Financial markets back office administrator

Financial markets back office administrators perform administrative tasks for all the transactions registered in the trading room. They process transactions involving securities, derivatives, foreign exchange, commodities, and manage the clearing and settling of trades.

The following job titles also refer to financial markets back office administrator:

operations officer
operations manager
settlements clerk
back office administrator
settlements officer
back office payments assistant
broker assistant
financial markets back office operator
brokerage clerk
settlements manager
brokerage assistant
settlements administrator
broker clerk

A high school diploma or equivalent is generally the minimum required to work as a financial markets back office administrator.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Financial markets back office administrator is a Skill level 2 occupation.

These occupations, although different, require a lot of knowledge and skills similar to financial markets back office administrator.

foreign exchange cashier
investment clerk
bank teller
back office specialist
insurance clerk

These occupations require some skills and knowledge of financial markets back office administrator. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of financial markets back office administrator with a significant experience and/or extensive training.

foreign exchange trader
foreign exchange broker
commodity trader
futures trader
securities broker

This knowledge should be acquired through learning to fulfill the role of financial markets back office administrator.

• Financial products: The different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.
• Customer service: Processes and principles related to the customer, client, service user and to personal services; these may include procedures to evaluate customer’s or service user’s satisfaction.
• Banking activities: The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.
• Financial markets: The financial infrastructure which permits trading securities offered by companies and individuals govern by regulatory financial frameworks.
• Electronic communication: Data communication performed through digital means such as computers, telephone or e-mail.

These skills are necessary for the role of financial markets back office administrator.

• Maintain records of financial transactions: Collate all the financial transactions done in the daily operations of a business and record them in their respective accounts.
• Manage administrative systems: Ensure administrative systems, processes and databases are efficient and well managed and give the sound basis to work together with the administrative officer/staff/professional.
• Handle financial transactions: Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.

This knowledge is sometimes, but not always, required for the role of financial markets back office administrator. However, mastering this knowledge allows you to have more opportunities for career development.

• Foreign valuta: The currencies of different countries such as the euro, dollar or yen including their exchange rate and the methods of currency conversion.
• International commercial transactions rules: Pre-defined commercial terms used in international commercial transactions which stipulate clear tasks, costs and risks associated with the delivery of goods and services.
• Securities: The financial instruments traded in financial markets representing both the right of property over the owner and at the same time, the obligation of payment over the issuer. The aim of securities which is raising capital and hedging risk in financial markets.
• Statistics: The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
• Economics: Economic principles and practices, financial and commodity markets, banking and the analysis of financial data.
• Stock market: The market in which shares of publicly held companies are issued and traded.
• Actuarial science: The rules of applying mathematical and statistical techniques to determine potential or existing risks in various industries, such as finance or insurance.
• Commercial law: The legal regulations that govern a specific commercial activity.
• Financial jurisdiction: Financial rules and procedures applicable to a certain location, whose regulatory bodies decide on its jurisdiction
• Accounting: The documentation and processing of data regarding financial activities.

These skills and competences are sometimes, but not always, required for the role of financial markets back office administrator. However, mastering these skills and competences allows you to have more opportunities for career development.

• Trace financial transactions: Observe, track and analyse financial transactions made in companies or in banks. Determine the validity of the transaction and check for suspicious or high-risk transactions in order to avoid mismanagement.
• Communicate with banking professionals: Communicate with professionals in the field of banking in order to obtain information on a specific financial case or project for personal or business purposes, or on behalf of a client.
• Trade foreign currencies: Buy or sell foreign currencies or valuta on the foreign exchange market on your own account or on behalf of a customer or institution in order to make a profit.
• Provide financial product information: Give the customer or client information about financial products, the financial market, insurances, loans or other types of financial data.

4312 – Statistical, finance and insurance clerks

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References

1. Financial markets back office administrator – ESCO
2. Featured image: Photo by Pixabay