Derivative Operations Analyst

Canada Life; London; On-site; GBP 50,000 - 70,000; Full time

Job summary

A leading financial services company is seeking a Derivatives Analyst to support their Asset Management division. The role involves managing derivatives operations, ensuring compliance with regulations, and providing expertise in collateral management. Candidates should have strong knowledge of derivatives and relevant qualifications. A competitive salary and benefits package is offered, along with opportunities for professional development.

Benefits

Generous Pension

Bonus Scheme

Private Medical Insurance

Life Assurance

Qualifications

• Experience in collateral management and derivatives essential.
• Knowledge of UK and European regulations critical.

Responsibilities

• Manage outsourced derivatives activities and ensure SLAs are met.
• Support end-to-end derivative life cycles and operational liaison.

Skills

Collateral Management

Derivatives Knowledge

Regulatory Knowledge

Education

IMC

Relevant Degree

Tools

Markitwire

DTCC

Bloomberg

Job description

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.

Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.

Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.

Job Purpose

To act as the derivatives analyst within the Asset Management business. Key point of knowledge for clients and the wider organisation. Supporting the derivatives operational processing and support functions within the Asset Management division within agreed SLAs in order to meet business and regulatory requirements. Responsibilities will include:

• Managing and overseeing outsourced derivatives activities including collateral management oversight of JPM Collateral Management and Northern Trust who provide CLAM with Middle Office services.
• Collateral Management experience critical- knowledge of Bi Lateral (Variation and UMR) and Cleared Collateral processes and understanding of Collateral Agreements- ISDA, CSAs, Clearing Agreements, UMR Initial Margin Thresholds documentation
• Operational liaison with fund accounting, derivative counterparties, trading & fund managers and providing collateral and OTC reporting
• Supporting the end-to-end derivative life cycles of products such as Cross Currency Swaps, Total Return Swaps, Credit Default Swaps, Interest Rate Swaps, Swaptions, able to understand the trade Booking and deal with any Settlements, Valuations and Confirmation issues which may arise after trading.
• Contributing towards the onboarding of new OTC derivative asset types, clients, systems, and processes
• Experience with systems such Markitwire, DTCC, Ice Link and Bloomberg/ Bloomberg AIM beneficial.
• Regulatory experience- MIFID, EMIR, EMIR Reporting., Dodd Frank

Duties/Responsibilities

• Supporting the end-to-end derivative life cycle ensuring that there are no settlement delays and agreed SLAs are met
• Act as derivatives 'subject matter expert' and operational liaison with key strategic 3rd party suppliers and outsourcers ensuring that agreed SLAs are met e.g. outsourced collateral management, outsourced processing teams and counterparties
• Provide essential derivative expertise, knowledge and operational support and reporting for Asset Management, Distribution, Legal and Investment Governance teams
• Responsible for controlling and overseeing derivative static data in the Asset Management systems
• Ensure the continuous development and improvement (CPI) of the business' derivative processes & procedures to ensure that high service levels are provided and due consideration is given to Risk and Treating Customers Fairly. Ability to lead CPI reviews.

Skills, knowledge and Experience

• Specialist skills (practice, techniques and disciplines) are needed to carry out the job effectively - in particular, experience and knowledge of various derivative asset types, market standards, collateral/margin requirements and practices and the inner workings of relevant trade cycles e.g. OTC Clearing requirements
• Good general knowledge of the derivatives landscape with respect to UK and European regulation and evolving practices amongst our competitors
• Knowledge of the workings of OTCs critical- Day to Day responsibilities include ensuring front- end capture of new OTCs, understanding full lifecycle of an OTC, monitoring trades which need to be confirmed in Markitwire and ensuring Cleared Swaps clear same day and problem solving when necessary and trades are collateralised the next day.

Qualifications (For the job and not the person)

IMC, equivalent professional qualification essential or relevant degree is essential

Benefits of working at Canada Life

We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that's regularly reviewed. As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.

How we work at Canada Life

Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.

We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That's why we offer a range of training, flexible working and opportunities to grow and develop.

Diversity and inclusion

Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we're making in DEI, and we continue for it to be a significant focus.

"At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all." Nick Harding, Chief People Officer, Canada Life UK

We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.