OTC/FX Associate Specialist, Integrated Portfolio Services

The Northern Trust Company; Chicago (IL); On-site; USD 90,000 - 130,000; Full time

Job summary

The Northern Trust Company is seeking an OTC and FX Associate Specialist in Chicago to translate strategy into actionable plans, drive execution across teams, and manage trade-related processes efficiently. You will monitor progress, surface risks, and reinforce priorities to meet client service objectives.

You will be an SME for OTC/FX products, oversee settlements and confirmations, and coordinate with trading desks and control groups.

Qualifications

• Bachelor's degree strongly preferred.
• 5+ years of experience in FX or OTC structured and derivatives products operations.
• Experience with 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.
• Proficiency in Microsoft Word, Excel (macros), Copilot, Power Automate.
• Excellent people skills; ability to act as a knowledgeable reference to co-workers domestically and internationally.

Responsibilities

• Be an escalation point for team members and clients.
• Serve as OTCFX Product SME and take lead on initiatives.
• Manage projects and initiatives in a fast-paced environment.
• Oversee settlements and confirmations of OTC and FX trades.
• Identify and resolve trade discrepancies between client and counterparties.
• Assist in training staff globally and support IT on systems.

Skills

People skills

Math skills

Analytical skills

Communication skills

Organization skills

Time management

Regulatory knowledge

Education

Bachelor's degree strongly preferred

Tools

TradeServ

MarkitWire/MarkitTradeManager

eConfirm

Microsoft Word

Excel (macros)

Copilot

Power Automate

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 drive, 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 OTCFX 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

Experience:

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