Specialist, Settlement Services

Role Overview

Specialist, Settlement Services at First Abu Dhabi Bank (FAB), responsible for daily monitoring and processing of settlement transactions across domestic, regional, and international markets in accordance with regulatory and compliance requirements.

Role Purpose

Monitor and process settlement transactions covering equities, mutual funds, fixed income, hedge funds, structured funds, ETFs, securities lending and borrowing, and local market short selling. Ensure accurate and timely execution across all markets while delivering the highest quality client service to international standards and managing complex, high-value transactions to avoid reputational, financial, and operational risk.

Key Responsibilities

Settlement Processing

• Monitor and process settlement transactions daily covering domestic, regional, and international markets for equities, mutual funds, fixed income, hedge funds, structured funds, ETFs, local and international securities lending and borrowing, and local market short selling.
• Handle extremely complex settlement transactions across local, regional, and international markets.
• Receive, validate, and process client, market, and sub-custodian instructions.
• Ensure matching and settlement of instructions in timely manner across all markets.
• Ensure accurate and timely processing of client and client-impacting instructions.
• Reconcile transactions to confirm appropriate settlement of foreign exchange, cash, securities, corporate actions, and tax reclaims.

Stakeholder Communication

• Communicate with clients, counterparties, markets, sub-custodians, regulators, companies, brokers, paying agents, and issuers related to settlement processes.
• Track and respond to internal and external client queries by providing clear, detailed settlement information in line with relevant market rules, regulations, and settlement best practices.
• Ensure all trade-related status reports and instructions are communicated to stakeholders in timely manner.
• Support due diligence visits linking to settlement processes.

Cash and Foreign Exchange Management

• Handle cash management for clients to facilitate smooth settlements across all markets.
• Review and validate all cash and foreign exchange transactions inputted by officers or other specialists.
• Validate all data entered into the system and forward to Vice President for review.
• On settlement date, ensure transactions are settled and all appropriate accounting entries are executed.
• Escalate any settlement issues or discrepancies to Vice President.
• Review clients' cash positions daily to ensure appropriate funding.
• Escalate potential overdrafts or insufficient funding risks to Vice President and Middle Office.
• Validate and sign vouchers requiring foreign exchange or cash execution for Vice President review.

Position and Reconciliation Management

• Review clients' positions and holdings daily and reconcile positions with sub-custodians and markets to ensure no discrepancies.
• Escalate any discrepancies to Vice President.
• Perform second-level reconciliation ensuring all appropriate checks are completed.
• Escalate reconciliation issues to Vice President.

Systems and Swift Processing

• Demonstrate excellent knowledge of settlement SWIFT messages and their usage.
• Validate SWIFT instructions inputted by officers or other specialists for Vice President authorization.
• Perform second level of SWIFT generation process.

Risk, Compliance, and Quality Control

• Adhere to established quality control measures and procedures.
• Ensure controls and procedures are being adhered to by the section.
• Monitor all key performance indicators, key risk indicators, and capacity planning.
• Submit incidents and issues to Vice President for review.
• Monitor transactions to ensure they are being processed according to compliance and audit standards.
• Manage transactions that are large in value and complex in nature, ensuring successful settlement and avoiding loss and penalties that could cause reputational, financial, or operational risk to the bank and clients.
• Follow all relevant departmental policies, processes, standard operating procedures, and instructions.
• Demonstrate compliance to the organization's values and ethics at all times.
• Identify potential risks and create appropriate controls.

Process Improvement and Projects

• Participate in section-related projects, including system upgrades, changes, and new client requirements.
• Support implementation of settlement processing related to new clients, service level agreements, sub-custodian SLAs, new functions, products, market rules, regulations, and procedures with relevant controls.
• Review processes and suggest and implement changes to enhance client satisfaction, reduce manual intervention, and reduce overall cost.
• Participate in off-hours system testing.
• Cope with market changes and subsequent upgrades of internal processes.
• Coordinate and work with various internal departments and external entities as an integral part of project participation to re-engineer processes for excellence in client delivery and reduce manual activities.
• Contribute to identification of opportunities for continuous improvement and sustainability of systems, processes, and practices considering global standards, productivity improvement, and cost reduction.
• Assist in preparation of timely and accurate statements and reports to meet department requirements, policies, and quality standards.

Training and Support

• Provide first-level training for new specialists.
• Assist specialists in handling inquiries.
• Support Vice President as required for business-as-usual matters, projects, and initiatives.

Communication and Interpersonal Effectiveness

• Articulate information clearly and present information effectively and confidently when working with others.
• Convince others by making a strong case, bringing others along to their viewpoint.
• Maintain strong, trusting relationships while remaining comfortable challenging ideas.

Operational Excellence

• Demonstrate reliability by taking necessary actions to continuously meet required deadlines and goals.
• Ability to work under pressure, prioritize, and manage several tasks simultaneously.
• Strong execution skills in multi-tasking mode with effective follow-up.

Qualifications & Experience

• University graduate with bachelor's degree, or 5+ years related work experience.
• 5+ years related experience in security services and/or back-office operations, including managing securities settlements and corporate actions.
• Solid understanding of security services, operations, and accounting activity related to security services.
• Specific experience in securities-related functions such as settlement, client services, corporate actions, data maintenance, billing, or custody account opening is beneficial.

Skills & Competencies

• Excellent knowledge of settlement SWIFT messages and their usage.
• Ability to work under pressure, prioritize tasks, and manage multiple concurrent activities.
• Team-oriented mindset and ability to perform in high-pressure environments.
• Ability to achieve business objectives without compromising controls and risk parameters.
• Strong execution skills in multi-tasking mode with effective follow-up.
• Self-starter with excellent attitude, communication, and interpersonal skills.
• High level of accuracy and attention to detail.
• Excellent team working skills.
• Clear articulation and effective presentation of information.
• Persuasive communication and relationship-building capability.

Additional Information

The department currently offers position management, security and cash settlement, corporate actions, reporting, invoicing, reconciliation, SWIFT processing, market security movement, foreign exchange management, cash management, project support, proxy services, tax reclaims, and income management. Planned expansion includes securities lending support, client short selling, network management support, claim management, and other services. Settlement volumes are significant and increasing exponentially as the business is new and up-and-coming, with increasing complexity of products and services offered.