Project Manager - IBOR Transition

  • Negotiable
  • Londres, Angleterre, Royaume-Uni
  • Intérim, Plein-temps
  • HSBC Bank plc
  • 17 mars 19

We are looking to recruit a hybrid Business Analyst/Project Manager for the Libor/Ibor project within GBM Change. With changes coming with LIBOR by mid 2019, we are looking to expand the team so equities can be in a state of readiness and are able to offer our clients a seamless transition from products referencing IBOR's to those referencing alternative risk free rates.

The rates at which banks are prepared to lend to each other in the interbank market (InterBank Offered Rates or "IBOR") have long been used as reference rates for loans, securitised debt, swaps and other financial products.

In recent years, the significant reduction of actual interbank transactions that support the calculation of these benchmarks has progressively undermined their reliability and relevance in the eyes of global regulators.

The Financial Stability Board, instructed by the G20, published its recommendations on interest rate benchmarks in July 2014. Global regulatory authorities, central banks and the financial services industry Risk-Free Rate (RFR) working groups have conducted significant work to develop alternative benchmarks.

The term structure for the replacement of GBP LIBOR is expected to be defined by mid-2019. The ARRC in the US is also looking at developing the term structure of SOFR over the course of 2019. We anticipate term structures will evolve for each RFR (Risk-Free Rate) once sufficient liquidity is available in the market.

Based on these developments, Equities needs to be in a state of readiness in terms of being able to offer clients a seamless transition from products referencing IBORs to those referencing alternative risk-free rates, when the need arises.

Multiple functions will need to collaborate on the delivery of this functionality, included but not limited to the Trading business, IT, Quants, Traded Risk and Product Control.

Equities has a requirement for for an individual who understands the interrelationships and dependencies of these functions, who can not only coordinate the overall process, but who can contribute at a technical level with these numerous stakeholders where required.

Skills and Experience required for the role:

  • Strong analytical and documentation skills and be detail oriented with a proven track record of writing requirements, process flows and procedures working through to implementation.
  • Excellent communication skills and the ability to interact with various stakeholders and colleagues of varying levels of seniority. This will include partnership with Trading Desk Heads, Business Management, Risk etc.
  • Strong banking background and the understanding of technical skills (Data analysis, modelling, testing etc).
  • Prior experience working on large change projects, I.E. FTRB, Volcker
  • Strong markets experience and products knowledge in one or more asset classes. Derivative project knowledge is essential for this role.
  • Strong understanding of market risk principles and market risk concepts.