Director, Collateral & Liquidity Management

Overview

LCH is a leading international clearing house, serving major exchanges and trading platforms as well as a range of OTC markets. It clears multiple asset classes, including securities, exchange-traded derivatives, commodities, foreign exchange derivatives, interest rate swaps, credit default swaps, and euro- and sterling-denominated bonds and repos. LCH works closely with regulators and clients to identify and develop innovative clearing solutions.

LCH is majority-owned (c.82.6%) by London Stock Exchange Group, with the remainder owned by its users (i.e., clearing members) and other exchanges.

This role sits within LCH SA.

Overall Functional Objective

The objective of CaLM (Collateral & Liquidity Management) is to invest clearing member cash margin with a primary focus on preservation of principal and the maintenance of sufficient liquidity. This is achieved through a portfolio of high-quality, short-term instruments.

Reporting to locally to the Global Head of RepoClear, LCH SA and functionally to the Global Head of CaLM, the role holder is an experienced markets professional with a strong background in repo, short-dated bond markets (including FRNs) and FX, and a consistent track record of motivating/implementing change and strengthening business and operational risk controls.

The role holder is responsible for ensuring efficient investment activity with respect to the LCH SA cash portfolio, optimising returns on client and non-client cash margin within the risk constraints of the CCP environment. CaLM investments must be performed with the highest levels of care and in line with LCH SA risk policies, guidelines and applicable regulatory requirements. The role also has an external focus, covering engagement with market counterparties and relevant industry bodies.

Responsibilities

• Identify, supervise and manage risks associated with investing a large cash portfolio.
• Invest cash safely and in accordance with relevant policies, limits and regulatory requirements.
• Define and develop investment and liquidity strategy and related policies, particularly in support of commercial initiatives and regulatory change.
• Assess the impact of policy and methodology changes, considering member impacts and market conditions, and propose enhancements where appropriate.
• Lead and support incident management as required.
• Supervise collateral liquidation and liquidity management in the event of a default.
• Partner with Risk and business to maintain robust default management processes, supporting collateral liquidation and liquidity provision.
• Actively participate in default fire drills.
• Actively participate in internal business control forums, as appropriate.
• Maintain and develop counterparty relationships in support of CaLM investment objectives.
• Communicate CaLM requirements to internal partners and support businesses as needed.
• Support client-facing teams in delivering standard process and a seamless client service.
• Own front-to-back processes and deliver improvements to the operational risk profile.
• Update relevant procedures and guidelines, as appropriate.
• Provide support to CaLM both locally and globally.

Experience and Skills

• Extensive experience managing a large cash balance (multiple billions) across multiple core currencies, time zones.
• Detailed understanding of:
  • Liquidity Management
  • Short term Government markets
  • Repo and/or Securities Financing
  • Spot and Forward FX and currency swaps
  • Other short term liquidity investment products (including Central Bank arrangements)
• Well-established external market (repo, bonds, FX) and central bank contacts.
• Experience of default management, either within a CCP or externally.
• Comfortable interpreting direction and making independent decisions.
• Experience leading improvements to the operational risk profile through process and technology enhancements.
• Understanding of the regulatory environment and changes that may impact LCH and counterparty activity.
• Strong technical and social skills, enabling close working relationships with internal and external partners.
• Experience collaborating across multiple centres and time zones.
• People management experience.

Personal Attributes

• Approachable and personable.
• Enthusiastic, with the ability to perform in a demanding environment.
• Able to motivate change independently.
• Strong communication skills
• Curious and willing to challenge the status quo, with the determination to identify, structure and deliver improvements.
• Flexible approach to working hours, including being available to address out-of-hours issues when required, and working or being on call on some Bank Holidays.

Career Stage:

Director

London Stock Exchange Group (LSEG) Information:

Join us and be part of a team that values innovation, quality, and continuous improvement. If you're ready to take your career to the next level and make a significant impact, we'd love to hear from you.

LSEG is a leading global financial markets infrastructure and data provider. Our purpose is driving financial stability, empowering economies and enabling customers to create sustainable growth.

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