Derivatives Operations Specialist

Derivatives Operations & NMTC Specialist provides support and back up for the Derivatives Manager in order to facilitate knowledge of the sales function and products sets. This position provides operations, accounting, and reporting support for the Bank's derivative program as well as assistance to the New Market Tax Credit (NMTC) Manager in operational and accounting aspects regarding Federal and State Tax Credit Programs and any newly created tax programs.

• Responsible for reviewing and inputting Chatham accounting transactions, reporting and pre-screening for the Bank's compliance requirements as well operational aspects for compliance with various regulations involving derivative products.
• Assist with recording NMTC transactions, documentation, reporting and as well as operational aspects for compliance with various Federal and State NMTC programs.
• Serves as the Portfolio Manager for client derivatives to ensure proper exposure management and on-going monitoring is reporting internally and to external parties.
• Assist in the marketing and client facing aspects of the derivative and NMTC business.
• Maintain a good working relationship with financial institution counterparties and the Bank's Futures Commission Merchant (FCM) as part of the support for the derivative products offered by the Bank to clients.
• Monitor derivative exposure of the Bank to clients and other financial counterparties and adjust collateral and credit exposure levels as needed to manage the Bank's exposure to these parties.
• Settle payments as needed for outstanding derivative transactions with Bank clients and other financial institutions.
• Work with the Derivatives Manager and Commercial Relationship Managers regarding client presentations, documentation and transactions dealing with derivative transactions.
• Responsible for assisting with structuring interest rate risk management presentations for middle market clients.
• Analyze and adjust credit spreads used to value derivative transactions; review and record valuations of these transactions to the company's financial records.
• Reconcile and report on all settlement accounts for derivative transactions.
• Call on clients with Commercial Relationship Managers to explain the use and structure of the hedging transactions including their structuring, pricing and mechanics.
• Assist with the reporting of outstanding transactions and exposures for regulatory reporting of derivative transactions.
• Responsible for negotiating legal changes to ISDA (International Swap Dealer Agreement) documentation for transactions.
• Record and track multiple company entries to properly reflect the financial records of various tax credit transactions.
• Prepare and post journal entries for CDEs (Community Development Entity) and Investors.
• Distribute payments to various entities for the tax credit structures.
• Record loan transactions as well as the accrual and collection of various fees throughout the year.
• Monitor the income and balance sheet of the various tax credit entities to ensure accurate reporting.
• Review transaction documents and develop appropriate entries and actions in accordance with the transaction documents.
• Responsible for appropriate IRS and CDFI (Community Development Investment Fund) filings for qualified equity investments.
• Facilitate year end audits including the DDA accounts, general ledger accounts and trial balances.

None

• Bachelor's Degree preferably in Accounting, Finance, or Economics.
• 4+ year related experience preferably with 2-3 years in financial services.
• CPA, CFA, or CTP preferred.
• Basic knowledge of tax credit markets.
• Advanced knowledge of the derivative markets including the financial, operational and regulatory aspects.
• Advanced knowledge of Accounting and Financial Principles.
• Understanding of NMTC concepts as applicable to accounting distributions, projections and reporting.
• Understanding of legal documentation for ISDA governed transactions and modification of such documents.
• Extended travel may be required

• Ability to work under stress and meet deadlines
• Ability to operate related equipment to perform the essential job functions
• Ability to read and interpret a document if required to perform the essential job functions
• Ability to travel if required to perform the essential job functions
• Ability to lift/move/carry approximately 10 pounds if required to perform the essential job functions. If the employee is unable to lift/move/carry this weight and can be accommodated without causing the department/division an "undue hardship" then the employee must be accommodated; hence omitting lifting/moving/carrying as a physical requirement.