To ensure the timely issuance of Trade Finance instruments and to provide necessary information and documents to banks to properly finance all purchase and sale transactions. To ensure that the team is not accountable for any losses as a result of transactions not being properly financed.
Knowledge Skills and Abilities, Key Responsibilities:
Knowledge and Skills:
• Around 2 years or equivalent preferably within a Trading Company / Financial institution having gained a basic understanding of the principals surrounding Trade Finance instruments and their pitfalls.
• Basic knowledge of accounting systems
• Good working knowledge of Microsoft Office products (particularly Excel)
• Accurate & precise
• Highly numerate and analytical
• Highly motivated, able to ensure tight deadlines
• Proactive
• Team Player
Key Responsibilities:
• Issuance of L/C’s for our purchases and requesting L/Cs for our sales of oil products to facilitate transactional finance.
• Liaising with operators regarding deal specifics and authorizing sales only after security is in place.
• Liaising with Banks in order to finance the transactions and being able to answer all relevant questions from the bank with regards to timing and security.
• Checking of contracts for workability from finance perspective.
• Checking Letters of Credit received in our favor and requesting amendments as necessary.
• Weekly monitoring and reporting of product in storage for financing purposes with our different banks.
• Close co-operation with our Deals Desk personnel to ensure any charges agreed by Trade Finance are allocated correctly to the separately maintained deal Profit and Loss accounts.
• Allocation of bank charges to individual deals through Trafigura’s in house Trading and Accounting system.
• The reception / recording and distribution of shipping documents – including the allocation and
dispatch of such documents to our trading counter-parts / financing banks.
• The regular chasing of LC cancellations or reductions not received in a timely manner from our trading counter-parts – thus ensuring that our credit lines are reduced accordingly.
• Ensuring timely processing and reviewing of product payments, as well as possible invoice discounting.
• Preparation of various volume reports for management and banks.
• Keeping the in house system updated with information regarding the trades being financed
Key Relationships and Department Overview:
The key relationships of the role within the company are with Operations, Commercial, Credit and Treasury departments and outside the company with counterparties, banks and financial institutions.
Trafigura’s Trade Finance department is in charge of financing the trade cycle while mitigating the risks associated with global trading. We help to remove or reduce the payment and supply risks by using different financial instruments.
We play a key role in the company as managing cash and working capital are critical to the success of any business.
