Job Description:
About us
At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day. Being a Great Place to Work and providing a culture of caring is core to how we drive Responsible Growth. We are intentional about fostering an inclusive workplace where every teammate has the opportunity to succeed, build a career and contribute to our shared success. This includes attracting and developing exceptional talent, recognizing and rewarding performance, and supporting our teammates’ physical, emotional, and financial wellness through affordable, competitive and flexible benefits. We value the unique perspectives individuals bring from all backgrounds and career paths - whether shaped by military service, community college education, or a wide range of work and life experiences. These journeys foster resilience, leadership and innovation, strengthening our workforce and positively impact the communities we serve. Bank of America is committed to an in-office culture that supports collaboration, engagement, and career development. Our approach includes clear in-office expectations, while providing an appropriate level of flexibility based on role-specific responsibilities and business needs. At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. Join us!
Global Business Services
Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.
Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.
In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.
Job Description:
Derivatives Collateral Operations manages the margining for the OTC, Repo Derivatives & Foreign
Exchange businesses and Repo agreements. Collateral Management is a tool to control & reduce the
bank's credit exposure risk on Derivative trades.
The Collateral Operations Unit monitors daily margining for customers across various products (Rates,
Commodity, Structured Credit, Equity, Foreign Exchange, and Repo, Futures & Options). The
Counterparty’s net exposure is evaluated each morning in order to determine collateral requirement.
Margin Calls are made and received by Collateral Analyst and collateral exchanged. Team is also
responsible to perform Security Optimization, Journal processing, liquidity and regulatory reporting.
Responsibilities
- New agreement setups in margining application to facilitate daily exposure feed based on Agreement terms.
- Verification of call details originating from internal applications and exchange margin call notices with clients.
- Follow-up on margin calls due for payment where we do not have receipt of counterparty confirmation.
- Verification of settlement instructions before releasing cash /securities as collateral Month end interest settlements with clients on collateral balances
- Daily reconciliation, investigation and resolution of margin call disputes/discrepancies.
- MIS, reporting of operational and trading exposures to management
- Maintenance of data in relation to points of contact internal and external and additional information necessary to effectively and efficiently resolve disputes
- Working closely together with Static data team, Settlements, Traders, and clients to ensure accurate information is updated within our processing database.
- Responsible for monitoring and clearing items on the daily breaks/exception reports, Clearing aged breaks.
- Generate and publish daily control reports including MTM Swings, cash/security fails, zero MTM, Stale prices, open aged calls, etc.
- Monitoring of security balances and allocating securities based on prioritization list to optimize utilization.
- Responsible for placing margin calls, performing reconciliation, and resolving disputes for repurchase agreements.
- MIS, reporting of operational and trade exposures to management, liquidity, and regulatory reporting.
- Reconciliation of collateral balances for Repo, F&O and publishing breaks reports.
Requirements
- Education* Graduate / Post-graduate
- Certifications If any: NA
- Experience Range*: 6-8 Years (Exception Campus Placement)
Foundational skills
- Excellent communication skills (both verbal and written)
- Flexible to work in night shifts.
- Strong knowledge of investment banking, capital markets & Derivatives
- logical and analytical skills
- Excellent organizational skills are required with the ability to prioritize daily workload, work accurately and efficiently under pressure.
- To be flexible in their attitude and approach and be willing to work extra hours during the week with overflow of volume and to provide cover for holidays planned and unplanned.
- To be able to communicate effectively, and clearly escalate queries to clients and Onshore.
- Team verbally and written.
- Maintain established productivity levels as per SLA.
Desired skills:
- Experience in OTC/Repo/F&O Derivative Collateral Management/Portfolio Reconciliations/Margin Management.
- Knowledge of regulations such as Dodd Frank, EMIR, CFTC, etc would be and added advantage.
- Market knowledge on Derivatives & Fixed income, recent trends and global changes
Work Timings
06:30 AM IST - 03.30 AM IST
Job Location
Mumbai
