Global Head of Brokerage Services - Futures & Derivatives Clearing Operations

Organization Overview:

Citi Markets Operations provides world class solutions to corporate, institutional, sovereign and government clients of Citi Markets.  As a tier 1 financial institution with offices in over 80 countries, Citi Markets has an unmatched global presence and provides clients with access to the full range of capital markets products.  In that capacity, Markets Operations support all post trade functions in a wide range of asset classes including Fixed Income (Foreign Exchange, Rates, Credit, Municipal Products, Cash & Derivatives); Equities (Cash, Derivatives); Futures and Derivatives Clearing; FX Prime Brokerage; and Syndicates (Fixed Income and Banking).

Citi Markets Operations celebrates diversity of thought and inclusivity.  We take pride in our people and in the delivery of success to our clients and to corporate goals.  We invest in talent and technology.  We evolve rapidly and deliver sustainable solutions to new business opportunities.  We continuously challenge operating model and effect step-change reduction in risk.  We reward innovation and process plus platform transformation are integral to our culture.

To execute our mandate to the highest standards, strong partnerships are fostered and maintained between Markets Operations and all stakeholders.  This includes Market Sales, Trading, Banking, Compliance, Legal, Finance, Human Resources and Technology.  Each partner is critical in the formulation of an end-to-end operating model that optimizes results.  Strong rapport with Technology and an agile approach to digitization and the implementation of enhanced automation solutions are strategic cornerstones.  Our Innovation Labs creatively align vision, purpose, thought leadership and technology to foster next generation solutions to business while ensuring integrity to production platforms, clients and businesses are maintained.

Job Purpose – Global Head of Brokerage Services, Futures and Derivatives Clearing Operations,

The global Head of Brokerage Services, Futures and Derivatives Clearing Operations, will report to the Global Head of Futures and Derivatives Clearing.  The successful candidate is expected to be both a subject matter expertise in brokerage and, critically, to be an agent of change.  Leading direct and indirect teams, in partnership with business, Transformation and Technology, the incumbent will transform legacy processing and operating models to provide Citi with scale and control commensurate to business trajectory.  Tangible experience in successfully leading complex programs of change, in positively reinforcing idea generation, idea capture and implementation, with clear data capture and metric visualization, plus risk mitigation, are as critical in this function as is the detailed understanding of the impact that brokerage has on financial ledgers.

In current state, the Brokerage team is comprised of 46 individuals based in the United States (Tampa), the United Kingdom (Belfast) and with a third-party vendor in India.  Sales, Trading, business and client counterparts are scattered globally with key internal stakeholders in London and New York.  As part of the remit, the successful candidate will be asked to consider the location strategy and operating model for brokerage and to determine whether the current model is correct or whether there is opportunity to enhance service and control levels by making changes.  There is potential for the successful incumbent to explore broader, cross-product brokerage services on behalf of Markets Operations.

As part of business-as-usual activity, the brokerage team are accountable for the timely reconciliation, receipt and payment for all futures and cleared brokerage due to or payable from Citi Markets globally, except for some smaller local markets which are supported by domestic branches.  It is a complex process performed across multiple platforms, with transition to next generation technology critical to the bank’s success.  Supported product lines include Client plus House futures and cleared contracts and involve dealing with a diverse set of external clearing and executing parties, some of which currently do not use industry best practice, for example, Atlantis.  Non-Atlantis brokers remain under review and the management of trading plus brokerage with such parties will form an important part of this role.  The brokerage team are also heavily involved in the management of give up agreement and rate card execution, in partnership with Sales, Trading and expense management, and the escalation of situations where parties are not performing as mandated.

The individual will be invested in and assist in helping to execute our broader Markets Operations strategy, driving our target operating model, with a proactive People agenda, ensuring a robust control environment, enhancing client service capabilities, and simplifying/ transforming platforms to build appropriate scale.  The individual will be held accountable for ensuring that risk is correctly defined and mitigated as determined by Firm risk mandates.

Citibank is subject to extensive and complex regulatory reporting requirements covering all asset classes. These regulatory reporting requirements are evolving in nature, and as such the candidate will be required to have extensive engagement with various in-country and overseas stake holders to ensure timely and seamless delivery of these regulatory framework and reporting requirements as it pertains to their remit and to that of their team.

Experience & Skills:

• Background in management and settlement of Markets/Trading expenses
• Experience in leading large, multi-regional teams
• Experience in Cleared Derivative products – both Listed & OTC
• Knowledge of FIA tech, GMI and other industry platforms a strong plus
• Track-record of working with peer banks and Industry forums to influence change
• Track record of innovation through Technology and process engineering a must have
• Proven track-record of delivering change and remediation results
• Strong grasp of Data Governance and Control concepts

Responsibilities:

• Leadership of a team of 46 FTE across the US, India and the UK. Responsible for the maintenance, control and processing of all Expenses and Revenues related to Trading of Cleared Derivative products – including integrity of the business PNL and Balance Sheet ledgers.
• Develop talent and leadership pipeline, while upgrading skills and capabilities within the broad team
• Set high standards of control and productivity for the team
• Will be a member of the FDC Global Management team and contribute widely to the goals and objectives of the business
• Shape and execute the Tech and Ops strategy to deliver high quality data, processes and accuracy
• Establish the right Governance and Management Reporting to ensure Transparency into the function
• Accountable for results, and ability to work with senior partners in Markets to remove obstacles to progress
• Build and maintain high quality relationships with broker community to effectively manage their expectations
• Partner closely with Sales and Client Relationship teams to provide transparency into client-driven issues
• Engage with platform-wide re-engineering across the Futures & Derivatives Clearing

Stakeholder Engagement:

• Acting as key point of contact for Brokerage across internal and external stakeholders and Markets Operations
• Continuous engagement and face off with senior Business, Technology and Operations partners for daily, strategic and global platform renovation matters
• Supporting and partnering with the Business to facilitate a growing and expanding client base / operational offering
• Engaging in client discussions, relationship management activities and new business pitches plus issue resolution as required
• Influencing global Operations, Technology and Business plus support functions as needed to ensure that all business and regulatory matters are dealt with in an appropriate manner for the sustained benefit of the Citi franchise

People Agenda:

• Implementing a successful People and Engagement strategy to help attract, develop, retain and recognize a diverse and talented workforce

• Promoting a culture of continuous improvement and cultivating a robust service and control environment
• Engaging with and leading our People.  Developing effective and diverse teams across a regional footprint
• Coaching and mentoring our People.  Ensuring effective one to one discussions.  Providing direction, feedback, support, and encouragement for career development
• Championing diversity and inclusion to create a working environment which allows our People to thrive and excel
• Willingness to take ownership and accountability to deliver business & operation goals and inculcate the culture in the team, empowering to change the way in which we operate.

Organizational Transformation:

• Leading the Organization to deliver vs goals to meet the Target Operating Model
• Leading Organization to simplify, improve and measure processes by delivering enhancements to the control environment, and the customer journey with input to design techniques and digital automation
• Leading and supporting the delivery of strategic platform re-engineering initiatives, with conscious intent to standardize and industrial flow, reducing manual touch points and aligning tech delivery vs. business goal and wallet share optimization
• Driving the implementation of initiatives to continuously improve STP rates and build scalable business model leveraging on innovation, using low code solutions and challenging the status quo.
• Active engagement and thought leadership in the development and implementation of multi-year operations strategy, in partnership with the Operational Product Heads, Business and Technology stakeholders
• Managing budgets and headcount plans in order to meet targets

Qualifications and Skills:

• Managing budgets and headcount plans in order to meet targets
• Minimum Bachelor Degree with a Business Administration, Finance or equivalent background
• 20+ years of relevant experience
• Experience in leading large and diverse global teams with integrated global technology, business and operations partners
• Subject Matter Expert - Listed derivatives, Futures/OTC Clearing, Markets / Trading Expense Management, Brokerage, General Ledger impact of brokerage
• Proven track-record of People & Talent management and retention; via coaching, training, & succession planning up to Director level
• Proven and readily demonstratable track-record of managing senior stakeholders across futures and clearing Operations, Business Units, Compliance, Audit, Vendors, Market industry forums and CCPs
• Experienced in budget management and resourcing forecasts
• Extensive knowledge of regional and global futures and clearing regulatory requirement
• Proven and readily demonstratable track-record of strategic success in senior client-facing roles and business platform development
• Delivery of material technology change
• Evidence of strong partnership with internal stakeholders and development of sustainable franchise goals, plus delivery against those goals
• 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
• Demonstrated experience leading people and developing effective and diverse teams 
• 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.

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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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