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Technical Coordinator, OTC Middle Office (Derivatives)

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Accounting Portfolio / Fund
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74710 Requisition #
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About Northern Trust

For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity. From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 18,500 employees globally. We serve the world’s most-sophisticated clients – from sovereign wealth funds and the wealthiest individuals and families, to the most-successful hedge funds and corporate brands.

We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater.

As of December 31, 2018, Northern Trust Corporation had:

$10.1 trillion in assets under custody/administration
$7.6 trillion in assets under custody
$1.1 trillion in assets under management
$132 billion in banking assets 


Role Overview

The job requires working for a Global Hedge Fund Administrator, specializing in administering assets of complex hedge funds. This individual will have a strong technical Accounting background; experience working within the Financial Services industry. The position involves performing daily reconciliation of transactions, security positions and cash for all trading activity generated by clients.


Responsibilities

  • Confirmation of all OTC trades on electronic platforms or on paper (scanned) where required.
  • Manage the settlement of swap cash flows associated with OTC products, including unwinds, quarterly fees, resets, and premiums
  • Process all aspects of periodic resets for IRS, CDS, and TRS products
  • Liaison between trading desk, reconciliation and control group, and counterparties to resolve any economic discrepancies on trades in timely, efficient manner.
  • Ensure timely receipt of OTC confirmations from trading counterparties.
  • Ensure accuracy of transaction agreements and modifications.
  • Liaison between trading desk, counterparties and legal department to resolve any legal language discrepancies on OTC trade confirmations.
  • Assist swap confirmation team in covering all OTC products such as total return swaps, equity options, credit defaults, convertible bond options and fixed income products.
  • Assist swap confirmation team in developing and implementing projects and software which promote automation and efficiency.
  • Understanding and managing settlement of swap cash flows associated with OTC products, including upfront fee, unwinds, quarterly premium and resets
  • Analyze key economic breaks (affirmation) and key discrepancies (confirmation)
  • Understand and minimize risk associated with trade mismatches.
  • Prioritize time accordingly to action trade breaks by end of day
  • Understand and process trade activity in accordance with established operations policies and procedures
  • Review booking of corporate actions and dividends/coupons to ensure it affects the position and p/l properly

Qualifications

Knowledge and Skills

  • Approachable and able to promote teamwork through creative solutions
  • Good analytical, numerical and reasoning skills
  • Time management and delegation skills
  • Deep understanding of process and process improvement
  • Excellent/advanced knowledge of Excel with VBA experience being a plus; should be familiar with MS Word & Office tools.
  • Excellent English, grammar, written and oral communication skills
  • Adaptive, flexible style with the ability to work in a dynamic, fast-paced environment
  • Business exposure to Equity or Credit or at least some complex derivative products like CDS, IRS, TRS & other OTC products
  • Good understanding of DTCC, MTM and ICE Clearing platforms

Experience and Qualifications

  • A minimum of 3+ years of experience in Financial Services environment, preferably, OTC affirmation and settlement process
  • Experience with Hedge Funds, Investment Management and/or Financial Services strongly preferred.
  • Bachelor’s degree with emphasis in Accounting, Finance or a quantitative discipline.  Masters’ degree would be an advantage.
Work Hours
  • Either 5AM  or 1PM M-F

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Reasonable Accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If, because of a medical condition or disability, you need a reasonable accommodation for any part of the employment process, please email our HR Service Center or call 1-800-807-0302 (North America), +630-276-5353 (Asia Pacific), +44(0)207 982 4357 (Europe, Middle East and Africa) and let us know the nature of your request and your contact information.

Equal Employment Opportunity Statements
  • APAC EEO Statement
    • APAC EEO STATEMENT

      It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

  • Canada EEO Statement
    • Canada EEO STATEMENT

      Northern Trust is an Equal Opportunity Employer. Hiring and other employment decisions at Northern Trust are made without regard to race, colour, religion, sex, ancestry, national origin, ethnic origin, age, disability, citizenship, veteran status, sexual orientation, record of offences, marital status, family status, or any other characteristic protected by federal, provincial, or local law, regulation, or ordinance.

  • EMEA EEO Statement
    • EMEA EEO STATEMENT

      It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

  • USA EEO Statement
    • USA EEO STATEMENT

      It is the policy of The Northern Trust Company to afford equal opportunity in all phases of employment without regard to an individual's age, race, color, religion, creed, gender, national origin, citizenship status, marital status, pregnancy, sexual orientation, gender identity, gender expression, genetic tests and information, physical or mental disability, protected veteran status or any other legally protected status. EEO poster (U.S.)EEO is Law Poster Supplement