Description The Markets Directorate promotes monetary and financial stability by leading the Bank's market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities. The Markets Directorate includes five Divisions which are: - Sterling Markets Division (SMD) - Foreign Exchange Division (FED) - Market Intelligence and Analysis Division (MIAD) - Financial Risk Management Division (FRMD) - Markets Policy Hub (MPH) An exciting opportunity has arisen to lead the Foreign Exchange Division (FED). Division Overview FED is key to the Bank’s purpose to promote monetary and financial stability: FED’s key role is to ensure that sufficient foreign currency liquidity will be available to the UK authorities to meet Financial Stability or Monetary Policy purposes FED provides market intelligence that supports the Bank’s Monetary Policy and Financial Stability decisions FED convenes and engages with market participants, to overcome market failures and improve market function and practice FED provides risk advice, trade execution, and portfolio management services to the UK Government FED generates a profit that helps funds the Bank’s overall budget Within FED there are three teams: The FX and Money Market (FX&MM) team acts as the internal Treasury for the Bank of England and the UK’s foreign exchange reserves - held in the Exchange Equalisation Account (EEA). The FX&MM team offers deposit services to overseas central banks, manages the Bank’s Commercial Paper program, and undertakes foreign exchange hedging for UK Government. The Reserves Management (RM) team buys and sells high quality nominal and inflation-protected fixed income instruments, including issuing Bank of England bonds. The RM team also undertakes active risk taking and relative value trading to generate extra revenues for FX reserves in the EEA. The FED policy team leads the swap line relationships with other central banks, works with market participants to promote a fair and effective UK and global FX market, and provides technical support and advice. FED currently has 35 members, including 4 Senior Manager direct reports. Those reports include a head of each trading desk, and two senior managers for policy. Jointly, the two trading teams manage the Bank’s ~$50bn balance sheet and the UK’s ~$220bn foreign currency reserves. Staff on all teams contribute to Market Intelligence (MI) gathering and a number of MI teams are led by FED staff. FED’s work is externally facing including with a range of financial markets participants as an investor, counterparty, liability manager and convenor. There is extensive interaction with HM Treasury (HMT), on whose behalf the Bank manages the UK reserves, and the team provide advice to the UK government on FX policy. And there are strong links with overseas central banks, in particular key advanced economy central banks with whom the Bank has swap line relationships. Job description The role of HoD FED is incredibly varied. The successful applicant will have a range of operational, policy, and project responsibilities, alongside the responsibilities of leading a division and being an active member of the Markets’ Senior Management Team. HoD FED reports directly to Director Markets and also works closely with Executive Director Markets. The current job involves: Leading a diverse team across a wide range of operations, market intelligence gathering, and policy projects Responding at speed to market events and developments Ensuring appropriate front office risk control, oversight and challenge of the Bank’s dealings across a variety of fixed incomed and foreign exchange markets Overseeing the setting of FX reserves policy issues, including advising HMT on management of the EEA, FX intervention and contingency planning Ensuring compliance with policies including the EEA Service Level Agreement and Investment Policy Statement, the Bank of England’s Balance Sheet Remits, and the FX Global Code Personally, gathering MI, chairing morning meetings (on rotation) and briefing Governors and others on market developments. Liaising with overseas central banks, supporting Markets Executive Director and Director in attending BIS Markets Committee, joining calls regarding swap lines and influencing swap line policy. Supporting a fair and effective UK and global FX market as a member of the London FX Joint Standing Committee (FXJSC) and providing secretariat support and material for the FXJSC and Global FX Committee. Role requirements Candidates should be able to demonstrate all of the minimum and essential criteria. Minimum Criteria -Candidates will have extensive experience in either a senior trading position or risk management role within a financial firm - Detailed understanding of the role of the UK’s FX reserves and how the Bank operates in financial markets, including FX and money market products - Demonstrable senior leadership skills with experience of leading and managing large teams and achieving through others. - Extensive experience of external representation with financial market participants, HMT, and/or overseas central banks - Experience of contingency planning and responding to live events in a fast-paced environment - An understanding of the global financial and political environment and the structure of Fixed Income, Currencies and Commodities (FICC) markets, gained from previous experience working in financial markets at a senior level. Essential Criteria - Excellent organisational capabilities, including time management skills and the ability to proactively prioritise work in response to shocks. Desirable Criteria - Experience of leading an operational team - A track record of analysing and presenting ideas to senior policymakers verbally and in writing and influencing others to support your ideas and proposals ___ 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 a salary of: for Leeds circ. £129,500 for London circ. £143,000 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 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) 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. An 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. This role closes on 23:59 on 28th April 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.