(1646) Senior Financial Markets Specialist - FMD at South African Reserve Bank

Pretoria, Gauteng, South Africa -

Full Time

Start Date

Immediate

Expiry Date

23 Aug, 26

Salary

0.0

Posted On

25 May, 26

Experience

5 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Benchmark Administration, Financial Market Analysis, Quantitative Finance, Data Analysis, R, Python, Microsoft Office, Market Structure Reform, Monetary Policy Transmission, Liquidity Monitoring, Report Writing, Stakeholder Engagement, Conceptual Thinking, Financial Modeling, Risk Management, Project Leadership

Industry

Banking

Description

Detailed description The successful candidate will be responsible for the following key performance areas: * Benchmark administration, monitoring and analysis * Monitor and analyse the performance, representativeness and robustness of designated benchmarks and reference rates. * Contribute to the administration of SARB benchmarks and ensure the timely calculation and publication of designated benchmarks and reference rates. * Design, review, and maintain benchmark governance frameworks, including methodologies, controls, and accountability arrangements * Ensures that methodologies applied comply with local and international standards * Collaborate with other specialists across the SARB to implement technological infrastructure solutions for benchmarks and analytics. * Prepare analytical notes, charts, dashboards and briefing material for senior management and the Reference Rate Oversight Committee. * Financial market structure reforms * Contribute to working groups and committees focused on market structure reforms, including market transitions to alternative reference rates. * Coordinate with relevant regulators and industry bodies to facilitate market transitions. * Prepare SARB position papers, presentations, speeches and industry papers on issues related to market structure and functioning. * Market functioning – research, analyses and innovation * Monitor and assess the functioning of money, bond, foreign exchange markets and related derivatives. * Analyse liquidity conditions, pricing anomalies, market fragmentation and transmission of monetary policy. * Identify market frictions, stress signals and structural changes affecting market efficiency. * Work with large financial datasets to develop indicators of market conditions, market stress, and market dysfunction. * Support automation, data visualisation and analytics initiatives to improve market monitoring and operational efficiency. * Engage market participants, infrastructure providers, industry bodies and other relevant stakeholders to gather market intelligence * Contribute to the learning and development of junior specialists. * Quality assures and integrates analysis and reports submitted by other Financial Market Specialists * Assist with committee administration. * Leads initiatives in support of department’s objectives and perform ad hoc tasks. About SARB Primary mandate of the SARB Section 224 of the Constitution of South Africa states the mandate of the SARB as follows: The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic. The South African Reserve Bank, in support of its primary objective, must perform its functions independently and without fear, favour or prejudice. WHAT WE DO Monetary Policy The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inﬂation low and steady. Financial Stability The SARB has a mandate to protect and enhance ﬁnancial stability. We identify and mitigate systemic risks that might disrupt the ﬁnancial system. Prudential Regulation The Prudential Authority regulates ﬁnancial institutions and market infrastructures to promote and enhance their safety and soundness, and support ﬁnancial stability. Financial Markets Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves. Financial Surveillance The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions. Payments and Settlements The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern ﬁnancial system. Statistics The SARB provides important economic and ﬁnancial statistics that present an overview of the economic situation in South Africa. Research Research conducted by the SARB focuses on economics, ﬁnancial stability, banking and emerging trends in ﬁnance. Our research supports policy decision-making. Banknotes and Coin The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa. Financial Markets Department (FMD) Functions In the execution of its mission, the Department has the following responsibilities: * Implementing monetary policy decisions of the MPC. This entails influencing short-term money market rates to be consistent with the repo rate set by the MPC. This is done by creating a liquidity shortage in the money market which the banks have to refinance from the Bank, at the repo rate, or other penalty rates as applicable, through repurchase transactions. Liquidity management also includes the usage of other open-market operations such as reverse repurchase transactions, SARB debentures, foreign exchange swaps, movement of public sector funds between the Bank, and the market and facilities such as the averaging of cash reserves. * Participating in the spot and forward foreign exchange markets to service the foreign exchange needs of the Bank and its clients. * Acting as a funding agent of the Government by conducting bond and Treasury Bill auctions, participating in the formulation of debt management strategies and conducting surveillance over primary dealers in the government bond market. * Managing the investment portfolio of the Corporation for Public Deposits (CPD). * Promoting the effective functioning of the domestic financial markets and contributing to the Bank's financial stability mandate through effective market monitoring and ensuring the Bank's activities in the markets support financial stability. * Managing the country's official gold and foreign exchange reserves. * Managing relationships with domestic and foreign counterparties covering both trading and settlements. * Providing custody and settlement services to the government and relevant counterparty banks. * Managing risks inherent in the management of gold and foreign exchange reserves, all market operations conducted by the department, as well as all functions conducted on behalf of Government by the FMD. * Performing an accounting function for all transactions conducted by the Department in the domestic and foreign exchange market as well as transactions related to its foreign reserves management functions in terms of the Reserve Bank Act and in alignment with the International Financial Reporting Standards (IFRS). * Providing market information and analyses to assist various Bank Committees and the GEC in their decision-making processes. Fostering relations with market participants and other stakeholders, in order to improve the Bank's understanding of market developments and to promote the image.

Responsibilities

Lead the development of financial benchmarks and manage market-wide transitions toward alternative reference rates in South Africa. Conduct research on market microstructures and develop analytics to monitor financial market dysfunction and monetary policy transmission.