Senior Advisor, Benchmark Transition

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  • Salary:

    Competitive salary

  • Published:

    6 months ago

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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.

Department Overview

The Bank of England's Markets Directorate promotes monetary and financial stability by leading the Bank's sterling and foreign exchange operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities.

These functions put us right at the heart of the Bank's remit. They require us to work with colleagues across the Bank to deliver operational, policy and risk management priorities in a coherent way; and they demand that we draw on a broad range of market intelligence in order to be able to advise policymakers on financial market issues.

We are recruiting a Senior Advisor to provide advice and support to the Executive Director of Markets focussed on benchmark transition.

FICC market reform is one of the Bank's key strategic goals, drawing on the findings of the Fair and Effective Markets Review (published in 2015).  The most pressing focus of this work is on the transition of markets from increasingly unsustainable LIBOR benchmarks towards more robust risk free rates - including SONIA - both in the UK and internationally.  It is essential to end reliance on Libor benchmarks before end-2021.

Working closely with a dedicated team of 10 in the Bank’s Markets area focussed on Libor transition, and  a large number of policy and supervisory staff across both the wider Bank and the Financial Conduct Authority, the role holder will be expected to make a leading contribution to the work to accelerate transition from LIBOR, catalyse market-led reform. Amongst many tasks, this will involve gathering and synthesising intelligence from market participants, and maintaining open dialogue with a large range of domestic and international stakeholders to deliver transition.

With the end-2021 deadline now fast approaching, there is a lot to do to ensure appropriate plans are in place for the discontinuation of LIBOR.  Key to this will be helping design and deliver strategies to de-risk the market, ensuring the availability of deep liquidity across robust alternatives to LIBOR linked products and accessible, safe and fair mechanisms to convert LIBOR linked contracts maturing beyond end-2021.

The Bank's work on this topic includes: providing the secretariat for the Working Group on Sterling Risk Free Reference Rates; technical analysis; working internationally through the Financial Stability Board and bi-laterally with other relevant authorities; and specific work to help solve problems or mitigate risks to financial stability.

The role:

You will bring technical skills and deep knowledge of the challenges faced in financial markets as they transition away from LIBOR. This is likely to be gained through relevant senior-level experience, and will be deployed to sharpen the Directorate's analysis of key risks and ensure market progress against industry agreed milestones. Of equal importance will be your role in discussing relevant challenges with a broad range of senior market contacts, using influence and insights to contribute to problem solving and acting as the Executive Director's eyes and ears in the market.

This is a technical role without formal line management responsibilities. However, as a senior contributor to the small central team focusing on risk-free rate transition, you will be expected to contribute to the strategic direction of the project and to the broader development of staff.

As a member of the wider Markets leadership team you will also be expected to role model inclusive behaviours, including by investing your own skills and providing constructive support and challenge to the wider area.

Improving the diversity and depth of experience of staff is something that we are passionate about in Markets. You can perform this role part time, as part of a job share and / or under flexible working arrangements. We encourage applications even if all the criteria are not met. If you think you can only do some of the role, we still want you to apply.

Role Requirements:
Essential Criteria

  • Technical and operational knowledge of financial markets, preferably with a specialism in interest rate products, fixed income or derivatives markets.  Some knowledge of wholesale and/or retail cash lending markets would also be a positive.
  • Capacity to provide thought leadership related to the challenges associated with risk free rate transition, including both technical and operational aspects of work to build new market structures and a robust benchmark ecosystem.
  • Ability to interact with – and influence – the most senior stakeholders within the Bank and across financial and non-financial organisations to build consensus and achieve clear recommendations and outcomes – against demanding timelines.
  • An ability to gather the right information, synthesise it and communicate clearly and convincingly by distilling complex issues into their essentials.
  • Demonstrated ability to work as part of a multi-disciplinary team
  • Drive and enthusiasm, and a passion for contributing to financial stability in the UK.
  • Dedication to the Bank's values, including diversity and inclusion.

Desirable Criteria

  • Experience of contributing to cross-industry or international policy debates.
  • Experience of public policy making.