Non-Executive Director - DCO Market Participant

Smarkets • Chicago, IL

2d

About The Position

Smarkets Clearing is seeking a Market Participant Director for the board of Smarkets Board of Trade Clearing LLC. The role brings practical market-user, trading, clearing, brokerage, risk-management, or derivatives-market experience into the governance of the DCO. The Market Participant Director is not required to be independent of market participants; the purpose is to bring informed participant perspective to the clearinghouse’s governance, subject to fitness, integrity, and conflicts-of-interest controls. The director must exercise judgment consistent with Smarkets Clearing’s regulatory obligations and must not act solely as a representative of any clearing member, trading participant, customer, shareholder, employer, client, or commercial interest.

Requirements

• At least 10 years’ relevant experience (or equivalent seniority and expertise).
• Strong familiarity across clearing and settlement processes, collateralisation, payment flows, operational risk, market conduct, participant onboarding, trading and clearing controls, and exchange or clearinghouse rulebooks.
• Understanding of the practical implications of governance decisions for market users.
• Satisfy Smarkets Clearing’s director fitness, integrity, competence, disciplinary-history, and disqualification standards.
• Subject to conflicts-of-interest controls.
• Must disclose and manage any actual, potential, or perceived conflict — arising from market activity, employer, clients, trading or clearing relationships, or other interests — through disclosure, review, recusal, and replacement procedures.
• Must act consistently with Smarkets Clearing’s regulatory obligations and not solely as an advocate for any participant, member, customer, employer, shareholder, or commercial interest.
• Must promptly disclose any change in circumstances affecting their eligibility or fitness.
• Must attend quarterly board meetings, review board materials, contribute to governance discussions, and be available for urgent matters.
• Practical market judgment and understanding of participant needs.
• Integrity and credibility.
• Ability to manage conflicts appropriately.
• Constructive challenge and sound understanding of regulated markets.
• Balanced decision-making and clear communication.
• Commercial awareness without improper advocacy.

Nice To Haves

• Current or recent participant experience.
• Relevant backgrounds include trading, clearing, derivatives markets, event contracts, brokerage, liquidity provision, market operations, risk and collateral management, settlement, compliance, or financial-market infrastructure.
• Candidate may be drawn from a Participant, Clearing Participant, trading firm, customer, liquidity provider, brokerage, or other firm with relevant experience in cleared markets.

Responsibilities

• Contribute to board-level oversight of Smarkets Clearing — including participant eligibility and access, clearing and settlement operations, collateralisation, participant-facing controls, market conduct, operational risk and resilience, default management, financial resources, system safeguards, regulatory compliance, and recovery and wind-down planning.
• Bring practical insight into how clearinghouse rules, controls, and processes affect participants, customers, and other stakeholders.
• Provide non-executive oversight and constructive challenge, not day-to-day management.

What This Job Offers

• Career Level: Executive
• Education Level: No Education Listed