Client Services - Financing and Clearing Billing and ...
Merrill Lynch - New York City, NY
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Job Description:The Global Financing and Clearing business has operated at Bank of America Merrill Lynch for over 30 years and is one of the leading clearing firms in the world. It is an integral part of the broader Global Prime Brokerage, Financing and Clearing business. Our team in Client Operational Services supports this rapidly growing business which services the top market makers, agency broker dealers and Introducing firms driving today''s stock market.The Role:The F&C Billing and Control manager plays an important role in supporting our rapidly growing Introducing Broker clearing business, which is part of BOFA''s Global Prime Brokerage, Financing and Clearing suite of global products. The successful candidate will gain an excellent learning opportunity, and split their time between our Daily Control Function, which is designed to make sure our Introducing Broker clients are managing their trade volumes and looking at and resolving important breaks and exceptions, and our Billing Team which is responsible for supporting the revenue production of the business by billing for all clearing charges and fees on an accurate and timely basis.The role requires the ability to multi-task, while following procedures in a highly organized and structured way. So attention to detail, as well a keen intellectual curiosity to question the status quo is strongly desired. You will also be a key player on our team and get to work interactively each day with the Account Managers in the front office, Client Service Representatives in the F&C service team and Core Operations. As we look to scale processes and make them more efficient you will get the opportunity to flex your project / initiative management skills to drive change and test new enhancements to key systems.Ideal candidates will possess the ability to work in a fast-paced environment with demanding clients who require accurate and timely resolution of issues. There are opportunities for growth with cross training into other client services teams and future mobility within the broader Client Services Organization. Since the F&C business has thrived for 30+ years this role offers career stability in the Client Operational Services Organization.Primary Responsibilities - Billing Team Part of Role• Primary point of contact for Billing and entitlement related client and Business inquires and problem resolution• Onboarding new client contracts to billing / interest schedules• Daily Rate Schedule updates• Daily, weekly and monthly fee processing and collection• Daily, weekly and monthly commission payouts• Monitor commission accounts for aged debit balances• Invoice and collection of payments• Daily and monthly FX Account reconciliation• FX processing of non-USD commissions• Metric reporting and analysisPrimary Responsibilities - F&C Control Team Part of Role• Serve as a key Control team member working with Client Service and the Introducing Broker client base to assist them in properly controlling their business with BOFA Securities, Inc. The F&C business is a high volume, mostly STP clearing business so managing the exceptions is the key to managing Operational Risk.• Run daily Control reports and conduct analysis to chase down and resolve the following types of issues:o As clients trade they may have unallocated positions to client underlying account and average Price breaks. There may be suspense account breaks that need to be resolved with the street side clearing teamo If a client allows positions to settle in their average Price account action is required to follow-up with the client in order to get the trades allocatedo Monitoring of client foreign transaction tax balances to make sure clients are remitting payments to the Foreign tax authorities on a timely basiso Driving daily client regulatory obligations such as Reg-T and 15c3 working with compliance teams and clients to resolveo Managing aged items appearing on the Business Sheet which are Receivables due BOFAS or Payables due to the Introducing Broker''s underlying clients.o Tracking and chasing aged claimso Approving asset transfers in accordance with LOB policies and procedures as well as providing oversight control for others performing same processRequirements and Skill Sets:• 5+ Years of experience, preferably in a client service or middle office operations capacity. Process change management skills working with technology partners is highly desired.• Excellent communications skills and ability to present to an audience• Ability to work under pressure individually and in a team environment• Ability to liaise with all levels of the firm and people with different experiences and backgrounds• Self-motivated, highly analytical and structured, with strong work ethicJob Band:H5Shift: 1st shift (United States of America)Hours Per Week:40Weekly Schedule:Referral Bonus Amount:0 --> Job Description:The Global Financing and Clearing business has operated at Bank of America Merrill Lynch for over 30 years and is one of the leading clearing firms in the world. It is an integral part of the broader Global Prime Brokerage, Financing and Clearing business. Our team in Client Operational Services supports this rapidly growing business which services the top market makers, agency broker dealers and Introducing firms driving today''s stock market.The Role:The F&C Billing and Control manager plays an important role in supporting our rapidly growing Introducing Broker clearing business, which is part of BOFA''s Global Prime Brokerage, Financing and Clearing suite of global products. The successful candidate will gain an excellent learning opportunity, and split their time between our Daily Control Function, which is designed to make sure our Introducing Broker clients are managing their trade volumes and looking at and resolving important breaks and exceptions, and our Billing Team which is responsible for supporting the revenue production of the business by billing for all clearing charges and fees on an accurate and timely basis.The role requires the ability to multi-task, while following procedures in a highly organized and structured way. So attention to detail, as well a keen intellectual curiosity to question the status quo is strongly desired. You will also be a key player on our team and get to work interactively each day with the Account Managers in the front office, Client Service Representatives in the F&C service team and Core Operations. As we look to scale processes and make them more efficient you will get the opportunity to flex your project / initiative management skills to drive change and test new enhancements to key systems.Ideal candidates will possess the ability to work in a fast-paced environment with demanding clients who require accurate and timely resolution of issues. There are opportunities for growth with cross training into other client services teams and future mobility within the broader Client Services Organization. Since the F&C business has thrived for 30+ years this role offers career stability in the Client Operational Services Organization.Primary Responsibilities - Billing Team Part of Role• Primary point of contact for Billing and entitlement related client and Business inquires and problem resolution• Onboarding new client contracts to billing / interest schedules• Daily Rate Schedule updates• Daily, weekly and monthly fee processing and collection• Daily, weekly and monthly commission payouts• Monitor commission accounts for aged debit balances• Invoice and collection of payments• Daily and monthly FX Account reconciliation• FX processing of non-USD commissions• Metric reporting and analysisPrimary Responsibilities - F&C Control Team Part of Role• Serve as a key Control team member working with Client Service and the Introducing Broker client base to assist them in properly controlling their business with BOFA Securities, Inc. The F&C business is a high volume, mostly STP clearing business so managing the exceptions is the key to managing Operational Risk.• Run daily Control reports and conduct analysis to chase down and resolve the following types of issues:o As clients trade they may have unallocated positions to client underlying account and average Price breaks. There may be suspense account breaks that need to be resolved with the street side clearing teamo If a client allows positions to settle in their average Price account action is required to follow-up with the client in order to get the trades allocatedo Monitoring of client foreign transaction tax balances to make sure clients are remitting payments to the Foreign tax authorities on a timely basiso Driving daily client regulatory obligations such as Reg-T and 15c3 working with compliance teams and clients to resolveo Managing aged items appearing on the Business Sheet which are Receivables due BOFAS or Payables due to the Introducing Broker''s underlying clients.o Tracking and chasing aged claimso Approving asset transfers in accordance with LOB policies and procedures as well as providing oversight control for others performing same processRequirements and Skill Sets:• 5+ Years of experience, preferably in a client service or middle office operations capacity. Process change management skills working with technology partners is highly desired.• Excellent communications skills and ability to present to an audience• Ability to work under pressure individually and in a team environment• Ability to liaise with all levels of the firm and people with different experiences and backgrounds• Self-motivated, highly analytical and structured, with strong work ethicJob Band:H5Shift: 1st shift (United States of America)Hours Per Week:40Weekly Schedule:Referral Bonus Amount:0 Job Description:The Global Financing and Clearing business has operated at Bank of America Merrill Lynch for over 30 years and is one of the leading clearing firms in the world. It is an integral part of the broader Global Prime Brokerage, Financing and Clearing business. Our team in Client Operational Services supports this rapidly growing business which services the top market makers, agency broker dealers and Introducing firms driving today''s stock market.The Role:The F&C Billing and Control manager plays an important role in supporting our rapidly growing Introducing Broker clearing business, which is part of BOFA''s Global Prime Brokerage, Financing and Clearing suite of global products. The successful candidate will gain an excellent learning opportunity, and split their time between our Daily Control Function, which is designed to make sure our Introducing Broker clients are managing their trade volumes and looking at and resolving important breaks and exceptions, and our Billing Team which is responsible for supporting the revenue production of the business by billing for all clearing charges and fees on an accurate and timely basis.The role requires the ability to multi-task, while following procedures in a highly organized and structured way. So attention to detail, as well a keen intellectual curiosity to question the status quo is strongly desired. You will also be a key player on our team and get to work interactively each day with the Account Managers in the front office, Client Service Representatives in the F&C service team and Core Operations. As we look to scale processes and make them more efficient you will get the opportunity to flex your project / initiative management skills to drive change and test new enhancements to key systems.Ideal candidates will possess the ability to work in a fast-paced environment with demanding clients who require accurate and timely resolution of issues. There are opportunities for growth with cross training into other client services teams and future mobility within the broader Client Services Organization. Since the F&C business has thrived for 30+ years this role offers career stability in the Client Operational Services Organization.Primary Responsibilities - Billing Team Part of Role• Primary point of contact for Billing and entitlement related client and Business inquires and problem resolution• Onboarding new client contracts to billing / interest schedules• Daily Rate Schedule updates• Daily, weekly and monthly fee processing and collection• Daily, weekly and monthly commission payouts• Monitor commission accounts for aged debit balances• Invoice and collection of payments• Daily and monthly FX Account reconciliation• FX processing of non-USD commissions• Metric reporting and analysisPrimary Responsibilities - F&C Control Team Part of Role• Serve as a key Control team member working with Client Service and the Introducing Broker client base to assist them in properly controlling their business with BOFA Securities, Inc. The F&C business is a high volume, mostly STP clearing business so managing the exceptions is the key to managing Operational Risk.• Run daily Control reports and conduct analysis to chase down and resolve the following types of issues:o As clients trade they may have unallocated positions to client underlying account and average Price breaks. There may be suspense account breaks that need to be resolved with the street side clearing teamo If a client allows positions to settle in their average Price account action is required to follow-up with the client in order to get the trades allocatedo Monitoring of client foreign transaction tax balances to make sure clients are remitting payments to the Foreign tax authorities on a timely basiso Driving daily client regulatory obligations such as Reg-T and 15c3 working with compliance teams and clients to resolveo Managing aged items appearing on the Business Sheet which are Receivables due BOFAS or Payables due to the Introducing Broker''s underlying clients.o Tracking and chasing aged claimso Approving asset transfers in accordance with LOB policies and procedures as well as providing oversight control for others performing same processRequirements and Skill Sets:• 5+ Years of experience, preferably in a client service or middle office operations capacity. Process change management skills working with technology partners is highly desired.• Excellent communications skills and ability to present to an audience• Ability to work under pressure individually and in a team environment• Ability to liaise with all levels of the firm and people with different experiences and backgrounds• Self-motivated, highly analytical and structured, with strong work ethicShift:1st shift (United States of America)Hours Per Week: 40
Created: 2021-11-29