Department Overview
Non-Financial Regulatory Reporting (NFRR) team supports US regulatory regimes like Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), and Securities and Exchange Commission (SEC) in submitting the trade transactions and repairing any sort of rejections or exceptions in Broker Dealer (BD) and Swap Dealer (SD) capacity. Team consistently works on enhancing the reporting systems through change management protocols.
About the Role
This role supports the oversight and control of Non-Financial Regulatory Reporting (NFRR) by importing, maintaining, analyzing, and reporting data for assigned areas of Non-Financial Regulatory Reporting (NFRR) using multiple databases and business intelligence tools. For assigned areas of NFRR, Manager will prepare and distribute daily monitoring reports, research problems and requirements, track resolutions, maintain Confluence sites describing the program, and use JIRA to track and report program activities and results.
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A role which tackles several discreet functions around Controls development, Data Defect management, JIRA management, and regulatory and policy interpretation. All will require writing skills and independent analysis with a high standard and should be able to help to close the gaps in our risk program quickly.
You will be required to have working experience in FINRA Consolidated Audit Trail (CAT), LOPR, LTR, and TRACE in CFTC, FINRA and SEC regimes. You need to understand the intricacies of exceptions, Risk issues, Reporting Systems, and various rules in FINRA. You need to work with technology to fix the reporting issues systemically through change management protocols and data handling and manipulation is an essential requirement since huge data gets reported. Enterprise level Risk Framework including Risk and Control Self-Assessment (RCSA), Incident/Issue Management are essential.
Key responsibilities:
- The candidate needs to lead a team of Subject Matter Experts (SMEs) who work closely with various US regulatory regimes (CFTC, FINRA and SEC).
- A thorough understanding in various FINRA rules 6000 series, 6800 series, TRACE 6760, TRACE 6730, SEC 613, Large Trader Reporting (LTR), Large Options Positions Reporting (LOPR), FINRA rule 2360, CFTC Part 20(20.4, 20.7)
- TRACE 6760 (Obligation to Provide Notice) - NFRR performs a weekly review of FINRA Rule 6760. The review includes a sampling of deals which Wells Fargo Securities ("WFS") is the managing underwriter and have the obligation and responsibility of reporting the TRACE-eligible Security to FINRA on behalf of the underwriting group or itself for Wells Fargo.
- LOPR (Large Options Position Report): FINRA Rule 2360(b)(5) requires a firm to report any options position in an account in which the firm has an interest and each customer, non-member broker, or non-member dealer account that has established, acting alone or in concert, an aggregate option positions of 200 or more option contracts (whether long or short) of the put class and the call class on the same side of the market covering the same underlying security. These positions must be reported to the LOPR system no later than the close of business on the next day following the day on which the transaction or transactions requiring the filing of such report occurred.
- LTR (Large Trader Reporting): Part 20 of the CFTC's regulations requires that swap dealers, known as "reporting entities" report certain information daily directly to the Commission for any swap that directly or indirectly references any of the 46 futures contracts listed in Commission Regulation 20.2 pursuant to CFTC regulations 20.4 and 20.7. A counterparty becomes "reportable" once its futures equivalent position in any of these swaps is greater than or equal to 50 futures contracts in a month. NFRR reach out to commodity sales desk for reportable counterparty details. Post receipt of details, team files 102s Form to CFTC via FIATech within 3 business days.
- Monitoring performance of non-financial regulatory reporting through data analysis and reconcilements.
- Working with Middle Office teams to understand and correct errors and late reporting.
- Identifying opportunities to improve productivity in the data management and reporting processes.
- Collaborating with partners in Technology and Middle Office in identifying, assessing, escalating and resolving problems.
- Testing of technology changes affecting systems instrumental in assigned areas of NFRR.
- Reviewing and understanding of relevant regulatory technical standards, rules, and regulations.
- Manage different set of risk reports to support Key Risk Indicators/Performance indicators and regulatory reporting
- Develop reports and info graphics to support the business to take informed decisions.
- Business Analysis including requirements solicitation, documentation, and analysis as well as test planning and execution, Report Design and Implementation.
- SDLC best practices including unit testing, documentation, and version control
- For WFS Operations Strategy and Metrics, the candidate will contribute to the KRI/KPI/KCI metric platform for local teams across the organization as part of team strategy.
- Successful candidates will need to build and manage cross-functional, cross-organizational relationships through consistent collaboration.
- The individual will also work with technical and operational partners throughout WFS.
- Coaches and guides the team members for consistence performance.
- Performance management (continuous feedback / plan for growth) at individual team member level.
- Point of contact for any escalation.
- Plans the cross trainings to ensure 100% production as these teams are small and independent in nature.
- Reduces the onshore dependency over the course of time to be self-reliant when needed.
- University degree/Post graduation in Business /Accounts/Economics/Stats
- Experience of more than 15 years in EMEA/US Regulatory Reporting
- Highly developed analytical and problem solving skills
- Strong resilience, with the ability to pursue required change
- Ability to write reports / communicate with senior management and stakeholders
- Extensive experience with EMEA/US regulatory requirements and reporting rules (SEC /FINRA/CFTC experience essential), with previous experience in a regulatory focused role in a financial services firm.
- Proficient with Microsoft Excel (VBA preferred).
A deep understanding of current regulatory environment (CFTC, FINRA EMIR, MIFID, SFTR etc.) and how that impacts the business/operations (cash and derivative products)
- Understanding Capital Markets and the different product taxonomies within the business segments
- Knowing Risk function deliverables like Key Risks & Controls and the testing thereof
- Importance and role of MIS
- TriOptima
- Cling UI/nTier/Xceptor
- FINRA Portal
- DTCC
- JIRA
- Confluence
13 Dec 2024
*Job posting may come down early due to volume of applicants.
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