CASS Reconciliations & Treasury Operations Officer

Saxton Leigh; Greater London; On-site; GBP 45,000 - 65,000; Full time

Job summary

Saxton Leigh in London seeks an experienced Custody Operations professional to manage CASS reconciliations and treasury settlements. You will perform daily reconciliations of safe custody assets, verify securities against external statements, and maintain three-way reconciliation across internal and external data sources.

The role covers cross-border OTC bonds, FX products, and regulatory reporting under UK EMIR and MiFID II/MiFIR.

Qualifications

• 3–5 years performing CASS reconciliations within an FCA-authorised firm
• Operational experience in custody or sub-custody environment
• 3–5 years in treasury/derivatives operations supporting FX and/or IRS/XCCY
• Proficiency in a custody or treasury system; SWIFT messaging knowledge
• Awareness of UK EMIR/MiFID II/MiFIR reporting requirements

Responsibilities

• Perform daily external and monthly internal reconciliation of safe custody assets
• Reconcile securities ledger against external statements and SWIFT messages
• Maintain three-way reconciliation framework for custody portfolios
• Conduct daily Level 1–Level 2 reconciliations and investigate breaks
• Escalate significant breaks to CASS Oversight Officer and support root cause analysis
• Prepare and maintain CASS Resolution Pack and reconciliation records
• Complete and submit daily CASS Reconciliation Certificate
• Settle cross-border UK–China OTC bonds and manage associated messaging
• Oversee FX spot/forward/swap settlements and confirmations
• Manage regulatory reporting under UK EMIR and MiFID II/MiFIR
• Handle Cross-Currency Swaps, Bond Repo, and related settlement processes
• Maintain maker/checker controls and document operational risk events
• Support CMAR preparation and audit engagements

Skills

CASS reconciliations

Treasury operations

SWIFT messaging

Regulatory reporting

Custody operations

Tools

In-house custody system

SWIFT MT300/304/540–548/940

Job description

THE COMPANY:

Our client is multinational Corporate banking company, with branches worldwide.

THE RESPONSIBILITIES:

CASS Reconciliations — Client Assets (CASS 6):

• Perform daily external reconciliation and monthly internal reconciliation of all safe custody assets (OTC bonds) held in the in-house custody management system on behalf of custody clients.
• Reconcile the securities ledger against external CSD and sub-custodian statements, CSD position data, and SWIFT MT564/566 corporate action messages from HO/sub-custodians.
• Maintain the three-way reconciliation framework (system counter balance vs external statement vs HO accounting balance) for all custody client portfolios.
• Perform the daily Level 1 – Level 2 reconciliation to confirm custodian balances reconcile at individual client level (no aggregate portfolio-level balance available).
• Classify, document and investigate all reconciliation breaks by severity, escalating significant breaks and client asset shortfalls immediately to the CASS Oversight Officer, and support root cause analysis and remediation.
• Confirm that all daily reconciliations are consistent before corporate action processing is initiated in the custody system.
• Support preparation and maintenance of the CASS Resolution Pack, keeping reconciliation records, account registers, custodian details and break logs current and accessible.
• Complete and submit the daily CASS Reconciliation Certificate (signed by the role holder; countersigned by the CASS Oversight Officer under maker/checker controls).

Cross-Border OTC Bond Operations (Custody Specialist Function)

• Settlement mechanics for cross-border UK–China OTC bonds
• SWIFT securities settlement messaging (MT540-series and ISO 20022 sese equivalents).
• Corporate action processing for custody bonds — coupons, principal redemptions, amortising, callable and puttable bonds and exchange offers.

Treasury Operations — FX Products:

• FX Spot: Booking, confirmation and settlement across major pairs (incl. USD/CNH, GBP/CNH), including netting.
• FX Forward: Confirmation, lifecycle and settlement of outright forwards and NDFs; awareness of UK EMIR reporting thresholds.
• FX Swap: Confirmation, settlement and monitoring of open forward legs.
• Settlement: Payment/receipt instructions via SWIFT (pacs.009 and pacs.008 ), CLS input and in-house payment processing; nostro reconciliation of treasury accounts.
• Trade Confirmation: Matching via SWIFT MT300/MT304; managing unmatched and unconfirmed trades.
• Regulatory Reporting: UK EMIR trade reporting and MiFID II/MiFIR transaction reporting where reportable.

Treasury Operations — Interest Rate Products

• Cross-Currency Swaps (XCCY): Confirmation and lifecycle management of basis swaps (esp. GBP/CNH, USD/CNH), including principal exchange, coupon exchanges and MTM margin calls.
• Regulatory Reporting: UK EMIR trade and lifecycle reporting for OTC rate derivatives; UTI generation, LEI validation, EMIR Refit support.
• Bond Repo: Confirmation and settlement of liquidity-management repo; reconciliation of open positions and accrued interest.

Controls, Risk and Compliance:

• Maintain maker/checker (four-eyes) controls at all times; never approve or sign off a reconciliation or adjustment the role holder has initiated or prepared.
• Log all operational errors and near-misses in the Operational Risk Event Register; support root cause analysis for client asset/money errors.
• Support monthly Client Money and Asset Return (CMAR) preparation under SUP 16.14, providing accurate reconciliation data to the CASS Oversight Officer.
• Support internal and external audit and FCA engagements relating to CASS reconciliation and treasury operations.
• Maintain current knowledge of the CASS Sourcebook, relevant policy statements, Dear CEO letters and thematic reviews; alert the CASS Oversight Officer to relevant developments.
• Complete all mandatory training (CASS Foundation and refresher, SM&CR, UK EMIR, AML/Sanctions) within prescribed timeframes.

EXPERIENCE REQUIRED:

• 3–5 years performing CASS 6 and/or CASS 7 reconciliations within an FCA-authorised firm (asset manager, custodian bank or broker-dealer); sound grasp of internal and external reconciliation obligations.
• Operational experience in a custody or sub-custody environment, covering securities settlement, corporate action processing and position reconciliation against CSD/sub-custodian statements.
• 3–5 years in treasury/derivatives operations supporting FX (spot, forward, swap) and/or interest rate products (IRS, XCCY); experience with trade confirmation, settlement and nostro reconciliation.
• Proficiency in a custody or treasury system; SWIFT messaging knowledge (MT300/304/540–548/940/950).
• Awareness of UK EMIR trade reporting and MiFID II/MiFIR transaction reporting as they apply to treasury and derivatives operations.