Credit & Trade Finance Analyst (Documentary Credit)
Our client is a global Energy Trading business and part of one of the World?s Major Energy Groups.
This newly created role will support the growth expected in LNG & Dry products, you will report to the Credit Supervisor but will work in close co-operation with the Dry Bulk Desk alongside Traders and the Dry Bulk Operations desk, as well as Back Office and Legal Department when necessary.
- Accountable for its contribution to the Sulphur/Petcoke Desk P&L (no individual P&L) and profitable growth of portfolio;
- Responsible for the documentary letters of credit in respect to guarantee payment for trading contracts (spot, term, shipping or storage) with certain trading counterparts,
- Contribute to the underwriting team performance to ensure that team targets on underwriting are met.
- Ensure the timely production of trade finance and credit exposure reporting
- Ensure data is accurately maintained in all the relevant systems
- Comply with delegated credit limits and Group procedures
- Manage the procedure for the acceptance and issue of Import and Export Documentary Letters of Credit (DLCs) and the procedure for obtaining payment under those DLCs:
- Key liaison between client, front office, operations team, back office, and bank for all LC related issues.
- Verify that counterpart has been correctly approved for trading in line with credit and compliance policies
- Review relevant credit clauses in the underlying contracts
- Prepare draft wording of Trade Finance including the negotiation of DLC format, terms and conditions with counterparties.
- Verify DLC terms against UCP/ ISP to ensure all workability issues are clear
- Verify that form of DLC issued is acceptable and is issued and/or confirmed by an acceptable bank
- Confirm permission to Operations desk to commence with loading
- Perform second checking and verification of cargo documentation
- Ensuring timely presentation of documents to speed up the payment process
- Ensure that all documents necessary to obtain payment under the DLC are available
- Organise/verify delivery and collection of such documents (liaising with Ops)
- Preparation of required facility documents and covering letters for submission of documents
- Present documents to bank to obtain payment under DLC ensuring procedures and timelines are respected.
- Respond to risks of document discrepancy and clean presentation of LCs (both internally and externally)
- Implement and facilitate non-standard procedures such as ? i. DLC discounting/90 days deferred payment by Buyer (to its bank) with full payment under the DLC, ii. DLC issued by third party applicant, iii. Partial pre-payment with DLC for balance, iv. Back-to-back DLC, v. DLC with LOI procedure
- Establish procedures and records in order to keep track of and maintain records of DLCs issued and presented.
- Create and verify all swift messages related the LC issuance, amendments and etc.
- Facilitate work process improvements through idea generation, applying knowledge and training of Trade Finance (products, mechanism and risks) and collaboration with Credit Supervisor
- Generate weekly report containing all existing open Doc LC?s against existing deals, check to ensure all deals are covered via security where required and that the payment has been received under the opened Doc LC?s
- Generation of daily credit exposure reports for distribution to the front office and senior management
- Provision of ad-hoc reporting and analysis of credit exposures including detailed analysis of counterpart?s position
- Review of contractual data to ensure correct set up in the legal database
- Understanding of and ability to manage collateral margining and other non-trade finance based security.
- Ongoing review of existing and new transaction types and contractual terms to ensure resulting credit exposures are clearly understood and captured effectively in the credit reporting process
- Ad-hoc credit analysis of all the existing counterparties in order to review or ascribe/amend credit limits and recommendation with respect to the credit risk mitigants where necessary
- Negotiation of Parent company guarantees and Standby Letters of Credit
- Ad-hoc projects set by Credit Supervisor.
QUALIFICATIONS / EXPERIENCE REQUIRED:
- Qualified to at least degree level in a relevant discipline such as law, finance or credit.
- Current work based, proven practical experience and know-how of the process of issuing of Trade Finance including documentary letters of credit and of collecting and marshalling the production of documents to obtain payments via documentary letters of credit is essential.
- Good working knowledge of UCP600.
- Experience will ideally have been gained in a shipping or banking background, with experience in dry bulk shipping is essential (ideally sulphur/petcoke - highly desirable).
- Credit Risk experience and working knowledge of the energy industry is desirable although not essential.
This job was originally posted as www.cityjobs.com/job/959910317