About Northern Trust
As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions.
Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide.
With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.
The OTC and FX Associate Specialist is responsible for the driving implementation and execution of our project initiatives. They will translate strategy into actionable plans, drive execution across our teams, coordinate dependencies and manage trade-offs, monitor progress and surface risks or constraints and reinforce priorities and adjust as needed. In addition, the OTC and FX Associate Specialist is responsible for contributing, executing and reinforcing the strategic priorities, stepping in to assist the team where needed to successfully satisfy the client support model.
Major Duties:
- Being an escalation point for members of the team and clients
- Being an OTC/FX Product SME
- Manage team projects or initiatives
- Taking lead on an initiative while contributing and executing in others
- Oversight of processes within team of:
- Manage multiple clients/hedge funds and business lines within a fast-paced, challenging environment
- Affirmation/Confirmation of all OTC and FX trades on electronic platforms or on paper where required
- Settlement of swap cash flows associated with OTC and FX products, including unwinds, fees, resets, and premiums
- Proper operational reflection of OTC and FX trades
- Booking corporate actions and dividends/coupons to ensure accurate position and p/l attribution
- Efficiently identify and resolve transaction discrepancies between client and swap counterparties. Liaison between trading desk, control groups and counterparties to resolve any economic discrepancies on trades in a timely and efficient manner
- Process all aspects of periodic resets for vanilla and exotic IRS, CDS, and Equity OTC products
- Ensure timely receipt of OTC and FX confirmations from trading counterparties
- Ensure accuracy of transaction agreements and modifications
- Prioritize time accordingly to action trade breaks by end of day
- Understand and process trade activity in accordance with established operations policies and procedures; understand and minimize risk associated with trade mismatches
- Work with IT in the development and enhancement of the trade management system
- Must be able to interact with coworkers and clients in a fast-paced trading environment.
- Should be intellectually curious, intuitive, and trustworthy and have the highest ethical standards
- Effectively address a number of internal and external audiences in a professional manner
- Perform other related duties as required
- Assists in the training of staff globally.
- Operates independently; has in-depth knowledge of business unit / function
- As subject area expert, provides comprehensive, in-depth consulting and leadership to team and partners at a high technical level
- Carries out activities that are large in scope, cross-functional and technically difficult
- Role is balanced between high level operational execution and development, and execution of strategic direction of business function activities
- Strategic in developing, implementing and administering programs within functional areas
Knowledge/Skills:
- Bachelor’s degree strongly preferred
- Five plus years of experience in FX or OTC structured and derivatives products operations including:
- Experience with the settlement of OTC structured and derivatives products
- Experience reviewing documentation for OTC structured and derivatives products
- Proficiency with TradeServ, MarkitWire/MarkitTradeManager, and eConfirm platforms preferred
- Excellent people skills; ability to dynamically act as knowledgeable point of reference to co-workers domestically and internationally
- Proficiency in Microsoft Word, Excel (ability to create macros), Copilot, Power Automate
- Excellent math and analytical skills
- Excellent written and oral communication skills
- Strong organization skills, meticulous attention to detail
- Ability to handle multiple tasks under extremely time sensitive conditions
- Understanding of the various transaction types within each asset class beyond ‘vanilla’ trades is preferred (e.g. for IRS, understanding of caps, floors, swaptions, etc. and for CDS, understanding of tranches, recovery swaps, ABS/X, etc.)
- Understanding of established guidelines and documents published by ISDA is helpful
- OTC Regulatory knowledge across Dodd Frank, EMIR, ASIC, MAS
Experience:
The successful candidate will be a mature self-starter who has demonstrated the ability to function independently in a fast-paced, dynamic and demanding environment. This person needs to be able to resolve conflict within a short period of time. This person will be intellectually curious, intuitive, trustworthy and have the highest ethical standards. In addition, he/she will be effective addressing a number of internal and external audiences in a professional manner. This person will add value by working on a number of simultaneous tasks with minimal supervision and exemplary follow-through.
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Salary Range:
$95,600 - 162,400 USDSalary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.
Work Authorization
Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).
Working with Us
As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve.
Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities.
Reasonable Accommodation
Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at [email protected], or alternatively you can discuss your individual requirements with the recruiter you are working with.
Skills Required
- Five or more years of experience in FX or OTC structured and derivatives products operations
- Experience settling OTC structured and derivatives products
- Experience reviewing documentation for OTC structured and derivatives products
- Bachelor's degree
- Proficiency with TradeServ, MarkitWire or MarkitTradeManager, and eConfirm
- Proficiency in Microsoft Word, Microsoft Excel, including macro creation, Copilot, and Power Automate
- Excellent mathematical and analytical skills
- Strong written and oral communication skills
- Strong organizational skills and meticulous attention to detail
- Ability to manage multiple tasks under extremely time-sensitive conditions
- Understanding of non-vanilla IRS, CDS, and equity OTC transaction types
- Understanding of ISDA guidelines and documents
- OTC regulatory knowledge across Dodd-Frank, EMIR, ASIC, and MAS
- Ability to work independently in a fast-paced, dynamic environment with minimal supervision
Northern Trust Compensation & Benefits Highlights
The following summarizes recurring compensation and benefits themes identified from responses generated by popular LLMs to common candidate questions about Northern Trust and has not been reviewed or approved by Northern Trust.
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Retirement Support — A 401(k) with company match alongside an employer‑funded defined‑benefit pension is highlighted in employer‑verified materials and filings, setting the retirement package apart from many private employers.
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Leave & Time Off Breadth — PTO is portrayed as solid overall, and two paid volunteer days per year are clearly documented across corporate materials.
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Parental & Family Support — Company sources and postings reference paid parental and caregiver leave and recent enhancements to parental benefits, indicating meaningful family support within the package.
Northern Trust Insights
What We Do
As a global leader in innovative wealth management, asset servicing and investment solutions, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families and institutions by remaining true to our enduring principles of service, expertise and integrity. A globally recognized Fortune 500 Company in continuous operation since 1889, we’ve built a legacy of empowering clients to reach their goals with confidence. Since our roots as a trust bank, we’ve grown to a global presence with more than 24,000 employees in more than 20 countries and across six core business units: Wealth Management Asset Management Asset Servicing Technology Corporate Functions Enterprise Operations Join a Team That’s Achieving Greater At Northern Trust, we refer to our employees as partners – with good reason. We understand that relationships are the key to our success. Here you’ll join a diverse and inclusive team of innovators with the drive to challenge the way things have always been done. Instead of choosing between a dynamic career and work-life balance, enjoy working with a team that supports your goals in the office and at home. We’ll help you get where you want to go without sacrificing what matters most to you. Delivering value and adhering to our enduring principles What are enduring principles? Since our founding, they have guided our strategy and success. Thanks to the dedication of our partners, Northern Trust continues to thrive by adhering to three enduring principles: service, expertise and integrity . What does this mean? Service Northern Trust has a relentless drive to provide exceptional service to our clients, our partners and our communities. We set new standards and go above and beyond in our commitment to delivering greater results. Expertise Expertise is at the core of who we are. We focus sharply on what we do well. From expanding our capabilities, to hiring talented professionals to developing innovative solutions, our expertise is why we continue to be a trusted advisor for generations of families and institutions. Integrity Operating with uncompromising ethics is central to Northern Trust’s heritage. As a result, our clients, partners and communities know they can rely on us. For more than 130 years, our integrity has been our guide – and that will never change.
Why Work With Us
At Northern Trust, we go further because we go together. We embrace flexibility, encourage balance, and prioritize inclusion at all levels, working together to keep you connected. We are committed to our employees—all 24,000 of them. Whether this is a first step or a bold new leap in your career, we’re here to help you move forward.
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