OTC Margin Operations Manager - VP - Hybrid

Organization Overview:

Citi Markets Operations is currently at a pivotal point in its evolution and journey to implement a target operating model. We take pride and are passionate about our People and our culture.  We are invested in our People and their development. We are transforming and simplifying our operating model, creating an exciting environment which encourages diversity of thought and inclusion. 

We are a dynamic, global, and diverse Organisation, with a presence in over 60 Countries; covering all front post execution Operations teams including product aligned Middle Office groups, Settlements, Margin, Asset Servicing, Listed Derivative & Commodities Operations. We support an extensive range of Capital Markets products and services including Fixed Income (FX, Rates, Credit, Muni, Cash and Derivatives) where Citi is consistently a dominant top 3 player in the market, Equity (Cash, Derivatives, Prime Brokerage, Futures, Listed Derivs, FXPB) where Citi has a significant growth program to continue to build out its capabilities and services; and Syndicates where we support both FI and EQ new issues and IPOs.

Our Operations groups are core to the success of the Markets business and have significant impact across the lifecycle of a trade.  We partner extensively with a range of internal stakeholders including Front Office Sales and Trading Desks, Compliance, Legal, Finance and HR; alongside having significant interaction with our external client base, playing a key role in the overall client experience. We have a Client relationship group, dedicated to overseeing the Organizational service performance and strategic partnership for our top tier client base, where we play a key role in supporting our global clients to ensure they have a first-class experience when doing business with Citi.

Our Business Intelligence and Process Re-engineering group works alongside our Operations teams delivering automation solutions to solve for operational challenges.  We partner with Citi’s innovation labs to drive optimization, and overall play a pivotal role in enabling us to transform to achieve our target operating model.

Our Technology partners develop and implement a wide range of applications that support the Operations, Change, Design and Implementation groups in providing innovative products and solutions. We have re-imagined how to provide technology and service in our domain through the alignment of our team vision, culture, and aggressive retirement plan for legacy applications and adoption of a micro-based containerized cloud environment. We encourage our people to create, explore and be adventurous whilst taking measured risk, adopting safe practices to protect the firm. Data lineage and optimization is core to how we develop our eco system. We are growing our capabilities using artificial intelligence, natural language processing and machine learning. 

Our roles entail ensuring we operate in a robust control environment, whilst in a fast-paced workplace.  We comply with global regulations and internal policies and adopt a proactive approach to identifying opportunities to reduce risk through the continuous evaluation of our controls; to protect our clients, the firm, and our reputation.

We work closely with our external global peers, partners, and regulators, and play an integral part in leading an agenda at the forefront to optimize and streamline processes and drive strategy across our industry. 

Job Purpose:

Margin Operations is part of ICG Markets Operations and helps mitigate credit risk and comply with regulatory requirements through the completion of core responsibilities that include: (i) margin calls processing to ensure successful receipt and/or payment of agreed and eligible collateral, (ii) collateral optimization, (iii) resolution and escalation of exceptions (fails/cash breaks/margin disputes, etc) and (iv) regulatory compliance through collecting/posting of eligible collateral, completing portfolio reconciliations and providing client valuations.

Margin Operations plays a significant role in supporting both internal and external clients throughout the end to end margin process and covers the following products: (i) OTC Derivatives, (ii) Futures/Clearing, (iii) Fixed Income Finance (Repo/TBA), (iv) Prime Broker and (v) Cross Product Margining.  Interaction and collaboration with Front Office (Sales and Trading), Credit Risk, Finance, Legal and Compliance is required as part of the daily margining process.

The success candidate will report to the Global Head of OTC Margin Operations and will be responsible for the (i) management of the daily end to end margining process, (ii) oversight and implementation of KPIs to successfully manage the teams key risk and control metrics, (iii) simplification and transformation of platforms that both reduce manual touch points and creates a robust control environment and (iv) establishes and maintains a strong internal and external client and vendor relationships.

Responsibilities:

• Manage a team of about 5 to 6 direct staff and 10+ off-shore indirect team members

• Managing an effective and robust end to end control framework that fully meets Audit, Compliance and Regulatory requirements

• Ensuring the infrastructure and tools are in place to effectively manage risk and service our clients to a high standard

• Involved in short- to medium-term planning of actions and resources, and exercises control over policy formulation and planning

• Manages complex and highly variable issues associated with collateral and Margin with significant potential impact across multiple operations areas, weighing various alternatives and balancing potentially conflicting needs

• Builds effective relationships with clients; facilitates, influences and enables change

• Presents data and analyzes/validates to develop valued added solutions to increase productivity and efficiencies, mostly but not limited to, collateral and margin

• Applies comprehensive understanding of concepts and procedures within collateral and margin and basic knowledge of other areas (middle office, settlements, control, etc.), to resolve issues that have impact beyond own area

• Accountable for integrity of process, operations and end results. Implements a successful risk/control environment related to collateral and/or margin processes

• Utilizes exceptional communication and interpersonal skills in order to build effective relationships and influences and negotiates, often at senior levels (across functions)

• Leads by example in support of organizational initiatives by exhibiting in-depth knowledge of products and issues and proactively seeks opportunities to work across silos

• Holds a degree of responsibility and demonstrates a sense of ownership for the strategy of a department, program or project

• Appropriately assess risk when business decisions are made, demonstrating particular consideration for the firm's reputation and safeguarding Citigroup, its clients and assets, by driving compliance with applicable laws, rules and regulations, adhering to Policy, applying sound ethical judgment regarding personal behavior, conduct and business practices, and escalating, managing and reporting control issues with transparency

Stakeholder Engagement:

• Acting as key point of contact for the front to back Operations groups across internal and external stakeholders

• Continued engagement and face off with a range of senior Business, Technology and Operations partners

• Acting as an Operations lead in committee meetings, client meeting and other governance forums

• Supports and partners with the Business to facilitate a gro

• wing and expanding client base / operational offering

• Engaging in client discussions & relationship management activities as required to support the Business

People Agenda:

• Promoting a culture of continuous improvement and cultivating a robust service and control environment

• Coaching and mentoring our People.

• Championing diversity and inclusion to create a working environment which allows our People to thrive and excel

Qualifications and Skills:

• BS/BA degree or equivalent work experience preferred

• People management experience (direct staff)

• Significant experience within the financial industry

• Energetic, flexible, collaborative, and proactive; a leader who can positively and productively add product impact to both strategic and tactical technology

• Strong, influential communicator who is articulate and concise, demonstrated success interacting with senior management both in the business, corporate functions as well as the Operations, Business and Technology environments

• Strong risk management and control mindset

• Provides evaluative judgment based on analysis of factual information in complicated, unique and dynamic situations; draws on diverse range of internal and external sources

• Self-reliant, good problem solver, results oriented

• Ability to establish and build trust with professionals throughout the business as a leader, advisor and business partner to the organization with a clear client orientation.

• Strong awareness of both external and internal best practice perspectives, maintaining a balanced and fresh viewpoint.

• Ability to conceptualize aspects of the organization’s model and its future development.

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In 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.

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Anticipated Posting Close Date:

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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.

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