Trader I

JOB DESCRIPTION TITLE Trader I COMPANY Mercantil Commercebank INCUMBENT NAME DEPARTMENT Mercantil CIS JOB CODE 6500782 ULTIPRO TITLE LOCATION Coral Gables FLSA Exempt DATE CREATED 10/15/2012 KEY / SENSITIVE Yes No SURVEY COMPANY Watson Wyatt SURVEY CODE SCOPE & PURPOSE OF JOB Trader is responsible for all away from Pershing executions, sales-trading services to active customers, security structure and market analysis, and provision of recommendations DIRECT REPORTS POSITION TO WHICH SUPERVISOR REPORTS Investment Services Manager IMMEDIATE SUPERVISOR Head Trader THIS POSITION TITLE Trader I OTHER POSITIONS THAT REPORT TO IMMEDIATE SUPERVISOR: Junior Trader ESSENTIALS OF THE JOB Accountability Responsible for the firm’s execution function related to all non-Pershing trades, mainly fixed income. Other execution responsibilities may include structured products, hedge funds, mutual funds and non-Pershing foreign exchange Keep abreast of markets and security structures in order to provide analytical based recommendations Must follow detailed operational procedures while making sure Investment Consultants have also followed such procedures before accepting an order Must follow procedures related to best execution rules: Rule 2320(g) documenting all counterparties reviewed and prices offered Must make any reasonable effort to report eligible trades so firm is in compliance with TRACE reporting rules (Rule 6230) Provides day-to-day market insights to Investment Consultants Actively participates in problem-solving with current counterparties Reviews pricing decisions to validate that mark-ups and commissions are within company guidelines. If a violation is detected, Trader must inform customer-facing role and Principal Provides market insight and execution (sales-trading role) to very active customers Ensure preventive measures are carried out to fully comply with current rules, regulations and internal policies relating to risks pertaining to BSA, USA Patriot Act, OFAC and other AML related issues To identify, evaluate, monitor and make any recommendation deemed necessary to their respective Risk Management Committee in order to assess, reduce, eliminate or control any current or prospective risks to earnings or capital arising from violations of, or nonconformance with, laws, rules regulations, prescribed practices, internal policies and procedures or ethical standards. Participate in ad hoc projects MAGNITUDE: Trader executes an average of 50 trades per day, valued at over $ 5 million Revenue generation of over $600,000 per month Execution errors are absorbed by company. Great accuracy is required to avoid costly errors Operating Budget (Including Payroll & Benefits): $ Total Payroll Responsible For (Including Benefits): $ Number of Direct Reports: Exempt: Nonexempt: Total Employees Responsible For: Exempt: Nonexempt: Sales Budget (If Applicable) $ Other Relevant quantitative data: Problem Solving Execute trades among different options with great accuracy Define ways to solve execution problems Maintain a continuous flow of information and develop strong ties with counterparties Maintain low execution error statistics Workload subject to intense peaks, job requires maintaining high accuracy under pressure Know How Functional Skills & Knowledge Requirements: Must be a team player, have the ability to work under pressure, have a professional image and be able to resolve problems and conflicts. Must be able to prioritize work and effectively manage time and have the ability to manage change. Must possess basic business communications skills such as advanced writing, listening and have basic office and mathematics skills, and customer service skills. Possession of professional skills such as report writing, advanced statistics, effective presentation skills, creative skills, budgeting and conducting effective meetings and research assessment are required. Minimum Education and/or Certifications Requirements: Bachelors Degree in Finance, Administration or Business Minimum Work Experience Requirements: 3 years of relevant experience (Treasury, Trading or Execution desk) Technical and/or Other Essential Knowledge: Previous experience with Lotus Notes, Internet and MS Office Skills, including MS Word Advanced, MS Excel Advanced, MS PowerPoint Advanced, MS Project Level II and MS Visio Level I required. Bilingual (English/Spanish). Series 7 (after 180 days). Bloomberg: Execution and Information. Skills as per role: Knowledge of the Organization, Knowledge of MCB Products and Services, Basic Abilities, Knowledge of US laws and regulations, Communication Skills, Professional Skills, Managerial Skills, Workforce Management, Strategic Planning, Risk Management, Dexterity with PC Applications Working Conditions: Core Competency: A combination of education, training, and experience may be substituted when competency in the role is demonstrated. Reasonable accommodations may be made to those who are able to perform the essential duties of the job. The incumbent must be able to pass any required drug test and new hire physical examination The Company reserves the right to revise and alter this job description as needed. By signing below, the job applicant/position incumbent has read this job description and a copy has been provided to him/her. The signature below certifies that the job applicant/position incumbent is able to perform the essential functions of this position with or without reasonable accommodations. APPROVED BY: INCUMBENT TITLE DATE SUPERVISOR TITLE DATE FUNCTIONAL MANAGER TITLE DATE The above statements are intended to describe the general nature and level of work being performed by people assigned to this job. They are not intended to be an exhaustive list of all responsibilities, duties, and skills required. For Human Resources Input Only: Accountability __ _____ Problem Solving _________