Corporate Actions Specialist and Alternate Settlement Officer at Absa Group Limited (Absa)

Job Description

• Ensure that all corporate events assigned are properly planned, monitored and completed for both Local and Off-Shore clients in accordance with the following:
• Dealing with all queries by the JSE in relation to settlement
• Ensuring that all transactions are settled in terms of the Rules and Directives of the JSE
• Advising the JSE of any issues that my potentially impact on the settlement of a transaction
• Co-operating with the settlement authority to ensure the efficient and timeous settlement of all transactions.

Corporate Actions

Role and Responsibilities:

• Ensure proper analysis of all corporate events assigned within a reasonable period, discuss implication with Corporate Actions Manager and plan all events prior to LDT. Communicate implications and plan corporate event with Corporate Actions staff by LDT -3 days where applicable.
• Receiving of IPO information from the Sponsoring Brokers/Corporate Diary, and ensure details are capture on Corporate Actions system , and communicated to clients
• Preparing of IPO Spreadsheet with all clients details to be submitted to the CSDP
• Assist Corporate Action staff and Settlement Office with all technical issues relating to Corporate Events both past and present and advise on escalated queries.
• Receiving and preparing all Proxy Voting and Letters of Representations
• Escalate to Corporate Actions Manager all instances where the Settlements Office is under risk from a financial or reputational point of view.
• Assist management in Ad-Hoc duties delegated from time to time.
• Ensure that all current corporate action queries are resolved in a quick and efficient manner that result, in the Settlement Office providing excellent service to client, other departments of Absa Stockbrokers and the market in general.
• Set and achieve above average standards that assist the Settlement Office and Corporate Action teams in achieving its mission or champion the Corporate Action / Settlement Office business ethic.
• Work in a methodical manner and prioritise work in accordance to what is required at the time and in line with the service level requirement of the division.
• Expert knowledge of Corporate Action’s processes and events.
• Ability to perform multiple tasks effectively and to ensure all processes and tasks are properly planned and completed in accordance with the standards and procedures of Corporate Actions and Settlement Office.
• Problem solving ability.
• Be proactive and have positive attitude towards work.
• Be quick and decisive in implementing decisions made and the subsequent follow up to ensure they are completed effectively.
• Demonstrate the business ethic of a Corporate Action and Settlement Officer.
• Exercise caution in all actions as Corporate Action is exposed to risk on a daily basis.
• Be responsible for the performance of all work on the corporate event and ensure staffs meets levels of performance by coaching, training, and counseling.
• Encourage good internal relations with all Settlement Office, client and the market in general.
• Ability to be fair and yet firm and to assess situations accurately and not just rely on what was told.
• Working in a team and promoting a team culture within the department and Settlement Office.
• Ensure the work is done correct the first time.
• Prepare monthly stats on Corporate Event Elective and Non-Elective
• Corporate Actions weekly diary should be reviewed and monitored
• Do weekly reconciling of control accounts
• Handling and resolving client queries with regards to dividends, validity and share holdings

Off- Shore Clients Notifications

• Ensure that all Corporate Events, Mandatory and Elective is communicated to clients
• Communicate with Saxo regarding any issues.

Alternate Settlements

• Roles & Responsibilities:
• Responsible for ensuring timeously settlement of deals in contractual rolling settlement environment.
• Monitoring of deals, ensuring that the various criteria is met in terms of STRATE.
• Liaising with clients and with JSE Settlement Authority regarding client’s settlement obligations.
• Liaising with Transfer Secretaries and CSDP’s (Central Share Depositary Participants)
• Receipt and processing of physical share certificates.
• Dematerialisation, to convert paper scrip into electronic format.
• Rematerialisation, to convert electronic shares in paper format.
• Exchanges of old share certificates to new versions.
• Applications for replacement share certificates in respect of certificates mislaid by clients.
• Preparation, processing and monitoring of Internal transfers, OFF market transfers and over the counter (OTC) transfers.
• Client account and portfolio transfers to and from other broking members.
• Update Inter account transfers and pass instruction to accounts to process UST payments on necessary account.
• Verify all client signatures against client mandate for all or any instructions received from clients to move shares or cash externally or internally.
• Ensure that borrowing and lending arrangements are in place for settlements on settlement day via telecom or email with the opposite lenders e.g., (Banks) or the JSE – (Settlement Authority)
• Updating of scrip loans and scrip collateral received from lenders to cover short positions.
• Updating of scrip returns and collateral returns to lenders to clear positions.
• Ensure that scrip lending and borrowing trade confirmations for amendments or cancellations are received and updated.
• Deposits and withdrawals of share certificates in safe custody.
• Daily monitoring of open positions report received from lenders to JSE’s BDA system.
• Monitoring and reporting of outstanding client transactions reflected on the (PCCEXP) report.
• Weekly balancing of scrip by all locations (LOCSC).
• Review BDA month-end reports to the JSE
• Assist Traders reversing of trades to misdeals
• Review daily CSDP reconciliation report against BDA to ensure that JSE and CSDP scrip balances correspond. PCSRC, PCSDP
• Review the equity exceptional openings to see if any Deal XOP’s were processed on the previous day. If there are any other movements on the report (PDEXCP)
• Review all internal scrip transfers and Off Market account transfers together with supporting documentation including corrections (PLOCMV)

Knowledge & Skills:

• Understanding of share certificate/receipt
• Balancing share certificate to the BDA system
• Client liaison
• Dematerialization - advise colleague to update.
• Online share trading product knowledge
• Intermediate excel
• Knowledge of CA Equities, Proxy Voting, Bond and Money Market Capital
• Good Understanding of Corporate Actions
• Minimum 5 years’ experience in a SA Retail Stock Broker Back Office
• Excellent Excel & Word Knowledge

Competencies:

• Ability to interact effectively with clients, lenders, custodian and settlement authority
• Adhering to principles and values
• Delivering results and meeting customer expectations
• Following instructions and procedures
• Adapting and responding to change
• Presenting and communicating information
• Working with people
• BDA system is Compulsory
• Good understanding and processing of corporate events
• Fair knowledge of the broker Settlements Office

Special work requirements:

• Work Independently
• Make critical decisions
• To process the client share certificates correctly, accurately, efficiently and handle client requests/queries
• professionally
• To ensure that no backlog arises