Derivative Operations Analyst

Irish Life Group Services Limited; London; On-site; GBP 60,000 - 80,000; Full time

Job summary

A leading financial services company is seeking a Derivatives Analyst to support operational processing and client functions within their Asset Management division. The role involves managing outsourced derivatives activities, ensuring compliance with regulatory requirements, and acting as a subject matter expert. Candidates should have a strong understanding of collateral management and derivatives lifecycle, with relevant qualifications. The company offers competitive salary and comprehensive benefits, including opportunities for professional development.

Benefits

Competitive salary

Pension

Bonus

Income protection

Private medical insurance

Life assurance

Opportunities for personal and professional development

Qualifications

• Essential IMC or equivalent qualification or relevant degree.
• Experience with collateral management and derivatives lifecycle.

Responsibilities

• Manage outsourced derivatives activities and collateral management.
• Ensure smooth end-to-end lifecycle of derivatives with no delays.
• Drive continuous process improvement in derivatives operations.

Skills

Operational Support

Problem Solving

Market Standards

Education

IMC or equivalent professional qualification

Relevant degree

Tools

Markitwire

DTCC

Bloomberg

Job description

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Canada Life UK has been serving the retirement, investment, and protection needs of individuals, families, and companies since 1903. As part of Great-West Lifeco, we are committed to building better futures for our customers, intermediaries, and employees by operating as a modern, agile, and welcoming organization.

We are transforming to become more customer-focused, providing expertise in financial and tax planning, home finance, annuities, and collective fund solutions.

Job Purpose

The derivatives analyst will be a key knowledge resource within the Asset Management division, supporting operational processing and client support functions to meet SLAs, business, and regulatory requirements. Responsibilities include:

1. Managing outsourced derivatives activities, including collateral management oversight with JPM Collateral Management and Northern Trust.
2. Having collateral management experience, including Bi-Lateral (Variation and UMR) and Cleared Collateral processes, and understanding collateral agreements such as ISDA, CSAs, and UMR documentation.
3. Acting as an operational liaison with fund accounting, derivative counterparties, trading, and fund managers, providing collateral and OTC reporting.
4. Supporting the end-to-end lifecycle of derivatives products like Cross Currency Swaps, Total Return Swaps, Credit Default Swaps, Interest Rate Swaps, and Swaptions, including trade booking, settlements, valuations, and confirmations.
5. Contributing to onboarding new OTC derivative asset types, clients, systems, and processes.
6. Experience with systems such as Markitwire, DTCC, Ice Link, Bloomberg/Bloomberg AIM is beneficial.
7. Regulatory experience in MIFID, EMIR, EMIR Reporting, and Dodd-Frank is required.

Duties/Responsibilities

• Ensuring the smooth end-to-end lifecycle of derivatives with no settlement delays and meeting SLAs.
• Serving as a derivatives subject matter expert and operational liaison with third-party suppliers and outsourcers.
• Providing derivative expertise, operational support, and reporting to various teams.
• Controlling and overseeing derivative static data in asset management systems.
• Driving continuous process improvement to maintain high service levels, considering risk and customer fairness, including leading CPI reviews.

Skills, Knowledge, and Experience

• Specialist skills in derivative asset types, market standards, collateral/margin requirements, and trade cycles, especially OTC clearing requirements.
• Good knowledge of the derivatives landscape, UK and European regulation, and industry practices.
• Understanding of OTC trade lifecycle, trade confirmation in Markitwire, and clearing processes, with problem-solving skills.

Qualifications

IMC or equivalent professional qualification, or relevant degree, is essential.

Benefits

Competitive salary, comprehensive benefits including pension, bonus, income protection, private medical insurance, and life assurance. Opportunities for personal and professional development.

Work Culture

Our culture emphasizes doing the right thing, curiosity, ownership, collaboration, and innovation. We invest in our people, technology, and workplaces, offering training and flexible working options.

Diversity and Inclusion

We are committed to creating an inclusive environment where everyone can thrive, regardless of gender, ethnicity, or other characteristics. We value diverse perspectives and emerging talent, as highlighted by our Chief People Officer.

Flexible working arrangements are available to accommodate personal responsibilities.