OTC/FX Associate Specialist, Integrated Portfolio Services

Northern Trust • Chicago, IL

7d

About The Position

The OTC/FX Associate Specialist drives, implements, and executes project initiatives by translating strategy into actionable plans, coordinating dependencies and trade-offs, monitoring progress, surfacing risks or constraints, and reinforcing priorities. The role also contributes to strategic priorities and supports the team in meeting its client support model.

The position serves as an escalation point for team members and clients and as an OTC/FX product subject matter expert. It manages team projects and initiatives and oversees processes involving multiple clients, hedge funds, and business lines in a fast-paced environment. The specialist operates independently with in-depth business knowledge, provides technical consulting and leadership, assists with training staff globally, and balances operational execution with strategic development and implementation.

The role requires professional interaction with coworkers, clients, trading desks, control groups, and counterparties. The successful candidate is expected to work independently with minimal supervision, handle simultaneous tasks, resolve conflicts promptly, and demonstrate sound judgment, curiosity, trustworthiness, and high ethical standards.

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.
• Proficiency in Microsoft Word, Excel, Copilot, and Power Automate; ability to create Excel macros.
• Excellent people skills and the ability to serve as a knowledgeable point of reference for coworkers domestically and internationally.
• Excellent math 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, demanding environment, resolve conflict promptly, and work with minimal supervision.
• Ability to address internal and external audiences professionally and demonstrate exemplary follow-through.
• Intellectual curiosity, sound judgment, trustworthiness, and the highest ethical standards.
• Applicants must be authorized to work in the U.S. without current or future employment-based visa sponsorship.

Nice To Haves

• Bachelor’s degree is 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.
• Familiarity with ISDA guidelines and documents.
• OTC regulatory knowledge across Dodd-Frank, EMIR, ASIC, and MAS.

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, taking the lead on some while contributing to others.
• Oversee processes for multiple clients, hedge funds, and business lines.
• Affirm and confirm OTC and FX trades on electronic platforms or on paper where required.
• Settle swap cash flows for OTC and FX products, including unwinds, fees, resets, and premiums.
• Ensure accurate operational reflection of OTC and FX trades.
• Book corporate actions and dividends or coupons to support accurate position and profit-and-loss attribution.
• Identify and resolve transaction discrepancies between clients and swap counterparties.
• Liaise with trading desks, control groups, and counterparties to resolve trade economic discrepancies promptly and efficiently.
• 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 in accordance with established operations policies and procedures, understanding and minimizing risks associated with trade mismatches.
• Work with IT to develop and enhance the trade management system.
• Interact professionally with coworkers and clients in a fast-paced trading environment and address internal and external audiences effectively.
• Assist in training staff globally.
• Develop, implement, and administer programs within functional areas and contribute to strategic direction.
• Perform other related duties as required.

Benefits

• Retirement benefits, including 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: Senior