Do you want a role that allows you to lead the delivery of a critical function, which is central to the transition away from LIBOR? Look no further! We're looking for a Scale E manager to run our Benchmarks Team.
The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
The Bank of England is a diverse organisation, made up of approximately 4,000 people – each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
The Markets Directorate promotes monetary and financial stability by leading the Bank's market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities.
The Markets Directorate includes 6 Divisions which are:
- Sterling Markets
- Foreign Exchange
- Market Intelligence
- Financial Risk Management
- Middle Office
- Markets & Banking COO
The Benchmarks and Policy Strategy team sits within the Sterling Markets Division. The Benchmarks side of the team leads the administration of the SONIA benchmark, ensuring we maintain robust processes and publish the right rate every day. Understanding and monitoring the market underpinning SONIA, including key players and drivers, is also central to this enabling us to identify and plan for potential future threats to the robustness of SONIA. The Policy Strategy side of the team is responsible for leading key policy topics in Markets, including which types of firms should have access to our deposit and lending facilities; and ensuring we take a coherent approach across the Bank to new innovations and business models such as digital currencies.
Managing the administration of SONIA - the benchmark that is replacing LIBOR in sterling markets - is core to this job. The Bank has administered SONIA since 2018, and in Sterling Markets Division (SMD) we produce a benchmark rate every working day according to a methodology that we develop and maintain.
The person who does this job sits at the heart of our role as administrator, leading on the daily production of a SONIA rate. The successful candidate will ensure we maintain the robustness of SONIA as a benchmark including through operational excellence, strong risk management and controls, and thorough surveillance of the underlying market and Management Information. We’re looking for someone with a genuine interest in developing deep understanding of the underlying markets that SONIA reflects, but also an ability to work with data and technology to solve operational problems. There is opportunity to engage seniors, for example through presenting materials to DGMB&R and the Sonia Oversight Committee.
This is a people management role, with responsibility for the day-to-day management of the team of two analysts and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that staff are productive, engaged and motivated to deliver the area’s aims. This will include setting clear goals and smart stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness. You will also work closely with colleagues across the Bank including DSD and Technology.
In the medium term our ambition is to create more of a "pool" model across the Benchmark and Strategy team and the Operational Policy team, seeking to give staff the chance to work on a broader range of topics while also building greater resilience.
This role is open to job shares and flexible working, which we strongly welcome as part of our dedication to inclusion in Markets. All kinds of colleagues already work flexibly in SMD including working from home, part time and other patterns. We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.
A strong candidate is likely to be able to demonstrate most of the following attributes and experiences.
Experience of benchmark administration
Strong understanding of the role of benchmarks and the UK’s approach to replacing LIBOR
Experience of working in an operational or transactional area within banking. Ability to manage operational process to the highest standards, ensuring adherence to control frameworks
Strong analytical skills and ability to critically assess data
People management experience
Sound understanding of how financial markets operate, and interest in current issues in relation to sterling markets.
Excellent written and oral communications with an ability to explain complex material including to a non-expert senior audience.
A collaborative working style, with experience of working with colleagues across the Bank;
Be a self-starter, highly motivated and capable of working autonomously and prioritising.
Understanding of the ways in which the Bank receives, processes and uses data
We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.
We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.
The closing date for applications is 15 September 2020.
The salary range for the position is £59,400 - £70,000