Settlements team is responsible for ensuring all trades are posted correctly and confirmed with the counterparty on Trade Date. They work closely with Trustees, Custodians, Clearing agents and clients to ensure accurate posting and settlement of all trades. The Settlements team manages failing trades and initiates buy-ins when applicable. They work closely with in-house and external legal counsel to complete documentation for all physical settlements. Additionally, they are responsible for managing collateral, all physical security holdings, and are involved with monitoring counterparty risk. The settlements team works closely with the Front Office as well as all other Back Office departments.
Job Duties & Responsibilities:
Responsible for defining and documenting industry best practices for trade posting, confirmation and settlement of all bond, equity and derivative trades as well as collateral and position management.
Responsible for training staff, implementing controls and ensuring adherence to all procedures.
Responsible for streamlining the collateral management process and reviewing daily margin requirements and funding instructions.
Responsible for trade confirmation, managing failed trades, and outstanding claims.
Review processing and documentation relating to the entire lifecycle of derivatives from initial trade posting and confirmation, through credit events, interest payments, quarterly rolls and unwinds.
Liaise between portfolio managers, traders and trustees for all portfolio-specific activity and issues, and ensure cross-communication of critical information between firm departments.
Work closely with external stakeholders, legal counsel, counterparties, and agents for successful completion of transfer documentation and exhibits.
Work with internal managers, custodians, clearing agents and prime brokers to set up new accounts and ensure proper workflow is followed.
Review ISDA/CSA documentation, Managed Account and control agreements to ensure compliance.
Research and recommend changes to our current workflow as required by industry changes, and to improve efficiency or reporting and to mitigate risk.
Position(s) Supervised:
Derivatives Settlements Staff
Bond/Equity Settlements Staff
Job Qualifications:
Bachelor's Degree from an accredited university in Finance or related discipline
Knowledge of at least one of the following systems preferred: Advent Geneva, Wall Street Office, Everest BlackMountain
Extensive knowledge of SWIFT Cash and Trade Messaging
Extensive knowledge of DTC, Euroclear and Clearstream trade settlement
Extensive knowledge of Bloomberg and DTCC DerivServ
Knowledge of Omgeo Oasys and Alert
Highly proficient in Microsoft Excel - knowledge of formulas a must (e.g. "vlookup"), Microsoft Outlook, and Microsoft Word
Knowledge of Bank Loans a plus
Minimum seven years of direct industry experience
Minimum five years management experience
Deep practical experience and current on OTC/Exchange traded derivatives and collateral management industry initiatives
Experience working with third party collateral management systems
Experience working with CLOs, CDOs, hedge funds or private equity a plus
Understanding of basic accounting theories
Active participation in industry committees
Skills/Abilities:
Ability to lead large projects
Ability to lead a small team and review all daily activities
Ability to recommend improvements to current workflow
Ability to filter through legal advice and summarize potential issues to Front Office
Excellent communication skills (verbal and written)
Strong organization and time management skills
Ability to multi-task and work in a fast-paced environment
