Head of OTC Derivatives Settlements & Payments Strategy (Market Operations) - Managing Director
Company: Hobbsnews
Location: Jersey City
Posted on: March 1, 2025
Job Description:
The Head of OTC Derivatives Settlements & Payments Strategy's
primary objectives are to 1) manage and transform the OTC
Derivatives Settlements as a core horizontal function and 2)
develop and execute a strategy to uplift our payment controls
across Markets Operations. The function comprises two distinct
teams: 1) a well-established OTC Derivatives Settlements team of
over 200 staff globally and 2) a small team recently created within
Markets Operations to drive control payment uplift efforts as part
of firm-wide programs (this team will require further development).
The candidate requires solid operational experience, preferably
with knowledge of OTC Derivatives products combined with a strong
transformation mindset. They will also lead Markets Operations'
efforts to further strengthen our payments controls.Markets
Operations is a global organization with a presence in over 60
countries, covering post-execution capabilities spanning
product-aligned Middle Office groups, Settlements, Margin, Asset
Servicing, Listed Derivative & Commodities Operations. We support
an extensive range of products and services including Fixed Income,
Equity, Commodities, and Syndicates. We are part-way through a
multi-year journey to deliver a future state of Operations,
encompassing end-to-end target operating model, controls design and
uplift, technology transformation, data, and process
re-engineering.Responsibilities for OTC Derivatives
Settlements:
- Manage the OTC Derivatives function, ensuring all key risks are
within risk appetite or are being remediated in a timely basis
while direct expenses are within budget. Supervise the performance
and risk management of the organisation, ensuring all the metrics
and controls are in place.
- Lead a global team of over 200 staff across multiple locations
in the Americas, Europe, and Asia. Responsible for developing
strong talent at all levels of the organisation. Review the
function's current footprint and, if necessary, devise a plan to
optimise the location strategy.
- Develop a culture of excellence, accountability, control
mindset, global consistency, and continuous improvement. Deploy a
strong people engagement plan across all global locations.
- Work with key stakeholders (primarily Control, Business
Execution, and Transformation colleagues) to ensure the function
operates within risk appetite and financial budget while also
delivering on the change book of work.
- Partner closely with Business partners and other teams within
Markets Operations to ensure smooth front-to-back flow and
straight-through processes.Drive transformation efforts:
- After careful assessment of the front-to-back processes and
technology infrastructure, develop a target state for the function
and deploy a strategy to transform it.
- Partner closely with Technology and the Transformation teams on
new initiatives and change projects.Responsibilities for Payments
Strategy:
- Review the current state of payments across Markets Operations
and develop a vulnerability assessment. Subsequent to that review,
develop a target state for further controls uplift, adoption of
minimum standards and best practices, and a roadmap to enhance
technology architecture in partnership with other operations
functional heads.
- Continue building out the team whose responsibilities will be
as follows: 1) performance of selected common controls across
Markets Operations and 2) business analysis of the current state of
payments and the development of a target state.
- Partner with firmwide stakeholders (Technology, Centralised
Operations, Treasury, etc.) as well as other global functional
heads in Markets Operations to drive the payments strategy and its
execution.
- Lead and oversee Markets Operations' involvement in firm-wide
programs related to Payments. Represent Markets Operations at
firmwide governance forums such as the Enterprise Design Authority
on Payments-related topics.Experience:
- 15+ years relevant experience in the Operations of a major
global bank within the Markets Division.
- Strong Leadership skills - Operates as a leader, with an
understanding and appreciation for diverse backgrounds. Ability to
inspire a strong risk mindset and culture of excellence,
accountability, global consistency, and continuous
improvement.
- Strong partnership skills with the ability to influence
decision-making at a senior level. Has authority to negotiate and
make independent decisions on critical activities.
- Strong strategic and commercial acumen. Ability to develop
medium and long-term plans and strategies combined with a strong
track record of execution. Good understanding of how Technology can
support business imperatives, automate current processes, and drive
transformation.
- Excellent understanding of the risks inherent to Operations and
the ability to address and remediate them.
- Ability to manage a varied set of deliverables in a balanced
manner (i.e., within the limits of risk and financial budget).
- Demonstrates ability to make sound judgment calls on issues
that can be both quantitative and qualitative in nature.
- Acts decisively in high-risk scenarios, assessing a situation
based on available data, experience, intuition, and judgment.
- Ability to respond to challenges with creative solutions,
adapts to changing business needs.
- Champions diversity and seeks to recruit, retain, and develop
talent. Supports mobility.Qualifications:
- Bachelor's/University degree, Master's degree preferred.
- FINRA Series
27.------------------------------------------------------Job Family
Group:Operations - Transaction
Services------------------------------------------------------Job
Family:Securities and Derivatives
Processing------------------------------------------------------Time
Type:Full
time------------------------------------------------------Primary
Location:Jersey City, New Jersey, United
States------------------------------------------------------Primary
Location Full-Time Salary Range:$250,000.00 - $500,000.00In
addition to salary, Citi's offerings may also include, for eligible
employees, discretionary and formulaic incentive and retention
awards. Citi offers competitive employee benefits, including:
medical, dental & vision coverage; 401(k); life, accident, and
disability insurance; and wellness programs. Citi also offers paid
time off packages, including planned time off (vacation), unplanned
time off (sick leave), and paid holidays. For additional
information regarding Citi employee benefits, please visit
citibenefits.com. Available offerings may vary by jurisdiction, job
level, and date of
hire.------------------------------------------------------Anticipated
Posting Close Date:Mar 03,
2025------------------------------------------------------Citi is
an equal opportunity and affirmative action employer.Qualified
applicants will receive consideration without regard to their race,
color, religion, sex, sexual orientation, gender identity, national
origin, disability, or status as a protected veteran.Citigroup Inc.
and its subsidiaries ('Citi') invite all qualified interested
applicants to apply for career opportunities. If you are a person
with a disability and need a reasonable accommodation to use our
search tools and/or apply for a career opportunity review .View the
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Keywords: Hobbsnews, Jersey City , Head of OTC Derivatives Settlements & Payments Strategy (Market Operations) - Managing Director, Accounting, Auditing , Jersey City, New Jersey
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