Department Overview Markets, Banking, Payments and Resolution "MBPR" is one of four Deputy Governorships in the Bank and plays a critical role in the Bank's mission to promote monetary policy and financial stability. It leads the Bank's sterling market operations, runs the UK's high value payments system, manages the UK's foreign exchange reserves on behalf of HM Treasury, and acts as the 'bank' within the Bank of England. It uses its presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities and is home to the FinTech Hub to prepare the Bank for developments in financial technology. It is responsible for both the execution of resolutions when necessary and developing policy to make banks more resolvable both within the UK and internationally and to implement the resolution part of the post financial crisis agenda. The Strategic Change & Operations (SCO) directorate is central to the success of MBPR. With around 250 staff, it works to devise and implement the operational strategy of the area and takes the lead on cross-divisional issues relating to: operational resilience; change delivery; business planning and oversight; challenge and mitigation of operational risk; people strategy including promoting diversity and inclusion; management and control of end-to-end business process and data flows in relation to market operations. Middle Office works across Markets & Banking and is responsible for managing and controlling end-to-end business process and data flows in relation to all Markets & Banking operations. One of its core activities relates to pricing and valuing, which is led by the Pricing Policy & Valuation (PPV) team. Job Description The position sits within the Middle Office. This is a rewarding role that presents a great opportunity for someone who is interested in utilising their analytical skills to improve the Bank's pricing policies and models, with exposure across the Bank's market operations. The senior analyst is responsible for the pricing and valuation of all on and off-balance sheet fixed income and derivative positions. The role holder will lead the review of the pricing models currently used and through sound analysis propose improvements or alternatives to these models. This gives the role holder an exciting forum to build and demonstrate their knowledge and influence the Bank's pricing policies by discussing their results and ideas with the team, subject matter experts and senior management at bi-laterals, small working groups and various management review committees. In addition to management, policy and methodological work, there is an element of 'business of usual' pricing operations and interactions with the front offices and the risk and settlement areas that the successful candidate will be encouraged to support and help make more efficient. The job holder will be expected to research and implement improvements with the clear ability to multi-task and work across different teams within the area and other directorates. The role suits a proactive and analytical but practical individual who can understand and implement methodological improvements as well as identify and deliver the related business process and system enhancements. Role Requirements Minimum (Essential) Criteria An excellent knowledge of 'vanilla' financial products, including but not limited to replicating the pricing of fixed/float rate bond, repo and different type of swap trades from market quote providers, valuation curves, or models. Sound experience in curve construction (yield, discount and projection) with a good knowledge of different building methodologies and how these curves are then used in the pricing and risk management of various instruments. Experience of working accurately to sometimes tight deadlines, with a focus and determination to consistently ensure outputs reach the highest standard but also with pragmatism to ensure the correct balance is achieved with regards time invested and output quality improved. A proven team player, willing to help others to achieve results, with strong interpersonal skills to interact confidently with other teams and directorates at junior and senior levels but also the ability to work independently without supervision and a willingness to work on your own initiative. Solid coding experience in R, Python or Matlab would be a strong advantage This is a people management role. You will be responsible for day to day management of the team and for defining roles and responsibilities. You will develop your team through sharing information effectively, coaching and communicating a clear vision to ensure that your staff are productive, engaged and motivated to deliver the area's aims. This will include setting clear goals and smart stretching objectives that are aligned to those of the team, division and directorate. You will also be responsible for managing all staff-related matters that may arise including performance, absence and sickness. Number of direct reports: 2 Our Approach to Inclusion The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it's by drawing on different perspectives and experiences that we'll continue to make the best decisions for the public. We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed. For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders. Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the 'Candidate Personal Information' under the 'Disability Confident Scheme' section of the application. Salary and Benefits Information We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate. This role offers an annual salary of: Leeds from £50,080 - £57,780 London from £55,615 - £64,170 In addition, we also offer a comprehensive benefits package as detailed below: A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year. A discretionary performance award based on a current award pool. A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits. 26 days' annual leave with option to buy up to 12 additional days through flexible benefits. Private medical insurance and income protection. National Security Vetting Process Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy. Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice. The Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance. As such, our ability to employ individuals who require sponsorship for immigration purposes is limited. The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful. Eligibility will therefore be considered on a case by case basis. The Application Process Important: Please ensure that you complete the 'work history' section and answer ALL the application questions fully. All candidate applications are anonymised to ensure that our hiring managers will not be able to see your personal information, including your CV, when reviewing your application details at the screening stage. It's therefore really important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process. The assessment process will comprise of two interview stages. This role closes for applications on 31st January 2025. Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.