Primary Dealer Operations Audit
1
BMO Harris Capital Markets Corp (BMOH) is a Canadian investment dealer and member of the Investment Industry Regulatory Organization of Canada (IIROC). It is a subsidiary of BMO Financial Group. BMOH offers a full range of investment and corporate banking products and services to Canadian and U.S. clients. Its operations functions consist of securities trading, underwriting, research, and retail brokerage. I came to know about this organization when I was researching investment firms that offer summer internships for undergraduates.
BMOHs mission is: To boldly grow the good in business and life. It guides every decision we make, and inspires and empowers us to do more for the customers and communities we serve.
The Operations function contributes to the organizations mission insofar as it strives to offer corporate, institutional and government clients access to a wide variety of financial services.
The primary goals of BMOH are:
Annual revenue growth
Protect Primary Dealership title within the eyes of the Federal Reserve Bank
Protect and grow investor relationships globally both private and institutional
Become the leading market maker across all asset classes
Forecasting primary dealer processes to facilitate the achievement of these goals include the following:
Primary Dealers are required to competitively participate in all U.S. Government Security Auctions regulated under the Federal Reserve Bank
Forecasting of the U.S. Treasury Fixed Income Market is used to competitively and accurately price the bidding
These forecasts are obtained by using quantitative analysis obtained through prevalent market data using the most up to date and speed driven software
Forecasting is also obtained through world economic news
There is no conflict...
While it is not uncommon for the goals or objectives of different business functions to conflict with one another, in the case of BMO Harris Capital Markets Corp., it appears that the Operations function is able to effectively integrate with the goals of other functions within the company. For example, Marketing may have a goal of increasing sales by 10% in the next quarter, while Accounting may have a...
…intuitive, while in other cases expert guidance and oversight is needed from managers.
/
The operations function of an organization is responsible for carrying out the day-to-day activities required to produce goods and services. In the case of BMO Harris Capital Markets Corp, the operations function includes the execution of trades on behalf of clients, as well as the settlements of those trades. Operations also play a role in the maintenance of client accounts and the generation of reports. The goal of the operations function is to carry out these activities in an efficient and effective manner.
To that end, BMO Harris has put in place a number of policies and procedures designed to promote efficiency and prevent errors. For example, all trades are confirmed with clients prior to execution, and all trade settlements are reviewed for accuracy before they are processed. By ensuring that its operations function runs smoothly, BMO Harris is able to provide its clients with a high level of service. As such, the operations function is a critical component of the…
