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Treasury Officer

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  • Position title: Treasury Officer
  • Grade: PL6
  • Position N°: 50055250
  • Reference: ADB/19/115
  • Publication date: 31/05/2019
  • Closing date: 30/06/2019
  • Country: Côte d’Ivoire

Objectives

THE BANK:

Established in 1964, the African Development Bank (AfDB) is the premier pan-African development institution, promoting economic growth and social progress across the continent. There are 80 member states, including 54 in Africa (Regional Member Countries).  The Bank’s development agenda is delivering the financial and technical support for transformative projects that will significantly reduce poverty through inclusive and sustainable economic growth. In order to sharply focus the objectives of the Ten Year Strategy (2013 – 2022) and ensure greater developmental impact, five major areas, all of which will accelerate our delivery for Africa, have been identified for scaling up, namely; energy, agro-business, industrialization, integration and improving the quality of life for the people of Africa.

THE COMPLEX:

The Vice Presidency for Finance (FIVP) oversees the financial management of the Bank Group. This encompasses the Bank Group’s treasury activities including borrowings from the capital markets and investment activities; controllership functions including financial reporting and loan administration; strategic resource mobilization and the strengthening of the non-statutory financial resources and instruments; the overall asset/liability management for the Bank Group.

THE HIRING DEPARTMENT

The Treasury department is responsible for raising funds from capital markets, managing and investing the Bank Group’s liquidity and shareholders’ funds, processing and settlement of all financial transactions and managing the institution’s banking relationships.

Under the supervision of the Division Manager, Treasury Operations Division (FITR.2), the Treasury Officer settles Asset and Liability Management (ALM) transactions, reviews the borrowing and derivative documentations, reconciles the securities accounts, processes the corporate actions and the tax claim linked to investment instruments (Money Market, fixed income securities and derivatives), and assist in the management of collateral activities.

THE POSITION

The objective of the job is to work for the settlement  of the Bank Group's capital market operations, collateral management and custodian relationships and investigations, with the objective of:

  • Validate, affirm and settle the Bank Group ALM transactions timely
  • Perform daily margin calls on the Bank Group OTC derivatives portfolio
  • Process corporate actions and tax claims and reconcile timely custody accounts to avoid financial loses.
  • Participate in the review of ISDA/CSA agreements and borrowing documentations and process all derivative contracts.
  • Review and update all counterparties and Bank Group Standard Settlement Instructions  (SSIs)
  • Investigate all exceptions related to payments and receipts and negotiate adequate compensation in line with the ALM guidelines and best market standards.

Duties and responsibilities

Under the supervision of the Principal Treasury Officer of the Capital Market  Operations, the responsibilities of the Treasury Officer will include, but are not limited to the following:

1. Validate, affirm and settle the Bank Group ALM transactions:

  • Verify set-up of capital market operations (Bond, Money market, Futures, Swap and Gold swaps etc.)  economic  terms  in  Summit  against  related  trade  confirmations received  from counterparties to  ensure  accurate  cash flow  generation   and  report   any  exceptions  to  the middle-office/front-office for regularization;
  • Generate  and  send  Money   Market   and  FX  Swap  trade   confirmations  to  the  respective counterparties, Match confirmations issued and received using GT Match (automated reconciliation  system) and investigate  and regularize  discrepancies before  the  release of the related settlement  instructions;
  • Validate  trade   SSIs, check  the  availability   of  funds  on  the   cash flow   report,   assign the appropriate   place  of  settlement, generate  the  adequate  settlement instructions   and  cash transfer to avoid settlement failures;
  • Validate debt service payments before due date with the Issuing & Paying Agent (IPA) and the swap counterparties to ensure the Bank meets its financial obligations;
  • Perform periodic review of counterparties SSIs and contacts and update Summit database.

2. Process tax exemptions and corporate actions event related to the bank's investment  and borrowing portfolio:

Tax exemptions:

  • Periodic review of the Bank's tax exemptions and certificates of withholding tax with custodians and correspondent banks and provide necessarily information to avoid any financial losses;
  • Gather and process tax claim notices issued by correspondent banks to avoid tax deduction  on income;

Corporate actions:

  • Generate  the  income  and  entitlement reports  on  the  investment  portfolio in  Summit  and reconcile with information received from the custodians and investigate any discrepancies;
  • Monitor corporate  actions (certification, tender, class action) and take appropriate actions to avoid financial losses;
  • Process Call notifications and Buyback notices on borrowing transactions; inform the respective Issuing and Paying Agent (IPA) and transfer the necessarily cash amounts to avoid settlement failures.

3. Perform daily margin calls on the Bank Group OTC derivatives portfolio:

Swaps, Swaptions, FX Swap trades:

  • Generate in Summit  the  Bank daily margin requirements on OTC exposure and send margin calls to CSA/GMRA counterparties and Clearing Broker before contractual cut of times;
  • Validate  accuracy of margin  calls (response/initiation) received  from  counterparties (market value of  the  portfolio, credit  support  balance, applicable  Threshold  and Minimum transfer amounts etc.) to ensure adequate margining of the Bank derivatives exposure and investigate discrepancies;
  • Validate collateral movements  including  substitutions, reflect  credit  support  flows in Summit for generating the related settlement  instructions  and accounting postings;
  • Reconcile  the  month   end  collateral  positions  and  interests  on  cash credit  supports  with CSA/GMRA counterparties and generate the related payment instructions;
  • Maintain the CSA/GMRA statics in Summit;

Futures and Options:

  • Ensure adequate  margining  of  the  bank's  Futures  and  Options  portfolio with  the  Clearing Brokers;
  • Generate in Summit the daily margin requirements on Futures & Options exposure and send them to the Clearing Brokers before contractual cut of times;
  • Validate accuracy of margin calls (response/initiation) received from  the Clearing Brokers and investigate discrepancies;
  • Reconcile the bank's Futures and Options portfolio;
  • Maintain the Give-up Agreement (Futures & Options) statics in Summit;

4.   Participate  in  the  review  of  ISDA/CSA agreements  and  borrowing   documentations   and process all derivative contracts:

  • Ensure that a confirmation is received for each derivatives transaction on a timely basis.
  • Ensure that derivative confirmations comply with the current ALM guidelines and the Treasury open mandate's terms.
  • Verify  the  accuracy  of  the  borrowing and  derivative   contracts  against  trade  tickets  and transaction's final terms sheets. Report discrepancies to the traders or counterparties for regularization.
  • Monitor and manage discussions between  the Bank's Legal department (PGCL), Treasury Risk management's  division  (FIFM3), Operations  (Private  and  Public sectors), Accounting department (FIFC) and counterparties to achieve agreement on the financial and legal terms of the confirmation
  • Ensure, after PGCL's clearance, that confirmations are signed by the authorized signatory (The Treasurer) archived and subsequently forwarded to the counterparty.
  • Implement   "MarkitServ"  application   to  enable  real  time  affirmation  and  confirmation of derivative transactions;
  • Maintain an adequate record of the status of all confirmations.

5.   Review and update of standard settlement  instructions (SSIs)

  • Perform periodic review of all SSIs in line with market standard and regulations  and prepare a consolidated SSIs list for distribution to all stakeholders;
  • Update timely all SSIs in the treasury applications to avoid settlement failures

6.   Investigation and Reporting

Daily

  • Reconcile  the  daily  internal  coupon  and  redemption  schedule  against  custodian  income statements, transfer  cash available to  the  main  accounts for investment and investigate  any discrepancy;
  • Identify bonds that undergo partial redemption and inform both the Front and Middle Office.
  • Review  daily  settlement  notices  (match  &  unmatched   alerts)  issued  by  custodians  and counterparties and take necessarily actions to avoid settlement failures;

Monthly

  • Reconcile  the  Bank securities  and  Futures  &  Options  positions  against  custodian/Clearing broker statements using GTMatch on a monthly basis and investigate any mismatch;
  • Prepare the monthly settlement failure, custodian fees and  non-performing counterparty's reports

Selection Criteria

  • Minimum of a Master’s degree or equivalent qualification in Business Administration, Finance, Banking, Accounting, Economics or similar fields;
  • 4 years’ relevant practical working experience within a Back-Office environment.
  • Sound understanding of financial instruments and very good knowledge of capital market operations and instruments settlement procedures;
  • Strong analytical skills, ability to work without supervision to resolve complex settlement problems;
  • Proven ability to reduce settlement failure of capital market operations transactions.
  • Private Sector Experience an added advantage
  • Good understanding of payment processing in an automated environment that includes Swift messages.
  • Marketing and presentation skills are needed to communicate with stakeholders
  • Teamwork & Relationships: Work with others to maximize the effectiveness of the team as a whole, share the knowledge and workload.
  • Develop strong working relationships with colleagues and contribute to creation of a positive team environment.
  • Strong ability to work under pressure
  • Articulate, meticulous and well-organized
  • Demonstrable familiarity with  and knowledge in the use of a Treasury Systems (preferably Summit, Bloomberg plus common IT skills)
  • Communicate and write effectively  in  English or French, with a good working knowledge of the other language.
  • Competence  in  the  use  of  standard  Microsoft  Office  applications  (Word,  Excel,  Access,  PowerPoint);
  • Knowledge of SAP/FI or other ERP, Cards management, SWIFT, GTMATCH is desirable.

THIS POSITION IS CLASSIFIED INTERNATIONAL STATUS AND ATTRACTS INTERNATIONAL TERMS AND CONDITIONS OF EMPLOYMENT.

Should you encounter technical difficulties in submitting your application, please send an email with a precise description of the issue and/or a screenshot showing the problem to: HR Direct HRDirect@AFDB.ORG. 


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