Head of Derivative Settlements

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.

In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

The anticipated salary range for this role is between $186,000.00 and $210,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.

Role Description

The Head of Derivative Settlements will be a senior member of the Derivative Operations team, supervising a team of 15 in a hybrid work model. The Head of Derivative Settlements will be responsible for overseeing and supervising daily settlements processes for the Capital Markets Derivative and FX trading business, as well as providing support for the Derivative business conducted by group companies in New York, London, and Hong Kong. This role will closely partner with Front Office, Back Office, and Technology to deliver on the business objectives.

The Derivative Operations Group supports the post trade lifecycle operation for Capital Markets and is comprised of 5 key functions: Sales Middle Office, Confirmations, Settlements, Margin and Client Service Operations. Settlements actively supports pre and post-settlement processes and daily financial risks. In addition to daily settlements support, the function is focused on remaining current with industry standards and regulations. The team continues to evolve in its risk-mitigation framework and technology agenda.

This position will primarily be located in our White Plains, NY, office, however the role will also require a presence in our Manhattan office.

Role Objectives

• Supervise and ensure timely and accurate execution of day-to-day Settlements operational activities
• People management promoting a culture of credibility and accountability
• Maintain robust policies and procedures
• Understand and ensure compliance with relevant regulatory requirements
• Identification and escalation of open risk
• Work with relevant stakeholders (including but not limited to Front Office, Technology, Compliance, Risk) to deliver against targeted business strategies and initiatives
• Functional assessment identifying and executing opportunities for change to optimize outcomes
• Lead department through internal and external reviews
• Perform ad-hoc requests and other duties as assigned
• Build out functional KRI’s

Core Competencies

• Strong supervisory/managerial experience
• Excellent verbal and written communication skills with ability to articulate concepts and ideas to diverse audiences
• Strong organizational skills
• Effective time management and ability to manage priorities and resources
• Strong people management and leadership and in an amorphous environment with the ability to self-start.
• Ability to work under pressure and deliver results within tight deadlines/timelines
• Derivative lifecycle subject matter expert
• Ability to identify and assess a problem situation, determine the root cause and propose recommendations and/or solutions to resolve the issue
• Ability to be assertive with strong influencing skills
• Demonstrate ability to implement change in a risk-controlled manner
• Ability to utilize independent judgement and decision making to handle departmental issues within assigned authority
• Forward thinker who seeks to improve business processes that deliver optimized outcomes
• Track record of delivering process efficiency gains
• Project management experience and/or related qualification is useful

Qualifications and Skills

• 15+ years of experience in Financial Services with strong understanding
• 5+ years of management experience
• Bachelor’s Degree or equivalent
• FINRA Series 99 License a plus
• Knowledge of SWIFT, CLS, settlement instructions and settlement best practices
• Working knowledge of Excel
• Technology literate
• Strong interpersonal skills
• Strong communication skills (written and verbal)
• Ability to work in a matrix environment

Ability to multitask and deliver high quality results in a fast-paced environment

SMBC’s employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.

SMBC provides reasonable accommodations during candidacy for applicants with disabilities consistent with applicable federal, state, and local law. If you need a reasonable accommodation during the application process, please let us know at [email protected].