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DERIVATIVE SENIOR ANALYST, CONFIRMATIONS AND SETTLEMENTS
DEPARTMENT OVERVIEW The Derivatives Outsourcing department provides middle and back office operational support to investment management clients, across a wide range of Exchange Traded and Over the Counter products. The team's responsibilities include trade capture, trade affirmation / confirmation, trade settlement, margin calculation, margin settlement and all associated reconciliations. The OTC Settlements team are responsible for the agreement and settlement of all fees, premiums, coupons and financing charges relating to OTC Derivative Transactions and the investigation of any resultant cash breaks. The team are also responsible for the agreement and maintenance of all SSI data in relation to the settlement of OTC transactions. The Confirmations Team's primary function is to make sure our clients' OTC trades are being matched with counterparts efficiently and according to market/regulatory standards. The team supports both bilateral and CCP trading activity. To do this Northern Trust utilises the Markit Trade Manager (MTM) tool to monitor and process both paper and electronic confirmations.
TEAM RESPONSIBILITIES Settlements processing of OTC Derivative Trades and processing accounting entries Monitoring and agreement of cash payments with market counterparties Monitoring exception queues in MTM to ensure alleged trades are matched, or disputes identified, escalated and resolved Checking of paper confirmations versus the trade capture system, Summit Conducting root cause analysis into the reasons for confirmation turnaround failing to meet regulatory standards Processing of novations and client transitions Providing trade information to interested parties such as Fund Accountants, Trustees and Third Party Administrators Investigating and resolving exceptions from Tri-Resolve portfolio reconciliations with Investment Managers, Counterparties and trade repositories Monitoring performance of counterparties and providing feedback to clients, participating in regular service review sessions Investigating and resolving queries and enquiries from internal and external clients Production of client reporting Production of MIS and KPIs Performing UAT for new products, new clients and system enhancements Performing bulk bookings and deletions for transitions in and out of NT
INDIVIDUAL RESPONSIBILITIES To provide support to the Team Leader and Department Manager To settle OTC trades in a timely & accurate manner To confirm OTC trades in a timely & accurate manner To monitor and securely maintain all SSI data relating to the settlement of OTC Derivatives To liaise with Clients and Market Counterparties to resolve any settlement discrepancies To undertake relevant position reconciliations Monitor & investigate monthly overdraft/interest claims To monitor team mailboxes and ensure all queries are actioned in a timely manner To undertake various tactical and strategic initiatives to improve performance To increase the number of trades matched electronically through Markitwire and DTCC To ensure that all team duties are completed accurately within internal, market and SLA deadlines and timeframes To perform reviewer checks on Swift releases To perform reviewer checks on paper confirmations To perform UAT testing for new products, processes and clients being on-boarded To escalate to Team Leader any issues/concerns in a timely manner Attend internal and external meetings with Clients and Counterparties where required Ensure that procedures are followed and updated regularly Ensure that controls are adhered to and evidenced daily
PRODUCTS COVERED INCLUDE IRS, RPI's, Zero Coupon Swaps, Credit Default Swaps, CFD's, Equity Swaps, Equity Options, Variance Swaps, Property Swaps, FX Options, Swaptions, Cross Currency Swaps, Total Return Swaps, Basis Swaps
KNOWLEDGE/ SKILLS - PREREQUISITES Detailed knowledge of OTC products Detailed knowledge of OTC product lifecycles Detailed knowledge of OTC market practices and initiatives Detailed knowledge of OTC Settlements best practice Detailed knowledge of OTC Confirmations best practice and regulatory requirements Intermediate/Advanced Excel/Word skills Summit experience useful but not essential Tri-Resolve experience useful but not essential MTM / MarkitWire / DTCC experience useful but not essential
COMPETENCIES Ability to process accurately whilst consistently meeting external and internal deadlines Excellent communication skills both written & verbal Ability to represent Northern Trust to the highest professional levels both internal and externally (including clients, and regulators) Understanding of the Investment Management business
About Northern Trust For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity. From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 18,500 employees globally. We serve the world's most-sophisticated clients - from sovereign wealth funds and the wealthiest individuals and families, to the most-successful hedge funds and corporate brands. We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater.
As of December 31, 2018, Northern Trust Corporation had:
$10.1 trillion in assets under custody/administration $7.6 trillion in assets under custody $1.1 trillion in assets under management $132 billion in banking assets
Internal Number: 5930482
About Northern Trust
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