Job Description

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. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

In Financial Market Infrastructure Directorate (FMID) you will join a directorate at the heart of the Bank, responsible for supervision, policy and technical risk analysis on the infrastructure that sits at the core of the financial system \xe2\x80\x93 payment systems, central counterparties (CCPs) and central securities depositories (CSDs). The financial market infrastructure firms (FMIs) that we regulate are essential to the smooth and safe operation of the UK financial system. They provide services, like payments, that people use every day. They enable financial market participants to manage their risks. As a global financial centre, the smooth and safe operation of UK FMIs is also vital for international markets. The Bank\xe2\x80\x99s supervision and regulation of FMIs is essential for financial stability by ensuring that their risk management and resilience frameworks enable them to carry out their vital functions in normal times and during periods of stress.

We offer an outstanding and exciting place to work in a highly collaborative directorate, undertaking work with strong links into numerous other parts of the Bank and international regulators. For more information on the work we do, see our latest annual report available .

FMID is distinctive within the Bank in that it brings together supervisors, policy analysts and risk specialists in one place. This means we benefit from being able to collaborate on a broad range of issues, with many opportunities for cross-cutting working and gaining insights into different areas work. Working in FMID is an excellent way to understand the linkages of the financial system.

FMID is passionate about delivering the Bank\xe2\x80\x99s diversity agenda: this is central to our success. We want to retain and attract diverse talent and we are committed to ensuring the directorate is somewhere that all staff feel they belong. FMID supports flexible working.

Role description

This role is for Senior Supervisor in the ICE Clear Europe Supervision team.

It will sit in a division that focuses on Clearing Supervision and Regulatory Operations, which is part of FMI Supervision. This division undertakes supervision of some of the world\'s most systemic CCPs, which sit at the heart of global financial markets, clearing transactions between its members, which include GSIBs and many other banks. UK CCPs are supervised by the Bank of England (the Bank) because of their importance to the smooth functioning of financial markets and the wider economy.

In our division, we have supervision teams dedicated to the direct supervision of each UK clearing house (LCH, ICE Clear Europe and LME Clear). We also have other CCP teams in our division that support CCP supervision, thematic work, our CCP data strategy, international engagement and crisis management. We additionally have a team focused on ensuring internal processes are in place to support delivery of excellent supervision.

This role would suit someone looking to further develop their understanding of financial markets and you would also have the opportunity to support the manager in running the team (e.g. coaching junior staff).

What will I be working on?

ICEU is a systemically important CCP, clearing global energy, rates and equity products, and is the largest UK CCP in terms of revenue.

As a CCP, ICEU assesses and manages the risk for the markets it clears, meaning that the role will bring opportunities to develop technical expertise in energy and rates markets, and scope to work on new and novel problems.

As a senior supervisor on the ICEU supervision team, you will have the opportunity to develop and deliver the supervisory strategy for ICEU throughout the year. Typically, you will lead on some workstreams, and collaborate with colleagues or coach more junior staff on other workstreams. You will also lead meetings with the firm, including with key Executives and Board members.

The work plan for the coming year includes a number of interesting supervisory reviews into the firm, with a financial resilience and operational resilience nexus. There will be lots of opportunity to develop technical expertise. You will also work closely with Risk and Policy colleagues in FMID on proposals for the firm (e.g. new product applications) and to assess the impact of the changing policy landscape (such as the development of UK EMIR) on ICEU\xe2\x80\x99s business.

ICE Clear Europe is globally important and internationally active, and this role will also give you lots of opportunity to work closely with a range of international regulators and to get involved in running a large global supervisory college.

Please note that this role is the same as 010295 Senior Supervisor, Financial Market Infrastructure Supervision and candidates need only submit one application which will be considered for both roles.

Role requirements

If you\xe2\x80\x99re motivated to work for us, we would love to work with you! We want inquisitive people who enjoy working collaboratively and who share our values of diverse ideas and open debate. We\xe2\x80\x99re more concerned about what you can bring than what you know. You don\xe2\x80\x99t need a background in the financial sector to thrive here, provided you have an interest in financial markets and you\'re a quick learner who\xe2\x80\x99s able to analyse problems and make good judgements.

Minimum criteria

• Have a strong motivation to contribute towards the financial stability of the UK;
• Teamwork \xe2\x80\x93 ability to work collaboratively and inclusively with diverse colleagues, both inside and out of the team.
• Analysis \xe2\x80\x93 able to synthesise information from multiple sources, and reach evidence-based judgements (eg assessing and prioritising competing risks) .
• Stakeholder management \xe2\x80\x93 Experience of/ability to influence a range of internal and external stakeholders, with a track record of delivering results through building and maintaining strong working relationships.
• Good written and oral communication skills \xe2\x80\x93 ability to communicate complex information in a clear and concise manner.
• Managing workload \xe2\x80\x93 across multiple workstreams, reprioritising as needed to ensure key deadlines are met.

Desirable criteria

This role would suit someone looking to broaden their understanding of financial markets and/or develop management-type skills.

• Supervisory (i.e. regulatory) or risk analysis / management experience.
• Familiarity with CCPs, banks or derivatives markets.
• Interest in coaching junior staff and supporting the manager in running the team.

Qualifications

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\xe2\x80\x99s by drawing on different perspectives and experiences that we\xe2\x80\x99ll 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 . If you wish to apply under this scheme, you should check the box in the \xe2\x80\x98Candidate Personal Information\xe2\x80\x99 under the \xe2\x80\x98Disability Confident Scheme\xe2\x80\x99 section of the application.

Salary and Benefits Information

This specific role offers a base salary of circa \xc2\xa352,730 - \xc2\xa360,840 per annum (depending on skills and experience) on a full-time basis. 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.

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\xe2\x80\x99 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

The Application Process

Important: Please ensure that you complete the \xe2\x80\x98work history\xe2\x80\x99 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\xe2\x80\x99s 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 23 February 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.

Bank of England