Basically, treasury has three different water-tight departments: Treasury Front Office, Treasury Mid Office and Treasury Back Office. There is a clear distinction in these three areas in terms of people and functions handled by each one of them.
The dealers would not get involved into settlements, confirmations, etc.. Mid office would never strike a transaction (deal) or draft a confirmations. Back office would never get into valuations, risk management or deal making.
Different areas of overall Treasury Department:
