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End of Internship Presentation

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on 30 August 2013

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Transcript of End of Internship Presentation

End of Internship Presentation
What I have learnt over the course of the Internship?
Over the course of this internship I have been fortunate enough to gain a lot of insight into the Foreign Exchange Market and the different products and services that are offered by JP Morgan.
Due to the fact that the Client Services team works directly with the Sales & Trading, Client On-boarding and the Technology desks, I have had a lot of exposure to the various functions of the team and how closely linked it is to the other teams mentioned above.
Additionally I have had practice testing out both the existing trading platform (Morgan Direct Professional - MDP) and the new trading platform JPMM, which has been extremely helpful when contacting clients and solving issues that may occur.
What I have learnt from Shadowing other interns:
As of present I have managed to shadow 3 interns in different fields of the business which has not only given me an insight into the diversity of the company but also how different my role is in comparison to others.
How Other Roles link in with Client Services:
Over the past few weeks there has been a surge of internal users who have switched to using JPMM from MDP, where over 25% of the users are using JPMM. I have been fortunate enough to play a part in this transition primarily targeting the EMEA internal users.

As I have been given feedback from many internal users I have passed this onto the developers who will in-turn address these functionality changes and update the platform accordingly in the near future.

In terms of on-boarding I have been able to map just under 500 accounts and many Morgan Direct users with these accounts.

Created a Daily Tasks Checklist for new employees and interns within the team which outlines all the different pieces of software that is needed on a daily basis, with details on gaining and who to contact for problems.

Creating a user guide for new employes and interns showing how to on-board different requests.

Developing a macro that automatically calculates the number of Alacrity tickets created for different platforms, which then pulls out the figures and creates a chart that can be used for the End of Month Summary.

**I am also working towards updating the functionality of Workforce with the help of Peter Chou; by making the on-boarding process more streamlined with less manual input. By automating this process more, this will enable the Client Services team to finish requests quicker and more efficiently.**
My experience as a whole
As a whole I have thoroughly enjoy the past 2 months at J.P. Morgan and the challenges that I have faced along the way.

The culture in the company in unparalleled to what I have previously experienced and for that I have had a more memorable experience.

In terms of my role I have been fortunate enough to work closely with a variety of different teams to provide services to both external and internal client, and for that reason I am very grateful for the different opportunities and project that I have taken part in.

As my role within the team is more BAU orientated than project-based I have always come across different scenarios on a regular basis, which has helped to broaden my knowledge and improve my understanding of the different systems.
Client On-boarding
Either get requests directly from the external client or clients that have come through from the FX Sales desk. The types of clients that are on-boarded include:
•Hedge Funds
•Mutual Funds
•Pension Funds.
•Corporate and Commercial Banks.
The team checks all the legal documents sent in by the client, which is an extremely important part of the on-boarding process.
The client then has to be approved by the Credit Desk before creating the On-boarding request and the SPN.
Once this has all been approved and completed it is pushed through to CS via Workforce
The Sales team are contacted by clients who want to buy X amount of a currency.

Salespeople on the Sales desk help client with a position in the market, and also advise a client about particular strategies they can take or a product that they can use within the trading platform.

They also work directly with both the client and the traders to ensure that the client is offered the best price.

Monitoring the markets for specific currencies that are traded on the eCom platforms and monitoring the flows.
Depending on the market movement and flows have to decide how to adjust prices and tiers for the clients.
Also they can buy and sell in the market whilst there are traders who act as market makers; who deal with other banks within the interbank market.
E.g. a client who
There are also traders who trade on behalf of clients. They monitor the market to how it moves and gives prices for a specific currency.

This team plays an extremely important role to develop current systems and to ensure correct functionality of not only the different trading platforms but also the other software used in the process of on-boarding clients.
One of the most important roles they have is making sure the internal trading platforms (MDP and JPMM) function properly so that both internal and external clients have minimal issues when trading.
Technology work with all teams to manage problems occur during the working day.
JPMM Product Team
My main person of contact within this team is Anand Doshi.
This team works closely with the Trading, Sales, and Technology teams to ensure continuous evolution of the trading platform.
The current focus of the team is on on-boarding and migration from Morgan Direct to JPMM for internal users.
One of the biggest challenges that I faced at the beginning of the internship was understanding the different procedures that had to take place for different types of account requests, before completion of an on-boarding request. The more on-boardings I completed I found that this became less of an issue and now I have enough knowledge to teach new users the processes involved.
I personally believe that one of my strengths that has constantly developed over the course of the internship is my communication with internal clients.
This is shown with one of my main projects which involved me calling up internal users to persuade them to use JPMM instead of MorganDirect.
Another of my strengths is my BAU role. I have developed a much stronger understanding of the principles of different on-boardings and why they are done.
Global Custody - Product Delivery
Working within the team to manage all of the different projects that need to be completed. Changing the status and updating the progress of multiple projects to help the team determine what is remaining.
A collective number of projects make up one programme .
A deck is a presentation outlining the pro/cons, benefits, and cost savings of a particular project, and any procedures that need updating.
For Project Management teams there are two types of processes that can be used:
•Waterfall process: Each stage has to happen before the next; (each department has to sign off before continuing to the next).
•Agile Process: Everyone involved in the project gathers together and each discuss their input, and then complete their parts at the same time, which is a more time efficient method.
Market Operations Strategic Initiatives
This role primarily focuses on project tracking in the GEM space.
It consists of a lot of project work such as the creation of a tracker which contains all projects within GEM as well as the design of a Sharepoint site for market operations strategic initiatives as a whole.
A lot of the work is project based but there is also BAU which consists of creating various decks for senior management.
Client Relationship Management
Work with Internal Clients only.
The 2 mainpieces of software used:
•GIRA = project management tool
Within this tool is one giant project which is know as an EPIC. Within this EPIC are many story's (which are mini projects) and within those mini projects are sub tasks (which are the smallest tasks that need to be done).
So this tool is very important with keeping on top of all the projects and smaller tasks that need to be done in the team.
•COPE System = A big database which analyses which projects are being done over the upcoming weeks

Project Management Role
Project Management Role
Project Management Office
How To:
On-board Clients and Accounts
Target Objectives Set
1) Primarily I wanted to get a good insight into the FX Market, the types of products that were available and how the trading platforms worked.
I also wanted to improve my understanding of the the financial services industry as a whole.

2) Develop my communication skills and interpersonal relationships between co-workers and clients.

3) Shadow a variety of teams to get a broad understanding of how different teams within e-commerce work together in different stages of the on-boarding process.

4) Develop how to properly interact with clients and persuade them to use the new trading platform (JPMM)

Spots, Forwards, Swaps, and Options
Below are the most commonly traded financial instruments on the Foreign Exchange Market and account for the majority of the total daily volume traded in this market:

Spot = The exchange of one currency against another than settles in 2 days

Forward = It is similar to a spot whereby it is an exchange of one currency against another, however the settlement date is anything over 2 days or just simply 1 day.
Swap = It involves two parties and most commonly involves a spot and a forward; where one counter-party would buy a spot and sell a forward, and then sell a spot and buy a forward on settling, and vice versa.

Options = An option involves two counter-parties, the option holder and the option writer. An option provides the holder the RIGHT but NOT the obligation to buy or sell a specified quantity of an underlying
asset at a fixed price, at or before the expiration
date of the option.
This diagram shows the volume of trades that occur for different FX instruments on a Daily basis. The data has been collected by BIS and spans over three years. As shown in the diagram above the majority of the volume is made up from Foreign Exchange Swaps and Spot Transactions.
Any Questions?
My main role within the team has been to on-board both clients and accounts to different trading platforms. Compared to other roles within the company, mine is profoundly BAU, and the benefit of this is that there is always a degree of certainty as to what I will be doing on a daily basis.
Even though the procedure is the same for specific platforms I always come across different scenarios which not only have helped to improve my understanding of my role.

Depending on the type of request whether Internal/External clients or External Accounts, there are different procedures that need to be carried out to ensure everything is mapped accordingly.
As both MorganDirect and JPMM are both the company's platforms extra steps need to be taken to ensure the correct credit limits, max tenor and trade sizes are applied to the accounts., and that a sales
Additionally these are the only three pieces of software where internal and external users are mapped in the system (Centaur, iBID, and Client Atlas).

For external requests only the account groups and their accounts need to be mapped, into our systems and requests from Bloomberg also need to be credit checked.

Software I Was Introduced to:
In comparison to other roles within the company there has been a lot of different pieces of Software I have needed to use on a day to day basis. These include:

CentaurFX = Where external accounts and both internal and external users for MDP and JPMM are mapped.

Message Console = A feed which shows where all trades are booked.
(There is also a monitor for both Orders and ALGOX orders)

Client Atlas = Where external users for MDP are mapped.

iBID = Where entitlements are given for both internal and external users

JPMM and MorganDirect = The two trading platforms that have been developed by J.P. Morgan.

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