Middle Office - Associate / Senior Associate / Assistant Manager, Listed Securities & OTC Derivatives

Our Middle Office team looks after a trade from the moment it’s executed: matching and confirmation, settlement, collateral and wires, across listed securities and OTC derivatives. You’ll work every day with Traders, Portfolio Managers, Portfolio Administrators, trade support teams, custodians and brokers. A big part of the job is spotting settlement risk early and making sure the right people know about it.

Listed securities and exchange-traded derivatives

• Match and confirm trades with brokers on CTM and Alert, check allocations across funds, and clear pre-matching breaks before settlement date.
• Get trades settled on time. When one fails, find out why, chase the broker or custodian, and keep settlement delay costs down.
• Keep track of expiries, rolls, exercise and assignment, and corporate actions that affect settlement.

OTC derivatives

• Confirm bilateral trades (swaps, options, FX forwards) on MarkitWire or on paper, checking the economics against the term sheet.
• Affirm electronically cleared trades on MarkitWire and Traiana, make sure the clearing house accepts them, and fix any rejects or breaks.
• Process lifecycle events such as resets, fixings, coupon and premium payments, novations, amendments and terminations.
• Calculate and agree variation margin (VM) and independent amount (IA) under bilateral CSAs, issue and answer margin calls, and resolve collateral disputes.
• Manage triparty collateral, including eligibility, substitutions and movements with triparty agents and custodians.
• Apply the terms of ISDA, CSA and account control agreements, such as thresholds, minimum transfer amounts and eligible collateral.

Across both

• Process cash and collateral wires within payment controls, using the right SWIFT messages (MT103/MT202, MT5xx).
• Run trade, position, cash, depot and nostro reconciliations between Geneva, brokers and custodians, and clear breaks on time.
• Keep an eye on settlement risk across markets and flag exposures before they turn into fails.
• Resolve queries and exceptions with the teams involved, and escalate quickly when something can’t be fixed in time.
• Suggest process and control improvements, and help put them in place.

• A solid grasp of the trade lifecycle and trade economics for listed and OTC products.
• Hands-on settlements knowledge: fails management, pre-matching, depot and nostro reconciliation, and SWIFT messages.
• A good understanding of bilateral and triparty collateral, including VM and IA calculations.
• Familiarity with ISDA, CSA and account control agreements.
• Strong analytical skills. You look for the root cause, not just the quick fix.
• You pick things up quickly and adapt well in a fast-paced environment.
• Good interpersonal skills, team spirit and client focus, and you build strong working relationships with stakeholders.
• Fluent written and spoken English.

• Experience with CTM, Alert, MarkitWire, Traiana, Geneva and broker or custodian web portals.
• Advanced Excel.