Job Description
Senior Dealer, Repo- Rates and Investments
London
Hybrid Role (2 days on site/ 3 work from home)
The Rates & Investments team is looking to recruit a Senior Dealer to lead Nationwide’s multi-currency Treasury repo trading activities. You will be using repo and reverse repo to generate additional returns with the Society’s high quality liquid assets, whilst proving their liquidity and providing confidence in Nationwide’s ability to convert them into cash when needed. As the figurehead and subject matter expert for Nationwide’s repo activities, you will represent the Society’s interests both internally and externally, including key relationships such as the Bank of England.
This is an exciting and high-profile opportunity to be part of a high performing and cohesive team who are empowered to make high value investment decisions for the Society. The role encompasses supporting other desks within Rates & Investments, allowing a multitude of market execution opportunities and fully experience the breadth of the liquidity, cash, and funding markets.
At Nationwide we offer hybrid working wherever possible. More rewarding relationships are supported through our hybrid approach, bringing colleagues together across our UK wide estate, whilst also supporting generous access to home working. We value our time in the office to solve problems, to learn, and to feel connected.
For this job you'll spend at least two days per week, or if part time you'll spend 40% of your working time, based at our London office. If your application is successful, your hiring manager will provide further details on how this works. You can also find out more about our approach to hybrid working here.
If we receive a high volume of relevant applications, we may close the advert earlier than the advertised date, so please apply as soon as you can.
What you’ll be doing
The team manages the Society’s pool of liquidity investments, and you will be using repo and reverse repo to generate additional returns with these assets, proving their liquidity, and providing confidence in our ability to turn them back into cash when needed.
In addition to market repo trading activities, the desk is responsible for Nationwide’s access to the facilities offered by the Bank of England under the Sterling Monetary Framework. In the current period of change and evolution of the Bank of England’s balance sheet, this is an increasingly important and active part of the role.
Repo is one of the highest volume market activities in Treasury, which means you will have to work well under pressure, have proven high operational standards and have a strong working knowledge of repo market operational impacts.
You will represent the Society externally to counterparties, central banks, regulators, industry groups and technology providers, as well as representing the desk internally as a subject matter expert to a variety of stakeholders. Effective relationship/stakeholder management and communication skills are vital.
The role covers multiple instruments and markets within a repo context, whilst operating within a tight control framework. You will have demonstrated that you are able to optimise workflows and problem solve complex issues.
The repo desk is an integrated function within Rates & Investments, and positioned to leverage broader rates market expertise, as well as contribute our thoughts to Treasury more broadly.
About you
As a minimum, you will have/be:
* Significant experience in repo and/or short-term markets.
* Operational knowledge of the Bank of England’s SMF facilities.
* Transactional experience in interest rate & FX swaps.
* Understanding of cross currency and FX basis.
* You will have experience of verbal and written market commentary.
* You will have proven relationship management skills.
* Coding knowledge will be beneficial. Advanced Excel skills are essential.
* Composure in a fast-paced environment, within a tightly controlled risk framework.
* Knowledge of a banking balance sheet, liquidity risk, quantitative and qualitative analysis including relevant regulatory ratios.
Our customer first behaviours put customers and members at the heart of how we work together. They are the set of behaviours that every colleague needs to display, in every role:
* Feel what customers feel - We step into our customers’ shoes, using their feedback and insights to empathise with them and to understand their needs, so that every decision we make starts and finishes with our customers in mind
* Say it straight - We are brave in speaking out and saying what we think – we’re honest and direct with good intent, openly sharing diverse perspectives to reach the best conclusions and using language everyone can understand
* Push for better - We don’t settle for mediocrity, we challenge the status quo, taking responsibility for continuous improvement and personal development
* Get it done - We prioritise what will have the greatest impact, we are decisive, and we take accountability for delivering brilliant customer outcomes
You can strengthen your application by showing how our customer first behaviours resonate with you, and where you may have already demonstrated these.
The extras you’ll get
There are all sorts of employee benefits available at Nationwide, including:
* A personal pension – if you put in 7% of your salary, we’ll top up by a further 16%
* Up to 2 days of paid volunteering a year
* Life assurance worth 8x your salary
* A great selection of additional benefits through our salary sacrifice scheme
* Wellhub – Access to a range of free and paid options for health and wellness
* Access to an annual performance related bonus
* Access to training to help you develop and progress your career
* 25 days holiday, pro rata
Banking – but fairer, more rewarding, and for the good of society
We forge our own path at Nationwide.
As a mutual, we’re owned by our members - those customers who bank, save or have a mortgage with us. We challenge the financial sector status quo. We don’t see customers as the engine of our own profit. We share our profits with them and put their needs first. Always there when they need us. Supporting them and their lives.
If you’re inspired by fairer finances, passionate about making a meaningful impact, and truly care about our customers, you’re one of us.
At Nationwide, you are challenged to grow and rewarded for doing so. Valued. Recognised. Inspired to be your best. As a community we want our working lives to count. As a team, we celebrate what we achieve. As a standard-setter, we work for the good of customers, communities, and broader society.
We are Purpose-driven. Uncompromisingly Customer. Unstoppably Nationwide.