Financial Markets, Treasury, Strategy
A trusted Global Head of Trading, tier-one Banking Business Head and proven leader of dynamic change programs, whose progressive career within the international financial markets has resulted in managing large teams in complex global operations.
cott has successfully leveraged his own specialist technical knowledge of trading, program and business management, working at Royal Bank of Scotland (RBS), Deutsche Bank and Abbey National Treasury Services. Responsibilities have included overseeing the provision of the required funding for the investment bank, overseeing sustainable risk and control frameworks across all asset classes. Scott led RBS’s engagement with the Financial Conduct Authority and the US Federal Reserve, and has also run several highly successful global banking businesses, taking out cost and optimizing revenue performance.
Scott’s banking experience is broad and covers a wide array of products and business lines, many of which are relevant for reviewing the transition processes of interest rate benchmarks from LIBOR. He ran the wholesale funding of RBS, where the secured and unsecured funding was issued, and risk-managed this portfolio with specific products covering deposits, call accounts, commercial paper, term deposits, repo and reverse repo and other money market instruments. As CEO of RBS Asset Management he ran £15bn of AUM with a large proportion of this being short term money market funds, referenced to LIBOR and LIBID. In both these roles, the investment portfolio included asset-backed securities, senior unsecured bank debt, covered bonds, sovereign and agency securities, as well as central bank deposits. Scott has also structured and invested in other loans and securities and risk-managed derivative portfolios with significant rate-setting exposures.
While responsible for Short-Term Markets Scott was the RBS representative on the Bank of England’s Money Markest Liaison Group and with the London Money Markets Association (LMMA). Scott worked with present Bank of England Chair, Andrew Hauser to chair a working group through the LMMA to look at alternatives to LIBOR and any associated challenges. Scott has deep and historic relationships and experiences with the other key governing bodies for IBOR reform and a comprehensive understanding of their initiatives and progress.
Scott helped build the RBS Libor Rate Setting Committee which then developed into the overall Rate Setting Review Board covering all fixes and rate setting. The LIBOR Committee covered control framework, operations front-to-back, surveillance and monitoring, analysis of internal and external data points, and ensuring compliance with all internal and external control and audit reviews.
As Chair of the Index Committee, Scott also had to manage the conflicts of interest around the legacy book and client impacts. These roles included reviews of transactions, monitoring and surveillance of the participants, client impact and outcome, and assessment of conflicts and how they would be addressed and managed. He also held a role as Co-Chair of the Transaction Reputation and Risk Committee with the authority to challenge and reject any perceived high-risk deals.
Scott’s most recent role at RBS was to run the strategic transformation program within RBS to deliver a sustainable and viable investment bank using technology to deliver a customer proposition that is compelling, risk-managed, meets regulatory requirements, and at the correct cost and profitability.
On a secondary level, Scott also ran an FX trading business globally for a UK investment bank and here established the control framework around the FX Fixes and successfully addressed conflicts of interest. More broadly he had responsibilities with specific and direct expertise within the core markets LIBOR operates, during a time period where there was significant regulatory scrutiny and challenge with an eye to delivering appropriate customer outcomes.
Scott has extensive experience as a trusted Board member with significant fiduciary responsibility as a regulated asset manager, and is highly experienced across the core investment products, directing a large (500+) workforce