Energy Commodities Settlements Analyst

Responsible for settlement, payment, validation, and provision of month end reporting information. Services for:

• commodities (including Power, Gas, Foreign Exchange, Emissions, Renewables/green products such as REGOs and RGGOs)
• instruments (including Forwards, Futures, Financial Commodity Swaps, Financial FX Swaps) within UK and European Traded Markets.
• Standard and complex contract structures including GTMA, NBP, EFET, ISDA, Exchange Rules, imbalances with TSOs and Power Purchase Agreements (PPAs).

Key Accountabilities:

• Validation and Confirmation of transactions across a wide range of commodity markets and with trading counterparties (internal and external) for all UK trading activities. This includes trades executed on exchanges and Over the Counter (OTC) directly with counterparties under various contract structures. Maintain a system for tracking outstanding confirmations and liaise with counterparties to ensure all outstanding confirmations are received.
• Invoicing: Accurate preparation and validation of commodity invoices, associated fees (including broker fees, gas shipping and transportation charges) and some ancillary services.
• Daily cash margining process: agree daily cash margin (also referred to as cash collateral) exposures with trading counterparties. This is a time sensitive process that involves daily payments by set deadlines and being proactive in following up if there are late responses and/or mismatches.
• Query Resolution: Have a thorough understanding of commodities and contract structures traded to successfully resolve queries from internal and external counterparties.
• Compliance control: Review deals from a compliance and control point of view and flag up for corrective action (e.g. errors and breaches by traders)
• Financial Control: Liaise with colleagues in the wider business to ensure cash settlement occurs and follow up late payments with counterparties where necessary.
• Internal Control, Best Practise and Audit: Develop and maintain clear and logical administrative processes with efficient audit trails. Assist with audit queries as and when they arise. Strive to develop the Back Office as an area of "Best Practise".
• Financial and Trading Reporting: Ensure all required information is provided under agreed deadlines to various users including:
  • Finance teams - for cash forecasting, gross margin reporting and month end reporting
  • Risk Management- for trading reports
  • Wider areas of the business for ad-hoc analysis
• Compliance with Contractual Terms: Ensure all Back Office processes are carried out in accordance with contractual obligations.
• Regulatory reporting: support Back Office team with regulatory reporting (REMIT, EMIR etc)
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  Outcome, Results and Key Performance Indicators:
  • Validations and trade confirmations are completed accurately and within contractual timelines. Outstanding confirmations are managed and kept to a minimum within expected thresholds.
  • Invoicing and settlement occur in accordance with agreed contract terms.
  • Cash margining payments are made on time and related databases are managed accurately.
  • Reporting and information provided is accurate, timely and within contract terms.
  • Settlement queries are resolved promptly and accurately in accordance with agreed procedures.
  • Back office processes are fit for purpose and any improvements are well designed (considering any software or other limitations beyond control). There is no material breach of internal controls when tested by audits.
  • Communication between Front, Middle, Back Office and Finance teams is effective, and relationships are maintained.
  • Back Office Audit queries are resolved in a manner satisfactory to the business.
  • The Back Office is known as an area of best practise.