JOB TITLE: Market Operations and Technology
ROLE: Head of Market Operations
OVERALL PURPOSE OF JOB:
Our client, the second largest Stock Exchange in Africa, is undergoing a transformation program that will enable it to realise its vision of becoming the leading Exchange in Africa.
The Head Market Operations reports to the Executive Director, Market Operations and Technology and is responsible for designing and managing efficient and effective operational processes to support the Exchange’s traded products and associated services in a highly pro-active manner within a framework of continuous improvement.
The post holder provides a centralised Market Operations function across the fourteen floors of the Exchange, as well as hosted markets, to ensure the delivery of a reliable, cost effective and scalable operations service. This includes ensuring the availability of the trading systems on the floors of the Exchange and for remote traders, which broker/dealers and wider market trading participants adhere to the rules of the Exchange as it relates to trading activities, co-ordination of the production and dissemination of internal and external operational information to stakeholders.
The post holder participates in developing strategies to minimise and eliminate wherever possible, the operational impact of the service provision, diversification of revenue stream, new products development, project delivery to minimise post implementation impact, interfacing with the Central Securities and Clearing System and other providers of operational services to the Exchange to ensure a seamless clearing and settlement service for the Exchange’s trading activities and the adoption of best in class practices in all areas of service provision,
Knowledge of Exchange products, including derivatives, ability to stay abreast of market trends and provide thought leadership to internal and external stakeholders will be essential success factors for the role.
The post holder will manage staff, operations technology, equipment and resources, in addition to interfacing with broker/dealer firms, authorised clerks and the departments in the Exchange to reduce operational, systemic, clearing and settlement risks by maintaining an appropriate level of control over all aspects of the operations.
The individual for this role must have a proven track record of strong operations analytical skills, risk management skills, management & leadership skills, project management and delivery skills, and Exchange product knowledge. Working with the management team, the position also contributes to the development and implementation of organizational strategies, policies and practices.
In addition, the post holder will ensure that the Exchange’s audit, regulatory and governance requirements are met by implementing procedures to confirm that the organisation complies with existing policies, identify operational gaps and risks and ensure that the associated regulations are adhered to.
This is a high profile opportunity to use your skills in transforming a leading Emerging Markets Operations in the Financial Services sector and positioning it for growth and leadership within its region.
JOB DIMENSIONS RESPONSIBILITIES:
The Head of Market Operations will be responsible for the delivery of the following:
Lead and manage a team of professionals in a dynamic, fast paced environment
Effectively build a robust, scalable, and flexible Operating Model to mitigate operational risk and provide support for business initiative
Oversee the development of policies, processes & procedures for the core processes under operations
Continuously seek to improve the efficiency of manual processes, through automation and systems enhancementS
Manage and monitor the operational risks within the products traded at the Exchange. Control trading activities, enforcing Exchange trading rules, guidelines and codes of conduct and advice brokers on the interpretation and implementation of the operational aspects of the rules. Participate in generating new rules and refining existing rules in line with market development and best practice
Systematise the process of interaction with brokers of both the Exchange and other hosted Stock Exchanges for trading all quoted securities
Work closely with the Technology, Business Development, Legal and Regulation, Project Management, the CSCS and other internal departments and external partners to ensure that the appropriate technology enhancements and operational requirements are prioritised and business cased for development to minimise risk and maximise business scalability, productivity and the client experience
Develop, implement & monitor performance metrics to evaluate/quantify risk and implement changes that will improve the operational efficiency and control costs for the Exchange and its hosted partners in order to ensure the quality and efficiency in business processes. Update these in line with best practice
Develop and contribute to the implementation of effective operations strategies to improve operations support, including business resumption, disaster backup compliance and the support of User Acceptance Testing activities for on-going system enhancement or implementation of new systems
Monitor and enhance the control processes surrounding the Middle Office functions to proactively manage risk with respect to clearing, settlement and short selling.
Oversee (where service is provided by CSCS) and facilitate the efficient and accurate operations of clearing, settlements, client reporting, collateral monitoring, and reconciliation of the various products traded and ensure that they are performed in accordance with the Exchange’s operational policies and rules
Monitor results & exceptions, analysing underlying causes and ensuring appropriate, corrective action are taken to reduce the frequency of occurrence and minimise loss due to error,
Develop and enforce an effective department management system for follow-up and completion of periodic routines/tasks,
Coordinate the audits for the department, review queries raised therein, suggest responses & process improvements, if required to resolve the same.
Proactively lead the people agenda for the department including resource planning, talent management, professional skills development, performance management & diversity
Coordinate Market Operations actions, changes and resolving conflicts; market control, systems installations, optimised system parameters and troubleshooting
Establish and maintain a profile as a senior operations leader both inside and outside of the firm.
Ensure complete, accurate and timely updating and reporting of trading information required for the smooth running of the trading platform. These include but not limited to broker/dealer details and setups, trading reports, corporate actions and any other required information
Implement a robust and comprehensive framework for training authorised clerks and their continuous professional development
FREEDOM TO ACT:
The Head of Market Operations has considerable freedom to act in order to deliver on the provision of an efficient and effective operations service. The post holder is expected to work to a high level of technical standard and accuracy, be highly pro-active in identifying and mitigating operational risks and lead by example. The successful candidate is expected to:
Define, manage and own approved operations budget
Deal with uncertain and sometimes conflicting business and operational objectives.
Manage and be accountable for dependencies, exceptions, slippage, issues and priorities on Market Operations initiatives and projects
Provide first-level support and guidance to the market on issues such as status of orders, market halts, market information and any other arising issueS
Provision of qualitative service to all customers and manage issues and changes
Perform key regulatory functions to ensure that trading is conducted in an orderly manner
Act as the point of contact for brokers and the systems operations group on market issues
PROBLEM SOLVING:
The Head of Market Operations will be expected to be highly knowledgeable with the functionalities of the trading, clearing and settlement systems in use at the Exchange. The post holder will need to:
Have the ability to think logically, analyse situations and lead diverse teams in complex
problem solving situations
Demonstrate the ability to anticipate issues, take timely corrective actions and think creatively and analytically ahead of the brokers and market participants to proffer means of solving arising issues as they are reported in real-time
Lead and motivate groups and individuals and be able to overcome obstacles to cooperation and foster harmonious relations.
Proactively assist with the identification of training and development requirements in the department and dependent units
Create analytical models and tools, perform forecasting and data analysis that may be regional or national in scope.
Work with stakeholders (national or regional) and others concerned to maximise market uptime and develop strategic solutions/options
Ensure all changes are well tested and implemented in a controlled manner with full rollback plans
COMMUNICATING WITH OTHERS:
The Head of Market Operations will be expected to have excellent communication skills and experience in working with the market stakeholders and the internal staff. This will include:
Ensuring proper documentation of all procedures and policies against organizational standards and best practices
Communicating the operational, technical and service improvement plans to internal and external stakeholders
Strong inter-personal skills with ability to interact at all levels and be visible with upper level management and stakeholders
Clear communication and visibility of all critical issues, analysis, their status and remedial action plans to address them; as well changes, improvement plans to internal and external stakeholders in line with escalation process
Effective communication with his subordinates to ensure timely completion of tasks and daily schedules
Consulting with senior management in evaluating current procedures, policies, and strategies to recommend changes and improvements brought about by the discoveries as the result of data and process analysis
Communicating with other departmental staff to ensure that the departments are well informed of what happens in other areas
Delegation of functions, definition of team roles and expectations, and ensuring timely feedback (turn-around time)
LEADERSHIP:
The post holder will need to be an effective leader to create an effective, informed and highly motivated team(s) focussed on delivery and will:
Manage & provide leadership on overall work allocation, setting of goals, staff planning, training and performance management requirements of the department
Set goals/objectives and overall direction for the team in line with the policies of the Exchange.
Implement appropriate levels of supervision and enforce strong internal controls over routine operations
Provide leadership to instill a team-oriented, client-driven, results-driven environment, through coaching, motivating and training team members
Influence, inspire and lead cross functional teams when required in the Exchange
Demonstrate leadership and consensus building skills. Solid and broad understanding of all aspects of fiscal management, risk analysis/research and systems. Proven negotiation and mediation skills.
Ensure the coherence of the service, operations, projects, dependencies and conflicts and develop and maintain the appropriate environment to support all areas involved in the delivery.
Measure and manage volumes and performance in a manner that will maximize operational efficiency and control associated costs
Be an advocate for the wider adoption of market operations best practices both internally and externally
Keep knowledge current of the overall trends and the systems and technology within the industry and communicate the industry best practices to staff members when and where appropriate
Enforce observance of policies, procedures, practices and operating routines, including management controls
Support transformational initiatives with focus on results
PEOPLE MANAGEMENT AND DEVELOPMENT:
The post holder will need good people skills including the ability to:
Define and scope the resource requirements for tasks and projects that the team may be undertaking
Create clarity of roles and responsibilities for members of the team
Build and maintain relationships with the team, brokers and wider stakeholders
Manage conflicts and dependencies across teams and wider stakeholder group
Coach, mentor, appraise and develop managers and team members
FINANCIAL CONTROL:
The post holder will be expected to budget for their department and maintain monitoring and management of spend. This will cover the following activities:
Development, review and finalization of the department’s annual budget based on perceived needs and requirements
Alignment of the department to maximize its impact and effectiveness while meeting financial targets
Facilitate a process for ensuring regular tracking and management of costs against budget
Review cost anomalies or over-spend within the service with line management in a timely fashion
Negotiate optimum prices with suppliers whilst ensuring sound service levels
Facilitate a process for ensuring regular tracking and management of costs
EXPERIENCE AND QUALIFICATION:
Minimum of 15 years’ work experience which includes managing a high profile operations department within the Capital Market (Exchanges. large brokerage firms, Asset Management and Investment Banking operations)
A good university degree. Post graduate qualifications in a business / finance related discipline will be a distinct advantage
Excellent understanding of the investment process and associated market practices with the ability to think strategically about how to create business led solutions.
Product knowledge in trading equities, fixed income and exchange traded funds.
Knowledge and experience of derivatives (futures and options) will be a distinct advantage
In-depth understanding of principles, practices and techniques relating to Operations Management. Previous experience in developing and implementing operational strategies and policies
Strong process orientation and understanding of operations and technology, enabling candidate to provide support in the analysis, development and monitoring of effective controls
Excellent analytical, decision making, judgement and critical thinking skills
Proven project and risk management capabilities with a focus on resolving complex problems
Effective team and matrix management skills
Ability to manage multiple projects concurrently to work under pressure to meet tight time commitments
Ability to build and maintain collaborative working relationships with broker/dealers and wider market stakeholders
Pro-activeness in addressing any risk, service / quality issues and deviations from plan
Excellent verbal and written communication skills
Experience of implementing or working in an ISO compliant environment will be a distinct advantage
ADDITIONAL COMMENTS:
KPIs
Maintain orderly markets and associated activities
Maximise market uptime (98%)
Deliver projects and change programmes to time and budget (10% deviation)
Adhere to operational budget
Support on-going development initiatives to improve services and diversify revenues
Develop overall market infrastructure with stakeholders
Regular and effective communication of deliverables and key issues, and tracking to stakeholders (monthly/quarterly/yearly executive report)
Timely production, dissemination and accuracy of market information provided to market participants
Lead and motivate team. Build and manage credibility with market stakeholders
METHOD OF APPLICATION:
Candidates who meet the above requirement should email their resume to [email protected] & [email protected] PLEASE, STATE THE POSITION YOU ARE APPLYING FOR IN THE SUBJECT FIELD OF THE MAIL.
