCD) via Austraclear (ASX) and ensure trade settle before Australia market cut off time.
- Provide upcoming settlement email to client for Derivatives settlement, ensure settlement confirmation receive before settlement date.
- Liaising with correspondent banks and counterparties to ensure settlement are completed.
- Managing exceptions.
- Prepare and posting accounting entries in various bank system.
- Investigating settlement discrepancies and TLM nostro breaks on a daily basis.
- Working directly with Front Office and Middle Offices with regards to general enquiries and issues.
- Working directly with Confirmations utility to ensure settlements processed in line with confirmation.
- Working directly with Static team on FSI setup in WSS.
- Provide funding report to Cash Management team for daily position squaring.
- To work on the weekly Investigation Log report to Treasury desk.
- To work on the monthly Third-Party Payment report to Senior Management & AML Compliance team.
- Perform Call back to counterparties on initial payment.
- Participate in the system UAT testing or system migration.
- Notifying Cash Management of any late bookings that may impact funding requirements.
- Process/release swift messages in the GTX system after ensuring supporting documents are provided.
- Ensure swift messages related to payments are approved by authorized signor within their limit and released within the stated cut-off timing.
- Monitor swift messages held by Hotscan and follow up with Sanctions Screening team to release the swift message.
- Monitor incoming swift messages and help route the messages to the respective stakeholders.
- Process swift payments requests received from various teams like Corporate Actions, Finance, HR, etc
- Adhering to end of day control checks and reporting.
- Adhering to procedures and ensuring they remain up to date and relevant.
- Adhering to the Escalation matrix for Settlements Operations.
Additionally, the incumbent is required to
- Provide accurate and informative analysis to the management as requested.
- Champion a customer focused culture to deepen client relationships and leverage broader Bank relationships, systems and knowledge.
- Actively pursue effective and efficient operations of his/her respective areas in accordance with Scotiabank’s Values, its Code of Conduct and the Global Sales Principles, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational, compliance, AML/ATF/sanctions and conduct risk.
- Champion a high-performance environment and contributes to an inclusive work environment.
- Escalate all matters of irregular nature or concern to the management team.
- Actively pursue opportunities for process improvements, whilst ensuring the compliance with risk and controls.
- Work collaboratively with colleagues to champion a high performance and inclusive environment.
Experience/Other Information
- Experience with capital markets and derivative products.
- Strong organizational skills and good time management. Strong judgment skills and ability to make decisions under pressure to eliminate any risk/exposure to the Bank.
- Good communication skills and ability to escalate to Management/Front Office as deemed necessary.
- Thorough understanding of settlement conventions and related accounting functions.
- Understanding of Internal Systems such WSS MM/FX, PEAK, BM+, Object Charlie
