Pat Parrotta
Naples
Summary
Methodical director with several years of comprehensive experience overseeing daily operations of company or organization. Hardworking and versatile professional well-versed in executing business strategies, preparing and implementing business plans and overseeing financial performance. Thorough knowledge of market changes and trends paired with strong grasp of corporate finance and performance measures.
Overview
17
17
years of professional experience
1
1
Certification
Work History
Director U.S. Middle Office
Scotiabank
New York
09.2021 - Current
- Lead and oversee the GWO Middle Office in the U.S. ensuring business strategies, plans and initiatives are executed & delivered in compliance with governing regulations and internal policies & procedures.
- Provide the leadership, management, and vision necessary to ensure that the bank and broker dealer entities have the proper operational and regulatory controls, administrative and reporting procedures, people, and systems in place to effectively support the organization from a operations perspective.
- Supervise a staff of 7 direct reports & 35 middle office employees for the bank and broker dealer entities.
- Drive fixed income trade support strategy across; Primary US Treasury Dealer, Repo, Rates, Credit IG/HY, DCM Syndicate, Emerging Markets, MBS, ABS & CLO.
- Lead the Prime Brokerage Services team supporting Cash, Delta One, Hedge Fund Coverage, & Stock Loan trading desks.
- Manage the Equities trade support group covering the Cash, Derivatives, Convertibles, Options, and Lat-Am trading desks.
- Desk Head for Futures Clearing Merchant services for Index Commodities, XVA, and global trading desks.
- Supervise Exchange Traded Derivatives operation team based in Toronto, covering top day trade matching, margining, settlement, & daily reconciliations and reporting to exchanges.
- Manage US Tax Operations team supporting Primer Brokerage business, 1099 & 1042s client & IRS yearly reporting.
- Present monthly MIS packet at committee & steerco meetings including KRI/KPI's for senior business management, compliance, audit, risk.
- Identified process improvements and implemented operational policies & procedures for trade capture/entry, position break reconciliation, fail tracking, trade confirmations, and regulatory reporting.
- Establish and maintain strong relationships with regulators and auditors for compliance with regulatory rules across FINRA & the SEC.
- Responsible for the supervision of registered staff and any operational risks resulting from human error, transaction processing failure, threats to information systems, and data integrity.
- Opine at steerco committee meetings for new products and strategies traded to ensure proper policies and procedures are in place to support business activity.
- Carry out leadership responsibilities including interviewing, hiring new employees, planning, assigning and directing workflow, appraising performance, addressing and resolving complaints and issues.
- Built a high-performance environment and implemented a people strategy that attracts, retains, develops, and motivates staff by fostering an inclusive work environment and using a coaching mindset that communicates vision, values, business strategy; and managing succession and development planning.
- Lead and drive a customer focused culture developing a best-in-class customer service operating model to enhance client experience.
- Act as primary liaison to the business lines, legal, compliance, finance, product control, internal audit, and the various risk management groups for all operational related issues and inquiries.
Senior Manager Middle Office Trade Support
Scotiabank
New York
05.2015 - 08.2021
- Supervise a staff of seven direct reports across Rates, Repo, Credit, Emerging Markets, Syndicates, and MBS.
- Provide trade support to the New York & Toronto Fixed Income trading & sales teams, including the bank, broker dealer & Debt Capital Markets underwriting businesses.
- Process Fixed Income trades, hedges, and client allocations into the various risk capture systems and reconcile intra-day P&L.
- Process and supervise the US Treasury Federal Reserve Auction & Buy Back Process.
- Provide daily cash and funding requirements to the front office repo trading and group treasury desks.
- Responsible for quality control and break resolution including margin calculations, cash wires, security & client account set-up, and the facilitation of timely settlement.
- Monitor Real-Time Trade Matching for FICC/GSCC comparison and FINRA Trace reporting.
- Reconcile front to back position breaks, reviewed and escalated all fails to help ensure timely settlement.
- Oversee and monitor positions, portfolio analytics, trading schemes and operational risks across all books, and investigate unusual patterns.
- Oversight of all trade recompilations, pricing tolerances, and P&L reconciliations.
- Produced and ensured middle office operating procedures are in place and reviewed periodically per each business line.
- Monitor Key Performance and Key Risk Indicators: Trade Volumes, Fails, Depository Pre-Matching.
MBS Desk Associate
Scotiabank
New York
05.2013 - 04.2015
- Responsible for trade capture of MBS trades and US Treasuries, Interest Rate Swaps, Futures, Options into the risk capture system and reconcile intra-day P&L, position and duration risk.
- Price TBA positions, specified pool buckets, and benchmarks with 3pm closing marks.
- Analyzed specified pool collateral characteristics such as loan balance, seasoning, GEO, LTV, and CPR etc., in making carry and pricing assumptions, made rich/cheap argument for MBS TBA's vs. relative value products to senior traders and tracked the mortgage basis.
- Maintained extensive primary dealer relationships for sourcing bonds, providing liquidity, & mitigating fails.
- Assist the trading & sales desks in pricing and executing mortgage TBA's and pools.
- Wrote end-of-day trading commentary & distributed to the sales force, trading desks, and senior management.
- Allocated MBS TBA positions averaging 10 billion monthly across 30/20yr, 15/10yr for Ginnie, Fannie & Freddie products.
- Assisted the desk in analyzing cash flows & packaging new-issue Remic, Mega, Giant, & Platinum deals.
- Manage the deal process from execution to settlement with Fannie Mae, Freddie Mac, and Ginnie Mae.
- Compiled mortgage related economic data: mortgage applications, origination activity, housing statistics, primary mortgage rate, fed balance sheet.
- Process US Treasury Auction Orders for client & house bids & spearhead support team.
Gleacher & Company Securities
New York
01.2012 - 01.2013
Ally Securities LLC
New York
01.2011 - 01.2012
Nomura Securities International
New York
01.2009 - 01.2011
Education
Bachelor of Science Degree - Management, International Business
SETON HALL UNIVERSITY
South Orange, New JerseySkills
- Excel
- Yield Book
- Blackrock
- Intex
- Bloomberg/TOMS
- Trade Web
- BTEC
- ION MMI/Risc
- Anvil
- MBS Expert
- Broadridge Impact & BPSA
- Omgeo Alert
- Market Axess
- IHS Markit IPREO
- Prime & Swap One
- DTCC CTM
- Fed Wire
- Euro Clear/Clearstream
- CME
- ICE
- Equilend
- Pirum
- LoanOne/Net
Certification
- Finra Nasd Series 7
- Finra Nasd Series 63
- Finra Nasd Series 99 registered
- SIE
Timeline
Director U.S. Middle Office
Scotiabank
09.2021 - Current
Senior Manager Middle Office Trade Support
Scotiabank
05.2015 - 08.2021
MBS Desk Associate
Scotiabank
05.2013 - 04.2015
Gleacher & Company Securities
01.2012 - 01.2013
Ally Securities LLC
01.2011 - 01.2012
Nomura Securities International
01.2009 - 01.2011
Bachelor of Science Degree - Management, International Business
SETON HALL UNIVERSITY