Operation Services - Back Office (FX & MM) Associate

CFA Institute; New York (NY); On-site; USD 42,000 - 90,000; Full time

Job summary

An established industry player is seeking a dedicated Back Office Associate to join their dynamic team in New York. This role focuses on the daily operations of FX and MM products, ensuring accurate settlements and compliance with regulatory standards. The ideal candidate will possess a Bachelor's degree, strong analytical skills, and proficiency in Microsoft Excel and Word. You'll be part of a team that values efficiency and accuracy, contributing to the overall success of the bank's operations. If you are passionate about finance and eager to make a significant impact in a reputable organization, this opportunity is perfect for you.

Qualifications

• Bachelor's degree required, preferably in accounting or finance.
• Up to 3 years of back office settlement experience required.

Responsibilities

• Perform daily settlements for FX, MM, IRS, and RMB clearing.
• Ensure compliance with Bank's procedures and regulatory requirements.
• Prepare risk assessment reports and assist with audit requests.

Skills

Microsoft Excel

Microsoft Word

Back Office Settlement Workflow

Treasury and Financial Products Knowledge

SQL

VBA

Education

Bachelor's degree in Accounting or Finance

Job description

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Operation Services - Back Office (FX & MM) Associate

Employer: Bank of China Limited, New York Branch
Location: New York, USA
Salary: Competitive
Closing date: Apr 18, 2025

Job Function: Accounting/Audit/Tax
Industry Sector: Finance - General
Employment Type: Full Time
Education: Bachelors

Introduction
Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.

Overview
The Back Office Team Associate FX & MM performs daily settlement, operation and administration process of FX & MM products and RMB clearing settlement, verify tickets, confirmation matching, payments verification, data accounting entries, run system batch and reports to ensure processes performed align with Bank's procedures, policy guidelines, standards, and regulatory requirements.

Responsibilities

Include but are not limited to:

Daily settlements

• Complete intraday/end of day processes for FX, MM, IRS, CCS, CP, and RMB clearing settlements
• Perform Corporate MM CBD funds and FI Time Deposit settlements
• Complete confirmation matching by performing post-trade matching process via vendor applications
• Perform daily end of day reconciliation process to ensure complete and accurate operation process
• Monitor settlement of all trades to ensure timely resolution of any failing transactions by working with the Front Business Lines and counterparties
• Perform timely and accurate GL accounting entry postings in the core Treasury banking system
• Perform new product testing and support including draft of UAT testing and work closely with the technical team for issue resolution
• Report and escalate settlement issues to Supervisors
• Assist team on projects for implementing systems and/or process changes to support increased efficiency on process controls
• Restore business document files in accordance with retention policy.

Risk Management/ Compliance/Internal Audit

• Understand and comply with Bank's procedures, policies, standards, and regulatory requirements
• Prepare monthly, quarterly and semi-annual risk assessment reporting to the Second Line of Defense
• Update procedures to reflect current workflow processes and gaps on control processes
• Prepare monthly and quarterly reports to Head Office
• Prepare documents and responses requested by internal and/or external parties and auditors timely
• Respond to Internal Audit Department's requests timely
• Assist to remediate any audit issue findings

Qualifications

• Bachelor's degree is required, majors in accounting or finance is preferred
• Up to 3 years of experience in back office settlement is required
• Excellent Microsoft Excel and Word skills are required
• Knowledge of treasury and financial products characteristics and back office settlement workflow is required
• Knowledge of SQL and VBA is a plus

Pay Range:
Actual salary is commensurate with candidate's relevant years of experience, skillset, education and other qualifications.
USD $42,000.00 - USD $90,000.00 /Yr.