OTC/FX Associate Specialist, Integrated Portfolio Services

Northern Trust • Chicago, IL

9d • $95,600 - $162,400

About The Position

The OTC and FX Associate Specialist drives, implements, and executes project initiatives, translating strategy into actionable plans and coordinating execution, dependencies, trade-offs, progress, risks, and priorities across teams. The role contributes to strategic priorities and supports the team in meeting its client support model.

The specialist serves as an escalation point and OTC/FX product subject matter expert, manages or leads initiatives, and oversees operational processes for multiple clients, hedge funds, and business lines. Responsibilities cover trade affirmation and confirmation, settlement of swap cash flows, accurate trade reflection and position and profit-and-loss attribution, discrepancy resolution, periodic resets, confirmation receipt, and review of transaction agreements and modifications. The role also works with IT on trade-management system development and enhancements, supports staff training globally, and performs other related duties as required.

The position operates independently and provides in-depth consulting and technical leadership. Work may be large in scope, cross-functional, and technically difficult, balancing operational execution with development and implementation of strategic direction. The successful candidate is a mature, self-starting professional who can manage simultaneous tasks with minimal supervision, resolve conflicts promptly, and communicate professionally with internal and external audiences in a fast-paced environment.

Requirements

• Five or more years of experience in FX or OTC structured and derivatives products operations.
• Experience settling OTC structured and derivatives products.
• Experience reviewing documentation for OTC structured and derivatives products.
• Excellent people skills and the ability to serve as a knowledgeable point of reference to coworkers domestically and internationally.
• Proficiency in Microsoft Word, Excel (including creating macros), Copilot, and Power Automate.
• Excellent mathematical and analytical skills.
• Excellent written and oral communication skills.
• Strong organizational skills and meticulous attention to detail.
• Ability to handle multiple tasks under extremely time-sensitive conditions.
• Ability to function independently in a fast-paced, dynamic, and demanding environment, resolve conflict promptly, and work on simultaneous tasks with minimal supervision and exemplary follow-through.
• Ability to interact professionally with internal and external audiences; intellectual curiosity, intuition, trustworthiness, and high ethical standards.

Nice To Haves

• Bachelor’s degree strongly preferred.
• Proficiency with TradeServ, MarkitWire/MarkitTradeManager, and eConfirm platforms.
• Understanding of transaction types beyond vanilla trades, such as IRS caps, floors, and swaptions, and CDS tranches, recovery swaps, and ABS/X.
• Knowledge of ISDA guidelines and published documents.

Responsibilities

• Serve as an escalation point for team members and clients and act as an OTC/FX product subject matter expert.
• Manage team projects and initiatives, lead selected initiatives, and contribute to the execution of others.
• Oversee processes for multiple clients, hedge funds, and business lines in a fast-paced environment.
• Affirm and confirm OTC and FX trades on electronic platforms or on paper when required.
• Settle swap cash flows associated with OTC and FX products, including unwinds, fees, resets, and premiums.
• Ensure OTC and FX trades are accurately reflected operationally.
• Book corporate actions and dividends or coupons to ensure accurate position and profit-and-loss attribution.
• Identify and resolve transaction discrepancies between clients and swap counterparties, liaising with trading desks, control groups, and counterparties to resolve economic discrepancies promptly.
• Process periodic resets for vanilla and exotic IRS, CDS, and equity OTC products.
• Ensure timely receipt of OTC and FX confirmations from trading counterparties.
• Ensure the accuracy of transaction agreements and modifications.
• Prioritize and action trade breaks by end of day.
• Process trade activity according to established operations policies and procedures and understand and minimize risks associated with trade mismatches.
• Work with IT to develop and enhance the trade-management system.
• Interact with coworkers and clients in a fast-paced trading environment and address internal and external audiences professionally.
• Assist with training staff globally.
• Provide in-depth consulting and technical leadership to the team and partners, and help develop, implement, and administer programs within functional areas.
• Perform other related duties as required.

Benefits

• Retirement benefits, including a 401(k) and pension.
• Health and welfare benefits, including medical, dental, vision, spending accounts, and disability coverage.
• Paid time off.
• Parental and caregiver leave.
• Life and accident insurance.
• Other voluntary and well-being benefits.
• Discretionary bonus program that may include an equity component.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level