Director, Product Margin and Capital Efficiency

Cboe Global Markets•Chicago, IL

3d•Hybrid

About The Position

Building trusted markets — powered by our people At Cboe Global Markets, we inspire our people to solve complex challenges together because what we do matters. We provide the financial infrastructure that powers the global economy. As a leading provider of market infrastructure and tradable products, Cboe delivers cutting-edge trading, clearing and investment solutions to market participants around the world. We’re building meaningful ways to support professional and personal development while strengthening the trust we’ve earned as a global market leader. Our teams are empowered to share ideas, actively pursue them and bring on a challenge. As champions of internal mobility and access to opportunity, we encourage our people to “go for it” and equip our managers with the training to coach their teams to the next level. We strive to provide employees a safe space to network, share ideas and create opportunities. Location: Selected candidate must be willing to work a hybrid schedule in our Chicago office. Cboe is one of the largest exchange operators in the world. Our mission of our team is to disrupt the status quo with a relentless focus on innovation that transforms new ideas into realities. We are seeking a highly capable Director, Product Margin and Capital Efficiency who will report to the Senior Director, Cboe Labs. As the Director, Product Margin and Capital Efficiency, you will be at the forefront of technology and product innovation, with primary responsibility for seeking the most margin and capital (risk-based haircuts) efficient treatment of current Cboe product offerings as well as products in development. You will lead efforts to ascertain, advocate for, and lead industry efforts for implementation of practical margin and capital requirements, and in particular, advancing portfolio margining capabilities that drive efficiency through appropriate risk offsets. This role requires a strong background in customer, broker-dealer and options market-maker margin requirements. Experience with customer margin accounts, both strategy-based (Reg. T) and customer portfolio margin accounts, as well as with risk-based haircuts is essential. This role requires the ability to navigate the dynamic landscape to ensure Cboe’s cutting-edge position in the marketplace. In this role, you’ll join a team of expert professionals, focused on innovation and execution while also serving as a member of the Cboe Global Derivatives leadership team. This position requires strong collaboration skills and a desire to work side by side with all our support partners.

Requirements

Minimum 12+ years’ industry experience in securities, securities derivatives and futures margin practices, including but not limited to STANS, strategy-based (Reg. T), customer portfolio, and SPAN margining.
Minimum 12+ years’ experience in risk-based haircuts and the underlying SEC rule.
Demonstrated experience interacting with the CFTC, SEC and FINRA on margin and risk-based haircut interests.
Demonstrated experience with OCC’s Escrow Deposit program and Clearing Member margin requirements (STANS).
Strong knowledge of financial markets, including (but not limited to) an understanding of financial derivatives, trading, market data, exchanges, and financial technology.
Demonstrated experience with and deep knowledge of Regulation T and self-regulatory organization margin rules, especially FINRA Rule 4210.
Demonstrated experience with and deep knowledge of Options Clearing Corp. TIMS customer portfolio margin and risk-based haircuts design ad operation.
Proven leadership ability with the capacity to set and manage priorities effectively
Proven understanding of exchange/trading systems and central counterparty clearing functions.
Strong understanding of traditional and digital asset market structure.
Advanced knowledge of equities/derivatives/fixed-income order lifecycle and participants involved.
Deep understanding of pre & post trade lifecycle & collateral management for listed and OTC tradeable products.
Excellent written and verbal communication skills, with the ability to engage both technical and nontechnical audiences internally and externally.
Strong skills in Microsoft Office.
Self-starter with the ability to multi-task effectively and independently within a fast-paced environment.
Strong analytical skills and sound decision-making ability.
Ability and willingness to travel.

Nice To Haves

Python coding skills would be a plus.

Responsibilities

Monitor and manage margin and risk-based haircut requirements for derivatives, securities as well as futures. As necessary, ascertain, plan, develop, and implement margin requirements and/or risk-based haircut treatment for new products. Continually consider improvements that would benefit all Cboe product offerings.
Engage and coordinate with Cboe Legal on margin rule filings (as necessary) and interactions with SEC and CFTC staff. Engage with and coordinate with FINRA on a continuous basis.
Partner with the Cboe Labs, Operations, Global Sales and Derivative teams to evaluate margin and capital efficiency priorities and source client feedback.
Continually collaborate with OCC on changes to the STANS and TIMS methodology to with the goal of maximizing efficiency of customer portfolio margin and risk-based haircuts, in particular by advocating for wider use of portfolio margining with more risk offsets.
Serve as Cboe internal subject matter expert. Conduct presentations to explain margin and capital requirements and industry conventions including educational sessions for Regulatory staff. As needed, conduct presentations and public speaking engagements internally and at conferences and other venues.
Represent Cboe on FINRA Rule 4210 Committee and OCC Financial Risk Advisory Council. Participate in strategic planning and systems implementations to achieve business goals and collaborate with diverse clearing entities to discuss cross-margining opportunities.

Benefits

Fair and competitive salary and incentive compensation packages with an upside for overachievement
Generous paid time off, including vacation, personal days, sick days and annual community service days
Health, dental and vision benefits, including access to telemedicine and mental health services
2:1 401(k) match, up to 8% match immediately upon hire
Discounted Employee Stock Purchase Plan
Tax Savings Accounts for health, dependent and transportation
Employee referral bonus program
Volunteer opportunities to help you give back to your communities
Complimentary lunch, snacks and coffee in any Cboe office
Paid Tuition assistance and education opportunities
Generous charitable giving company match
Paid parental leave and fertility benefits
On-site gyms and discounts to other fitness centers