IBOR Structured Notes PM
- Canada Square, London E14 5HQ, UK, England (GBR)
- £650 - £900 Per Day
- 4 Weeks
- Start date: 29 Sep 22
- Ref: 161252
- project manager
- regulatory compliance
- migration
- fca
- interest rate swaps
- risk management
- reporting
- bonds
- fixed income
- stakeholder management
Job Title: IBOR Structured Notes PM
Location: London
Contract length: Till August
Our client HSBC are currently seeking an experienced IBOR Structured Notes PM to join their team in the London office/Hybrid working, this contract will be for 6 months with a review to be extended.
IBOR transition is one of the key transformation challenges for the financial industry and impacts all regions in which HSBC operate and the wide range of clients we provide products and services to.
On 27 July 2017, the Chief Executive of the UK Financial Conduct Authority (FCA) announced that the FCA did not intend to persuade or compel banks to submit rates for the calculation of LIBOR after 2021. Since then, regulators, national working groups and market participants have focused on how the market can transition away from LIBOR to alternative RFRs within this timeframe.
In its Interim Financial Stability Report published in May 2020, the Bank of England emphasised, considering recent market volatility, the continued importance of the transition away from LIBOR.
Regulators recognise that the transition is complex. The actions of market participants during, and in managing, the transition could impact the effectiveness of the derivatives, loans and bonds markets. Uncertainties associated with the transition may make it harder for firms to identify how to treat their customers fairly, and to demonstrate that they have done so. Moreover, it is important to note that adverse client or market outcomes may arise through no fault of the market participant.
In highlighting these uncertainties, and the steps that market participants could take to manage such uncertainties, HSBC aim to achieve a fair and effective transition from LIBOR benchmarks.
The MSS IBOR Transition Programme has been set up to manage the transition across products and regions globally for HSBC. This is coordinated across both Corporate and Institutional Sales for Fixed Income products. The Structured Notes Project Manager role is based within the Trade Migration Programme
Key knowledge and experience
- Structured notes experience a must
- Complex project experience
- Resilience
- Trading and governance background
- Stakeholder management experience
- Product knowledge , understanding trade flows and front office
- Financial sector background
- Manage the reporting , risk , costing
- 5 years industry experience around structured notes
Responsibilities:
- End to End orchestration of the transition of USD Libor referencing Structured Notes to RFR products by Jun 2023
- Driving transition strategy & outreach approach with various senior stakeholders including Global Head of FI Structuring, Fixed Income COO, Regulatory Compliance and MSS Legal
- Drive and develop any required Client or Sales transition guide/ training materials
- Ensuring all Risks and Issues are raised, escalated, and appropriately managed
- Deliver programme progress updates/ reporting to the MSS Transition Execution Board which oversees the Trade Migration activities workstreams
- Ensure contingency plan is in place to manage “Tough Legacy” notes
- Support the overall Transition programme’s priorities as required
- Ensure all Non-Financial risks associated with Notes transition are captured, monitored, escalated and where appropriate mitigating actions/ controls are implemented
The successful candidate for this role will have:
- Relevant Fixed Income product knowledge including Interest Rate Swaps, Vanilla Options, Cross Currency Swaps, Structured Notes and Swaptions
- Strong Project Management skills within a global markets business and ideally with LIBOR transition projects
- A flexible and adaptable attitude, at times will need to assist other transition workstreams as demand/ priority dictates
- The ability to work autonomously as well as across several teams and business lines where necessary
- Excellent written and spoken communication skills; an ability to communicate with impact, ensuring complex information is articulated in a meaningful way to wide and varied audiences including senior MSS executives
- Contributed productively to team objectives, sometimes supporting and sometimes leading activities to achieve shared goals
- An understanding of risk management and ability to ensure own/others' compliance with relevant regulatory processes
Either apply direct! Or please contact me on via email Anthony.Oguntokun@Tapfin.com
