Derivative Operations Analyst

12 Month Fixed Term Contract Opportunity
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
Job Summary
To act as the derivatives analyst within the Asset Management business. Key point of knowledge for clients and the wider organisation. Supporting the derivatives operational processing and support functions within the Asset Management division within agreed SLAs in order to meet business and regulatory requirements. Responsibilities will include:
• Managing and overseeing outsourced derivatives activities e.g. collateral management and ensuring OTC trades are captured correctly
• Experience in Collateral Management including Bi Lateral (Variation and UMR) and Cleared Collateral
• Understanding of Collateral Agreements- ISDA, CSAs, Clearing Agreements, UMR Initial Margin Thresholds
• Operational liaison with fund accounting, derivative counterparties, trading & fund management teams
• Supporting the end-to-end derivative life cycles for FX, Rates and Credit Derivatives from Trade Booking, Settlements, Valuations and Confirmations.
• Experience liaising with Clearing Brokers, and systems such as Markitwire, DTCC, Ice Link, Bloomberg beneficial.
• Helping with the onboarding of new derivative asset types, clients, systems, and processes
• Regulatory experience- MIFID, EMIR, Dodd Frank
What You'll Do
• Supporting the end-to-end derivative life cycle ensuring that there are no settlement delays and agreed SLAs are met
• Act as derivatives 'subject matter expert' and operational liaison with key strategic 3rd party suppliers and outsourcers ensuring that agreed SLAs are met e.g. outsourced collateral management, back-office processing teams and counterparties
• Provide essential derivative expertise, knowledge and operational support and reporting for Asset Management, Distribution, Legal and Investment Governance teams
• Responsible for controlling and overseeing derivative static data in the Asset Management systems
• Ensure the continuous development and improvement (CPI) of the business' derivative processes & procedures to ensure that high service levels are provided and due consideration is given to Risk and Treating Customers Fairly. Ability to lead CPI reviews.
Who You Are
• Specialist skills (practice, techniques and disciplines) are needed to carry out the job effectively - in particular, experience and knowledge of various derivative asset types, market standards, collateral/margin requirements and practices and the inner workings of relevant trade cycles e.g. OTC Clearing requirements
• Good general knowledge of the derivatives landscape with respect to UK and European regulation and evolving practices amongst our competitors
• Knowledge of the workings of OTCs critical- Day to Day responsibilities include ensuring front- end capture of new OTCs, understanding full lifecycle of an OTC, monitoring trades which need to be confirmed in Markitwire and ensuring Cleared Swaps clear same day and problem solving when necessary and trades are collateralised the next day.
Qualifications
• IMC, equivalent professional qualification essential or relevant degree is essential
Benefits of working at Canada Life
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that's regularly reviewed. As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.
How we work at Canada Life
Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.
We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That's why we offer a range of training, flexible working and opportunities to grow and develop.
Diversity and inclusion
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we're making in DEI, and we continue for it to be a significant focus.
"At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all." Nick Harding, Chief People Officer, Canada Life UK
We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for.