Director, Collateral & Liquidity Management

Overview

LCH is a leading international clearing house (central counterparty – CCP) , serving major exchanges and trading platforms as well as a range of OTC markets. It clears multiple asset classes, including securities, exchange-traded derivatives, commodities, foreign exchange derivatives, interest rate swaps, credit default swaps, and euro- and sterling-denominated bonds and repos. LCH works closely with regulators and clients to identify and develop innovative clearing solutions.

This role sits within LCH SA, the central CCP established in France. It offers central clearing services across 3 business lines: RepoClear, CDSClear and DigitalAssetClear.

Overall Functional Objective

You will join the Collateral and Liquidity Management department (CaLM) as LCH SA Head of department. The objective of CaLM is to invest clearing member cash margin with a primary focus on preservation of principal and the maintenance of sufficient liquidity. This is achieved through a portfolio of high-quality, short-term instruments.

Reporting to locally to the Global Head of RepoClear, LCH SA and functionally to the Global Head of CaLM, the role holder is an experienced markets professional with a strong background in repo, short-dated bond markets (including FRNs) and FX, and a consistent track record of motivating/implementing change and strengthening business and operational risk controls.

The role holder is responsible for ensuring efficient investment activity with respect to the LCH SA cash portfolio, optimising returns on client and non-client cash margin within the risk constraints of the CCP environment. CaLM investments must be performed with the highest levels of care and in line with LCH SA risk policies, guidelines and applicable regulatory requirements. The role also has an external focus, covering engagement with market counterparties and relevant industry bodies.

The role holder is also responsible for the overall liquidity position management and adherence to Liquidity Plan and relevant policies.

Responsibilities

Identify, supervise and manage risks associated with investing a large cash portfolio.

Invest cash safely and in accordance with relevant policies, limits and regulatory requirements.

Define and develop investment and liquidity strategy and related policies, particularly in support of commercial initiatives and regulatory change.

Assess the impact of policy and methodology changes, considering member impacts and market conditions, and propose enhancements where appropriate.

Lead and support incident management as required.

Supervise collateral liquidation and liquidity management in the event of a default.

Partner with Risk and business to maintain robust default management processes, supporting collateral liquidation and liquidity provision.

Actively participate in default fire drills.

Actively participate in internal business control forums, as appropriate.

Maintain and develop counterparty relationships in support of CaLM investment objectives.

Communicate CaLM requirements to internal partners and support businesses as needed.

Support client-facing teams in delivering standard process and a seamless client service.

Own front-to-back processes and deliver improvements to the operational risk profile.

Update relevant procedures and guidelines, as appropriate.

Provide management for CaLM both locally and globally.

Management of Investment, Liquidity, Credit and Interest Rate Risks in a regulatory compliant manner and within agreed risk limits in accordance with internal policies and CaLM Front Office mandate

Maintain and update the Liquidity Plan

Escalation to the Global Head of CaLM of any liquidity or investment concerns

Proactive intraday Liquidity Management and monitoring by currency

Ensure liquidity testing and reporting is undertaken (including war games) and scheduled, including availability under stressed market conditions with respect to QLR.

Assess liquidity/investment implications of new clearing products

Oversight of Asset encumbrance (Pledge and FCM Non-Cash collateral) requirements

Escalate any investment or liquidity-related concerns appropriately (market-wide or idiosyncratic).

Ensure appropriate due diligence, legal agreements and credit approvals are in place

Experience and Skills

Extensive experience managing a large cash balance (multiple billions) across multiple core currencies, time zones.

Detailed understanding of:

o Liquidity Management

o Short term Government markets

o Repo and/or Securities Financing

o Spot and Forward FX and currency swaps

o Other short term liquidity investment products (including Central Bank arrangements)

Well-established external market (repo, bonds, FX) and central bank contacts.

Experience of default management, either within a CCP or externally.

Comfortable interpreting direction and making independent decisions.

Experience leading improvements to the operational risk profile through process and technology enhancements.

Understanding of the regulatory environment and changes that may impact LCH and counterparty activity.

Strong technical and social skills, enabling close working relationships with internal and external partners.

Experience collaborating across multiple centres and time zones.

People management experience.

Personal Attributes

Approachable and personable.

Enthusiastic, with the ability to perform in a demanding environment.

Able to motivate change independently.

Strong communication skills

Curious and willing to challenge the status quo, with the determination to identify, structure and deliver improvements.

Flexible approach to working hours, including being available to address out-of-hours issues when required, and working or being on call on some Bank Holidays.

Career Stage:

Director

London Stock Exchange Group (LSEG) Information:

Join us and be part of a team that values innovation, quality, and continuous improvement. If you're ready to take your career to the next level and make a significant impact, we'd love to hear from you.

LSEG is a leading global financial markets infrastructure and data provider. Our purpose is driving financial stability, empowering economies and enabling customers to create sustainable growth.

Our purpose is the foundation on which our culture is built. Our values of Integrity, Partnership , Excellence and Change underpin our purpose and set the standard for everything we do, every day. They go to the heart of who we are and guide our decision making and everyday actions.

Working with us means that you will be part of a dynamic organisation of 25,000 people across 65 countries. However, we will value your individuality and enable you to bring your true self to work so you can help enrich our diverse workforce.

We are proud to be an equal opportunities employer. This means that we do not discriminate on the basis of anyone’s race, religion, colour, national origin, gender, sexual orientation, gender identity, gender expression, age, marital status, veteran status, pregnancy or disability, or any other basis protected under applicable law. Conforming with applicable law, we can reasonably accommodate applicants' and employees' religious practices and beliefs, as well as mental health or physical disability needs.

You will be part of a collaborative and creative culture where we encourage new ideas. We are committed to sustainability across our global business and we are proud to partner with our customers to help them meet their sustainability objectives. Our charity, the LSEG Foundation provides charitable grants to community groups that help people access economic opportunities and build a secure future with financial independence. Colleagues can get involved through fundraising and volunteering.

LSEG offers a range of tailored benefits and support, including healthcare, retirement planning, paid v