Senior Manager, Policy Team, Foreign Exchange Division,

Location
UK-ENG-London
Salary
Competitive
Posted
08 Oct 2020
Closes
08 Oct 2020
Ref
004271
Clearance Level
DV, None / Undisclosed, SC
Job Type
Permanent
The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation, made up of approximately 4,000 people - each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

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 6 Divisions which are:

• Sterling Markets
• Foreign Exchange
• Market Intelligence
• Financial Risk Management
• Middle Office
• Markets & Banking COO

Department overview

Foreign Exchange Division is one of the two 'front-office' divisions in Markets. It operates in foreign currency markets for both the Bank's balance sheet and the UK's foreign currency reserves.

We promote monetary and financial stability by:
  • leading the Bank's foreign currency market operations and serving our customers, including the UK Government and foreign central banks;
  • using our presence in financial markets to gather market intelligence and build expertise;
  • using our markets and analytical expertise to inform and shape the Bank's policy decisions and priorities; and
  • using our influence, in conjunction with market participants, to overcome market failures and improve market function and practice.
Within FED there are three teams. The FED policy team sits and works alongside the two trading desk teams in the division - the Reserves Management team and the FX & Money Market desk. It provides technical expertise and policy advice to senior management on developments in the structure and functioning of foreign exchange (FX) markets as well as on operational and regulatory policies impacting FED's own trading operations in FX, fixed income and derivative markets. Staff on all teams contribute to market intelligence gathering.

Team Overview
Team members co-ordinate a variety of FX-related operations, to ensure that the Bank is policy ready to undertake special operations such as FX intervention, or any wider contingency planning where FX funding could be required for FS purposes, such as swap line operations. The team is responsible for the Bank's input into the Bank's UK and global FX market related policy initiatives. And the policy team also provides expertise in managing change and implementation of policy decisions. This involves focussing on identifying root causes of operational issues, devising a strategy to improve an operation, and leading the implementation phase itself.

The Policy team currently has twelve members. Two scale D managers and two scale E managers specialise in complementary aspects of work, leading analysts who work in a 'pool'. This enables the team to focus effectively on the key issues of the day, while enabling analysts flexibility in what they work on over time. Some prefer to specialise in particular areas, whereas others welcome the opportunity to work across the full breadth of strategy and implementation responsibilities.

Job description
This is a leadership role co-leading a team of 12, with one scale E direct report.

You will set the overall direction and strategy for the FED Policy Team, working closely with a fellow senior manager who has responsibility for the team's market participant facing work (e.g. Fair and Effective Markets related work on the FX global code and FX committees) and strategy. You would be expected to personally contribute on key policy work, particularly contingency planning. The range of possible work is wide and every day is different. The two scale D managers are encouraged to operate collaboratively and flexibly. The managers should allocate responsibilities between each other according to events, working patterns and prioritisation. But the role will include:

  • Co-leading a diverse range of staff across a fascinating range of topics, prioritising effectively and supporting staff development.
  • Contributing to the management of FED as a division, supporting our management team commitments as to how we lead effectively and inclusively, and to fixing/using/learning new technology.
  • Influencing the thinking on new policy initiatives, such as changes to how we manage the UK's FX reserves or foreign currency liquidity facilities such as the central bank swap lines.
  • Leading the design and implementation of agreed new strategic policies and initiatives in the division in close collaboration with the FED trading teams, and with other divisions.
  • Leading FED's input to cross-Bank contingency planning, e.g. FX liquidity needs for individual emergency lending or resolution cases, and coordinate the division's responses to contingencies such as the market impact of events such as Brexit.
  • Setting the right operational risk culture for the division, acting as FED's Operational Risk Officer and working closely with the trading desks and with the risk and compliance teams in M&B COOD. Leading the division's input into regular risk assessment and reporting, including Markets' Operational Risk Committee.
  • Handling key external relationships, in particular the relationship with HMT for the Exchange Equalisation Account (EEA) and operational relationships with key central banks in the swap line network.
Role requirements

Candidates should be able to demonstrate all of the criteria.

Essential Criteria
  • Strong people management skills with experience of leading a diverse team and implementing a shared vision for that team.
  • A track record of measurable action to support diversity and inclusion
  • The ability to analyse and present ideas to senior stakeholders verbally and in writing and to influence others to support your ideas and proposals
  • Excellent organisational capabilities, including time management skills and the ability to proactively prioritise work in response to shocks
  • A good understanding of and interest in the global financial and political environment, the policy role of the UK's FX reserves, and how the Bank operates in financial markets
  • Experience of external representation, particularly in terms of policy discussions with HMT/government departments or other central banks
  • Experience of operational risks and controls including developing and implementing improvements, and supporting the roll out and use of new technology
  • The motivation to ensure that work is executed to a high standard
  • Experience of responding to live events/incidents in a fast-paced environment


We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.

We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.

The closing date for applications is 28th October 2020

Please apply online, ensuring that you answer the application questions, complete the work history and submit your CV.

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