The MBS Allocations (Fixed Income Middle Office) supports the day-to-day allocation and lifecycle processing for Agency MBS TBA trades and specified pools, ensuring accurate trade capture, matching/affirmation, position integrity, and timely settlement. This role partners with Trading, Sales, Operations, Finance, Risk, and Technology to identify and resolve issues across the fixed income trade lifecycle. The position contributes to reducing operational risk, supports process improvements/automation efforts, and helps ensure adherence to internal policies and market deadlines.
Essential Job Duties
Execute daily allocation of Agency MBS TBA trades across accounts/strategies, ensuring adherence to allocation policies, good delivery, client guidelines, and cutoff times
Monitor TBA and pool positions (pair-offs, rolls, substitutions, and netting) and coordinate with Trading to anticipate operational impacts and help prevent position breaks
Provide day-to-day trader support including trade entry and capture; validate trade economics and required identifiers (e.g., counterparty, broker, settlement date, pool details where applicable) to support timely MBSCC processing
Support integrity of trade capture and downstream bookings by reviewing key economics (coupon, settlement date, factor, price/yield, fees) and assisting with the processing of amendments/cancellations in accordance with procedures
Monitor MBSCC/DTCC matching and affirmation; track unmatched items and exceptions and coordinate timely resolution with counterparties and internal stakeholders
Support fails resolution in partnership with Settlements/Operations; communicate status to the desk, document issues, and escalate items appropriately
Support position/P&L integrity by reviewing reconciliation outputs, prioritizing break remediation, and partnering with Finance/Risk as needed to resolve issues
Coordinate new issue and secondary securitized support as needed (CUSIP setup requests, factor updates, announcements), helping ensure accurate static data and controlled implementation of changes
Support allocation and lifecycle controls: maintain procedures and evidence as required, assist with audit/regulatory requests, and escalate operational risk events in accordance with policy
Manage and process MBSCC trade assignments as needed for Agency MBS TBA trades, ensuring timely submission and accurate assignment details in line with desk instructions and market cutoffs.
Qualifications
7–12+ years of experience in Agency MBS (TBA and specified pools) middle office/trade support/allocations
Deep understanding of the MBS trade lifecycle including TBA settlement conventions, pair-offs, dollar rolls, trade assignment processes, and fails/claims; able to advise stakeholders on operational implications.
Strong working knowledge of DTCC/MBSCC workflows and exception management; proven ability to drive complex, cross-functional issue resolution under tight deadlines.
Strong systems aptitude with hands-on experience using ION, Bloomberg, MBSE and Impact to support trade capture, allocation workflows, and reconciliations
Advanced Excel skills (pivot tables, lookups) and strong analytical skills
Demonstrated ability to thrive in a fast-paced, dynamic environment—prioritizing competing deadlines, adapting to changing desk needs/market conditions, and maintaining accuracy and control.
Bachelor’s degree required; relevant certifications are a plus.
The expected base salary ranges from $82,000 - $145,000. Salary offers are based on a wide range of factors including relevant skills, training, experience, education, and, where applicable, certifications and licenses obtained. Market and organizational factors are also considered. In addition to salary and a generous employee benefits package, successful candidates are eligible to receive a discretionary bonus.
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Other requirements
Mizuho has in place a hybrid working program, with varying opportunities for remote work depending on the nature of the role, needs of your department, as well as local laws and regulatory obligations. Roles in some of our departments have greater in-office requirements that will be communicated to you as part of the recruitment process.
Company Overview
Mizuho Financial Group, Inc. is the 15th largest bank in the world as measured by total assets of ~$2 trillion. Mizuho's 60,000 employees worldwide offer comprehensive financial services to clients in 35 countries and 800 offices throughout the Americas, EMEA and Asia. Mizuho Americas is a leading provider of corporate and investment banking services to clients in the US, Canada, and Latin America. Through its acquisition of Greenhill, Mizuho provides M&A, restructuring and private capital advisory capabilities across Americas, Europe and Asia. Mizuho Americas employs approximately 3,500 professionals, and its capabilities span corporate and investment banking, capital markets, equity and fixed income sales & trading, derivatives, FX, custody and research. Visit www.mizuhoamericas.com.
Mizuho Americas offers a competitive total rewards package.
We are an EEO/AA Employer - M/F/Disability/Veteran.
We participate in the E-Verify program.
We maintain a drug-free workplace and reserve the right to require pre- and post-hire drug testing as permitted by applicable law.
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Skills Required
- 7-12+ years of experience in Agency MBS middle office/trade support/allocations
- Strong understanding of MBS trade lifecycle including TBA settlement conventions
- Strong working knowledge of DTCC/MBSCC workflows and exception management
- Hands-on experience using ION, Bloomberg, MBSE and Impact
- Advanced Excel skills (pivot tables, lookups) and strong analytical skills
- Bachelor's degree required; relevant certifications are a plus
What We Do
This is not your typical financial institution. It’s our people who make us a cut above. Here, every person is respected because of their differences, not in spite of them. We pride ourselves on a culture of purpose, passion and compassion. At Mizuho, we provide the stability of an international industry leader with the career trajectory of a growing business. Our steady, strategic growth gives our people at all levels rewarding degrees of responsibility and a richer work experience than a boutique firm or an established giant could offer alone. Working for Mizuho opens doors not just to a rewarding career with excellent prospects, but to lasting friendships with colleagues from diverse cultures. It’s the local expertise of our employees that makes our global network so powerful. By collaborating with colleagues and clients who have your same ambition, you can amplify your sphere of influence and base of knowledge as part of one of the largest—and growing—banks in the world. We’re all global citizens, and that’s why our company feels compelled to make an impact through more than just drawing up deals. We prove that it’s possible to do well and do good. We do right by our clients, our community and each other.
