Director of Reference Rates

Job Description

Company
Federal Reserve Bank of New York
When you work at the New York Fed, you have the opportunity to make an impact in our communities and across the nation. Our mission-driven, curious, and dedicated colleagues apply their diverse perspectives and unique talents to support the strength of the U.S. economy and stability of the global financial system. At the Bank, we work full-time onsite with our teams. We believe being physically together allows us to draw on our collective strengths, while recognizing that the ability to work flexibly from time to time remains important to achieving our mission.
Our Unique Work:
The Domestic and International Markets (DIM) Function within the Markets Group executes transactions in the open market on behalf of the Federal Reserve System, the U.S. Treasury Department, and foreign official customers, and conducts detailed analysis of financial market developments in support of the Federal Reserve's monetary policy and financial stability decision-making process.

The Director of Reference Rates (RR)

is a member of the

DIM

Senior Leadership team and provides leadership and management to the

Reference Rates

D
irectorate.  The

Reference Rates

business line is composed of

one

staff unit, across two physical locations, and has a combination of policy-relevant operational and analytical responsibilities.  On the operational side,

Reference Rates

is responsible for

producing

a number of

globally important reference rates, including the Secured Overnight Funding Rate (SOFR) and the Effective Fed Funds Rate (EFFR)
.  On the analytical side,

RR

is responsible for

producing high quality,

timely
, and policy-relevant analysis of

money market developments, working closely with the Money Markets Directorate, for the

Federal Reserve System and U.S. Treasury Department.
The Reference Rates Directorate also oversees the administration of the Reference Rate Use Committee (RRUC), an industry group sponsored by the New York Fed to support the

integrity, efficiency, and resiliency in the use of U.S. dollar denominated reference rates across financial markets
.

How You'll Make an Impact as the Director of Reference Rates:

Provide strategic leadership of and manage reference rate production and analysis of key money market developments.

People management responsibilities:
Direct a high-performing team of managers, specialists, and analysts engaged in reference rate production in support of the Federal Reserve Bank of New York's responsibility as an administrator and producer;

Provide strong leadership which cultivates a professional workplace environment that promotes inclusiveness, fosters collaboration, and supports open and transparent communication with an emphasis on talent management to attract, develop, and

retain

top talent;

Direct the alignment of resources with the long-term Markets Group strategic plan and work with the DIM senior leadership team to develop and execute DIM's

strategy.  Align the

RR

strategic plan with DIM's long run goals and oversee its implementation.

Operational and analytical responsibilities:
Oversee the range of operations that take place within the Directorate related to

reference rates production
.

Promote strong risk management practices and ensure robust

control

environment and culture.

Collaborate with first, second, and third line partners to ensure the readiness,

resiliency

and effectiveness of operational tools for the range of

reference rate production

conducted within the Directorate;

Lead the team's experts in delivering high-quality, policy-relevant analysis of developments in

money markets in support of the
Bank's contributions to the Federal Reserve System
'
s monetary policy and financial stability

objectives
;

Provide thought leadership in setting a forward looking analytical and operational agenda to meet current and future policy needs. Work with senior stakeholders to adjust strategic priorities in response to shifts in the operating environment or policy landscape;

Engage with senior leaders

across the Bank, Federal Reserve System and U.S. Treasury to ensure

operational output and

analytical products and briefings are aligned with stakeholders' priorities;

Represent the Bank externally in interactions with private sector counterparties and the RRUC to further develop the Bank's understanding of key issues related to the integrity and resiliency of reference rates, including how the use of reference rates is evolving and how the markets underpinning them may be changing

as well;

Represent the Bank in international meetings and

maintain

relationships with senior representatives from other central banks on relevant

policy issues

pertaining to

reference rates production
.

The Unique Skill Sets We're Looking For:

Relevant work experience
with a demonstrated interest in financial markets and central bank policy implementation.  Substantial knowledge of financial instruments, market structure, macroeconomic

theory

and monetary policy;

understanding of U.S. money markets is a plus

Excellent

demonstrated

leadership and decision-making skills with the ability to oversee highly visible, time sensitive and consequential financial market operations;

Strong business judgment, proactive leadership, and a strategic orientation to lead a high performing team

Demonstrated agility and flexibility to guide the directorate through change management and unforeseen business challenges

Foresight to

anticipate

and respond to rapidly evolving analytical needs and priorities;

Strong aptitude and experience in the sustainable and ongoing development of talent, with a
track record
leading
wide-ranging

teams to achieve high-quality and

timely

results across policy, operational, and analytical

objectives
;

Demonstrated ability to provide constructive and

timely

coaching and feedback on performance, strengths, and areas of development;

demonstrated

commitment to

providing

meaningful growth opportunities to team members;

Keen self-awareness and high emotional intelligence, including the ability to build trust in a variety of relationships through candor, reliability, and authenticity, and the capacity to embrace and draw from
various

perspectives in an inclusive way to improve the quality of outcomes;

Strong analytical,

written

and oral communication skills, including the ability to synthesize and transform complex issues and data into meaningful and actionable information for decision-makers, and the ability to lead others in this work;

Excellent organizational and planning skills;

Ability to credibly

represent

the Bank in market discussions with senior members of the investment community

and the official sector;

Approximately
10
%
travel

required
.

Other Things to Know:

Salary Range:

New York:
$236400 - $400000

/ year

Chicago: $208000 - $352000

/ year

We believe in transparency at the New York Fed. This salary range reflects a variety of skills and experiences candidates may bring to the job. We pay individuals along this range based on their unique backgrounds. Whether you're stretching into the job or are a more seasoned candidate, we aim to pay competitively for your contributions.

How
We'll
Support You:

Our programs and
benefits
are designed to support you through all your life stages:

Learning & Growing:
Educational
assistance
, career development tools, and stretch opportunities

Supporting Your Family:
Parental leave, adoption
assistance
, back-up dependent and elder care, college planning resources, and more

Managing Your Health:
Comprehensive insurance plans, leave policies, onsite Health & Wellness Center, and onsite Fitness Center

Optimizing
Your Finances:
Pension plan, 401(k) with generous match, financial planning resources, and subsidized public transportation program

Our Culture is deeply grounded in our Touchstone Behaviors
- By working with us,
you'll
have the opportunity to develop and
demonstrate
your ability to Communicate Authentically, Collaborate Inclusively, Drive Progress, Develop Others, and Take Ownership. These competencies shape our culture here at the Bank. They also provide a shared language for how we work together and achieve success and set clear expectations for leading with impact at every stage of your career.
Learn more.

Apply now if
you're
ready to join us in strengthening the U.S. economy together. Want to consider our other opportunities?
Click here
to see all our open roles.

The New York Fed expects its employees to perform their duties with honesty, integrity, and impartiality, and without improper preferential treatment of any person.
Learn more about our code of conduct and conflicts of interest rules.

We value accessibility for all candidates and are happy to provide

an accommodation

or
assistance
. Please email us at
ny.leaves@ny.frb.org

and
we'll
be glad to help.

Please note, this is a dedicated e-mail box designed exclusively to
assist
applications with accommodation requests in relation to our recruiting process. All other

inquires

including the status of

applications

will not receive a response from this e-mail box.

This is not necessarily an exhaustive list of all responsibilities, duties, performance

standards or requirements, efforts,

skills

or working conditions associated with the job. While this is intended to be
an accurate
reflection of the current job, management reserves the right to revise the job or to require that other or different tasks be

performed when circumstances change.

This position requires access to confidential supervisory information (CSI) and/or Federal Open Market Committee (FOMC) information. Access to CSI and FOMC information is limited to U.S. citizens, lawful permanent residents, individuals who meet the definition of "protected individual" under 8 U.S.C. § 1324b(a)(3), and certain other nonimmigrants. All non-U.S. citizens authorized to acce