Regulatory/Compliance: Role operates in a regulated environment and is subject to RTX policies, market conduct standards, surveillance and recordkeeping requirements.
Role PurposeThe Market Operations Associate is responsible for supporting the end-to-end execution and operational lifecycle of USD interest rate swaps (IRS) and related rates products.
The role sits within the Market Operations function, combining execution support, trade lifecycle management, and operational delivery to ensure high-quality, controlled, and efficient market activity. It is designed to operate across multiple areas, enabling flexibility and "multi-hatting" across execution, operations, and stakeholder coordination as the business scales.
Key ResponsibilitiesExecution Support & Market Activity - Support the execution of USD interest rate swaps across SEF/OTC and relevant venues, in line with RTX execution policies and controls
- Monitor market conditions (rates, liquidity, spreads) to support optimal execution timing and approach
- Maintain and support relationships with counterparties (dealers, brokers, SEFs) to ensure access to liquidity and pricing
- Assist with execution-related activity for hedging and risk adjustments
Trade Lifecycle & Operational Delivery - Manage the trade lifecycle from execution through to confirmation, allocation, and settlement
- Ensure accurate trade capture across internal systems (OMS/EMS) and external platforms
- Work closely with Operations, Middle/Back Office, and clearing brokers to resolve breaks and ensure smooth processing
- Reconcile trades across internal and external records, resolving discrepancies in a timely manner
- Support daily reporting, controls, and end-of-day processes
Controls, Compliance & Best Execution - Support the delivery and documentation of best execution in line with internal policies and regulatory requirements
- Ensure all activity adheres to relevant US regulatory frameworks (e.g. CFTC / SEF obligations where applicable)
- Maintain strong recordkeeping standards across trade rationale, communications, and execution activity
- Partner with Compliance on monitoring, surveillance, and escalation where required
Stakeholder & Technology Collaboration - Work closely with Markets, Risk, Compliance, Operations, and Technology teams to support efficient execution and operational processes
- Contribute to improvements in execution tooling, automation, and straight-through processing (STP)
- Support onboarding of new venues, counterparties, and product capabilities
Key Deliverables / Outcomes - Accurate and efficient execution support across USD rates products
- Strong operational control and low trade break rates
- Robust audit trail and documentation aligned to regulatory expectations
- Continuous improvement in execution and operational efficiency
Required Experience & Skills - Demonstrable experience executing USD rates derivatives, particularly USD IRS in a bank, hedge fund, or execution services environment.
- Strong understanding of swaps market structure: dealer liquidity, SEFs, clearing, compression, roll conventions, key benchmarks, and market events.
- Knowledge of best execution practices and a control-minded approach to trading and recordkeeping.
- Excellent attention to detail and ability to manage multiple trades/workflows under time pressure.
- Strong communication and relationship management skills with internal and external stakeholders.
- High integrity and sound judgement; comfortable operating within a regulated/control environment.
Advantageous Skills - Experience with execution analytics / TCA for rates and/or automation of execution workflows.
- Familiarity with SEF platforms and swaps execution tools (OMS/EMS), and confirmation platforms (where applicable).
- Understanding of clearing mechanics, margining, and FCM/clearing broker interactions.
- Experience contributing to process improvement, STP initiatives, and operational scaling in a growth environment.
Competencies - Execution excellence: decisive, disciplined, and outcome focused.
- Risk & control mindset: consistently compliant, documentation-oriented, escalates early.
- Operational rigour: high accuracy, strong follow-through, proactive break resolution.
- Collaboration: works seamlessly across Markets, Risk, Ops, Tech, and Compliance.
- Commercial awareness: understands liquidity dynamics and counterparty incentives.
Working Relationships - Internal: Markets/Trading, Risk, Compliance, Operations, Finance, Technology/Product, Senior Management.
- External: Dealers, SEFs/brokers, clearing brokers/FCMs, service providers (confirmations/market data).
Role Scope - Role will involve early/late coverage around key market hours and macro events.
- Role is subject to RTX policies on personal account dealing, conflicts of interest, communications, and market conduct.
- All roles are subject to satisfactory references.
