Senior Trader/Analyst - FX & Money Markets
Department Overview
The Foreign Exchange Division is one of the two 'front-office' units in Markets. It operates in foreign currency and interest rate markets for both the Bank of England's balance sheet and the UK's foreign currency reserves.
The area promotes monetary and financial stability by:
• leading the Bank's foreign currency market operations and serving our customers, including the Government and other central banks;
• using our presence in financial markets to gather market intelligence and build expertise;
• using our markets and analytical expertise to inform and shape central bank policy decisions and priorities; and
• using our influence, in conjunction with market participants, to overcome market failures and improve market function and practice.
This role sits within the FX & Money Markets Trading team. There are four other teams within the Division, three covering policy and market engagement (including the Global FX Code and London FX Joint Standing Committee), and another covers fixed income reserves management.
Team Overview
The FX and Money Markets trading desk is responsible for executing FX trades on behalf of the UK Government and the Bank, as well as jointly managing the Bank's foreign currency balance sheet and UK foreign exchange reserves. The team are active in investing and financing the Bank's balance sheet through issuance of commercial paper and fixed term deposits.
The team is operational, and its work brings the team into contact with a range of financial markets and market participants. Project work is also a key part of what the team does. We produce policy analysis/project work that supports the approach to managing FX and money market trading activity. All team members are key contributors of FX and money markets market intelligence. The team are active users and developers of analytical and operational tools, with a number of these being coded in the R programming language.
Job Description
On-the-job training will enable you to carry out the four main elements of the role:
Trading FX on behalf of the Bank and the UK Government.
Working with colleagues to manage a pool of foreign currency liabilities (fixed term deposits and commercial paper) issued by the Bank to finance its FX reserves.
Leading development of the desk's trade analysis and reporting tools, including maintaining the suite of Transaction Cost Analysis tools.
Contributing to the team's analysis of FX and money markets and market intelligence gathering.
You will gain experience across the range of financial markets that the Bank operates in. The team have shared responsibility for meeting the Division's investment aims and targets.
Role Requirements
We are looking for a quantitative analyst/data scientist to join the team, with a focus on supporting and enhancing our trading analysis and tools. We are therefore looking for someone with a knowledge of R and/or Python that can code solutions, maintain our suite of trading analytical tools, and further improve our infrastructure. Previous knowledge or experience in financial markets, and/or a trading desk/operational environment is desirable. While we will support further learning, the successful candidate will have prior experience of designing and building software tools for data analysis.
We value a diverse set of backgrounds and perspectives and provide a supportive environment in which individuals are encouraged to develop their skills and to challenge others' thinking. Recent new members of the team have had strengths in areas like data science, economics, financial markets, or risk management.
Applicants should embody the Bank's behaviours. The role holder will be passionate about cultivating a work environment where people are motivated to do their best. They will be open to learning from colleagues who have different ideas, backgrounds, and characteristics. And they will act with honesty, integrity, and authenticity.
A strong applicant is likely able to demonstrate most of the following attributes and experiences. But please don't be put off applying if you don't meet every criteria on the list. If you only meet some of the below criteria, we still want you to apply.
Minimum (Essential) Criteria
• Demonstrable relevant work experience, either in data science, financial industry, or another official institution.
• Experience of using R and/or Python to design and develop analytical tools and data visualisations.
• Strong analytical, problem solving and communication skills..
Desirable Criteria
• Experience and technical knowledge of foreign exchange and/or money markets.
• Experience of working on a trading desk, or in a similar operational role.
• Knowledge of transaction cost analysis frameworks.
• Knowledge of database structures and/or web frameworks.
• Experience of gathering market intelligence, financial writing, or representing an organisation externally.
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
We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.
This role offers an annual salary of £55,615 - £64,170 (depending on skills and experience).
In addition, we also offer a comprehensive benefits package as detailed below:
• Currently 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. The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time.
• 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 Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis.
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 assessment process will comprise of two stages.
This role closes for applications on 17 February 2025.
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.
