The Payments Policy Function leads the coordination of Bank-wide policy work and oversight related to systemically important payment, clearing and settlement activity, with the aim of increasing the resiliency and stability of the financial system. The Team works in partnership with key stakeholders and subject matter experts across the bank, the Federal Reserve, at domestic and foreign regulatory agencies, and in the private sector to achieve this mission. This has long been an area of strategic importance to the Federal Reserve Bank of New York and is increasingly recognized as a critical component of global financial stability.
Policy issues cover a broad range of topics associated with payment, clearing, and settlement of large-value transactions. Current initiatives include strengthening the resiliency of the tri-party repo market infrastructure, promoting international standards for financial market infrastructure, and reducing foreign exchange settlement risk. Moreover, with the enactment of the Dodd-Frank financial reform legislation, the Function has critical responsibilities under Title VIII, the Payment, Clearing, and Settlement Supervision Act of 2010. The Function plays a central role in shaping the bank's views on these various issues and influencing the direction of related policies both domestically and internationally. Some of this is carried out through the Function's leadership and participation in the Committee on Payments and Settlement System (CPSS) at the Bank for International Settlements (BIS), the bank-sponsored Payments Risk Committee, and the OTC Derivatives Regulators' Forum.
Responsibilities
This position provides a highly motivated candidate with an opportunity to develop expertise and contribute to the development of sound public policy in the field of payments, clearing and settlement systems and related activities that underpin financial market stability. The candidate will have the opportunity to learn about this field by analyzing and reporting on policy issues related to payments and securities settlement domestically and globally. The successful candidate will:
- Lead and contribute to the preparation of sound analyses on policy issues to assist in formulating policy recommendations and proposals, including work to implement and carry out the responsibilities in Title VIII of the Dodd-Frank Act
- Monitor industry developments domestically and internationally to identify potential policy issues
- Develop a comprehensive understanding of the design, function and risk management of multiple domestic and international payment systems (e.g., CHIPS, CLS, DTCC, Fedwire, ICE Trust) to strengthen operational resiliency, ensure effective oversight, and support FR crisis management
- Assess payment systems against international standards adopted in the Federal Reserve's policy on Payment System Risk and identify key risks and gaps
- Participate in the on-going oversight of systemically important payment and settlement systems, central counterparties, and trade repositories
- Analyze data associated with payments activities in the financial system with the purpose of monitoring trends and understanding the drivers of regular patterns and changes in activity
- Develop and maintain effective communication and relationships with Bank personnel involved with payments issues and operations to recognize the broad range of views across the bank
- Participate in inter-disciplinary, collaborative efforts to research and build consensus on payment, settlement or market infrastructure issues, including those related to central counterparties
- Prepare briefings and analyses to support Function representatives attending domestic and international meetings with private and public sector officials
- Undertake special projects as assigned
Requirements
- Master's degree in economics, business, finance, public policy, international affairs or equivalent work experience
- Understanding of economic, financial and banking terminology and concepts
- Familiarity with one or more key elements of the design and operation of payment systems, including for example, clearing, netting, settlement, custody, or collateral management is desirable
- Familiarity with the Dodd-Frank Act is helpful
- Strong analytical and critical thinking skills demonstrated by the ability to assimilate new information, understand complex topics, integrate data with policy concepts, and produce sound analysis
- Excellent written and oral presentation, and interpersonal skills
- Strong organizational skills and attention to detail
- Ability to handle multiple assignments/responsibilities simultaneously and deal with flexible work priorities, work well under pressure, and initiate and deliver high quality products in a timely, thorough and accurate manner
- Proven ability to work independently and as part of a team with all levels of staff and management
- Strong computer skills, including Excel, Word, and PowerPoint
="margin:0in 0in 0pt .25in;" class="MsoNormal">This position requires access to confidential supervisory information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization, and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.
|