Do you want a high-profile job that combines running the Bank's critical market operations and contributing to our monetary and financial stability policy and operational work? Keen to see first-hand how the MPC’s policy decisions reach and influence the real world – or maybe even hit the button on the announcement yourself and assess the market reaction? Your search is over! We're recruiting for both trading desk dealers and trading desk senior dealers with a keen interest in financial markets to join our sterling operations desk.

About the Bank

• The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
• The Bank of England is a diverse organisation, made up of approximately 4,000 people – each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

About the Markets Directorate

The Markets Directorate promotes monetary and financial stability by leading the Bank's market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities.

The Markets Directorate currently includes 7 Divisions which are:

• Sterling Markets
• Foreign Exchange
• Market Intelligence
• Future Balance Sheet Unit
• Financial Risk Management
• Middle Office
• Markets & Banking COO
  

Department Overview

The sterling operations desk sits within the Sterling Markets Division (SMD). The desk is responsible for the design and execution of our market operations and communication of Bank policy to market participants – not least the key MPC policy decision itself! Our role includes:

• Analysing the performance, effectiveness and potential risks of our operations and, where relevant, identifying improvements;
• Contributing to policy design and implementation of new facilities in response to emerging challenges; and, supporting the development and enhancement of our new auction platform
• Monitoring developments in sterling markets, such as gathering market intelligence across a wide range of diverse market participants
• Design and implementation of tools required to deliver the MPC’s monetary policy decisions, and facilities to deliver liquidity insurance to safeguard financial stability both now and in the future;
• Planning and running regular market interactions, including gilt auctions, Indexed Long Term Repo (ILTR) and Short-Term Repo (STR) operations, and Discount Window Facility (DWF) test trades

Job description

This is a unique opportunity to join the sterling operations desk in a varied and exciting role! We are recruiting for both trading desk dealers and trading desk senior dealers in the team responsible for implementing monetary policy on behalf of the MPC, providing liquidity insurance to the financial sector and contributing policy advice and analysis on sterling markets. We are looking for enthusiastic and supportive team players, with a passion for financial markets and a desire to be at the heart of market operations. The role will have wide-ranging responsibilities covering three broad areas: operations; policy and analysis; and market intelligence. Time tends to be split relatively evenly across these areas, though one of these roles is likely to have more of an operational and systems focus. There may also be some opportunity to flex this based on individual strengths and preferences.

About you, Trading Desk Dealer

• A strong candidate is likely to be able to demonstrate most of the following attributes and experiences.
• A keen interest in and understanding of financial markets and how they function. Key areas of interest include UK gilt markets, UK money markets and bank funding
• Evidence of strong judgment and analytical skills, including the ability to analyse and succinctly communicate key messages from complex datasets and information. Experience of or an interest in analytical tools and process automation such as R or Python
• Demonstrate the ability to work calmly, accurately and collaboratively in time critical situations
• Evidence of initiative and problem solving skills
• Effective written and oral communication skills with the ability to explain complex and technical issues in the most appropriate way for the audience.
• A track record of demonstrating strong time management skills, including balancing short and long-term deadlines
• Evidence of working collaboratively and inclusively in team environments to deliver high quality output
• Strong MS Office skills, particularly Excel Formulae.

About you, Trading Desk Senior Dealer

• A strong candidate is likely to be able to demonstrate most of the following attributes and experiences:
• Experience of enhancing business processes and systems improvements to increase efficiencies and lower operational risk, as well as supporting the development of new/improved systems or platforms. Enhanced by a knowledge of incident reporting and risk management in the Bank or other organisation.
• A keen interest in and understanding of financial markets and how they function. Key areas of interest include UK gilt markets, UK money markets and bank funding markets.
• Evidence of initiative and problem solving skills, with the ability to work calmly and accurately in time critical situations. Experience of or an interest in analytical tools and process automation such as R or Python.
• Strong judgment and analytical skills. Ability to independently lead key analytical work and deliver through other members of the team and across teams, and analyse and succinctly communicate key messages from complex datasets and information
• Effective written and oral communication skills including the ability to synthesise and explain complex issues in plain language and tailor your approach depending on the audience.
• A track record of presenting to and debating with senior stakeholders as well as in identifying and implementing improvements to policies and/or processes
• Evidence of an inclusive and organised working style, with the ability to take ownership for developing the team’s outputs and to lead small projects with minimal oversight
• Strong track record of meeting tight deadlines, balancing multiple tasks and working effectively and collaboratively.
• Strong MS Office skills, particularly Excel Formula.

Don’t meet every single requirement? In SMD we are dedicated to building a diverse, inclusive and authentic workplace, so if you’re excited about this role but your past experience doesn’t align perfectly with every requirement in the job description, we encourage you to apply anyway. You may be just the right candidate for this or other roles.

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.

At the Bank of England we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

Trading Desk Dealer - this specific role offers a base salary of circa £40,000 - £45,000 per annum (depending on skills and experience) on a full-time basis.

Trading Desk Senior Dealer - this specific role offers a base salary of circa £52,730 - £60,840 per annum (depending on skills and experience) on a full-time basis.

In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits.
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It’s therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.

The closing date for applications is 21 April 2024.

The assessment process will comprise of two stages.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed