Associate, Markets & Liquidity

British Columbia Investment Corporation; Victoria; On-site; CAD 110,000 - 130,000; Full time

Job summary

British Columbia Investment Management Corporation (BCI) seeks an Associate in Markets & Liquidity to manage the derivatives lifecycle and FX hedging programs across asset classes. You will optimize valuation, handle collateral decisions, and support securities lending with a focus on efficiency and risk management.

The role sits in Vancouver or Victoria within Investment Operations, partnering with custodian and counterparty teams.

Qualifications

• University degree in finance, economics, or related field.
• Professional designation (e.g., CFA/FRM/CA/CPA/MBA) is an asset.
• 3-5 years of relevant experience in asset management, investment firm, or banking.

Responsibilities

• Perform daily valuations and P&L optimization for listed and OTC derivatives across asset classes.
• Set up and confirm new OTC trades and amendments in OMS.
• Support regulatory reporting and trade repository submissions, resolve breaks.

Skills

FX hedging

Derivatives valuation

Securities lending

Regulatory reporting

Automation & AI

Education

Bachelor's degree in Finance/Economics/Accounting

Tools

Bloomberg AIM

ICE Data Services

TriResolve

MarkitWire

Acadiasoft

RStudio

Python

VBA

SQL

Job description

## Associate, Markets & LiquidityApply: Victoria, BC: Vancouver, BC: Full time: Posted 3 Days Ago: JR101616**About Us:**With $313.7 billion of gross assets under management, as of March 31, 2026, British Columbia Investment Management Corporation (BCI) is the provider of investment management services for British Columbia’s public sector and one of the largest asset managers in Canada. BCI seeks investment opportunities around the world and across a range of asset classes that convert savings into productive capital. Our investment returns play a significant role in helping our institutional clients build a financially secure future for their beneficiaries. Headquartered in Victoria, British Columbia, and with teams spanning Vancouver, New York, London, and Mumbai. BCI integrates environmental, social, and governance (ESG) factors into all investment decisions to meet clients' risk and return requirements. Our people shape employee-focused initiatives, creating a strong culture. To learn more about our culture and values, visit our **BCI Values in Action** page. **POSTING CLOSE DATE: October 11, 2026****A unique and impactful opportunity to join our growing Investment Operations team in Vancouver or Victoria. This is an exciting opportunity to work with and grow your career with a best-in-class investment operations platform at one of Canada’s largest asset managers!**## THE OPPORTUNITYReporting to the Director, Markets and Liquidity, the Associate supports BCI’s exchange-traded and OTC derivatives book across all asset classes and clients, spanning trade capture and confirmation through lifecycle management, settlement, and regulatory reporting. The role is also responsible for managing the daily FX netting and hedging program, maintaining strategies within pre-defined hedging ratios and netting FX spot transactions to reduce costs; directing collateral funding decisions to meet daily variation and initial margin obligations with BCI counterparties; and providing day-to-day oversight of BCI’s securities lending program, optimizing security selection and utilization to maximize revenue. The Associate communicates with a variety of stakeholders, including resolving valuation and margin disputes with external counterparties, coordinating with BCI’s custodian and agent lender, and monitoring the performance of BCI’s securities lending program. They are a strong role model for their colleagues, with a solutions-oriented mindset and focus on continuous improvement initiatives. They are comfortable adjusting their communication style to a variety of stakeholders they work with and proactively share information, while seeking different ideas when developing solutions.## DEPARTMENT DESCRIPTIONInvestment Operations (IO) delivers institutional-grade capability across cash management, derivatives and collateral, foreign exchange, trade settlement, corporate actions, and custodian oversight. Partnering with BCI's investment teams to design and execute end-to-end solutions that translate investment strategy into operational reality. The department manages this capability entirely in-house, supported by internally built quantitative models, AI-powered liquidity tools, and automated workflows that operate at the forefront of the industry. The department is organised into three branches: Investment Services and Settlements; Markets and Liquidity; and Financial Engineering. ## WHAT YOU BRING**Must have:*** Relevant university degree or diploma (emphasis on Business, Economics, Finance, or related field).* Professional designation (e.g., CFA, FRM, CA, CPA, MBA, CAIA) or industry accreditation is an asset.* 3-5 years of progressive, related experience (preferably with a large asset management, investment firm, or banking institution). An equivalent combination of training, education and experience will be considered.* Good understanding of agency securities lending programs, including the loan lifecycle, recalls, borrower counterparty limits, collateral reinvestment, and agent lender oversight.* Competent understanding of global capital markets, financial instruments, data management, accounting principles, unitized pool transactions, corporate actions and global payment and settlement mechanisms with ability to comfortably step into different roles when required.* Sound understanding of regulatory reporting, Uncleared Margin Rules (UMR), requirements for calculating IM requirements, applying SIMM methodology, as well as techniques to optimize collateral management.* Experience in FX hedge management, derivative valuations, the use of the quantitative valuation models and derivative analytics, investments, and funding decisions (e.g., derivative models, Bloomberg AIM, ICE Data Services, TriResolve, MarkitWire, Acadiasoft, RStudio, Python, VBA, SQL).* Ability to evaluate the potential consequences/implications of different options and gather/validate new information and concepts when solving problems.* Experience applying AI models, agentic workflows, and automation tools to streamline operational processes and enhance decision making is an asset.## WHAT YOU GET TO DO* Completes daily valuations, and Profit and Loss optimization of lifecycle events for listed and over-the-counter (OTC) derivatives across Equity, Fixed Income, FX, and Credit, including reset management and generating reset income, fixings, expiries, triggers, and corporate action elections.* Sets up and confirms new OTC derivatives trades, performs amendments (fixings, cash flow schedules), and approves OTC derivatives trades in the derivatives execution order management system.* Supports derivatives regulatory reporting obligations by validating trade repository submissions and identifying and resolving reporting breaks within required deadlines.* Executes BCI asset allocation movements and applies business judgment to meet allocation targets.* Calculates, issues, and confirms daily variation and initial margin calls; monitors counterparty exposures and resolves valuation and initial margin disputes by reviewing Equity, Interest Rate, and FX risk sensitivity data, maintaining the dispute log and escalating aged items.* Makes collateral funding decisions for variation and initial margin movements by applying cheapest-to-deliver analysis across eligibility schedules, haircuts, and opportunity cost to minimize funding costs and increase securities lending revenue as defined in internal directives and frameworks.* Manages FX hedge rolls within predetermined hedging ratios by entering FX hedge trades while mitigating roll and concentration risk to optimize FX returns following BCI’s internal directive, and nets FX spot trades to reduce costs.* Maintains a real-time view of available collateral inventory across systems, the custodian, and clearing accounts, and liaises directly with the custodian and counterparties to process collateral movements within the specified deadlines.* Monitors the agency securities lending program, reviews daily loan activity and utilization rates, and escalates exceptions to support optimized collateral funding and increased returns for clients while mitigating risk.* Coordinates securities lending recalls to ensure loaned securities are returned in time for sales, corporate actions, and proxy voting requirements.* Leverages AI models and agentic automation, in partnership with Financial Engineering, to streamline workflows across derivatives lifecycle management, margin call processing, and securities lending monitoring, and to enhance the quality and speed of collateral and lending decision making.* Provides settlement activity instructions to internal business units: Trade Management, Cash Operations, and Investment Accounting.* Ensures all processes meet the minimum audit and internal control framework and actively adhere to compliance and risk management policies.* Optimizes branch workflows through a process improvement and automation mindset, identifying a wide range of opportunities, underlying issues, and solutions; prepares periodic reports and performs analysis and back testing of models and market data for the implementation of new strategies.## **WHERE YOU WILL WORK**This role will be based in our Vancouver or Victoria office. **SALARY RANGE**The annualized base salary range for this Vancouver or Victoria-based role is CAD $110,000 - $130,000.BCI offers a competitive total rewards package, including a performance-based incentive plan, comprehensive health & dental benefits, a defined benefit pension plan, and paid time off. We pay our people competitively in the markets in which we operate and with consideration for internal equity and job structure. The base salary will consider factors such as the individual's skill set, experience, and internal equity. We aim for actual pay to be around the market median for expected performance and the upper quartile for excellent performance. Actual salaries may vary based on experience and expertise.