Policy Advisor

2 weeks ago

London, United Kingdom Bank of England Full time

**Policy Advisor - Foreign Exchange Division, Markets**

**-**
**(**
**008533**
**)**

**Primary Location** UK-ENG-London

**Job** Market Operations

**Organisation** 452000 - FOREIGN EXCHANGE DIVISION

**Job Posting** 28-Feb-2023, 8:53:26 AM

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation, made up of approximately 4,000 people - each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Markets Directorate promotes monetary and financial stability by leading the Bank's market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities.

An exciting opportunity to be at the heart of policy making in foreign exchange.

**Department Overview**

The Foreign Exchange Division (FED) is one of the two ‘front-office’ divisions in Markets. It operates in foreign currency markets for both the Bank’s balance sheet and the UK’s foreign currency reserves (the “Exchange Equalisation Account” (EEA)).

**We promote monetary and financial stability by**:
- leading the Bank’s foreign currency market operations and serving our customers, including the UK Government and foreign central banks;-
- using our presence in financial markets to gather market intelligence and build expertise;-
- using our markets and analytical expertise to inform and shape the Bank’s policy decisions and priorities; and-
- using our influence, in conjunction with market participants, to overcome market failures and improve market function and practice.Within FED there are three teams. The FED policy team sits and works alongside the two trading desk teams in the division - the Reserves Management team and the FX & Money Market desk. It provides technical expertise and policy advice to senior management on developments in the structure and functioning of foreign exchange (FX) markets as well as on operational and regulatory policies impacting FED’s own trading operations in FX, fixed income and derivative markets.

We place a strong emphasis on diversity, equity and inclusion, and personal wellbeing.

**Team Overview**:
The team focuses on policy implementation and policy strategy. On the policy implementation side, team members co-ordinate a variety of foreign currency operations as well as any wider contingency planning. The team also provides expertise in managing change and implementation of policy decisions. This involves focussing on identifying root causes of operational issues, devising a strategy to improve an operation, and leading the implementation phase itself. On the strategy side, the team is responsible for the Bank’s input into UK and global FX market related policy initiatives. The policy team also runs the London Foreign Exchange Joint Standing Committee (FXJSC), and plays an active role in supporting the work of the Global FX Committee (GFXC).

The Policy team currently has eleven members. Two senior managers and two managers specialise in complementary aspects of work, leading analysts with a diverse set of backgrounds and skills who work in a ‘pool’. An advisor in the division supports the team on FX market related issues. This enables the team to focus effectively on the key issues of the day, while enabling analysts flexibility in what they work on over time. Some prefer to specialise in particular areas, whereas others welcome the opportunity to work across the full breadth of strategy and implementation responsibilities.

**Job Description**:
The jobholder will be responsible for managing the team’s work on policy implementation. They will influence thinking on new policy initiatives supporting the Bank’s operations.

The role will include:
- Co-managing a diverse range of staff across a fascinating range of topics, prioritising effectively and supporting staff development.-
- Contributing to the thinking on new policy initiatives, such as changes to how we manage the UK's FX reserves.-
- Contributing to the design and implementation of agreed new strategic policies and initiatives in the division in close collaboration with the FED trading teams, and with other teams across the Bank.-
- Setting the right operational risk culture for the division and providing input into regular risk assessment and reporting..-
- In order to achieve the above, working with a wide range of internal stakeholders across the Bank. And handling key external relationships, in particular the relationship with HMT for the EEA.The jobholder will work together with the other managers to support and mentor team members, review the team’s priorities and actively sponsor a diverse, equitable and inclusive team ethos.

The jobholder will also contribute to the management of FED as a division, supporting our manageme

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