Principal Analyst and Principal Trader Analyst
About the position
The Financial Markets Department (FMD) policy and market operations teams support the Bank’s monetary policy, funds management, and financial system functions. While the market and banking operations are based primarily in Ottawa, the Bank is in the process of establishing a new alternative site for its operations in Calgary, in accordance with resilience best practices. FMD’s market operations team in Calgary comprises three sections which support and mirror Ottawa-based teams. The three sections are the Foreign Reserves Management (FRM) section, the Market Analysis and Operations (MAO) section and the Treasury, Auctions and Settlement Systems (TASS) section. FMD is currently seeking a Principal Analyst or Principal Trader Analyst for each of these 3 sections (outlined below) at its Calgary site. This position will require initial training in Ottawa for a period of up to nine months, with periodic travel between the two sites. Relocation and travel expenses will be provided in accordance with the Bank’s travel and relocation policies.
As a Principal Analyst or Principal Trader Analyst in Calgary, your focus will initially be on one section of the team. You will be responsible for overseeing operations and for actively managing operational and financial risks. You will provide operational and knowledge leadership, guidance and feedback to your section in performing its daily activities and ensure coherent functioning across Calgary and Ottawa teams. You will also be expected to perform the functions of your section, as necessary, as a minimum to back-up the other members, and over time to become familiar with the functions of the other sections of the market operations team in Calgary. The Principal Analysts and Principal Trader Analysts may be rotated across the FRM, MAO and TASS sections of the market operations team in Calgary.
You will also be expected to work closely with the Ottawa office and play a role in developing policy and analytical work. You also support the Director in ensuring that the section’s outputs are of the highest quality, that deadlines are met, that operational risks are minimized, and that the section is effective in implementing its work plan, consistent with the department’s priorities.
Foreign Reserves Management
The FRM team in Ottawa and the FRM section in Calgary are responsible for the management of Canada’s international reserves portfolio. The foreign currency fixed-income portfolio is managed in accordance with the Currency Act and formal investment guidelines and in close consultation with other teams at the Bank, including from the Funds Management and Banking Department (FBD), and at the Department of Finance. The FRM team and the FRM section also manage the federal government’s foreign currency liabilities used to fund the foreign exchange reserves, in compliance with the Financial Administration Act and in consultation with other teams at the Bank, including in FBD, and at the Department of Finance.
You’ll transact deposits, repos, money market instruments, bonds, cross-currency interest rate swaps and will be directly involved in the issuance of new public or private foreign currency debt for the Government of Canada. You’ll also contribute to enhancements to the portfolio management and information systems, support the development of portfolio strategies and apply modern portfolio and asset-liability management theory. Other key responsibilities include active monitoring of international fixed income and credit markets, providing frequent oral and written briefings on market developments to senior management and providing input into policy initiatives, primarily as they relate to foreign reserves.
Market Analysis and Operations
The MAO team in Ottawa and the MAO section in Calgary are responsible for analyzing domestic and foreign financial markets, providing policy advice relating to domestic operations and for conducting market operations on behalf of the Bank of Canada and the Government of Canada. MAO is organized into trading desks that focus on its primary responsibilities: money markets, bonds and foreign exchange. The foreign exchange desk is focused on fulfilling the foreign exchange needs of the Bank and the government. The money markets and bond desks implement monetary policy, acquire assets for the Bank’s balance sheet, support the functioning of the Government of Canada domestic bond market, and execute the federal government’s debt strategy. The market analysis function includes providing frequent oral and written briefings, to senior management, on developments in the Canadian fixed-income market, as well as in global foreign exchange, commodity, equity, and emerging markets.
You’ll execute fixed-income and money market trades, develop and maintain counterparty relationships, and report on market activity. You can develop an in-depth understanding of the Bank of Canada operational framework and the Government of Canada fiscal agent functions for domestic debt, treasury and foreign reserves management. You will also be involved in the policy and analytical work in coordination with the other FMD teams in Ottawa.
Treasury, Auctions and Settlement Systems
The TASS team in Ottawa and the TASS section in Calgary work closely with colleagues of other teams at the Bank, including from FBD, and the Department of Finance to reinforce the Bank’s target for the overnight rate, develop and implement the government’s domestic funding plan, manage the government’s cash balances, manage the Bank of Canada’s balance sheet, and maintain a liquid and well-functioning debt market in Canada.
You’ll play a key role in developing policy and analytical work, principally in the management of the Bank’s balance sheet and domestic operations. You will work with a team of Operations Analysts and Treasury Management Analysts to perform operational activities that include the daily tracking and reconciling of public sector flows, forecasting and tracking of Bank of Canada and client flows, conducting auctions of Government of Canada securities and cash, creating Bank of Canada purchase and sale contracts, capturing and reporting foreign exchange rates, updating securities pricing, and performing administrative activities related to the setup of the auction and other systems.
Your knowledge and skills
• knowledge of the Bank’s fiscal-agent and financial system responsibilities, and monetary policy implementation framework and techniques
• knowledge of financial market issues and developments, as well as knowledge of economic/financial theory and quantitative methods
• ability to exchange information and ideas adapted to the target audience, using clear and compelling written and oral communication skills
• ability to integrate in-depth knowledge and understanding in financial market analysis, monetary policy analysis, economic analysis and regulatory issues analysis, including an understanding of Canadian financial market instruments
• capacity to multi-task and work collaboratively with others within the team, across teams, and with other departments, to pass on knowledge and to build supportive working relationships to deliver on commitments and lead projects effectively
• ability to lead by example, coach and assume the role of mentor for the development of more junior staff
• ability to maintain high ethical and professional standards in dealings with all internal and external stakeholders
• ability to bring a wide range of considerations and perspectives to issues and to ensure that careful analysis is a precondition of decision making
• Language requirement: English or French essential (although the position requires a Level 4 (functional) in the second official language, selected candidates may receive training to reach the required level over time)
Your education and experience
• MBA, MSc (finance) or MA (economics) with a minimum of five years of recent relevant work experience in domestic or foreign fixed-income and money markets or bonds
• an equivalent combination of education and experience may be considered
• completion of, or enrolment in, the Chartered Financial Analyst (CFA), Financial Risk Manager (FRM), or similar program
• prior market experience in risk, trading or asset management in a large financial institution
• prior experience in policy-related issues
• strong background in quantitative methods
• strong knowledge of trading systems (e.g., Findur)
• Priority will be given to Canadian citizens and permanent residents
• Must be eligible for secret clearance
• Relocation assistance will be provided in accordance with Bank policy
We wish to thank all applicants for their interest and effort in applying for this position; however, only candidates selected for interviews will be contacted.
What you can expect from us
This is a great opportunity to join a leading organization and be part of a high-performing team. We offer a competitive compensation and benefits package designed to meet your needs at every stage of your life and career.
• Starting salaries are based on qualifications and experience and typically range from $101,585 to $133,330 (job grade 18)
• Depending on performance, you may be eligible for performance pay for successfully meeting (7 to 10% of your base salary) or for exceeding expectations (15% of your base salary). Exceptional performers who far exceed expectations may be eligible for higher performance pay.
• Flexible and comprehensive benefits so you can choose the level of health, dental, disability and life and/or accident insurance coverage that meets your needs
• Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement
• Indexed, defined-benefit pension plan