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Operations

Operations

 

Interim management of US Equity Operations, consisting of 70 staff, processing US domestic, international and emerging market business.

 

Managed the outsourcing of the outbound interest claims process for the Fixed Income business of a major investment bank, resulting in a more streamlined operation leading to a speedier and higher recovery rate.

 

Documented and illustrated a proposed custodial agent network model to support the in-sourcing of third party settlement operations, including associated process and communications flows.

 

Appraised the complete functionality of a global custody process, including associated tax, legal and compliance issues with a view to either outsourcing to a third party organization or build system functionality in-house.

 

Review and rationalization of cross border transactions, covering, in particular, New York, London and Hong Kong. Conducted feasibility study to establish the viability of centralizing European wide settlement processing.

 

Established procedures for cash and securities control for the Eastern European emerging markets, in particular relating to the Czech Republic, Russia and Poland.

 

Reviewed Frankfurt Operations, in particular relating to their futures business. Recommendations yielded savings of $200k per annum on third party fees.

 

Detailed appraisal of the operational and accounting aspects of the Securities Lending business, including both a clean up of historical events and assisting in the design of future processes.

 

Developed new banking processes and procedures to help create an e-business operation. Assisted in the integration of new functions, roles and responsibilities alongside the existing Private Banking infrastructure.

 

Helped streamline and improve all FX and MM intersystem processes and reconciliations.

 

Enhanced management of the third party settlement and clearance agents network – reducing annual transaction costs by $800k in total for two organizations.

 

Successfully investigated and resolved processing exceptions across bank, broker and clients accounts for an exchange traded derivatives operation. Reduced bank account exposure from £940m to £10m, and client exceptions from over 2000 to 55.

 

Provided and managed the team that eliminated historical nostro and control account outstanding items for an operations department based in Frankfurt. Reduced open items from over 4,800 to 157 and gross value from DEM 12.2 billion to DEM 1.9 million.

 

Commissioned to resolve a significant financial exposure of an American FX operation, arising from both external market events and internal business dynamics (merger between two businesses and the globalization of processing centers). Reduced exposure from $754m to $90m and outstanding items by 87%.

 

Designed and implemented the fund reconciliation process, including exception management, for an asset management company based in Frankfurt.

 

Based in Zurich, project managed the investigation and resolution of aged nostro reconciliation breaks for an FX business. Resolved 1,245 exceptions with a gross value of $226m. Recommended enhancements to the processing environment to reduce on-going exceptions.

 

Analyzed and resolved historical balance sheet differences relating to intercompany margin account activity for an equity finance group. Reduced outstanding items from over 14,000 to below 50.

 

Managed a project team who successfully identified and resolved all exceptions relating to equity swap dividends across a two-year period – this was achieved ahead of schedule. Resolved over 1,900 exceptions with a gross value of $229m.

 

Managed resolution of significant exposure arising from the futures and options business for 4 different organizations.

 

Resolved the backlog of unsettled trades within an International Equities division -2500 open aged trades, representing a gross total of £500m. Total recoveries of £4m were 4 times the most optimistic target, achieved at 80% of budgeted costs.

 

Managed a sizeable team in Frankfurt to resolve the significant risk shown in the balance sheet to the satisfaction of local regulators and auditors. Helped manage out exposure in the Nostro account for the Equity Swaps business reducing the gross exposure from £1.2bn to £65m in under 3 months.

 

Managed a substantial reconstruction exercise, spanning an 18 month period, relating to the US Treasury Repo business. The potential exposure of circa $100m resulted in a minimal P&L h