OTC/FX Associate Specialist, Integrated Portfolio Services

001 The Northern Trust Company; Chicago (IL); On-site; USD 96,000 - 162,000; Full time

Job summary

The Northern Trust Company is seeking an OTC and FX Associate Specialist in the United States to drive implementation and execution of project initiatives, translate strategy into actionable plans, and manage risks in a fast-paced trading environment. You will support, reinforce and execute strategic priorities while ensuring client satisfaction and compliance across trade platforms.

Qualified candidates bring 5+ years in FX/OTC operations, strong analytical skills, and proficiency with

Qualifications

• Bachelor’s degree strongly preferred.
• 5+ years of FX or OTC derivatives operations experience.
• Experience with settlement and documentation of OTC/derivatives products.
• Proficiency with TradeServ, MarkitWire/MarkitTradeManager, and eConfirm platforms.
• Strong analytical, math and communication skills.

Responsibilities

• Escalation point for team and clients.
• Act as OTC/FX Product SME.
• Manage team projects and initiatives.
• Coordinate, execute and monitor trade settlements and confirmations.
• Ensure accuracy of trade documentation and confirmations across platforms.
• Liaise with trading desks, control groups and counterparties to resolve discrepancies.
• Support training of staff globally and contribute to process improvements.

Skills

Analytical skills

Communication skills

Attention to detail

Multi-tasking

Interpersonal skills

Education

Bachelor’s degree strongly preferred

Tools

TradeServ

MarkitWire/MarkitTradeManager

eConfirm

Microsoft Word

Excel

Job description

About Northern Trust As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions. Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide. With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service. The OTC and FX Associate Specialist is responsible for the driving implementation and execution of our project initiatives. They will translate strategy into actionable plans, drive execution across our teams, coordinate dependencies and manage trade-offs, monitor progress and surface risks or constraints and reinforce priorities and adjust as needed. In addition, the OTC and FX Associate Specialist is responsible for contributing, executing and reinforcing the strategic priorities, stepping in to assist the team where needed to successfully satisfy the client support model.

Major Duties:

• Being an escalation point for members of the team and clients
• Being an OTC/FX Product SME
• Manage team projects or initiatives
• Taking lead on an initiative while contributing and executing in others
• Oversight of processes within team of:
• Manage multiple clients/hedge funds and business lines within a fast-paced, challenging environment
• Affirmation/Confirmation of all OTC and FX trades on electronic platforms or on paper where required
• Settlement of swap cash flows associated with OTC and FX products, including unwinds, fees, resets, and premiums
• Proper operational reflection of OTC and FX trades
• Booking corporate actions and dividends/coupons to ensure accurate position and p/l attribution
• Efficiently identify and resolve transaction discrepancies between client and swap counterparties.
• Liaison between trading desk, control groups and counterparties to resolve any economic discrepancies on trades in a timely and efficient manner
• Process all aspects of periodic resets for vanilla and exotic IRS, CDS, and Equity OTC products
• Ensure timely receipt of OTC and FX confirmations from trading counterparties
• Ensure accuracy of transaction agreements and modifications
• Prioritize time accordingly to action trade breaks by end of day
• Understand and process trade activity in accordance with established operations policies and procedures; understand and minimize risk associated with trade mismatches
• Work with IT in the development and enhancement of the trade management system
• Must be able to interact with coworkers and clients in a fast-paced trading environment.
• Should be intellectually curious, intuitive, and trustworthy and have the highest ethical standards
• Effectively address a number of internal and external audiences in a professional manner.
• Perform other related duties as required
• Assists in the training of staff globally.
• Operates independently; has in-depth knowledge of business unit / function
• As subject area expert, provides comprehensive, in-depth consulting and leadership to team and partners at a high technical level
• Carries out activities that are large in scope, cross-functional and technically difficult
• Role is balanced between high level operational execution and development, and execution of strategic direction of business function activities
• Strategic in developing, implementing and administering programs within functional areas

Knowledge/Skills:

• Bachelor’s degree strongly preferred
• Five plus years of experience in FX or OTC structured and derivatives products operations including:
• Experience with the settlement of OTC structured and derivatives products
• Experience reviewing documentation for OTC structured and derivatives products
• Proficiency with TradeServ, MarkitWire/MarkitTradeManager, and eConfirm platforms preferred
• Excellent people skills; ability to dynamically act as knowledgeable point of reference to co-workers domestically and internationally
• Proficiency in Microsoft Word, Excel (ability to create macros), Copilot, Power Automate
• Excellent math and analytical skills
• Excellent written and oral communication skills
• Strong organization skills, meticulous attention to detail
• Ability to handle multiple tasks under extremely time sensitive conditions
• Understanding of the various transaction types within each asset class beyond ‘vanilla’ trades is preferred (e.g. for IRS, understanding of caps, floors, swaptions, etc. and for CDS, understanding of tranches, recovery swaps, ABS/X, etc.)
• Understanding of established guidelines and documents published by ISDA is helpful
• OTC Regulatory knowledge across Dodd Frank, EMIR, ASIC, MAS

Salary Range:

$95,600 - 162,400 USD Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.

Work Authorization

Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).

Working with Us

As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve. Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities.

Reasonable Accommodation

Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at [e-mail], or alternatively you can discuss your individual requirements with the recruiter you are working with.

Terms and Conditions Candidate Privacy Notice Pay Transparency Nondiscrimination Provision (U.S) Transparency in Coverage Disclosure – North America

Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If, because of a medical condition or disability, you need a reasonable accommodation for any part of the employment process, please email our HR Service Center or call 1-800-807-0302 (North America), [phone] (Asia Pacific), 1800-425-0333 (India), [phone] (Europe, Middle East and Africa) and let us know the nature of your request and your contact information.

APAC/INDIA EEO STATEMENT

It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

Canada EEO STATEMENT

Northern Trust is an Equal Opportunity Employer. Hiring and other employment decisions at Northern Trust are made without regard to race, colour, religion, sex, ancestry, national origin, ethnic origin, age, disability, citizenship, veteran status, sexual orientation, record of offences, marital status, family status, or any other characteristic protected under federal, provincial, or local law, regulation, or ordinance.

EMEA EEO STATEMENT

It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

USA EEO STATEMENT

It is the policy of The Northern Trust Company to afford equal opportunity in all phases of employment without regard to an individual's age, race, color, religion, creed, gender, national origin, citizenship status, marital status, pregnancy, sexual orientation, gender identity, gender expression, genetic tests and information, physical or mental disability, protected veteran status or any other legally protected status. EEO Know Your Rights (U.S.)