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Offers “Bnp Paribas”

days ago Bnp Paribas

Passive Currency Overlay Officer

  • Internship
  • Accounting / Management control

Job description

BNP Paribas is a leading European bank with an international reach. It has a presence in 72 countries, with more than 202,000 Employees – including more than 154,000 in Europe and over 5,000 in Portugal alone.

BNP Paribas is present in Portugal since 1985, having been one of the first foreign banks to operate in the country. Today, BNP Paribas has several entities operating directly in this territory, offering a wide range of integrated financial solutions to support its clients and their businesses.

Worldwide, the Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporate and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance.


Mission Statement

MFS – Passive Currency Overlay is a service offered to Asset Managers, Asset Owners & Private Capital to protect their funds or their Share Classes against FX Risk.

There are two main services:

· Share Class Hedging is a financial service that provides immunization against FX risk associated with funds' share classes.
· Asset Hedging aims to provide clients with an immunization against FX risk associate to portfolio's assets

BP2S apply its client instructions and formulas in their hedging strategy and is not decision taker.

BP2S PCO control data received from clients providers (Transfer Agent, Fund Accountant, Middle Office), calculate and generates orders following client hedging guidelines and ensure proper execution and booking of the clients trades either via execution with Bp2S FX Desk or with client execution agent.

PCO staff commits to highest conduct standards when interacting with clients

Department Purpose

MFS Passive Overlay is a business line of BP2S Market Financing Services. It offers hedging FX executions services out of the automated hedging calculation. Automation is ensured by the in house PCO IT platforms that incorporate client hedging guidelines.

The activity is operated from Luxembourg that acts as a hub for Luxembourg, UK, France and Dublin clients.

A Dual Office with resources based in Lisbon supports the Luxembourg operational processes and ensures an efficient Business continuity plan.

This activity started at BP2S in 2012 and had a very significant growth since inception.

· Management of more than twenty clients for an Asset under Service of more 25 bio Euro
· Management of a continuous flow of on boarding for existing and new clients
· Continuous adaptation of the production processes to cope with volume increase, new service offer and internal system upgrades.


The purpose of the Lisbon PCO dual team is to support the Luxembourg PCO operational hub on the day-to-day processes.

Following the business characteristic, the passive currency overlay officer doesn't take any decision of trading but strictly follows client hedging guidelines. The officer actions and monitors the PCO processes following standardised calculation within the in-house developed platform.

The main tasks are the following:

1) Ensure delivery of the daily production

· Control, analyze & validate the data received from clients provider (Transfer Agent, Fund Accountant)
· Launch the automated order generation process in application of the client hedging guideline
· Control orders generated by the system
· Investigate in case of warning raised by the control process
· Control credit risk associated, request credit risk one-off approvals when necessary
· Follow-up the order transmission for execution by the appropriate desk; either BP2S desk as principal or client execution desk
· Follow-up reception of the executed trades and accurate booking in the PCO Platform
· Launch and deliver client reporting
· Ensure full handling of internal or client's queries. Enrich and maintain the PCO client query log
· In case of incident, ensure end-to-end management of the incident process: Resolution, Communication & Action plan

2) Monitor and maintain the PCO platforms data

· Maintain, control and update client hedging guideline in PCO system in line with contractual setup
· Control client credit risk limit and liaise with client management to request limit increase when necessary
· Maintain and control client legal documentation. Follow up legal amendment after client hedging change request
· Generate and control the reporting required by Finance department to generate client bills

3) PCO Team activity

· Participate to the team planning: tasks & role assignment, day off management
· Participate to the continuous training process to ensure skill sharing across the team
· Contributes to the daily, monthly and yearly control plan. (Client Specific reporting, KPI, End of month control…)
· Contribute to the identification of improvement areas, suggest and follow up action plan to reinforce the control framework
· Participate to the preparation of new client on boarding in relation with the structuring team.


· Business School / Engineering School – Master level
· Experience in the financial services industry and financial market
· Fund Industry knowledge is an advantage
· Experience in Forex is also an advantage
· Risk Management & Compliance notions
· Fluent English
· Customer oriented
· Strong orientation detail
· Excellent interpersonal skill
· Team Work
· Analytical ability
· Risk awareness
· Capacity to report
· Proper conduct

BNP Paribas is an equal opportunity employer and proud to provide equal employment opportunity to all job seekers. We are actively committed to ensuring that no individual is discriminated against on the grounds of age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity, race, religion or belief, sex or sexual orientation. Equity and diversity are at the core of our recruitment policy because we believe that they foster creativity and efficiency which in turn increase performance and productivity. We strive to reflect the society we live in, while keeping with the image of our clients.

Please note that only applications submitted in English will be considered.

In case you are selected for this role, further documentation will be requested to support your hiring process.