Foreign Exchange Trader

The FX Trader is accountable for ensuring the Cambio activities for the Credit Union is carried out in an efficient manner. Activities performed must be timely while striving to exceed member expectations and result in growth of income.

Responsibilities & Duties

1. Trade foreign currencies such as $US, $CA, GBP, EURO, $CYMN, etc, within cambio license stipulations.
2. Contact buyers and sellers of foreign exchange and soliciting business.

3. Liaise with Treasury & Financial Services Manager in ensuring that levels within bank accounts via analysing daily-reconciled balances are capable of fostering operations and trading. 

4.  Establish a regular visitation schedule to existing and prospective client

5. Prepare schedules of the approved FX rates for the primary traded currencies; rates for the general market and special rates (if allowed up to specified limits) (for staff Accessing “on line/real time” information to facilitate for cross currency trading)

6. Establish a monthly transaction report for sales and purchases of FX, i.e., reporting on volumes, average cost on opening and closing positions in FX accounts. This must be submitted to Treasury & Financial Services Manager, Treasury Officer and Accounting Manager.

7. Weekly review of FX Surrendering statements to BOJ.  Based on the volume of foreign currencies purchased in the credit union, the trader will set surrender volume at 15% (or at any rate mandated by the Bank of Jamaica) of daily foreign exchange purchase.  FX Surrendering to Bank of Jamaica is mandatory as stipulated on the Cambio Licenses.

8. The trader must prepare Trade Advice for each trade for processing by designated personnel in duly approved as per Cambio Policy.  Please note by stipulations to the cambio license, a Trader, under no circumstances should prepare or handle in any form, settlement to his/her account such as cheques, wire transfer, or cash receipts/payments, as this will be noted as a major breach of the license.

9. Advise management daily on recommended buying and selling rates for foreign exchange, while ensuring that the rates will enable the Credit union to be competitive. Will allow for a reasonable spread and ensuring that spread is within BOJ established maximum amount.

10. Analyse and identify factors that have effects on the prices of currencies traded
11. Negotiate prices at which such exchanges shall be purchased and sold, based on demand, supply, and stability of currency, liaising with Treasury & Financial Services Manager.
12. Establish rates for each transaction based upon other local bank rates, size of transaction involved, stability of market, and bank's balances available to fund customer requirements, liaising with the Treasury & Financial Services Manager.
13. Ascertain market intelligence to ensure that the business remains competitive and that the current and projected market fundamentals are considered at all times