Gilts

With the front and back offices, the middle (or mid) office completes the key best practice division of duties and responsibilities in the treasury operation.

Its basic responsibilities include treasury reporting, accounting for treasury and determining and monitoring the internal treasury control framework.

Many companies may not have operations sizeable enough to require a middle office; in these cases, its role is performed by the back office or the accounting department.

Segregation of duties - dealing, settlement and reporting

“The front office does the deal, but doesn’t settle the money.

The back office settles the money, but doesn’t do the deal.

Historically, the middle office is a control function that does the reporting and ensures that system controls are enforced."

Naresh Aggarwal, associate policy and technical director, Association of Corporate Treasurers, May 2022.

See also

• Back office
• Deal
• Front office
• Reporting
• Segregation of duties
• Settlement
• System and network controls
• Treasury organisation