Job Description:

Location: To support strong partnership and team connection, this role follows a four day in office work model in our Chicago office.

Cboe is one of the largest exchange operators in the world. Our mission is to disrupt the status quo with a relentless focus on innovation that transforms new ideas into realities. We are seeking a highly capable Director, Margin Strategy and Capital Efficiency who will report to the Senior Director, Cboe Labs.

As the Director, Margin Strategy and Capital Efficiency, you will be at the forefront of technology and product innovation, with primary responsibility for seeking the most margin and capital efficient treatment of current Cboe product offerings as well as products in development. You will lead efforts to ascertain, advocate for, and lead industry efforts for implementation of practical margin and capital requirements, and in particular, advancing portfolio margining capabilities that drive efficiency through appropriate risk offsets.

This role would be ideal for a person with a strong mathematical background. A strong background in customer, broker-dealer and options market-maker margin requirements is desired. Experience in developing margin methodologies and frameworks is highly desired. Experience with customer margin accounts, both strategy-based (Reg. T) and customer portfolio margin accounts, as well as with risk-based haircuts is a plus. This role requires the ability to navigate the dynamic landscape to ensure Cboe's cutting-edge position in the marketplace.

In this role, you'll join a team of expert professionals, focused on innovation and execution while also serving as a member of the Cboe Global Derivatives leadership team. This position requires strong collaboration skills and a desire to work side by side with all our support partners.

Your responsibilities will be:

• Design, develop, and maintain back testing frameworks to assess the historical adequacy and coverage of margin requirements across Cboe product offerings

• Build a data-driven foundation to evaluate and measure how suggested changes to clearing house frameworks could affect capital efficiency, using simulations to quantify their impact.

• As necessary, ascertain, plan, develop, and implement margin requirements and/or risk-based haircut treatment for new products. Continually consider improvements that would benefit all Cboe product offerings.

• Engage and coordinate with Cboe Legal on margin rule filings (as necessary) and interactions with SEC and CFTC staff. Engage with and coordinate with FINRA on a continuous basis.

• Partner with the Cboe Labs, Operations, Global Sales and Derivative teams to evaluate margin and capital efficiency priorities and source client feedback.

• Continually collaborate with OCC on changes to the STANS and TIMS methodology with the goal of maximizing efficiency of customer portfolio margin and risk-based haircuts, in particular by advocating for wider use of portfolio margining with more risk offsets.

• Serve as Cboe internal subject matter expert. Conduct presentations to explain margin and capital requirements and industry conventions including educational sessions for Regulatory staff.

• As needed, conduct presentations and public speaking engagements internally and at conferences and other venues.

• Represent Cboe on FINRA Rule 4210 Committee and OCC Financial Risk Advisory Council.

• Participate in strategic planning and systems implementations to achieve business goals and collaborate with diverse clearing entities to discuss cross-margining opportunities.

The ideal candidate has:

• Minimum 12+ years' industry experience in securities, securities derivatives and futures. Familiarity with margin practices, including but not limited to STANS, strategy-based (Reg. T), customer portfolio, and SPAN margining.

• Ideally, a strong understanding of risk-based haircuts and the underlying SEC rule.

• Ability to interact with the CFTC, SEC and FINRA on margin and risk-based haircut requirements.

• Familiarity with OCC's Escrow Deposit program and Clearing Member margin requirements (STANS).

• An advanced degree in Financial Engineering, Mathematics, Statistics, Applied Mathematics, or a related quantitative discipline is strongly preferred. Candidates with equivalent quantitative experience developed within a clearinghouse, exchange, or financial institution risk function will also be considered.

Knowledge, Skills and Abilities:

• Strong knowledge of financial markets, including (but not limited to) an understanding of financial derivatives, trading, market data, exchanges, and financial technology.

• Capability to understand and apply Regulation T and self-regulatory organization margin rules, especially FINRA Rule 4210.

• Capability to understand and work with Options Clearing Corp. rules and practices, as well as TIMS customer portfolio margin and risk-based haircuts design and operation.

• Proven leadership ability with the capacity to set and manage priorities effectively

• An understanding of exchange/trading systems and central counterparty clearing functions.

• Strong understanding of traditional and digital asset market structure.

• A knowledge of equities/derivatives/fixed-income order lifecycle and participants involved.

• Deep understanding of pre & post trade lifecycle & collateral management for listed and OTC tradeable products.

• Excellent written and verbal communication skills, with the ability to engage both technical and nontechnical audiences internally and externally.

• Strong skills in Microsoft Office.

• Proficiency in a programming language is required; Python is preferred. SQL and additional languages such as R or Java are a plus.

• Self-starter with the ability to multi-task effectively and independently within a fast-paced environment.

• Strong analytical skills and sound decision-making ability.

• Ability and willingness to travel.

Benefits and Perks of working for Cboe Global Markets

We value the total wellbeing of our people - including health, financial, personal and social wellness. We believe standard benefits like health insurance and fair pay are a given at any organization. Still, you should know we offer:

• Fair and competitive salary and incentive compensation packages with an upside for overachievement

• Generous paid time off, including vacation, personal days, sick days and annual community service days

• Health, dental and vision benefits, including access to telemedicine and mental health services

• 2:1 401(k) match, up to 8% match immediately upon hire

• Discounted Employee Stock Purchase Plan

• Tax Savings Accounts for health, dependent and transportation

• Employee referral bonus program

• Volunteer opportunities to help you give back to your communities

Some of our associates' favorite benefits and perks include:

• Complimentary lunch, snacks and coffee in any Cboe office

• Paid Tuition assistance and education opportunities

• Generous charitable giving company match

• Paid parental leave and fertility benefits

• On-site gyms and discounts to other fitness centers

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