JP Morgan Chase
The Margin Departments are responsible for administering the margin and credit rules of various regulatory agencies, including but not limited to The Federal Reserve Board, Financial Industry Regulatory Authority (FINRA), Securities and Exchange Commission (SEC), UK’s Financial Services Authority (FSA), as well as the Firm’s internal requirements. In addition, the final review and approval of clients’ requests to withdraw funds and/or securities is owned by Margin staff
- Retail Margin services individuals and as well as entity accounts of clients from various lines of businesses such as Chase Wealth Management, JPMorgan Securities Inc., The Private Bank, Equities Derivatives and Special Equities Finance.
There are approximately 2.5 Million client accounts with ~ $8 billion in credit exposure. This team consists of 40 professionals, located in New York, Delaware and Buenos Aires.
Each time a Margin exception is triggered during daily client trading activity, it is run through team developed User Tools to determine if manual action is required by the Margin team. These exceptions might include trading activity that results in an unsecured debit or short position, good faith violation, box position in a margin account, etc.
The department also facilitates the movement and withdrawal of a client’s cash and securities. The team performs a series of manual validations and callbacks to ensure that collateral movements are confirmed and accurate before leaving the Firm. Finally, the team provides customer service in the form of responding to general inquires and margin questions.
Key Operational Areas:
In Buenos Aires the Margin department is responsible for:
Monitors margin loans for accounts with respect to equity levels - Responsible for reviewing the cash & margin accounts for CWM and JPMS Lob to ensure the activity is in alliance with the REG T and SEC Rules. This may including validate, issue and collects various types of margin calls (House calls, NYSE calls, Fed Calls and Day Trade calls).
Daily review of cash exceptions – Responsible for reviewing cash and margin exceptions that may result in a 90 day freeze of the accounts which prevents the client from trading, due to Reg T violations.
Manages and approves requests for cash and security movements in accordance with the Global Funds Transfer Policy – Responsible for good order review of transfers of securities and/or money within JPMorgan and other entities outside the company.
CWM Transfers and Money movements Call backs - responsible for performing the call back for deliveries, same name and 3rd party journals (money and securities movements between JP Morgan accounts), wires and checks. This consists on instructions validation process on recorded line in accordance with firm policies with Financial Advisors and clients.
Acting as a key point of contact between the front offices and operations - Providing customer service in the form of responding to general inquires across all operational matters either directly or redirecting to subject matter experts across CWM and JPMS. The team is also in charge of answering queries from Financial Advisors through i-Inquire, email, and via phone call in regards to account restrictions, violation and unpaid trades.
Banklink ACH Rejects: Investment accounts and clients bank accounts can be linked in order to allow the pull and push of money between both. These process can be done automatically or in a manual fashion. Banklink ACH rejects can be related to trades or pulling money by an advisor. The main goal is to “save trades” and prevent erroneous and/or duplicate entries. Process is run on Non-Retirement accounts and IRA/Retirement accounts for CWM line of business.
Fee Billing: CWM´s clients’ accounts are reviewed and charged with fees if required or fees are reversed if needed.
Collateral Agreements: JPMCC customer account´s must be in accordance with the Federal and FINRA regulations as well as the Firm's own internal policies and procedures. In this regard, the Department monitors the disbursement and collection of funds and securities for the Accounts, and monitors margin loans with respect to equity levels and acceptable collateral.
These points have been carefully considered as being essential for the role. Your background must accurately reflect all of these for your application to be considered.
- University student / degree.
- 1+ years of working experience on administrative roles.
- Strong risk and control awareness and ability to implement mitigating controls
- Ability to effectively prioritize workloads and work to critical deadlines while maintaining accuracy and quality
- Problem / issue resolution skills
- Relationship building skills, strong ability to develop partnerships to drive results
- Very strong verbal and written communication skills
- Proficiency with Microsoft Excel.
- Client Orientation.
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