Trading Controller

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Salary Description:
to £60,000 base + Bens + Bonus
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1 Year Fixed Term Contract - Permanent £55,000 - £60,000 + Bens + up to 20% Completion Bonus   Our client is global Energy Trading business (Gas, Power, LNG and more) and form part of one of the World’s Major Energy Groups.   The role draws information from the Trading system and often requires contact with the Trading department in order to obtain and understand the data, in particular with Middle Office, and Research and Systems. Interaction with all Finance teams is required in order to draw upon information in the financial systems and to provide guidance of treatment of certain items. Reports and reconciliations produced, often under time-pressure, will feed through to finance management in London and HQ, and will be used and assessed by internal control and external audit. Queries are regularly received from management (both routine and ad hoc) for which clear responses may require detailed investigation.   The role exists to ensure that a ‘true and fair’ view of the Trading results are presented, to ensure consistency in the results reported between the various systems, and to assist management in understanding the factors driving the results.   ACTIVITIES:   Reporting: Represent the gross trading marked-to-market results in a form suitable for publication to management both locally and in head-office (monthly) and ultimately to shareholders and markets (quarterly). Control: Reconcile this ‘financial’ perspective of the results to the ‘Trading’ perspective used by the traders and trading management in order to ensure that the deal results reported ultimately generate invoices and cash flow. Internal management and external audit and SOX control requirements must be satisfied and continuously enhanced. Analysis: Analyse the results by various other perspectives to enhance reporting and control procedures, and also enhance the financial management’s understanding of the business and therefore its ability to challenge the representation of deals in the Trading Book. Resources used: Knowledge of the gas and power industry and its physical and financial features, and knowledge of the Gas and Power’s position within this market and therefore the nature of the various contracts committed. Ability to implement financial and management information standards and ‘best practices’, using software tools available such as the Trading Book and Silverlight, accounting systems (Sun, Vision and Qlikview), MS Excel and Access.   KEY DELIVERABLES:   Control and analysis: Control the reporting of the Trading gross margin in the accounting system, and its reconciliation to the Trading Book. Ensure the forward contracts and are corrected valued and presented under Mtm rules Ensure realised accounts are correct and controlled, with authority over the accruals process Review actual invoices vs. original accruals vs. current deal values to understand accounting PPAs and ensure control. Review actual analysis to ensure correct treatment of gross margin invoices Review prior period adjustment analysis (currently based on accounting, soon to be based on deals). SOX tests.   Reporting and analysis: Accrual preparation – for the Trading gross margin covering all products (for the current delivery month only, soon to cover all delivery months) for all transaction types. Publish total Mtm trading results with required adjustments Storage adjustments to satisfy IAS 39 LNG portfolio reporting – all external LNG deals excluding internal, intra-desk hedges Intergroup Mtm for paper and physical, back-to-back and non-btb and intergroup consolidation adjustment for Mtm Mtm grossing-up and accruals netting under IAS 32 EITF 02/03 turnover adjustment IFRS 7 derivatives disclosure Trading activity report Ad hoc requests such as profiling the Mtm adjustments Off balance sheet commitments tracking and contract valuation and summary   Other analysis and projects: Develop and evolve reporting and analysis of the trading activity Develop and evolve reporting and analysis of the financial results Trading Control Book module Testing and maintenance of Trading Control Book module Re-engineering existing processes to achieve full control and reporting across all P&L accounts across all delivered periods for all products and currencies. Invoice database (Qlickview, to become FIMS) Establish requirements for the invoice analysis database, to eventually be maintained by Trading Accounting team. Integrate the output of this database into the new process and evolutions planned.   QUALIFICATIONS / EXPERIENCE REQUIRED:   First class numerate degree (or equivalent) Qualified accountant. Strong appreciation of UK and international accounting standards. Proven responsibility for management accounts. Knowledge of energy trading and mark-to-market valuations desirable. Strong maths, IT, communication, and problem-solving skills. Self-motivation and pro-activity are essential in order to understand the information produced and continuously enhance reporting, analysis and control procedures. Exceptional attention to detail, with ability to appreciate and judge what is important.

Contact Details:
Tel: not in use
Contact: Kris Clare

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