Requisition ID: 256110

Salary Range: -

Please note that the Salary Range shown is a guideline only. Salary offered may vary based on factors, including, but not limited to, the successful candidate's relevant knowledge, skills, and experience.

Purpose

Seeking an experienced and technically accomplished Senior Manager to join our Margin & Collateral Management Operations team supporting the Prime Brokerage and Securities Financing businesses. Reporting into the Global Head of Margin & Collateral Management Operations, this individual will serve as the primary subject matter expert on margin regulation, margin methodology, and collateral management frameworks across our US Prime Services platform.
The role requires a strong operational risk and control mindset, combined with the ability to serve as a senior subject matter expert on margin regulation - advising business and operations leadership, supporting hedge fund and institutional client financing activity, and ensuring the firm's margin practices remain aligned with evolving global regulatory requirements. The incumbent will partner closely with Prime Brokerage Relationship and Prime Risk Managers, Compliance, Operations, and Technology, while engaging directly with internal governance forums, external regulators, and senior stakeholders across the Global Markets division.

What You'll Do
• Prime Brokerage Margin
o Monitor, calculate, and issue daily margin calls across the Prime Brokerage business, ensuring all margin requirements are met in a timely and accurate manner each business day.
o Ensure client margin accounts comply at all times with applicable regulatory requirements at all times as well as internal risk and credit guidelines.
o Perform in-depth vetting of all margin calls prior to issuance, including review of portfolio-level exposures, eligibility of collateral, and alignment with applicable margin methodology.
o Manage and expand internal relationships with Prime Brokerage Relationship Managers, Compliance, and Operations teams, liaising with the PB Risk team to ensure hedge fund clients receive comprehensive operational support, custody, financing, and risk management services.
o Identify and escalate margin deficiencies, account breaches, and atypical trading practices - including cash purchases and day trading patterns - to senior management promptly.
o Support the broader Prime Brokerage business with client onboarding, margin documentation review, and ongoing management of client-specific margin terms and financing arrangements.
• Securities Borrowing & Lending (SBL) Collateral
o Manage all daily SBL collateral processes including monitoring and resolving margin calls, recalls, buy-ins, settlements, exposure discrepancies, RQV agreement management, and corporate action-related collateral events.
o Ensure all Triparty obligations are fully collateralized on a daily basis, in line with established procedures and controls.
o Support the Bank's short selling and financing activities by ensuring effective use of collateral, including collateral optimization and rehypothecation to meet trading and liquidity needs.
• Repo & Repurchase Margining
o Oversee all aspects of Repurchase Agreement (Repo) collateral and margin management, ensuring regulatory compliance, collateral efficiency, and sound risk management.
o Manage daily margin calls, settlements, and reporting associated with Repo activity, maintaining strong controls throughout the collateral lifecycle.
o Maintain working knowledge of applicable documentation frameworks including GMRA and MSFTA, ensuring operational processes are aligned with contractual obligations.
• Regulatory Margin & Compliance
o Act as the operational subject matter expert on broker-dealer and bank margin regulations applicable to Prime Brokerage, Repo and Securities financing activity. Core regulatory knowledge to include:
• Regulation T - Federal Reserve rules governing broker-dealer extension of credit and initial margin requirements for securities transactions.
• Regulation U - Federal Reserve Board rules governing bank lending secured by margin stock, including purpose credit determinations, good faith loan value assessments, and the interaction between bank margin lending and broker-dealer financing activity within Prime Brokerage structures.
• FINRA Rule 4210 - including full capability to calculate and interpret strategy-based and portfolio margin requirements applicable to sophisticated hedge fund client portfolios.
• SEC Rule 15c3-3 (Customer Protection Rule) - and its operational interaction with Prime Brokerage margin and custody accounts.
• SEC Rule 15c3-1 (Net Capital Rule) - margin-related capital implications for broker-dealers.
o Ensuring all margin processes, controls, and documentation remain aligned with applicable FINRA rules and regulations, internal risk policies, and the Bank's Operational Risk Management and Regulatory Compliance Risk Management frameworks.
o Supporting regulatory examinations, internal and external audits, and supervisory inquiries, including provision of required documentation and process walkthroughs to auditors and regulators as required.
o Partnering with Legal and Compliance to interpret regulatory developments and implement required changes to margin procedures, controls, and governance documentation.
• Prime Brokerage Financing & Hedge Fund Client Support
o Support margin processes related to hedge fund financing, securities lending, and complex client portfolio structures.
o Provide margin analysis across Prime Brokerage client portfolios including equity long/short strategies, options, total return swaps, equity swaps, and repo transactions.
o Partner with the Prime Brokerage business to support client margin inquiries, collateral optimization discussions, and client onboarding.
o Assist in the development and review of client-specific margin terms and financing arrangements for institutional and hedge fund clients.
• Collateral Management & Liquidity
o Oversee collateral eligibility frameworks, haircut schedules, and substitution processes across Prime Brokerage and Financing activity.
o Monitor collateral utilization and ensure adequate coverage across client margin requirements, financing, and CCP obligations.
o Partner with Treasury and Funding teams on liquidity planning associated with margin flows and collateral movements.
o Provide operational insight to support collateral optimization initiatives across the Prime Services platform.
• Regulatory Capital & Balance Sheet Considerations
o Provide margin expertise supporting cross-functional initiatives involving collateral usage and regulatory capital, including Basel III, Liquidity Coverage Ratio (LCR), and Net Stable Funding Ratio (NSFR).
o Assess the operational impact of margin and collateral flows on balance sheet and liquidity metrics.
o Collaborate with Treasury, Capital Management, and Market Risk on funding optimization and balance sheet efficiency initiatives.
• Technology, Infrastructure & Automation
o Partner with Technology to enhance margin processing infrastructure, collateral management platforms, and real-time risk monitoring tools.
o Support the design and implementation of margin calculation engines and portfolio exposure analytics.
o Lead operational readiness for system implementations, regulatory-driven technology changes, and margin engine enhancements.
o Drive automation and data analytics initiatives to improve margin transparency, reduce manual processes, and enhance operational resilience.
• Governance, Reporting & Stakeholder Engagement
o Prepare and present margin exposure, risk metrics, and regulatory developments to senior management and internal governance committees.
o Act as a key point of contact for internal audit, model validation, and regulators on margin-related matters.
o Participate in industry working groups and forums relating to margin regulation and emerging market practices.
o Provide technical leadership and guidance to margin operations teams and broader operational stakeholders across the Prime Services platform.

What You'll Bring

o 10-15+ years of experience in Collateral Operations, Margin Operations, Prime Brokerage Operations, or Repo/Securities Financing Operations within a global financial institution or Broker-Dealer/Bank.
o Deep technical knowledge of U.S. broker-dealer and bank margin regulations including Regulation T, Regulation U, FINRA Rule 4210, SEC 15c3-3, and SEC 15c3-1, with full capability to calculate, interpret, and apply applicable margin requirements.
o Strong working knowledge of collateral management processes across Securities Lending, Repo, Equity Swaps and Prime Brokerage products, including margining, exposure management, and settlement.
o Demonstrated expertise in SBL collateral management including Triparty obligations, RQV agreements, recalls, and corporate action-related collateral events.
o Experience supporting Prime Brokerage hedge fund and institutional client activity across equities, derivatives, and securities financing products
o Familiarity with cross-product margining across equities, fixed income, derivatives and securities financing within a unified operational framework would be advantageous
o Familiarity with MSLA, GMSLA, GMRA and Prime Brokerage documentation frameworks.
o Proven experience managing teams in a high-volume, risk-sensitive environment within a global banking or capital markets context.
o Demonstrated experience engaging with regulators, internal audit, and compliance functions, including support for regulatory examinations and audit reviews.

o Working knowledge with the following applications would be preferable: Global One, Loan One, Equilend, Colline, Acadia Soft, Anvil, Broadridge BPS.
o FINRA Series 99 (Operations Professional) registration required.

Interested?

If your experience is closely related but doesn't align perfectly with every qualification, we do encourage you to apply - you might be the right candidate for this or other roles at Scotiabank!

What's in it for you?

Scotiabank wants you to be able to bring your best self to work - and life, every day. With a focus on holistic well-being, our many flexible benefit programs are designed to help support your unique family, financial, physical, mental, and social health needs.

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Location(s): United States : Texas : Dallas || United States : New York : New York City