Forex (FX) Manager

Some careers have more impact than others. 

If you’re looking for a career where you can make a real impression, join HSBC and discover how valued you’ll be. HSBC is one of the largest banking and financial services organisations in the world, with operations in 62 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions. We are currently seeking an experienced professional to join our team in the role of Forex (FX) Manager

Role Overview

HSBC Global Treasury is the global clearing house for HSBC’s financial resources. We proactively integrate, manage and steer our financial resources for today and for the future, whilst ensuring our prudential safety. Finance resources are defined as the cash, liquidity, funding and capital (including as measured by RWAs, leverage and large exposures) of entities within the Group and the interest rate and FX risks that result from the banking book activity.  We partner with Businesses and entities to provide sustainable optimised commercial outcomes to deliver the Group’s strategy. We manage the residual portfolios and risks with a mind-set of portfolio optimisation.  Our team leads a dynamic and inclusive culture fostering diversity of thought and where the best want to work.

• Group Treasury are looking for a suitable candidate to join the small FX team, focusing on the management of Structural FX risk (“SFX”) and Transactional FX risks (“TFX”). The individual will report into the Head of FX strategy
• Group Treasury is the 1LoD owner of Non-trading Book FX (“NTBFX”) risk. This includes SFX and TFX risk.

In this role, you will:

• Monitoring and management of the Group’s SFX exposures and HGHQ Structural FX hedging Programme (circa $35bn notional). Rebalancing hedging positions, recommending strategy for individual currencies, protecting against downside FX event risk, forecasting of SFX exposures, managing (Risk Weighted Assets) RWAs associated with SFX risk.
• Assists the Head of FX strategy in the maintenance and development of the Group’s FX risk management framework and strategy.
• Prepares MI and sign off packs for FX reporting to senior Treasury management and Group Capital Management Meeting (“GCMM”). Updates MI pack to cover current topics and key themes.
• Actively contribute and provide SME knowledge into various Treasury change projects impacting FX management (including Basel 3.1 and hedge accounting).  
• Updates and maintains the Group’s Hedging Strategy and Capital Ratio Sensitivity Limit documents. Recommends Group SFX sensitivity limits to Head of FX strategy and 2LoD for approval, and monitors utilization against these limits.
• Global SFX and TFX procedure “champion”. Responsible for development and maintenance of these procedures, recommending changes to Head of FX Strategy and 2LoD.
• Ensures adequate controls and operating instructions in place for all Group SFX and TFX processes.   Production of Internal Capital Adequacy Assessment (ICAAP) for SFX and TFX risk. Support the Group’s structural FX waiver applications and permissions.
•  Identify and support capital efficiency initiatives in relation to FX, generating positive EP for the Group. Close interaction with Regulatory Reporting FX controller team, HGHQ Product and Financial Control teams, HGHQ Markets Treasury and regional ALCM teams.
• Liaise with Global Business, regions and functions to ensure impacts on capital requirements and performance metrics are understood (e.g. CET1, RWAs, RoTE, EP etc.). Understanding and application of regulatory rules impacting SFX and TFX capitalization. Developing changes to hedging strategies considering any rule changes (e.g. Basel 3.1)

To be successful you will:

• Professional Accounting qualification advantageous, however significant operational experience (e.g., 7+ years) will also be considered
• Treasury/ Risk/ finance background, strong knowledge of accounting, capital requirements and FX risk of 12-18 yrs
• Must understand hedge accounting and FX products.
• Excellent communication skills, both written and verbal.  Adept at presenting to senior stakeholders and at senior committees.
• Ability to work with, co-ordinate and influence a wide range of stakeholders.  Ability to proactively manage financial and non-financial risk.
• Able to deliver to tight deadlines, react quickly when required. Highly numerate with strong background in mathematic disciplines.
• Appetite to seek opportunities and work beyond the immediate boundaries of the role.

You’ll achieve more at HSBC

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HSBC is an equal opportunity employer committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and, opportunities to grow within an inclusive and diverse environment. We encourage applications from all suitably qualified persons irrespective of, but not limited to, their gender or genetic information, sexual orientation, ethnicity, religion, social status, medical care leave requirements, political affiliation, people with disabilities, color, national origin, veteran status, etc., We consider all applications based on merit and suitability to the role.”

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