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Analyst, SONIA Team, Sterling Markets Division

Bank of England.
Closing date
2 Jun 2021

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Clearance Level
DV, SC, None / Undisclosed
Central Government
Job Type
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Job Details

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.

Department 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 advise and shape the Bank's policy decisions and priorities.

The Markets Directorate includes 6 Divisions which are:
  • Sterling Markets
  • Foreign Exchange
  • Market Intelligence and Analysis
  • Financial Risk Management
  • Middle Office
  • Markets & Banking COO

Sterling Markets Division (SMD) is at the heart of what the Bank does. Through the Sterling Monetary Framework (SMF) and Asset Purchase Facility (APF) it implements monetary policy and provides liquidity insurance to the financial system. SMD also contributes to wider market intelligence and analysis, and uses its influence in financial markets, to support the Bank's monetary policy and financial stability objectives.

The SONIA Team is responsible for the production and administration of the SONIA benchmark, which is a critical function for the Bank. Our responsibilities include organising and coordinating the daily production of the rate, undertaking data surveillance in order to identify benchmark manipulation attempts, preparing Management Information on the benchmark, and ensuring the operational risks in the end to end process are well understood and mitigated. The team is an internationally recognised centre of excellence and maintains regular contact with other central banks who are also producing benchmarks.

We are a small and friendly team that embraces flexible working and diversity. We work closely and collaboratively within the division and with colleagues across the Bank.

Job Description

An exciting opportunity has become available in the SONIA team, within Sterling Markets Division, which is responsible for administration of the SONIA benchmark. We are looking for someone with a genuine interest in developing an understanding of how we produce SONIA, the market that underpins SONIA and how it interlinks with other financial markets, but also an ability to work with data and technology to resolve operational problems. This role has a high profile that will allow the job holder to produce and present analysis at a senior Bank level.

The role encompasses a broad spectrum of benchmark administration responsibilities and requires engagement and collaboration with colleagues from a number of areas of the Bank. The SONIA Team Analyst will be recognised as the subject matter expert on the Sterling Money Market data collection and analysis of the overnight unsecured deposit market, which SONIA measures. The main responsibilities of SONIA Analyst will include:
  • Conducting regular surveillance in the underlying market and producing regular Management Information (MI) on SONIA
  • Becoming a go-to person for technical questions on the data collection
  • Becoming a specialist in our Business Intelligence tools for producing Management Information, engaging in improvement of MI outputs and tools used in the MI production
  • Producing the SONIA rate by participation in the production rota
  • Supporting the wider benchmark administration by undertaking tasks including dealing with licensees, risk reporting, system testing

The SONIA Analyst will also have the opportunity to become a Market Intelligence gatherer for Markets, specialising in the sterling money markets, and to get involved in broader opportunities within SMD.

The successful candidate will form close relationships with the Data and Statistics Division to review and improve the operational processes supporting SONIA. They will also have opportunities to engage and develop a strong network of relationships with internal and external stakeholders.

Role Requirements

A strong candidate is likely to be able to demonstrate most of the following attributes and experiences.

Essential Criteria
  • Strong quantitative and problem solving skills
  • Very good Excel skills with experience in manipulating large data sets and producing high quality outputs
  • Experience in data visualisation (Tableau) and knowledge of R with the ability to review and maintain code for the regular surveillance and Management Information outputs
  • Strong interest in sterling money markets and their interlinkages with other financial markets
  • Experience of working with transactional data
  • Well-developed drafting and presentational skills
  • Good time and workload management, ability to prioritise and deliver to deadlines
  • Be a self-starter, able to take ownership and demonstrate initiative, creativity and drive
  • Strong interpersonal skills, ability to build strong working relationships

Desirable Criteria
  • Advanced R programming skills
  • Operational experience
  • Experience in system testing

We continue to build a diverse and 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.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission. Please complete the application form questions as requested because incomplete submissions may not be reviewed.

The job holder will join the rota to produce SONIA benchmark (8am start either from the Bank's premises on Threadneedle Street or home).

The closing date for applications is 23rd June 2021.

As a unique institution, we have a reward package which sets us apart from other organisations. It includes a competitive salary, but also a much wider offering, including a defined benefit pension and comprehensive flexible benefits. We also offer a working environment which fully supports individuals through flexible working, wellbeing initiatives.

The pay range for this postion is £35,700 - £41,500, depending on skills and experience.

The total package includes:
  • A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
  • A discretionary performance award based on a current award pool.
  • A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits
  • 25 days annual leave with option to buy up to 13 additional days through flexible benefits
  • Private medical insurance and income protection insurance

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