Location Address: Toronto once Restrictions lifted – First 3 months required onsite for supervision
Contract Duration: 6 months (Possibility for extension or Convert to FTE)
Number of Positions: 1
Schedule Hours: 8:30am – 5pm
Story Behind the Need
Project: TMX Post Trade Modernization
The Canadian Depository for Securities (CDS) is making extensive changes to its internal application infrastructure in an effort to modernize its service offerings. This technology upgrade will result in significant impact for all Canadian banks/brokers that utilize CDS for Clearing, Settlement, Depository, Corporate Actions and Risk functions. As a major participant of CDS, will engage in an end-to-end change assessment to analyze current processes, reports, and integration points with TMX utilized by Operations functions. In addition to this assessment, the bank will participate in a comprehensive industry testing cycle to ensure all impacted operational groups are prepared for any functional changes and have successfully tested all modifications to current processes and platforms.
This resource is required to backfill the GWO Corporate Actions & Entitlements team and support day to day tasks and functions within the group
Reason for request: Workload Increase
Candidate Value Proposition
The successful candidate will not only have the opportunity to gain valuable experience at a top 5 Canadian bank, but also get exposure to a number of functions within capital markets. This a long term assignment that has an opportunity for extension with good performance.
Typical Day in Role
1. Provide support to the various business lines including BNS Group Treasury (proprietary investments), Capital Inc (CMG, GEF etc), Wealth Management (including ITRADE, , SSI, SCI), BNS Custody Services, Prime Services and various International Subsidiaries by:
– Ensuring all pertinent details of an Offer are relayed in a timely manner
– Establishing time frames within which the firm must work in order to ensure the correct processing and execution of client’s instructions (offer date and time, trading cut-offs, CDS/DTC deposit dates, record dates etc.); Determining residency restrictions for tenders as well as defining eligible points of tender; Identifying details not always clearly indicated in material published by the Offeror (deemed dividends, tax treatment);
– Securing instructions from the various business lines on/before expiry by ensuring instructions are processed or passed for execution
– Coordinating, compiling and executing time sensitive instructions on physical conversions, warrants exercise etc.
– Observing irregularities with security positions/instructions (pulling positions back from Tri-Party Repo/Pledge) to ensure clients instructions can be executed
– Ensuring accuracy of all bookings processed to clients’ accounts
– Responding to all inquiries with relations to bulletin publication, Proxy, dividends/interests, mandatory and voluntary corporate action processing.
2. Ensure that the product involved is balanced during the life of the Corporate Action and that client requests can be accommodated by:
– Checking for breaks within the ADP system and investigating any outages in a timely manner
– Ensuring settlement of all owing positions
– Sending or securing liabilities to/from other institutions and ensuring that they acknowledge receipt in appropriate manner and agree to make the payment we request in the currency we request.
– Balancing both physical and depository positions;
– Determining for each offer, if there is an advantage to hold securities at any particular depository (because of default currency, extended response deadline, etc) and advising settlements to adjust positions to the optimal location;
– Advising accounts with short positions of their potential liability;
– Becoming familiar with the special Trading & Settlement rules for the offer that would affect tendering on the last days of a Corporate Action
3. Increase client satisfaction and loyalty to enable business growth through service excellence by:
– Delivering the desired client experience by consistently adhering to the Service Level Agreements during all interactions
– Establishing confidence and knowledge by ensuring answers to inquiries are thoroughly researched and accurate
– Demonstrating respect, flexibility and expertise in every interaction through resolving customer concerns and/or escalating as appropriate
4. Acquiring and maintaining a thorough knowledge of the various functional areas of the Corporate Actions, Settlements and Income Department which includes automated and non-automated systems, functions and products as well as building effective working relationships across the various teams and business lines
5. Providing training/cross-training as necessary
Must Have Skills / Requirements
1) 2+ years of Corporate Action experience required. Industry background and knowledge of security operations. Sound knowledge of Corporate Action processing (Mandatory & Voluntary), stock borrows/ loans transactions and liabilities, Income processing and various market entitlements compensations (Trade date vs settlement date market).
2) 2+ years of experience dealing with operational procedures and conventions of the various depositories/transfer agents the area interacts with – CDS, DTC, Clearstream, HSBC, BNP Paribas, Citibank and various transfer agents, law firms and companies
3) 2+ years of experience / good operating knowledge of the ADP system in general, a detailed knowledge of the ADP REOR system and good PC skills (Word, Excel, Access Database) Internet, Email, Bloomberg, CDS system, DTC, GLOSS etc
Nice to Have Skills
– Series 99 certification is preferred
– Effective communication skills both verbal and written. Ability to read, analyse and interpret for a wide audience very complex legal forms, documents and materials.
– Strong industry background and knowledge of security operations in order to assist in the training of new personnel and lend support to co-workers when advice and/or instruction is required.
– Self-starter that actively engages issues seeking resolution, ability to meet dynamic changes on prioritization
– Fast, adaptable learner who can hit the ground running
– Ability to work well under pressure while demonstrating strong professionalism
-Strong investigation, prioritization, and organization skills
– Candidate must have an open mind when it comes to approach, and be able to assess each situation separately
Degrees or certifications:
– Post secondary degree in finance or related field is an asset
– Series 99 certification is preferred
Candidate Review & Selection
– 1-2 rounds with HM and team member – 1 hour video interview
– PLEASE NOTE – the first 3 months of this position will be required to be on site for confidentiality purposes
– Only after these three months will these candidates switch to a remote model, but still be expected to return to office once COVID restrictions lifted