Market Data Infrastructure Supervision (MDIS) is a specialist supervision team within the Secondary Market Oversight (SMO) department.
MDIS is responsible for oversight of market data infrastructure providers such as Trade Repositories (TRs), Securitisation Repositories (SRs) and Data Reporting Service Providers (DRSPs) which include Approved Publication Arrangements (APAs) and Approved Reporting Mechanisms (ARMs).
Data infrastructure firms provide key market data eg, EMIR, SFTR, securitisation and market data submitted under the UK MiFID framework, to market data users such as regulators, market participants and investors.
This market data is key in enhancing the transparency and integrity of the UK financial markets, aiding investor protection and enabling the FCA to discharge its public functions eg, to combat market abuse or monitor for systemic risk in derivative markets.
The MDIS team’s key functions are:
Overseeing FCA regulated data infrastructure firms to ensure compliance by these firms with the applicable regulatory frameworks.
Engaging with other regulators and market data users to ensure the effective discharge of the market data functions undertaken by the data infrastructure firms.
Working collaboratively with FCA internal stakeholders eg, Authorisation, Policy, FCA market data users, Project and Technology colleagues to support the efficient operation of the relevant regulatory reporting regimes.
What does this job involve/overall purpose of the role?
An opportunity has arisen for a highly motivated individual to join the Market Data Infrastructure Supervision team.
The role will include:
Leading on supervisory engagement with TRs, SRs and DRSPs (ARMs and APAs) to assess and ensure compliance with UK regulations.
Owning and developing supervisory strategy throughout the supervisory life cycle eg, from new applicant to portfolio analysis and strategy setting in line with the FCA supervisory model.
Managing relationships with key internal stakeholders to ensure team objectives are met and understood eg, Authorisation, Policy, FCA market data users, International, Project and Technology. Representing MDIS on project teams and attendance at project boards as required.
Representing MDIS in discussion with external regulators eg, BOE, HMT, ESMA.
Providing input into proposed policy initiatives which relate to our area.
Owning and improving team procedures and processes related to the efficient delivery of the team functions.
Coaching and supporting team members.
Key Accountabilities
List the key responsibilities/accountabilities of this job:
This is a challenging, interesting and varied role in one of the most high-profile and dynamic areas of the FCA. It will give you:
Opportunity to help shape and deliver our supervisory approach to UK data infrastructure providers post the UK’s exit from the EU.
Opportunity to gain a detailed understanding of the UK’s market data reporting regimes, FCA data ingestion systems and the FCA’s wider uses of the data.
Opportunity to develop and share professional expertise and knowledge through exposure to a wide range of complex and challenging situations.
Opportunity to engage with supervised firms and represent MDIS with key internal FCA and external stakeholders.
Opportunity to lead on supervisory engagement with firms.
Which core skills and technical know-how are required?
Minimum criteria
* Any disabled applicant meeting the minimum criteria will automatically progress to interview stage, should they enter under the Disability Confident scheme.
For more information on the FCA’s commitment to building a diverse and inclusive workforce, including guidance on drafting criteria, please refer to the FCA’s Positive Action Framework.
Required proven experience in a specific technical area or skill:
Experience in a wholesale financial markets role eg, in a compliance or regulatory policy role at a data infrastructure provider, trading venue or similar market infrastructure provider.
Good understanding of the relevant UK onshored regulatory regimes eg, EMIR, SFTR, Securitisation Regulation and MiFID.
Experience in internal and external stakeholder management and engagement.
Experience delivering as part of complex projects and demonstrable ability to own and drive workstreams through to a conclusion.
Core skills
Required role-specific know-how, skills and behaviours
Excellent analytical, written and oral communication skills, with the ability to assess and clearly and succinctly explain complex, technical matters.
Strong interpersonal skills with ability to build and influence a wide variety of both internal and external stakeholders including senior management at data infrastructure firms.
A team player with a “can do” attitude, drive, enthusiasm, flexibility and proactivity to acquire new skills and knowledge at a fast pace and support team colleagues as required.
Proven track record in anticipating issues and problem-solving.
Ability to manage several workstreams at once ensuring issues are prioritised effectively and progressed on a timely basis.
Technical know-how
Desirable skills
Experience in relation to market data reporting or wholesale market infrastructure regimes.
Ideally the above experience will have been gained via practical market experience at a data infrastructure firm, trading venue or other wholesale market infrastructure firm.
