Provide back office functional support to the Brokerage department, update and reconcile system from trade execution to final settlement, as well as generating reports to Dealers and Clients
1. Receive trade tickets executed by the brokers along with the trade confirmations from the counterparties.
2. Prepare and convey settlement instructions to the counterparties, the Bank, the clients and the clearing agent to arrange to settle the trades.
3. Follow up with the clearing agents to ensure that the trades have been settled.
4. Transfer ownership of local shares from client to client, portfolio to portfolio.
5. Report to the regulatory authorities (e.g. Kuwait Stock Exchange) the necessary portfolio opening/ closing and other compliance details as required by the specific markets.
6. Maintain and update system with the relevant trades, securities and cash injection/withdrawals on a daily basis and prepare Management information reports.
7. Reconciliation of the portfolio cash and custody account with the respective Banks and the custody accounts and send out periodic portfolio reports to the clients.