Overview
The Markets Directorate promotes monetary and financial stability by leading the Bank’s market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank’s policy decisions and priorities. The Markets Directorate includes five Divisions which are:
- Sterling Markets Division (SMD)
- Market Intelligence and Analysis Division (MIAD)
- Financial Risk Management Division (FRMD)
- Markets Policy Hub (MPH)
- Foreign Exchange Division (FED)
An exciting opportunity has arisen to lead the Foreign Exchange Division (FED).
Division Overview
FED is key to the Bank’s purpose to promote monetary and financial stability:
- FED’s key role is to ensure that sufficient foreign currency liquidity will be available to the UK authorities to meet Financial Stability or Monetary Policy purposes
- FED provides market intelligence that supports the Bank’s Monetary Policy and Financial Stability decisions
- FED convenes and engages with market participants to overcome market failures and improve market function and practice
- FED provides risk advice, trade execution, and portfolio management services to the UK Government
- FED generates a profit that helps funds the Bank’s overall budget
Within FED there are three teams:
- The FX and Money Market (FX&MM) team acts as the internal Treasury for the Bank of England and the UK’s foreign exchange reserves – held in the Exchange Equalisation Account (EEA). The FX&MM team offers deposit services to overseas central banks, manages the Bank’s Commercial Paper program, and undertakes foreign exchange hedging for UK Government.
- The Reserves Management (RM) team buys and sells high quality nominal and inflation-protected fixed income instruments, including issuing Bank of England bonds. The RM team also undertakes active risk taking and relative value trading to generate extra revenues for FX reserves in the EEA.
- The FED policy team leads the swap line relationships with other central banks, works with market participants to promote a fair and effective UK and global FX market, and provides technical support and advice.
FED currently has 35 members, including 4 Senior Manager direct reports. Those reports include a head of each trading desk, and two senior managers for policy. Jointly, the two trading teams manage the Bank’s ~$50bn balance sheet and the UK’s ~$220bn foreign currency reserves. Staff on all teams contribute to Market Intelligence (MI) gathering and a number of MI teams are led by FED staff.
FED’s work is externally facing including with a range of financial markets participants as an investor, counterparty, liability manager and convenor. There is extensive interaction with HM Treasury (HMT), on whose behalf the Bank manages the UK reserves, and the team provide advice to the UK government on FX policy. And there are strong links with overseas central banks, in particular key advanced economy central banks with whom the Bank has swap line relationships.
Role and responsibilities
The Head of Department (HoD) FED is expected to manage a highly varied portfolio, combining operational, policy and project responsibilities with frontline leadership of a division and active membership of the Markets Senior Management Team. HoD FED reports directly to the Director Markets and collaborates closely with the Executive Director Markets.
The current role involves
- Leading a diverse team across operations, market intelligence gathering, and policy projects
- Responding at speed to market events and developments
- Ensuring appropriate front office risk control, oversight and challenge of the Bank’s dealings across fixed income and foreign exchange markets
- Overseeing FX reserves policy issues, including advising HMT on management of the EEA, FX intervention and contingency planning
- Ensuring compliance with policies including the EEA Service Level Agreement and Investment Policy Statement, the Bank of England’s Balance Sheet Remits, and the FX Global Code
- Gathering MI, chairing morning meetings (on rotation) and briefing Governors and others on market developments
- Liaising with overseas central banks, supporting Markets Executive Director and Director in attending BIS Markets Committee, joining calls regarding swap lines and influencing swap line policy
- Supporting a fair and effective UK and global FX market as a member of the London FX Joint Standing Committee (FXJSC) and providing secretariat support and material for the FXJSC and Global FX Committee
Role requirements
Candidates should be able to demonstrate all of the minimum and essential criteria.
Minimum Criteria
- Candidates will have extensive experience in either a senior trading position or risk management role within a financial firm
- Detailed understanding of the role of the UK’s FX reserves and how the Bank operates in financial markets, including FX and money market products
- Demonstrable senior leadership skills with experience of leading and managing large teams and achieving through others
- Extensive experience of external representation with financial market participants, HMT, and/or overseas central banks
- Experience of contingency planning and responding to live events in a fast-paced environment
- An understanding of the global financial and political environment and the structure of Fixed Income, Currencies and Commodities (FICC) markets, gained from previous experience working in financial markets at a senior level
- Excellent organisational capabilities, including time management skills and the ability to proactively prioritise work in response to shocks
- Experience of leading an operational team
- A track record of analysing and presenting ideas to senior policymakers verbally and in writing and influencing others to support your ideas and proposals
Essential Criteria
- Proven ability to manage complex operations, teams and stakeholder expectations
- Demonstrable leadership presence and capability in enterprise-level decision-making
Desirable Criteria
- Experience of leading an operational team
- A track record of analysing and presenting ideas to senior policymakers verbally and in writing and influencing others to support your ideas and proposals
Our Approach to Inclusion
The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. We welcome applications from individuals who work flexibly and can arrange adjustments as needed in the recruitment process. For most roles where work can be carried out at home, we aim for colleagues to spend time in the office while meeting team needs. We are a member of the Disability Confident Scheme.
Salary and Benefits Information
We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.
This role offers a salary of:
Leeds circ. £121,000
London circ. £135,000
In addition, we offer a comprehensive benefits package including:
- Non-contributory, career average pension with a guaranteed retirement benefit and options to adjust via a flexible benefits programme
- A discretionary performance award
- 8% benefits allowance with option to take as salary or flexible benefits
- 26 days’ annual leave with option to buy up to 12 extra days
- Private medical insurance and income protection
National Security Vetting Process
Employment in this role will be subject to the National Security Vetting clearance process and other Bank security checks. Further information will be provided to the successful applicant, and details about data handling are in the Bank’s Privacy Notice.
The Application Process
Please note: this section has been removed from this refined description to focus on the job responsibilities and requirements.
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