OTC/FX Associate Specialist, Integrated Portfolio Services

Northern Trust Corp.; Chicago (IL); On-site; USD 96,000 - 162,000; Full time

Benefits offered by this job

Comprehensive benefits package

Job summary

Northern Trust Corp. is seeking an experienced OTC/FX Associate Specialist in Chicago to drive the execution of project initiatives, coordinate dependencies, and manage trade confirmations and settlements across multiple clients and hedge funds.

The role requires 5+ years in FX or OTC derivatives operations, proficiency with TradeServ and Markit platforms, and strong analytical abilities. A comprehensive benefits package and supportive, ethical culture are highlighted in the posting.

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.
• Excellent math and analytical skills; strong written and oral communication.

Responsibilities

• Being an escalation point for team members and clients.
• Acting as an OTC/FX Product SME.
• Managing projects or initiatives within the team.
• Overseeing processes within a fast-paced, multi-client environment.
• Affirmation/confirmation of OTC and FX trades on electronic platforms or paper.
• Settlement of swap cash flows including unwinds, fees, resets and premiums.
• Identify and resolve transaction discrepancies between client and counterparties.

Skills

OTC/FX operations

Project coordination

Stakeholder communication

Analytical skills

Attention to detail

Team collaboration

Education

Bachelor’s degree (preferred)

Tools

TradeServ

MarkitWire

MarkitTradeManager

eConfirm

Excel macros

Copilot

Power Automate

Microsoft Word

Job description

About Northern TrustAs 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 clientsBeing an OTC/FX Product SMEManage team projects or initiativesTaking lead on an initiative while contributing and executing in othersOversight of processes within team of:Manage multiple clients/hedge funds and business lines within a fast-paced, challenging environmentAffirmation/Confirmation of all OTC and FX trades on electronic platforms or on paper where requiredSettlement of swap cash flows associated with OTC and FX products, including unwinds, fees, resets, and premiumsProper operational reflection of OTC and FX tradesBooking corporate actions and dividends/coupons to ensure accurate position and p/l attributionEfficiently 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 mannerProcess all aspects of periodic resets for vanilla and exotic IRS, CDS, and Equity OTC productsEnsure timely receipt of OTC and FX confirmations from trading counterpartiesEnsure accuracy of transaction agreements and modificationsPrioritize time accordingly to action trade breaks by end of dayUnderstand and process trade activity in accordance with established operations policies and procedures; understand and minimize risk associated with trade mismatchesWork with IT in the development and enhancement of the trade management systemMust 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 standardsEffectively address a number of internal and external audiences in a professional mannerPerform other related duties as requiredAssists in the training of staff globally.Operates independently; has in-depth knowledge of business unit / functionAs subject area expert, provides comprehensive, in-depth consulting and leadership to team and partners at a high technical levelCarries out activities that are large in scope, cross-functional and technically difficultRole is balanced between high level operational execution and development, and execution of strategic direction of business function activitiesStrategic in developing, implementing and administering programs within functional areasKnowledge/Skills:Bachelor’s degree strongly preferredFive plus years of experience in FX or OTC structured and derivatives products operations including:Experience with the settlement of OTC structured and derivatives productsExperience reviewing documentation for OTC structured and derivatives productsProficiency with TradeServ, MarkitWire/MarkitTradeManager, and eConfirm platforms preferredExcellent people skills; ability to dynamically act as knowledgeable point of reference to co-workers domestically and internationallyProficiency in Microsoft Word, Excel (ability to create macros), Copilot, Power AutomateExcellent math and analytical skillsExcellent written and oral communication skillsStrong organization skills, meticulous attention to detailAbility to handle multiple tasks under extremely time sensitive conditionsUnderstanding 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 helpfulOTC Regulatory knowledge across Dodd Frank, EMIR, ASIC, MASExperience:The successful candidate will be a mature self-starter who has demonstrated the ability to function independently in a fast-paced, dynamic and demanding environment. This person needs to be able to resolve conflict within a short period of time. This person will be intellectually curious, intuitive, trustworthy and have the highest ethical standards. In addition, he/she will be effective addressing a number of internal and external audiences in a professional manner. This person will add value by working on a number of simultaneous tasks with minimal supervision and exemplary follow-through.#LI-HY#LI-CL1Salary Range:$95,600 - 162,400 USDSalary 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 AuthorizationApplicants 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 UsAs 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 AccommodationNorthern 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.