Specialist, Settlement Services (United Arab Emirates) Abu Dhabi

Requirements

Requires a bachelor’s degree and at least 5 years of experience in security services or back-office operations. Candidates must possess strong knowledge of settlement processes, SWIFT messaging, and the ability to work under pressure in a team environment.

Job Summary

           JOB SUMMARY / INTRODUCTION

* Responsible for daily monitoring and processing of Settlement processes
covering Domestic and Regional and International Market for equities, mutual
funds, fixed income, hedge fund, structured funds, ETF, Local and
International Securities Lending and Borrowing, Local Market Short Selling
and ensuring highest quality of client service delivery as per international
standards.
Responsible for handling extremely complex settlement transaction across
Local, Regional, International Markets. Processing responsibilities include
the receipt of client, market / sub custodian instructions. Validating the
correctness of all instructions. Ensuring the matching and settlement of
instructions in timely manner across all markets.
Communicate with many entities Clients, Counter parties, Markets, Sub
Custodians, Regulators, Companies, Brokers, Paying Agents, Issuers covering
Local, Regional, Global Markets, related to settlement process, support Due
Diligence visits linking to Settlement process.
The incumbent is responsible for adhering to established quality control
measures and procedures.
Responsible to provide the first level training for new specialists and will
assist specialists in handling inquiries.
Handle the cash managements for the client to facilitate the smooth
settlements across all markets.
Active participation in understanding the Operating module, including
Securities Lending and Borrowing transactions, that are large in value and
complex in nature, ensuring their successful settlement processing, avoiding
loss and penalties to the bank and clients that could cause the bank
Reputational, Financial and Operational Risk.
Current offering of Department: Position Management, Security/Cash
Settlement, Corporate Actions, Reporting, Invoicing, Reconciliation, Swift,
Market Security Movement, FX Management, Cash Management, Project Support,
Proxy Services, Tax Reclaims, Income Management. Planned expansion into
support of Securities Lending, Client Short Selling, Network Management
Support, Claim Management, and other services.
Specialist will participate in section related projects such as system
upgrade / changes, processing enhancements and off hours system testing.
Active participation in implementation of Settlement processing related to
new clients SLA and SLD, Sub Custodian SLA, New Functions, Products, Market
Rules Regulations and Procedures with relevant controls to provide highest
level of client delivery.
Cope with market changes and subsequent upgradation of internal processes and
to identify any potential risk and to create the appropriate controls.
Responsible to coordinate and work with various internal departments and
external entitles and concerned persons as an integral part related to
participation in Projects in order to Re-engineer the process for excellence
client delivery and reduce manual activities.
Responsible for the end-to-end Settlements processing in accordance with
regulatory and compliance requirements, with an increased focus on accurate
and timely execution to enhance the client experience.
*           KEY RESPONSIBILITIES
* Responsible for daily monitoring and processing of Settlement processes
covering Domestic, Regional and International Markets for products like
equities mutual funds, fixed income, hedge fund, structured funds, ETF Local
and International Securities Lending and Borrowing, Local Market Short
Selling and ensuring highest quality of client service delivery as per
international standards.
* Responsible for handling extremely complex settlement transaction across
Local, Regional, International Markets. Processing responsibilities include
the receipt of client, market / sub custodian instructions. Validating the
correctness of all instructions. Ensuring the matching and settlement of
instructions in timely manner across all markets.
* Ensure to track and respond to internal and external clients’ queries by
providing clear detailed Settlement information in line with the relevant
market rules and regulations and Settlement best practice.
* Responsible for communicating with various stakeholders like Markets, Sub
Custodians, Agents, Companies, Depositories, Brokers, Issuers to ensure
smooth accurate timely Settlement processing.
* Ensure that all trade related statuses reports/Instructions are communicated
to all stake holders in timely manners.
* Responsible to have excellent knowledge related to Settlements swift messages
and usages of the same.
* Demonstrates reliability by taking necessary actions to continuously meet
required deadlines and goals.
* Articulates information clearly and presents information effectively and
confidently when working with others.
* Convince others by making a strong case, bringing others along to their
viewpoint; maintains strong, trusting relationships while at the same time is
comfortable challenging ideas.
* Participation in section related projects, system changes and upgrades and
new client’s requirements and implementation of sub custodian / client SLA
Review processes and suggest and implement changes to enhance client
satisfaction and reduce manual intervention and reduce overall cost.
* Cash / FX Settlement: Review and validate all transactions inputted by the
officer / another specialist. Escalate all mismatches to VP. Validate all
data entered into the system and forward to VP for review. On settlement date
of transaction ensure transaction settled and all appropriate accounting
entries executed. Escalate any settlement issues / discrepancies to VP
Validate and Sign any vouchers that need to be passed for FX / Cash execution
for review by the VP
Position / Cash Management: Review clients’ positions and holdings daily and
reconcile positions with sub-custodians and market to ensure there are no
discrepancies. Escalate any discrepancies to VP.
*  Daily review of client’s cash positions to ensure all clients have
appropriate funding and escalating to VP and Middle Office any potential over
drafts or if client is at risk of being insufficient.
* SWIFTS: Validate swift instructions inputted by officer / another specialist
into the system for VP to Authorize. Second Level of SWIFT generation process
Reconciliation: Second level of reconciliation ensuring all appropriate
checks are done to ensure there are no discrepancies and escalating any
issues to the VP.
* Ad Hoc Requests: Supporting the VP as required for business-as-usual matters
and projects and initiatives
Risk Indicators: Responsible to ensure controls and procedures are being
adhered to by the section. Monitor all KPIs, KRIs, Capacity Planning. Submit
any incidents and issues to VP for review. Monitoring transactions to ensure
they are being processed according to Compliance / Audit standards
(requirements)
Follow all relevant departmental policies, processes, standard operating
procedures, and instructions so that work is carried out in a controlled and
consistent manner.
* Demonstrate compliance to organization’s values and ethics at all times to
support the establishment of a value drive culture within the bank
Contribute to the identification of opportunities for continuous improvement
and sustainability of systems, processes and practices considering global
standards, productivity improvement and cost reduction.
* Assist in the preparation of timely and accurate statements and reports to
meet department requirements, policies and quality standards
Participation on section related projects, systems upgrades / changes, new
client requirements, new product functions related to corporate actions
Understanding and active participation in Projects requirements and system
upgrades and changes.
* Ensure accurate and timely processing of client and client impacting
instructions. Reconciling to confirm appropriate settlement of all
transactions (FX, Cash, Securities, Corporate Action, Tax Reclaims). Volumes
are significant, and as this is a new an up-and-coming business the volumes
and complexity of the products and services being offered are increasing
exponentially.
* Managing transactions that are large in value and complex in nature, ensuring
their successful settlement, avoiding loss and penalties to the bank and
clients that could cause the bank Reputational, Financial and Operational
Risk.
* University Graduate / bachelor’s degree (or 5 years related work experience).
* 5 + years related experience in security services and / or back-office
operations e.g. managing securities settlements/ corporate actions.
* Solid understanding of security services and operations and accounting
activity related to security services.
* Ability to work under pressure, to priorities and to manage several tasks at
the same time.
* Team oriented and ability to work under pressure.
* Ability to achieve business objectives without compromising controls and risk
parameters established.
* Strong execution skills in a multi-tasking mode and follow-up effectively.
* Self-starter with excellent attitude, communication and interpersonal skills.
* High level of accuracy & attention to detail and excellent team working
skills.
Preferred / Beneficial

* Specific experience in Securities related functions e.g. Settlement, Client
Services, Corporate Actions, Data Maintenance & Billing or Custody Account
Opening will be an added advantage.

REQUIREMENTS / QUALIFICATIONS

* University Graduate / bachelor’s degree (or 5 years related work experience).
* 5 + years related experience in security services and / or back-office
operations e.g. managing securities settlements/ corporate actions.
* Solid understanding of security services and operations and accounting
activity related to security services.
* Ability to work under pressure, to priorities and to manage several tasks at
the same time.
* Team oriented and ability to work under pressure.
* Ability to achieve business objectives without compromising controls and risk
parameters established.
* Strong execution skills in a multi-tasking mode and follow-up effectively.
* Self-starter with excellent attitude, communication and interpersonal skills.
* High level of accuracy & attention to detail and excellent team working
skills.
Preferred / Beneficial
* Specific experience in Securities related functions e.g. Settlement, Client
Services, Corporate Actions, Data Maintenance & Billing or Custody Account
Opening will be an added advantage.

About Us:

First Abu Dhabi Bank (FAB) is the largest bank in the UAE and one of the world’s
largest and safest financial institutions. We offer a comprehensive range of
personal and private banking services, including credit cards, Islamic banking,
investments, loans, and mortgages. Our commitment to excellence and innovation
drives us to provide top-tier financial solutions to our clients.

Life at FAB:

Working at FAB means being part of a team of talented and passionate individuals
with a shared vision to support the ambitions of our stakeholders to “Grow
Stronger.” We embrace the needs of our customers across the globe with a sense
of responsibility and confidence driven by extensive expertise that can only be
delivered by an ambitious world-class organization

Career Development:

FAB offers unique career choices, a chance to innovate, craft solutions for the
future, and express yourself in a performance-based culture that will unleash
the best in you. Whether you are an experienced professional or just starting
your career, FAB provides a range of learning and development initiatives to
support all employees through training and skill development.

Our Values:

At FAB, we place our customers at the core of our activities, live our values
each day in every way, celebrate achievements, and empower each other to deliver
leading solutions. We have structured plans for the recruitment and career
progression of Emirati talent to enable them to make a mark in the financial and
banking sector both regionally and globaly that rewards your hard work and
dedication.

Join our team and be part of a journey to shape the future of banking.

Responsibilities

Responsible for monitoring and processing complex settlement transactions across domestic and international markets for various financial instruments. The role involves managing cash and FX settlements, reconciling positions, and ensuring compliance with regulatory standards to mitigate operational risk.

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