Structured Products Middle Office Analyst (x2)

MARGO; Greater London; On-site; GBP 70,000 - 110,000; Full time

Benefits offered by this job

Exposure to Front Office trading

Tailored career training

Long-term opportunities

Human-sized consultancy

Job summary

MARGO, based in London, is seeking Structured Products Middle Office Analysts for permanent and contracting roles. You will ensure accurate booking across Fixed Income, Credit, Rates, and FX derivatives, conform to legal terms, and maintain strict controls throughout the lifecycle.

Profile 1 focuses on reconciliations and break resolution; Profile 2 covers trade lifecycle execution and operational investigations.

Qualifications

• Hands-on Middle Office experience in an Investment Bank or equivalent.
• Strong knowledge of Structured Credit, Rates, Fixed Income, FX and exotic derivatives.
• Familiarity with control frameworks, 2nd-level controls and Front-to-Back workflows.
• Experience with enterprise platforms (Murex, Summit, Calypso, TLM, SmartStream).
• Ability to communicate technical issues to Front Office traders and senior stakeholders.

Responsibilities

• Profile 1: Reconciliations and break resolution across cash, nostro and general ledger breaks.
• Profile 1: Ledger and P&L reconciliations for data integrity across Front-to-Back flows.
• Profile 2: End-to-end lifecycle event execution for structured products and related investigations.
• Profile 2: Manage deal stock in core booking systems to reflect governing legal terms.

Skills

Middle Office experience

Structured Products

Trade lifecycle

Operational risk

Murex

Calypso

Summit

QOC communication

Tools

Murex

Summit

Calypso

TLM

SmartStream

Job description

Join MARGO in the UK (London) – Perm & Contracting Opportunities

MARGO is a tech-native consultancy delivering high value-added IT expertise to the financial services industry. We specialise in data-intensive trading and risk environments where real-time analytics, large data volumes, and high-performance engineering are critical. Joining MARGO means working on highly specialized data platforms while benefiting from a human-sized structure, close follow-up, and tailored career paths.

Business Context

You will work within the Structured Products Middle Office (SPMO) team, sitting directly within the Product Control department inside Global Markets Operations at a Tier-1 Investment Bank.

Operating as an independent second-level control function, Product Control is responsible for monitoring transaction representation, Front-to-Back workflows from Front Office to Post-Trade systems, and enforcing valuation and operational risk controls. The team supports complex, high-value desks including Structured Credit, Rates, Fixed Income, Global Macro IR, and FXLM products.

We are hiring for two distinct operational profiles to manage deal stock throughout its lifetime and ensure high operational integrity across live flows.

Role Overview

The Structured Products Middle Office Analyst ensures that complex transactions across Fixed Income, Credit, Rates, and FX derivatives are booked accurately, conformed to legal documentation terms, and properly controlled throughout their lifecycle.

Depending on your core specialization, you will either drive reconciliations and break resolution (Profile 1) or manage trade lifecycle execution and operational investigations (Profile 2).

Key Responsibilities

Profile 1 Focus: Reconciliations & Break Investigation Specialist

• Financial Break Resolution: Investigate, understand, and resolve Cash breaks, Nostro breaks, General Ledger, and suspense account breaks within agreed SLAs.
• Control & Ledger Oversight: Perform reconciliations on balance sheet items and P&L ledgers to guarantee Front-to-Back data consistency.
• Root Cause Analysis (RCA): Perform deep-dive root cause analysis on recurring operational exceptions to improve the permanent control environment.
• Operational Control: Maintain 2nd-level control checks for valuations, Anti-Fraud frameworks, and P&L accuracy in cooperation with Risk and Finance teams.

Profile 2 Focus: Trade Lifecycle & Operational Investigations Specialist

• Lifecycle Event Execution: Manage end-to-end execution and coordination of structured products lifecycle events: fixing inputs, complex payoff calculations, coupon payments, auto-call triggers, barrier events, unwinds, and maturities.
• Stakeholder Coordination: Serve as the direct daily interface between Front Office (Traders / Structuring), Back Office, Middle Office, and external counterparties.
• Operational Investigations: Investigate post-trade operational failures, including payment issues, SWIFT delivery failures, settlement breaks, and booking discrepancies.
• Deal Stock Management: Oversee deal representation in core booking systems to ensure all terms reflect governing legal documentation.

Required Experience & Skills

• Investment Banking Seating: Material hands-on experience working directly within a Middle Office, Product Control, or Trade Support function inside an Investment Bank.
• Product Depth: Strong theoretical and working knowledge of Structured Credit, Rates, Fixed Income, FX, and exotic derivatives.
• Control Mindset: Detailed understanding of operational risk frameworks, 2nd-level controls, and Front-to-Back workflow chains.
• System Expertise: Proven experience utilizing standard enterprise CIB platforms (Murex, Summit, Calypso, TLM, or SmartStream).
• Communication & Resilience: Ability to work under pressure, meet strict market SLAs, prioritize workload, and articulate technical issues to Front Office traders and senior stakeholders.
• Core Trade Booking & Lifecycle Engines: Murex (MX3), Sophis, Summit, Calypso.

Why Join MARGO

• Access to demanding Front Office trading environments
• Strong focus on production ownership and system reliability
• Highly technical roles close to live trading activity
• Human-sized consultancy with close support and tailored training
• Long-term career opportunities across production, engineering and development

Please note - We do not offer visa sponsorship for this position.