Trade Control Manager

Organisational Context & Job Purpose 

INEOS Olefins & Polymers North operates 2 cracker sites in Norway & Germany and supports 2 other crackers in INEOS O&P UK and INEOS O&P South. Total feedstock procurement amounts to approximately 4 million tonnes (naphtha, ethane and LPG) per annum with a value  approaching €4 billion.  Ineos Energy Trading Ltd is the face to market for gas, power and renewables trading for Ineos.

The Feedstocks Team of 12 people based in London (Hans Crescent office) is responsible for feedstock procurement and the associated supply chain operation. The team works closely with site production teams to ensure crackers are supplied with appropriate feedstocks of correct quality and quantity and not compromised through lack of feed availability. Where appropriate, feedstocks are hedged against price exposure using OTC derivatives such as naphtha and propane swaps. The team also works closely with site optimization teams to maximize value from the procurement activity.

The gas, power and renewables team of 9 people, also based in Hans Crescent, is responsible for natural gas sales with gas supplied from the upstream Oil & Gas business in INEOS Energy and for proprietary gas, power and renewables trading.

The role reports to the CFO for the Trading & Shipping business and is formally part of the FC&A function but will manage a shared mid-office/back-office team for INEOS O&P and INEOS Energy Trading. The incumbent will manage a team of trade control analysts. It is co-located with the Feedstock Commercial Team at Hans Crescent, London and will work closely with the Head of Risk for INEOS Energy Trading.

The Trade Control Manager is responsible for the control and reporting functions with the Hans Crescent team and provides the O&P business and INEOS Energy business with management information measuring procurement, hedging performance and development and delivery of a full suite of trading risk controls measures (market, credit and cash risk) against agreed benchmarks. He/she is responsible for adherence to well defined trade controls within a strict framework of delegated authorities. He/she is responsible for ensuring data integrity and systems (Allegro/Horizon/FEA) for all existing and developing exposure management and entrepreneurial trading activities based in Hans Crescent.

The role provides the post holder with an excellent opportunity to develop knowledge and understanding of the chemicals procurement and trading business, its commercial environment, and trading gas, power and renewables instruments. The role will interact closely with other members of the FC&A team responsible for product control across the three regional O&P business units.

The role also provides the feedstock cash and working capital forecasts to the business and treasury team in Europe.

Responsibilities & Accountabilities

• Lead a team of trade performance analysts and manage resource requirements. Ensure high level of professionalism and competence in the team. Resourcing strategies and recruitment will likely be key in the medium term as we expand our trading activities.
• Ensure the trading control environment is robust, policies are adhered to and resources / skill sets are appropriate.
• Lead and/or support systems strategies for the control function with respect to exposure management and MI systems.
• Manage trade control systems where we use Allegro/Horizon/FEA
• Ensure paper trading activity is settled promptly through the timely issue of invoices. This will include paper hedging carried out on behalf of other INEOS businesses as required. Ensure profits are allocated to correct profit centres within results.
• Supervise daily/weekly/monthly trading exposure and daily profit & loss reporting. Supervise KPI calculation and ensure reporting deadlines are met.
• Ensure that accurate positions for economic stocks are maintained in order to enable management of price risk. Ensure that MI data are reconciled to physical stocks.
• Ensure reconciliation of management information to financial accounts is completed and issues are addressed.
• Manage month end close meetings with analysts, asset managers, business managers and team leaders. Ensure that all data are robust and results are understood.
• Set up new exposure management or entrepreneurial trading books as required by the business
• Support new business activities and ensure trade control aspects are covered in the assurance process. Provide project resource to set up new trade control processes as required
• Prepare monthly feedstocks input to the Commercial Performance report for feedstocks kpis.
• Provide risk analysis in assessing new trading strategies, trading limits, neutral stocks and other business assessment of risk.
• Prepare the monthly results for the Olefins/IT&S value share contract and participate in the review meetings.

Skills & Knowledge Required

Qualification

• financial, accounting or similar qualification.

Experience

• Proven track record in a trading or control role
• Team leader experience (Will manage 3 Trade Analysts)

Technical competencies

• Understanding commodities trading industry and markets
• Regulatory Compliance and Assurance
• Business Risk Management

Financial competencies

• Understanding accounts (accrual and mark to market)
• External financial world
• Control and Assurance
• Trading risk management
• Business Planning
• Performance Management
• Financial Decision Making