DRW is a technology-driven, diversified principal trading firm. We trade our own capital at our own risk, across a broad range of asset classes, instruments and strategies, in financial markets around the world. As the markets have evolved over the past 25 years, so has DRW – maximizing opportunities to include real estate, cryptoassets and venture capital. With over 1000 employees at our Chicago headquarters and offices around the world, we work together to solve complex problems, challenge consensus and deliver meaningful results. It’s a place of high expectations, deep curiosity and thoughtful collaboration.

As an Operations Specialist, you’ll be responsible for the firm’s self-clearing initiative, both from the perspective of the day-to-day workflow as well as onboarding, enhancements, and other change management events crucial to the success of the initiative. This is an opportunity to solve challenging problems while working closely with experienced traders, operations staff, and software engineers to choose the right tools and solutions for the job.

Responsibilities:

• Provide support for the firm’s self-clearing of matched/bilateral repo trades and any potential trading into the net at FICC:
  • Onboarding of DRW’s self-clearing entity to the FICC’s self-clearing workflow
  • Direct support of firm’s fixed income trade flow, both inside of and outside of the firm’s self-clearing operations,
  • Timely reconciliation of positions and trades between the firm’s proprietary position management system, the firm’s self-clearing solution, BONY, and FICC
  • Balance activity between the firm’s active trading/PB accounts and its custodian accounts and work with the firm’s repo desk to ensure proper financing and subsequent booking of repo trades
  • Ensure timely settlement of all FICC activity, monitoring for and pursuing any fails
  • Monitor and ensure the firm’s adherence to all operational requirements of FICC and BONY
• Provide support for the firm’s self-clearing at CME and in the CME-FICC Cross Margin:
  • Onboarding of DRW’s self-clearing entity to the CME’s self-clearing workflow
  • Work directly with DRW’s Treasury team to ensure trade flow into DRW’s CME self-clearing entity is properly scoped and that the benefits of the cross margin are maximized.
  • Intraday reconciliation between firm’s proprietary systems, exchange trade flow, and the clearing house.
  • Ownership of the self-clearing workflow in DRW’s third party derivatives system (e.g. GMI)
  • Monitor and ensure the firm’s adherence to all operational requirements of the CME clearing house.
• Support CME bond/note futures deliveries
• Gain mastery of the firm’s proprietary trade capture, inventory management, balancing, and P&L reporting systems necessary to support the firm’s self-clearing activity
• Be system super user for the firm’s third-party vended software solutions used in the self-clearing workflow
• Liaise with technical personnel to secure proper support and coverage for ongoing operations as well as procure enhancements for insufficient or new workflows
• Focus on process efficiency, risk reduction, and alignment with DRW standards

Requirements: 

• 3+ years’ experience in a self-clearing role/workflow
• A background in fixed income securities, preferably clearing and/or self-clearing is required.
• A background in futures clearing/self-clearing is preferred.
• Substantial prior interaction with the front office and senior management in an active trading environment
• Bachelor’s degree in finance, economics, another quantitative field or material equivalent exposure
• Demonstrated ability to work independently and to analyze problems, synthesize and implement solutions thereto
• Demonstrated ability to own and navigate technical issues and interact successfully with technology personnel
• A strong background in MS Excel required
• Previous experience with SQL and VBA or another scripting language is highly preferred
• Ability to gain proficiency in SQL, VBA, or another scripting language in relatively short order once on the job

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