BMO Financial Group is a highly diversified financial services provider based in North America.

Job Purpose:

  • Trade Management Desk (TMD) is accountable for prompt and efficient review of client trades that originated from firm’s electronic trading platforms – client website, mobile or tablet application – for which a specialized Investment Industry Regulatory Organization of Canada (IIROC) licensed trader review is required prior to their release to market and execution
  • The orders presented to TMD are analyzed to ensure they comply with various industry regulations (i.e. the Universal Market Integrity Rules (UMIR), Ontario Securities Commission (OSC), IIROC, etc.) as well as any internal policies and procedures.

Your Responsibilities:

Customer Experience

  • Understanding of Capital Markets rules and regulation with ability to simplify complex concepts to ensure clients and other internal partners understand
  • Investment product subject matter expertise to perform real-time approve/decline decision for client trading multiple products (stocks, bonds, ETF, Options, Mutual fund):
  • Margin (Loan)
  • Max debit balance
  • Concentrated margin positions
  • Insider Trading
  • Reaching Service level goals (reviewing 95% of trades within 3 minutes or less)
  • approximately 66% of reviewed orders are from company‘s top revenue clients and sophisticated clients with high net worth accounts
  • Contribute to strong NPS by minimizing trading disruption and ensuring an overall superior client trading experience with BMO InvestorLine

Financial

  • Revenue enabler
  • On an annual basis, TMD analyzes approx. 330,000 trades valued at approx. $11.5 billion enabling the firm to earn trading related revenue (i.e. commissions, debit interest, etc.)
  • 66% of the reviewed trades originate from firm‘s top revenue generating clients.
  • Mitigate financial losses stemming from fraudulent activity , costs re: regulatory issues, client inappropriate trading, internal systems failure
  • Client Retention

Risk

  • Adhering to industry regulatory requirements IIROC (Investment Industry Regulatory Organization of Canada), Provincial regulators (OSC – Ontario Securities Commission)
  • Adhere to IIROC Gatekeeper Obligations
  • Protecting client Personal Information
  • AML (Anti Money Laundering)
  • -Trading decision accuracy
  • Due of the overall stock market volatility, the high volume and dollar value of trades reviewed by TMD may pose a significant risk to the firm.
  • Errors or inefficient execution could lead to immediate trading losses, breaches of industry rules or internal PNPs would reflect poorly on BMO’s image within the industry and could also trigger regulatory fines.
  • First line of Defence for:
  • Identifying Fraudulent stock trading schemes for example Pump and Dump
  • Potential High Closings
  • Concentrated positions
  • Client errors for example selling of stocks that client does not own

Change

  • Be current and adapting the constantly changing regulatory environment
  • IIROC Continuing Education requirements
  • Supports change and continuous improvement within the branch by identifying opportunities for process / system enhancement
  • Partner with Inbound and 5 Star Specialists on trading related questions on client orders
  • Accountabilities / Decision Making / Scope & Impact
  • Performs analysis that indirectly impacts the organization or business line
  • Understanding and ability to explain complex industry regulation and internal policies and procedures
  • Decision Making: this role has direct impact on Compliance and regulatory issues and indirect impact on revenue and the client experience (NPS)
  • This role is accountable to ensure prompt, accurate and efficient review of all electronic trades; TMD review process will conclude with approving or declining the trade
  • + / – 40,000 annual trades per Analyst valued at approx. CAD $1.5 billion
  • Approved trades are sent to the market and may have an impact on client accounts, BMO InvestorLine, Credit, Compliance, and Industry regulatory bodies (IIROC, OSC, CDCC, OCC, etc.)
  • Declined (rejected) trades are cancelled before receiving market representation and will have an impact of client accounts, client relationship, and BMO InvestorLine firm exposure
  • Approve trades of all values with subsequent approval required based on below limits
  • Trade Limits: $250,000 all products including Stocks, ETFs, Mutual Funds, Bonds and other Fixed Income, GICs, excluding Options; Options: 50 contracts or $50,000
  • Act as BMO InvestorLine’ first line of defence in identifying fraudulent or manipulative trading activity
  • Ensures compliance with all directives, policies, procedures, codes of ethics, industry regulation and other rules or guidelines
  • Identify potential risk situations, impacts, trade issues and regularly investigate with BMO Nesbitt Burns Trade desk the status/ reason of any cancelled or rejected trades
  • Assist during trade reconciliation process following any trading outage, or fraudulent trading scheme
  • Understanding and ability to simplify financial terms and scenarios
  • This role has direct impact on the achievement of key business unit objectives.

Skills and Qualifications:

  • University Degree with 1-3 years of financial industry experience
  • IRO licensed or successful completion of Canadian Securities Course (CSC), Conduct and Practices Handbook (CPH), Derivatives Fundamentals and Options Licensing Course (DFOL) and any other course required to maintain IRO license
  • 12 hours Compliance and 30 hours Professional development training over a 3 year cycle to meet mandatory IIROC Continuing Education (CE) program requirements
  • Industry Accreditation or working towards preferred (CIM, CFA)
  • Able to make a decision to approve or reject online trade within 30 seconds based on internal guidelines
  • Knowledge and understanding of industry regulations and standards
  • Broad knowledge and understanding of BMO InvestorLine Inc. products and services
  • High degree of analytical and problem solving skills
  • Excellent customer service skills
  • Knowledge of US and Canadian market equity and option trading rules
  • Ability to resolve complex trading issues
  • Ability to work in a high stress environment
  • Ability to adapt in a fast-paced, changing environment
  • Ability to understand and communicate complex situations effectively
  • At least 1 year of experience with BMO InvestorLine or equivalent.

Source: for more information click here.

Share: