(1051) Senior Financial Markets Specialist

Brief description

The main purpose of this position is to contribute to the development of financial benchmarks and the transition to alternative reference rates in South Africa. To enable price discovery, the South African Reserve Bank (SARB) calculates and publishes several benchmarks, including the South African Rand Overnight Index Average (ZARONIA), which has been designated as the successor rate for the Johannesburg Interbank Average Rate (Jibar). The incumbent will oversee and optimise the production of SARB-administered benchmarks and drive initiatives aimed at increasing the adoption of ZARONIA in financial markets.

Furthermore, as technological advancements and the availability of data continue to shape financial markets, the incumbent will be required to conduct research on market microstructures and lead the development of analytics for detecting market dysfunction and monitoring the transmission of monetary policy. As such, the incumbent will leverage data sources, model financial markets and develop data visualisation tools for monitoring core financial markets.

Detailed description

The successful candidate will be responsible for the following key performance areas:

• Research, develop and maintain advanced analytics related to interest rate and foreign exchange markets.
• Conduct research on various aspects relating to financial benchmarks and reference rate reforms.
• Provide thought leadership and contribute to position papers, presentations, speeches and other documentation prepared by the SARB Working Group, Market Practitioners Group (MPG) and other relevant bodies.
• Contribute to the formulation and execution of strategic initiatives of the unit and the Financial Markets Department.
• Lead the development and periodic review of interest rate benchmarks and the implementation of solutions for various calculation methodologies.
• Establish relevant data sources and lead the implementation of appropriate data collection models to enable the production of analytics.
• Oversee the benchmark determination process and enhance operating procedures and the control framework for benchmark administration.
• Collaborate with other financial market specialists, business analysts, data management specialists, integration specialists and software developers to design and implement infrastructure solutions.
• Prepare periodic operational reports to enable lead specialists, senior management and the Reference Rate Oversight Committee to exercise their oversight function on all aspects of benchmark administration.
• Leverage data and analytics to prepare reports aimed at enhancing the transparency of various segments of interest rate and foreign exchange markets.
• Build and maintain relationships with reporting institutions, market infrastructure providers, industry bodies and other relevant stakeholders.
• Contribute to the learning and development of junior specialists.

• Assist with committee administration.
• Contribute to process improvement.
• Perform ad hoc tasks.

Job requirements

To be considered for this position, candidates must be in possession of:

• an Honours degree (NQF8) in Economics, Finance, Statistics, Data Science or an equivalent combination of education and job-related experience; and
• at least 8 to 10 years’ work experience in financial markets.

The following will be an added advantage:

• knowledge of financial markets products and the pricing thereof;
• knowledge of quantitative finance;
• proficient in Microsoft Office, R and/or Python; and
• proficient in data analysis.

Additional requirements include:

• analytical and conceptual thinking abilities;
• written and verbal communication skills;
• availability to work irregular hours on an ad hoc basis;
• report writing skills;
• planning and organising skills;
• interpersonal skills; and
• being a team player.

In line with the SARB’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.

The SARB offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his/her competence and experience.