Morgan McKinley
CASS Reconciliations and Treasury Operations Officer
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Role Overview
The role holder works closely with the following stakeholders:
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Compliance / Legal: CASS policy guidance, regulatory change, FCA notifications and CMAR filing.
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Finance: Accounting reconciliation, shortfall funding authorisation, ALM reporting.
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Front Office (Treasury / HO): Trade confirmation, settlement instruction generation, FX and rates operations.
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IT / Systems: In-house custody, treasury and payment systems, and the SWIFT service bureau.
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External Sub-custodians & CSDs: CCBC HO and other sub-custody counterparties.
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Counterparty Operations: Correspondent banks and dealer counterparty operations teams for FX, fixed income and IRS settlement confirmation.
Key Responsibilities
CASS Reconciliations — Client Assets (CASS 6)
- Perform daily external reconciliation and monthly internal reconciliation of all safe custody assets (OTC bonds) held in the in-house custody management system on behalf of custody clients.
- Reconcile the securities ledger against external CSD and sub-custodian statements, CSD position data, and SWIFT MT564/566 corporate action messages from HO/sub-custodians.
- Maintain the three-way reconciliation framework (system counter balance vs external statement vs HO accounting balance) for all custody client portfolios.
- Perform the daily Level 1 – Level 2 reconciliation to confirm custodian balances reconcile at individual client level (no aggregate portfolio-level balance available).
- Classify, document and investigate all reconciliation breaks by severity, escalating significant breaks and client asset shortfalls immediately to the CASS Oversight Officer, and support root cause analysis and remediation.
- Confirm that all daily reconciliations are consistent before corporate action processing is initiated in the custody system.
- Support preparation and maintenance of the CASS Resolution Pack, keeping reconciliation records, account registers, custodian details and break logs current and accessible.
- Complete and submit the daily CASS Reconciliation Certificate (signed by the role holder; countersigned by the CASS Oversight Officer under maker/checker controls).
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Cross-Border OTC Bond Operations (Custody Specialist Function)
The role holder develops and maintains expert knowledge of:
- Settlement mechanics for cross-border UK–China OTC bonds, including settlement via CCDC and SHCH.
- SWIFT securities settlement messaging (MT540-series and ISO 20022 sese equivalents).
- Corporate action processing for custody bonds — coupons, principal redemptions, amortising, callable and puttable bonds and exchange offers.
Treasury Operations — FX Products
Operations support for the firms plain vanilla FX activity:
- FX Spot: Booking, confirmation and settlement across major pairs (incl. USD/CNH, GBP/CNH), including netting.
- FX Forward: Confirmation, lifecycle and settlement of outright forwards and NDFs; awareness of UK EMIR reporting thresholds.
- FX Swap: Confirmation, settlement and monitoring of open forward legs.
- Settlement: Payment/receipt instructions via SWIFT (pacs.009 and pacs.008 ), CLS input and in-house payment processing; nostro reconciliation of treasury accounts.
- Trade Confirmation: Matching via SWIFT MT300/MT304; managing unmatched and unconfirmed trades.
- Regulatory Reporting: UK EMIR trade reporting and MiFID II/MiFIR transaction reporting where reportable.
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Treasury Operations — Interest Rate Products
- Cross-Currency Swaps (XCCY): Confirmation and lifecycle management of basis swaps (esp. GBP/CNH, USD/CNH), including principal exchange, coupon exchanges and MTM margin calls.
- Regulatory Reporting: UK EMIR trade and lifecycle reporting for OTC rate derivatives; UTI generation, LEI validation, EMIR Refit support.
- Bond Repo: Confirmation and settlement of liquidity-management repo; reconciliation of open positions and accrued interest.
Controls, Risk and Compliance
- Maintain maker/checker (four-eyes) controls at all times; never approve or sign off a reconciliation or adjustment the role holder has initiated or prepared.
- Log all operational errors and near-misses in the Operational Risk Event Register; support root cause analysis for client asset/money errors.
- Support monthly Client Money and Asset Return (CMAR) preparation under SUP 16.14, providing accurate reconciliation data to the CASS Oversight Officer.
- Support internal and external audit and FCA engagements relating to CASS reconciliation and treasury operations.
- Maintain current knowledge of the CASS Sourcebook, relevant policy statements, Dear CEO letters and thematic reviews; alert the CASS Oversight Officer to relevant developments.
- Complete all mandatory training (CASS Foundation and refresher, SM&CR, UK EMIR, AML/Sanctions) within prescribed timeframes.
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