Job Title: Assistant Director- Clearing Services, United Kingdom (U.K.)
Reports to: Head of Clearing Services,
As part of the Clearing Team, the role offers the opportunity to have extensive interactions with global financial derivatives industry participants, regulators, policy makers and other standard setting bodies to advance industry positions and advise on clearing risk and regulatory capital issues. The successful candidate will have the opportunity to play a key part in the future of OTC Derivatives markets, with the responsibility of supporting the Clearing team in managing multiple key stakeholders, being instrumental to global and regional policy developments and implementations.
ISDA Clearing is responsible for leading ISDA’s global clearing strategy. This includes issues related to CCP risk management (resilience, recovery, resolution), as well as clearing mandates (for products and counterparties), clearing access, capital charges for CCP exposures and related topics.
The role will include coordinating and leading member working group calls, involvement in developing ISDA’s position and policy responses, coordinating with other internal policy functions and supporting ISDA’s advocacy strategy.
There are four general functional responsibilities associated with the clearing role.
Representing our Membership: ISDA firms represent a diverse and global membership including buy-side, sell-side, and infrastructure providers. Engagement with our membership is critical to help improve the dialogue and priority setting to ensure that clearing policies support a safe and efficient cleared derivatives market. ISDA has well established working groups focusing on risk, legal and regional policy initiatives. This position will include involvement in and leading some of ISDA’s responses to official sector requests for comments on clearing access, and CCP resilience, recovery & resolution.
External Engagement & Advocacy: The ideal candidate will have extensive experience and familiarity with global clearing businesses. ISDA’s strength has been its contact with the business leaders in the derivatives space to ensure our advocacy and regulatory engagement includes perspective from the derivatives business. This role will support the Head of Clearing with engagement with regulators, members and other trade associations.
Developing Policy Positions and Responses: Fact-based advocacy is central to ISDA’s mission, and the Association seeks to differentiate itself and add value through the strength of the content it develops and provides to policymakers and members. This role will be involved in drafting and developing thought leadership papers and policy consultation responses that support ISDA’s clearing strategy and overall mission. Depending on experience, this role will lead the development on responses to some policy consultations.
Internal Collaboration: Internal collaboration and coordination is critical role that leverages the breadth and depth within ISDA to support the clearing business through legal and documentation, product expertise and establishing operational and technology standards. It is also through this coordination and collaboration where new solutions around technology, collateral and enhanced risk management can be developed.
Duties and responsibilities
Following all regulatory developments in relation to CCPs and clearing in the main jurisdictions where ISDA members are operating.
Support industry working group meetings, facilitating consensus amongst member firms, support engagement with policy makers.
Contributing to position papers and white papers on key topics, responses to regulatory publications, consultations, and discussion documents.
Frequent regulatory engagement.
Coordinating quantitative impact studies to support arguments put forward by the industry working group.
Contributing to conferences to educate and raise awareness on key issues.
Respect and promote the ISDA corporate values.
Qualifications and Experience
Qualifications in a quantitative subject [was: “in quantitative finance”] are required, ideally to at least Masters level, or the equivalent professional qualification.
Candidates experience commensurate with the seniority of the role in related CCP, clearing business, clearing risk management and/or regulatory exposure
Candidates should have at least 5 years of relevant experience in clearing related financial regulation, derivatives risk management or CCP operations gained within the financial services or in an advisory role.
Skills and competencies
Direct exposure to CCP business, operational & risk management practices and detailed knowledge of regulation as it relates to CCPs is essential.
A background in the derivatives business, evidenced by previous experience is a must.
The technical knowledge of the area (as well as many of its aspects: risk, capital & legal knowledge) including the possibility of providing analytical and quantitative backup to policy making discussions, requires evidence of strong analytical and quantitative skills.
Strong verbal and written communication skills, as well as ability to interface and establish consensus. Ability to interface with members and regulators and to build consensus and to communicate difficult concepts in simple and clear terms is fundamental to the role.
The ideal candidate should also be a confident public speaker and be able to develop and present relevant material at ISDA conferences.
Since 1985, ISDA has worked to make the global derivatives markets safer and more efficient. Today, ISDA has more than 980 member institutions from 78 countries. These members comprise a broad range of derivatives market participants, including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. In addition to market participants, members also include key components of the derivatives market infrastructure, such as exchanges, intermediaries, clearing houses and repositories, as well as law firms, accounting firms and other service providers. Information about ISDA and its activities is available on the Association’s website: https://www.isda.org/ . Follow us on Twitter @ISDA.
ISDA offers a great work environment, with competitive salaries and excellent benefits.
Retirement – 10% Non-Contributory
Life, disability, and accident insurance
Healthcare – medical (CIGNA)
27 days holiday per year
Maternity, paternity, and shared parental leave
Education – ISDA offers a yearly training calendar across all offices