Brokerage Operations Associate I - Clearing & Settlement

Your Role:

This is an opportunity to join a Fintech firm specializing in many facets of the broker-dealer space. You will help our team by focusing on money movements and ACAT transfers. The team is 100% distributed and remote. The role will be reporting directly to one of the Firm’s Director of Operations.

Things You Get To Do:

• Ensure transactions are correctly recorded in appropriate systems facilitating successful settlement
• Investigation and resolution of failing transactions
• Processing of all eligible securities through the DTCC processing system. Candidate must have a thorough knowledge of the PTS (participant terminal service) system and all related functionality. This includes the following:
• Settle securities transactions by processing deliver orders (DOs) on DTCC RAD
• Collect marks-to-market on open contracts and money differences by processing Securities Payment Orders (SPOs)
• Pledge securities to pledgees for collateral through the collateral loan system
• Protect customer fully-paid-for positions and manage firm positions through the use of segregation and memo segregation procedures
• Process ACAT free deliveries and fail reversals (FRVs)
• Investigate & resolve cash and stock reconciliation issues
• Address settlement discrepancies and engage the Director of Brokerage Operations for prompt resolution
• Adhere to all rules, regulations, and procedures that govern this role and organization
• Be aware of Operational Risk and escalate the Director of Operations
• Review Buy-ins and Knowledge of REG SHO/15c3
• Produce timely, quality, and relevant reporting. Regularly communicate amendments to policies and procedures
• Verify and reconcile securities held at various depositories and transfer agents
• Process and confirm fails within Obligation Warehouse (OW) for settlements reconciliation with brokers
• Create reports on money discrepancies between our internal ledger and external platforms
• Ensures reconciliations are accurate and complete and that discrepancies have been resolved in a timely manner
• Works with other internal teams, fostering an environment that encourages participation, teamwork and communications.
• Ensures industry rules, regulations and securities laws are adhered to for 15c3-3 and proper action is taken to ensure proper possession and control of customer securities
• Maintains orderly and readily obtainable records for research and examination purposes
• Prepares summary documentation/work papers for special projects/observations, submitting to management for review
• Performs data collection and analysis to ensure the firm is in compliance with regulatory requirements
• Tests controls and measures to identify excessive operational risk and/or control problems at an early stage and works with staff to maintain quality and efficiency standards
• Works cross-functionally with other staff to create highly efficient operational processes that avoid control and quality deficiencies and associated monetary losses.
• Escalates observations/issues to Management that require attention in order to mitigate risk
• Assists the Director in completing all Internal Audit and Regulatory reviews for the operating group and to ensure that review findings are effectively resolved.
• Driving continuous operational improvement, updating of the control framework and undertaking root cause analysis and trend analysis of operational issues
• Support the business unit management with the application of policy frameworks and become established as a referral point for policy related queries.
• Assist on automation of daily self-clearing processes collaborating with engineering
• Participates on projects as needed
• Performs other duties and responsibilities as assigned
• Core hours are 9am - 4pm Eastern Time, to follow market hours.

Who You Are (Must-Haves):

• 2+ years of Operations and DTCC Settlement experience
• Knowledge of Brokerage Clearing operations
• Knowledge of Financial industry rules, regulations and laws
• Possess general knowledge of U.S. securities back office operations of a broker-dealer and/or carrying firm
• Ability to Identify relationships, draw logical conclusions and interpret results for use in decision making
• Excellent written and verbal communication skills
• Ability to work independently with attention to detail as well as collaboratively within a team environment
• Providing insights for continuously improving our client experience and providing efficiency
• Ability to work independently in a fast-paced environment with multiple priorities
• Must be able to follow company tenets of:
• Stay Curious
• Have Empathy
• Be Accountable
• Be able to work in a remote environment
• Have basic knowledge of SQL, metabase, or other database coding language
• Easily adapt between Microsoft and Google document and spreadsheet solutions
• Be flexible to assist other functional areas when necessary
• Support department initiatives and company vision
• Must be able to change and adapt to the ever-changing regulatory landscape of the financial industry
• Possess a Series SIE and 99 or higher securities license or achieve a passing result on the 99 within the first 180 days of employment

Who You Might Be (Nice-to-Haves):

• Associate’s degree in a business-related field and a minimum of five (5) years of experience in the areas of cash and securities reconciliation, accounting, banking, and/or financial services industry.
• Series 7