FX Spot Trader - Absa Bank

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

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Job Summary

This role reports into the Head of Trading. The FX Trader position requires a focused and independent approach to achieving best practice and growing the FX spot product vertical as well as other FX and rates products. The FX trading position is responsible for all aspects involved in FX trading execution and management.

It requires trade execution, position monitoring, risk management and reporting, as well as constant communication with clients, counterparties, regulators, and internal support divisions (PCG, PTS, Treasury, Credit, etc.) The incumbent is expected to work very closely with the other FX and Rates traders to execute the desk strategy.

Job Description

Accountability:

Trading

Time split %: 85

• Grow turnover and client numbers, maintaining a market-leading market share and market dominance in the various traded products.
• Formulate and execute trading strategies—in line with the overarching CIB Markets strategy—to achieve annual product revenue targets and create sustainable returns above the cost of equity.
• Daily active market-making and strategy input for the FX spot book.
• Assist with pricing and portfolio management daily—Net Open Position (NOP) management.
• Manage funding for entire trading desk.
• Actively market-make trading desk products.
• Ensure that trading is always executed within trading limits, and input correctly and in a timely manner.
• Independently produce high-quality monthly macro updates, daily market colour, and other ad hoc analyses and research papers.
• Keep up to date with the evolution of products, markets, internal rules and regulations.
• Ensure that all documentation is completed in time and to the required standard.
• Drive counterparty relationships and expand existing relationships to help grow the FX spot business.
• Maintain a healthy relationship and communication channels with the regulator.
• Ensure timely delivery of all regulatory requirements.
• Analyse trading book performance and market trends daily, providing commentary to management and the rest of the trading team.
• Provide timely and competitive pricing of traded products to the Sales team to support the core client franchise.
• Ensure timely updates of all relevant marks and curves to ensure consistent accuracy in the fair values of financial assets on the bank’s books.

Risk Management

Time split %: 10

Apply the highest standards of controls and risk management practices and behaviours. Operate within and proactively manage all regulatory and internal Trading risk limits (dealer mandate, credit risk, market risk, etc.), recording no breaches. Adhere to all regulations and codes of conduct relating to Trading activities, recording no regulatory sanctions.

Adhere to all applicable Absa frameworks, policies, and procedures, demonstrating sound judgement and responsible risk management, and when required, highlight breaches and request dispensations & waivers on a timely basis.

Reporting & Team support

Time Split %: 5

• Meet all periodic reporting requirements (regulatory and internal).
• Maintain constant contact with key stakeholders (PCG, IVMC, Finance, CRT) to ensure income is appropriately realised and reported.
• Continuously improve the efficiency and effectiveness of how tasks and processes are completed on the Trading desk.
• Train and share knowledge with interns and temporal staff.
• Any other duties that will be assigned from time to time by the Head of Trading.

Education

Further Education and Training Certificate (FETC): Business, Commerce and Management Studies (Required)