Director of Foreign Exchange and Global Rates

Federal Reserve System•Chicago, IL

1d•$236,400 - $400,000•Onsite

About The Position

The Domestic and International Markets (DIM) Function within the Markets Group executes transactions in the open market on behalf of the Federal Reserve System, the U.S. Treasury Department, and foreign official customers, and conducts detailed analysis of financial market developments in support of the Federal Reserve’s monetary policy and financial stability decision-making process. The Director of Foreign Exchange and Global Rates (FXGR) is a member of the DIM Senior Leadership team and provides leadership and management to the FXGR Directorate. The FXGR business line is composed of two staff units, across two physical locations, and has a combination of policy-relevant operational and analytical responsibilities. On the operational side, FXGR is responsible for executing U.S. foreign exchange policy operations, foreign exchange customer transactions, and managing central bank liquidity swap lines with a number of foreign central banks. On the analytical side, FXGR is responsible for producing high quality, timely, and policy-relevant analysis of foreign exchange, international money and capital markets, and policy developments in jurisdictions throughout the globe for relevant stakeholders across the Federal Reserve System and U.S. Treasury Department. The FXGR directorate also oversees the management of the Foreign Exchange Committee (FXC) secretariat. The FXC is an industry group sponsored by the Federal Reserve Bank of New York and supports the integrity, efficiency, and resiliency of the global FX market.

Requirements

Relevant work experience with a demonstrated interest in financial markets and central bank policy implementation.
Substantial knowledge of financial instruments, market structure, macroeconomic theory and monetary policy.
Excellent demonstrated leadership and decision-making skills with the ability to oversee highly visible, time sensitive and consequential financial market operations.
Strong business judgment, proactive leadership, and a strategic orientation to lead a high performing team.
Demonstrated agility and flexibility to guide the directorate through change management and unforeseen business challenges.
Strong aptitude and experience in the sustainable and ongoing development of talent, with a track record leading wide-ranging teams to achieve high-quality and timely results across policy, operational, and analytical objectives.
Demonstrated ability to provide constructive and timely coaching and feedback on performance, strengths, and areas of development; demonstrated commitment to providing meaningful growth opportunities to team members.
Keen self-awareness and high emotional intelligence, including the ability to build trust in a variety of relationships through candor, reliability, and authenticity, and the capacity to embrace and draw from various perspectives in an inclusive way to improve the quality of outcomes.
Strong analytical, written and oral communication skills, including the ability to synthesize and transform complex issues and data into meaningful and actionable information for decision-makers, and the ability to lead others in this work.
Excellent organizational and planning skills.
Foresight to anticipate and respond to rapidly evolving analytical needs and priorities.
Ability to credibly represent the Bank in market discussions with senior members of the investment community, central banks and in international meetings.
Access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information.
Must be a U.S. citizen, lawful permanent resident, or meet the definition of a “protected individual” under 8 U.S.C. § 1324b(a)(3), or certain other nonimmigrants authorized to access CSI and/or FOMC information and sign a declaration of intent to expeditiously become a lawful permanent resident and thereafter a U.S. citizen when eligible.

Nice To Haves

Approximately 20% travel required.

Responsibilities

Provide strategic leadership of and manage the foreign exchange operations, central bank liquidity swap lines and analysis of foreign financial market and policy developments.
Direct a high-performing team of managers, specialists, and analysts engaged in foreign exchange operations, FX swap transactions and analysis of international financial markets and policy developments that meets the needs of stakeholders at the FRBNY, Board of Governors, and U.S. Treasury Department in support of monetary policy and financial stability objectives.
Provide strong leadership which cultivates a professional workplace environment that promotes inclusiveness, fosters collaboration, and supports open and transparent communication with an emphasis on talent management to attract, develop, and retain top talent.
Direct the alignment of resources with the long-term Markets Group strategic plan and work with the DIM senior leadership team to develop and execute DIM’s strategy.
Align the FXGR strategic plan with DIM’s long run goals and oversee its implementation.
Oversee the range of operations that take place within the Directorate related to foreign exchange markets and liquidity swaps with foreign central banks.
Serve as a senior point of escalation for counterparty matters.
Promote strong risk management practices and ensure robust control environment and culture.
Collaborate with first, second, and third line partners to ensure the readiness, resiliency and effectiveness of operational tools for the range of market operations conducted within the Directorate.
Lead the team’s experts in delivering high-quality, policy-relevant analysis of developments in foreign exchange, international money and capital markets, and economic policy developments to directly support the Bank’s contributions to the Federal Reserve System’s monetary policy and financial stability objectives.
Provide thought leadership in setting a forward looking analytical and operational agenda to meet current and future policy needs.
Work with senior stakeholders to adjust strategic priorities in response to shifts in the operating environment or policy landscape.
Engage with senior leaders across the Bank, Federal Reserve System and U.S. Treasury to ensure analytical products and briefings are aligned with stakeholders’ priorities.
Represent the Bank externally in interactions with private sector counterparties and the FXC to further develop the Bank’s understanding of policy-relevant global financial market issues and to maintain robust engagements with operational counterparties.
Represent the Bank in international meetings and maintain relationships with senior representatives from other central banks on relevant policy issues pertaining to FXGR responsibilities.