JAMAICA MONEY MARKET BROKERS LTD JOB DESCRIPTION & SPECIFICATIONS

Transcription

1 JAMAICA MONEY MARKET BROKERS LTD JOB DESCRIPTION & SPECIFICATIONS JOB TITLE: DIVISION: Settlement Officer - (Equity Settlement and Security DEPARTMENT: Middle Office Head Office, Kingston, Jamaica SECTION/UNIT: Brokerage REPORTS DIRECTLY TO: ( SCOPE OF JOB: Snr. Settlement Officer Responsible for all settlement, administrative and registration functions for standard equity offerings including but not limited to local and regional trades, corporate actions for clients and proprietary accounts for JMMB Investments and Group Companies as assigned. The position provides support for other settlement functions as required and assigned and is an authorized signer and approver for the unit. IMMEDIATE REPORTEES: None

2 MAIN DUTIES & RESPONSIBILITIES: 1. Administers all JMMB Investments and JMMB Securities Ltd. clients request for: o Amendment to Jamaica Central Securities Depository (JCSD) accounts o Stock transfers locally and regionally o Share certificate deposits o Dividend mandates o Indemnities and share certificate replacements o Pledge Forms for external lenders 2. Responsible for handling all queries and related transactions for dividend payments such as revalidation of dividend cheques for all JMMB SL clients 3. Responsible for the reconciliation of Equity clients amendment and JCSD accounts submitted to the JCSD for execution and activation 4. Maintains liaison with JMMB Investments Frontline officers and External Agencies such as JCSD, Company Registrars and Other Brokers, in relation to status of transfers, deposits, certificate and cheque replacements and any other equity related queries. 5. Responsible for the administrative functions for all proprietary equity trading for JMMB SL, JMMB and subsidiaries as assigned; including updating of sub ledgers, settlement of cross border trading, transfers of stocks, payment of transfer fees and reconciliations of sub ledger accounts. 6. Maintains liaison with FACT to resolve anomalies relating to proprietary trading regarding transactions executed as per 3 above. 7. Responsible for the settlement of clients equity transactions for regular equity trades, credit orders and margin trading for JMMB SL and subsidiaries as assigned. 8. Responsible for monitoring and timely reconciliation of client margin trades and accounts. 9. Undertake duties to mitigate JMMB s financial exposure from credit orders, advance payment to clients or margin trades for clients. 10. Responsible for the reconciliations of client inventory balance, non-trade transactions, client s amendments and pledges and pledge fees for JMMB and /or JMMB Securities Limited. 11. Responsible for the placement and due settlement of cross trades and odd lot trades for JMMB Securities Limited. 12. Monitors adherence to internal procedures and regulatory requirements in daily processing routines for aspects of order placement, execution and settlement for proprietary and brokered equity trading. 13. Supports the development and implementation of procedures for initial public offerings and corporate actions for JMMB and /or JMMB Securities Limited.

3 14. Responsible for coordination and administration of Applications for Initial Public Offerings and Corporate issues where JMMB SL is a lead broker, selling agent or collecting agent. 15. Responsible for registration of pledges with the JCSD pledges prior to disbursements of loans issued by JMMB Investments Limited 16. Manages the organization, storage and adequate maintenance of current and archived equity and credit related documentation. 17. Responsible for provision of information for external and internal audits and inspections 18. Authorized JamClear CSD approver and Signatory for unit 19. Provides relief/ support for other middle office units as required and assigned. 20. Any other duties assigned. EDUCATION, TRAINING & WORK EXPERIENCE REQUIRED: First Degree in Business Administration or Finance or related field. Good level of oral and written communication skills. Proficient in the use of computer, particularly word documents and spreadsheets. Knowledge of Security Collateral such as cash, equities and bonds Extensive knowledge of Security Registration for Bonds and Equity Minimum of three years work experience in Financial Industry. AUTHORITY:

4 Contact/ Communicate with representative of Securities Depositories, Stock Exchanges, Company Registrars, and Other Brokers, Lawyers & or / administrators as necessary in completion of task. Liaise with Front Line representatives in relation to transactions processed. Return incomplete or invalid documents to clients and /or branch representatives. Report anomalies to Frontline Officers and/or Branch Operations Managers and / or Branch Managers Provide feedback and suggestion for enhancement of product and relevant processes. Recommend changes/enhancements to processes, procedures and systems. Independently respond to internal & external queries using knowledge & creativity. Act on own initiative to meet internal request/needs or make recommendation to Team Leader. Input liens on client accounts for pending credit orders Request and input or remove lien on margin accounts and accounts executing cross trades as deemed necessary To recommend approval of loans in Sharepoint To act as an agent for the company in obtaining all information relating to loan collateral and documentation Request increase collateral for loans as deemed necessary Prioritise transactions to determine the appropriate urgency of each. To identify and recommend seminar/courses/programmes which would enhance own on-the-job skills. JamClear CSD Settlement Approver. Authorized signatory for proprietary trading confirmation. LIAISES WITH: External and Internal contacts absolutely essential for carrying out the duties of this position. (e.g. CONTACT Bank of Jamaica; FREQUENCY - daily/on-going; REASON - to confirm repurchases for JMMB; HOW via telephone). EXTERNALLY FREQUENCY & HOW REASON Jamaica Central Securities Depository As Required ; Written or As Required; Written & /or Job function entails routine submission of several transactions such as transfers, mandates, amendments, confirmation, queries and research. To submit and confirm trade corrections, request information and statements to assist in Stock Exchanges (JSE, TTSE & BSE) reconciliations, queries and research. Submit and confirm inter-broker client transfers and As Required; Written & /or request information related to assist in queries Local Brokers and researches. Regional Brokers As Required; Written & /or To settle proprietary and margin clients trades,

5 Company Registrars As Required; Written & /or request and submit transfer of funds from proprietary and margin clients trading, request inter-depository transfers and any relevant information and / or statements to assist in research and reconciliations. Submit request for replacement certificates and queries regarding dividend payments on behalf of clients. Lawyers/ Administrators As Required; Written & /or To request or support execution of transfers or sale stock holdings on behalf of estates and / or executors. INTERNALLY FREQUENCY & HOW REASON Treasury Personnel Other Accountings Officer or Analyst Money Desk Officer & Trading Admin Front line Team Trading written. written. written. written written To ascertain and / or provide details of incoming and outgoing wire transfers for settlement of proprietary and margin accounts trading. To request rates for regional stock transfers for updating of portfolios. Request and instruct funding or payment on funding provided for proprietary equity trading. To clarify request or assist with amendments and research on behalf of clients. To clarify request for transfers and provide information on settlement and decisions relating to funding of transactions.

6 Risk Dept As required and Monthly verbal or written To clarify or request security information regarding pricing of collateral Provide monthly report for margin and security monitoring WORKING CONDITIONS: List both the positive and negative working conditions associated with this job (e.g. PHYSICAL - office environment, exposure to dust; SPECIAL - frequent travel, being on 24-hour call, numerous critical deadlines ). PHYSICAL FREQUENCY % OF TIME Normal office environment. Daily 80% Confined Periodically 20% SPECIAL FREQUENCY % OF TIME Critical deadlines in meeting preparing documentation for Equity Secured loans Daily 25% Prepared by (name): Signatures: Date (dd/mm/yy): Reviewed by Incumbent & Team Leader (names): Signatures: Date (dd/mm/yy): Verified by Human Resources Dept (name): Signature: Date (dd/mm/yy):