Senior Consultant, OTC/FX, Omnium Middle Office Trade Services

Northern Trust • Chicago, IL

1d • Hybrid

About The Position

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889. Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

As a Senior Consultant, OTC/FX, Omnium Middle Office Trade Services, you will be responsible for affirming and confirming OTC and FX trades, managing their settlement, and ensuring accurate operational reflection. You will also be involved in reviewing corporate actions, resolving transaction discrepancies, and liaising with various internal and external parties. The role requires a strong understanding of OTC and FX products, settlement processes, and risk management. You will also contribute to the development of the trade management system and assist in training staff globally. This is a role that requires independent operation, in-depth business knowledge, and the ability to provide expert consulting and leadership.

Requirements

• Bachelor’s degree strongly preferred
• Five plus years of experience in FX or OTC structured and derivatives products operations including:
• Experience with the settlement of OTC structured and derivatives products
• Experience reviewing documentation for OTC structured and derivatives products
• Proficiency with DS Match, MarkitWire/MarkitTradeManager, and eConfirm platforms preferred
• Excellent people skills; ability to dynamically act as knowledgeable point of reference to co-workers domestically and internationally
• Proficiency in Microsoft Word, Excel (ability to create macros)
• Excellent math and analytical skills
• Excellent written and oral communication skills
• Strong organization skills, meticulous attention to detail.
• Ability to handle multiple tasks under extremely time sensitive conditions
• Understanding 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 helpful
• OTC Regulatory knowledge across Dodd Frank, EMIR, ASIC, MAS
• 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.

Nice To Haves

• Proficiency with DS Match, MarkitWire/MarkitTradeManager, and eConfirm platforms
• Ability to create macros in Excel
• Understanding 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 helpful
• OTC Regulatory knowledge across Dodd Frank, EMIR, ASIC, MAS

Responsibilities

• Affirmation/Confirmation of all OTC and FX trades on electronic platforms or on paper where required
• Manage the settlement of swap cash flows associated with OTC and FX products, including unwinds, fees, resets, and premiums
• Assist in proper operational reflection of OTC and FX trades
• Review booking of corporate actions and dividends/coupons to ensure accurate position and p/l attribution
• Efficiently 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 manner
• Process all aspects of periodic resets for vanilla and exotic IRS, CDS, and Equity OTC products
• Ensure timely receipt of OTC and FX confirmations from trading counterparties
• Ensure accuracy of transaction agreements and modifications
• Work with IT in the development and enhancement of the trade management system
• Prioritize time accordingly to action trade breaks by end of day
• Understand and process trade activity in accordance with established operations policies and procedures; understand and minimize risk associated with trade mismatches
• Must 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 standards
• Effectively address a number of internal and external audiences in a professional manner
• Assists in the training of staff globally
• Perform other related duties as required
• Operates independently; has in-depth knowledge of business unit / function
• As subject area expert, provides comprehensive, in-depth consulting and leadership to team and partners at a high technical level
• Carries out activities that are large in scope, cross-functional and technically difficult
• Role is balanced between high level operational execution and development, and execution of strategic direction of business function activities
• Strategic in developing, implementing and administering programs within functional areas

Benefits

• 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
• 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
• Number of Employees: 5,001-10,000 employees