The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation, made up of approximately 4,000 people – each committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Markets Directorate promotes monetary and financial stability by leading the Bank's market operations, and by using our presence, expertise and influence in financial markets to inform and shape the Bank's policy decisions and priorities.

The Markets Directorate includes 6 Divisions which are:

• Sterling Markets
  
• Foreign Exchange
  
• Market Intelligence
  
• Financial Risk Management
  
• Middle Office
  
• Markets & Banking COO
  

About the Foreign Exchange Division (FED)

FED is one of the two ‘front-office’ divisions in Markets. It operates in foreign exchange (FX) markets for both the Bank’s balance sheet and the UK’s FX reserves.

We promote monetary and financial stability by:

• leading the Bank’s FX market operations and serving our customers, including the UK Government and foreign central banks;

• using our presence in financial markets to gather market intelligence and build expertise;

• using our markets and analytical expertise to inform and shape the Bank’s policy decisions and priorities; and

• using our influence, in conjunction with market participants, to overcome market failures and improve market function and practice.

 FED has three teams. The FED Policy Team, where this role sits, works alongside the two trading desks in the Division – the Reserves Management desk and the FX & Money Market desk. It provides technical expertise and policy advice to senior management on developments in the structure and functioning of FX markets as well as on operational and regulatory policies impacting our trading operations in FX, fixed income and derivative markets. Staff on all teams participate in market intelligence gathering.

Role Overview

This is an exciting opportunity to contribute to the development and delivery of the Bank's internal and external FX policy. The secondee will lead and support key work-streams relating to the team's strategic responsibilities, including the running of the Bank's external FX committee (FXJSC) chaired by the Executive Director for Markets. They will also work closely with the other team members to ensure the team's smooth operation, including key discussions regarding 'ways of working' and how we actively promote and support a diverse and inclusive environment.

Detailed Description

Key responsibilities of the role include:

• Providing strategic policy advice and guidance to colleagues including senior management on matters relating to foreign exchange;

• Support delivering the Secretariat function for the Bank’s Foreign Exchange Joint Standing Committee (FXJSC) chaired by ED-Markets and driving diversity initiatives;

• Contributing to the work of the team in connection with the Global Foreign Exchange Committee (GFXC);

• Monitoring external developments in the FX market (e.g. market structure, market functioning, regulatory);

• Leading and participating in market intelligence gathering activities related to FX markets;

This job can be worked flexibly including part-time, which is something we strongly endorse and support in the area. Even in pre-COVID times a number of team members at all levels of seniority had flexible working arrangements.

Markets is committed to ensuring diversity within the Directorate: diversity of skills, perspectives and background.

Role Requirements

Essential Criteria:

• Drive and passion, to pick up work-streams quickly and make an impact during the secondment!

• Dedication to diversity and inclusion.

• Strong analytical skills, and the ability to provide thought leadership on a wide range of policy issues, and understand the impact they may have on the Bank's objectives and Market operations.

• Strong influencing and interpersonal skills, to gain all the information vital to analyse an issue and provide constructive challenge, standing firm when the need arises while maintaining effective close long-term relationships.

• The confidence and ability to credibly express clear opinions and recommendations, based on sound judgement, to colleagues and senior management.

• A high level understanding of and interest in the financial markets including the structure of the foreign exchange market, financial instruments and financial institutions.

Desirable Criteria:

• Experience of external representation, particularly in terms of policy discussions with other central banks and private sector participants.

• Experience of supporting a committee or multilateral group.

The Bank values diversity and inclusion – we want to reflect the society we serve better, we want the best people to work for us and we want our workplace to be inclusive.  We value all forms of diversity, including but not limited to age, disability, ethnicity, gender, gender identity, race, religion and sexual orientation.  One way we support diversity and inclusion is through our staff-run networks, which are summarised.

We are fully committed to having a diverse and inclusive working environment, and are open to considering how the role might be carried out with flexible working.  This role is therefore open to flexible working patterns. 

Where a role can be carried out from home, we are working towards colleagues spending at least half of their time in the office, so that we can all benefit from working together in person, while maintaining the flexibility offered by home working. From 6 June 2022, we expect colleagues to spend a minimum of 40% of their working time in the office per month.  Subject to that minimum requirement, individuals and managers should work together to find what works best for them and their team.

We are also committed to making adjustments for candidates and employees where possible, and have partnered with external expert organisations to support us in this.  We are a member of the Disability Confident scheme, summarised here, and people who wish to apply under this scheme should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

We anonymise applications so hiring managers will not be able to see your personal information when reviewing your submission, including your CV. Please fully complete the application form questions as requested, as any incomplete submissions may not be reviewed.

The Bank of England is a distinctive institution and our rewards are one of the things that set us apart. As well as enjoying a competitive salary you will work in a collaborative, inclusive environment, with a subsidised restaurant, flexible working opportunities and plenty of wellbeing initiatives.  

This specific role offers a base salary of circa £45,900 - £59,000 per annum, along with our comprehensive benefits package as follows:

•    A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
•    A discretionary performance award based on a current award pool.
•    A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
•    25 days annual leave with option to buy up to 13 additional days through flexible benefits.
•    Private medical insurance and income protection.