Middle-Office, CDSClear Operations

Location: New York, US

Function: CDSClear Operations - Middle-Office Officer (US)

Working pattern: US business hours, with extended coverage as required to support US market activity

Role Purpose

Provide accountable operational coverage during US market hours for CDSClear, ensuring continuity of the clearing service across time zones and supporting the follow-the-sun operating model through structured handovers with Paris.

The role covers the management of key operational activities during US market hours, including:
• Daily operational trade management: monitoring and processing of all events impacting trades (novation, credit events, succession events, compression, transfers and default-related activity where applicable); trade flow monitoring and rejected trade management; margin call monitoring and margin simulations; support for increased volumes through backloading and intraday clearing; option exercise management.
• Member and client support: assist US clients with day-to-day clearing operations; manage member requests through Service Cloud; incident management including identification, critical issue and resolution during US hours.
• End of Day (EOD) process management: closing checks for the clearing session; batch process triggering and monitoring; EOD reports monitoring and daily statistics publication; US credit event set-up and processing (as applicable); US cross trades monitoring; investment trades oversight (as applicable); handover coordination with Paris.
• Additional clearing services support (as applicable): contribution to operational coverage on other clearing services during US market hours or extended coverage, including trade flow monitoring, handling of member and client queries, support to end-of-day clearing session closure and related operational checks and monitoring
• Project and testing activities (when required): contribute to operational requirements; define and implement test scenarios and test cases; support end-to-end testing of the clearing chain for new releases and enhancements.

Background

LCH is the leading independent CCP group in Europe. CDSClear is a credit derivatives clearing service within LCH SA, established through a partnership with major market participants. CDSClear has experienced significant growth and a key initiative is to extend operating hours for the US market.

Integrity

Develop and maintain a strong operational control environment; perform daily/weekly/ad-hoc controls and ensure timely remediation of exceptions and issues.

• Ensure adherence to benchmarks, agreed contracts, and internal requirements across operational activities.
• Support regulatory reconciliations and compliance activities relevant to the US coverage scope (as applicable).
• Maintain complete documentation of operational procedures, checklists, user guides and audit trails; preserve clear evidence of actions taken during incidents.
• Contribute to Disaster Recovery and Business Continuity arrangements for Operations (readiness, runbooks and implementation activities as required).

Partnership

• Build and maintain strong relationships with business partners and market infrastructures (e.g., DTCC/TradeServ, Bloomberg, Tradeweb, Markit/PTTR) to support day-to-day service delivery and issue resolution.
• Ensure smooth, structured handover of the production service between Paris and New York operations teams to maintain continuity of service.
• Work collaboratively with Technology, Risk, PMO and other internal collaborators to resolve incidents and support operational readiness for releases.
• Maintain effective communication with members and clients during US business hours, including incident communications where required.
• Support operational onboarding activities when required (set-up coordination, readiness checks, and operational runbooks).

Excellence

• Apply expertise to resolve complex and raised operational issues accurately and in a timely manner; take ownership of production issues during US hours and raise appropriately.
• Deliver daily operational trade management and processing across the trade lifecycle (novation, credit events, succession events, compression, transfers, default-related activity where applicable).
• Monitor trade flows and manage rejected trades; perform margin monitoring and margin simulations; support backloading and intraday clearing; manage option exercises.
• Implement US EOD processes: closing checks, batch triggering/monitoring, EOD report monitoring, daily statistics publication; support US credit event set-up/processing and other US coverage tasks as applicable.
• Support implementation of new clearing releases on test and production environments; coordinate with application support, network and development teams to resolve technical issues.
• Contribute to UAT/testing when required: test plans, scenarios, test cases and regression coverage; support end-to-end testing of the clearing chain

Change - Operations

• Drive continuous improvement in operational efficiencies, controls and tools to enhance day-to-day activities and reduce operational risk.
• Capture and articulate operational requirements for product/service developments; partner with internal teams to explore and implement operational configurations.
• Assess feasibility, impact and operational requirements of proposals; contribute to implementation planning and post-implementation reviews.
• Adapt operational procedures to changing market and regulatory requirements and ensure operational needs are captured for production monitoring

Experience

• Degree or equivalent qualification.
• Strong experience in an operations role within financial services; exposure to clearing operations and OTC derivatives preferred.
• Good understanding of Credit Derivatives markets and products (CDS indices/single names) and credit events, ideally with previous Middle-Office or Back-Office experience within a financial institution.
• Knowledge of financial services industry rules and regulations; familiarity with US market practices and regulatory requirements is a plus.

Skills & experience

• Degree (or equivalent) and 3-5 years' experience in a financial services operations environment (clearing/OTC derivatives exposure is a plus).
• Good understanding of Credit Derivatives products and trade lifecycle events (e.g., novation, credit events, compression) and comfort working on production and test environments.
• Control mindset: ability to run controls, keep evidence/audit trails, and operate within policies and procedures.
• Strong client/service orientation and clear communication skills (English required; French is a plus for Paris handover).
• Ability to take ownership, work under pressure, and collaborate across teams and time zones.
• Basic UAT/testing literacy (able to follow test plans, execute scenarios, and report results) is a plus.
• Solid understanding of SQL

Success criteria

• Reliable delivery of operational coverage during US market hours, including EOD readiness and incident handling.
• Consistent operational control rigor (controls, evidence, audit trails) and transparent communication with collaborators.
• Effective coordination and structured handovers with Paris to maintain follow-the-sun continuity.
• Commitment to our pillars of Integrity, Partnership, Excellence and Change.

Career Stage:
Senior Associate

Compensation/Benefits Information:

LSEG is committed to offering competitive Compensation and Benefits. The anticipated base salary for this position is $84,600 - $141,000.

Please be aware base salary ranges may vary by geographic location, city and state. In addition to our offered base salary, this role is eligible for our Annual Incentive Plan (AIP/"bonus plan"). Target AIP rates will be commensurate with role level and posted career stage. Individual salary will be reflective of job related knowledge, skills and equivalent experience. LSEG roles (excluding internships and part-time roles of less than 20 hours per week) are typically eligible for inclusion in our LSEG Benefits program, which includes offerings of: Annual Wellness Allowance, Paid time-off, Medical, Dental, Vision, Flex Spending & Health Savings Options, Prescription Drug plan, 401(K) Savings Plan and Company match. LSEG's Benefits plan also includes basic life insurance, disability benefits, emergency backup dependent care, adoption assistance commuter assistance etc.