Calm Middle Office Manager

CALM Middle Office

Job title:
CALM Middle Office Manager

Department:
Operations

Reporting Line:
Operations Head of RepoClear, EquityClear & CALM MO

Entity

LCH SA

**Location**:
Paris

Overall functional objective:
LCH is the leading independent CCP group in Europe, serving major international exchanges and trading platforms, equity markets, exchange-traded derivatives markets, energy markets, the OTC interbank interest rate swaps market and most of the Euro-denominated and sterling bond and repo markets.

The CALM (Collateral and Liquidity Management) business unit is responsible for the management of all collateral arising from member’s margins and default fund contributions. The main objectives of the CALM business unit are to:

- Invest cash margin from clearing members with the prioritized objectives of Capital Preservation, Liquidity and finally return
- Manage liquidity requirements of the CCP (Central Counterparty Clearing House, i.e., LCH SA) on a continuous basis
- Perform the liquidation of collateral in event of a member default, across all services

The Manager of CALM Middle Office team has a key role for monitoring the investment activity of CALM business unit covering 6 main goals:

- Investment activity control,
- Intraday liquidity monitoring,
- Collateral control,
- Portfolio performance measurement (reporting),
- Incident end event investigations,
- MI and reporting.

The Manager of CALM Middle Office
- Manages the CALM MO team
- Works on day-to-day activities
- Works closely with CALM Business Unit on the BAU and support them to deliver the strategic Roadmap
- Supports the Operations Head of RepoClear EquityClear & CALM MO in ensuring smooth running of daily activities & the follow-up of Key metrics, for the team

Key responsibilities:
Management responsibilities:

- Manage a team of 2 operators
- Supervise the daily activity. Organize and monitor the BAU tasks, provide the priorities to the team and coordinate
- Develop and manage day to day key stakeholder relationship
- Implement and maintain Capacity plan for the team (OPEX & CAPEX)
- Support the team to strengthen partnership and alignment with all internal departments, in order to ensure the delivery of reliable, resilient production service and business development roadmap
- Support team members in their Growth/Personal development. Encourage courses and trainings for helping people to grow. Instigate the culture of accountability and accuracy
- To build, motivate and retain a talented team providing leadership, prioritisation and direction, ensuring a seamless support of the CALM service and developing our resources depth and expertise
- To represent the Operations Department in the marketplace and with internal stakeholders and auditors and position it as a leader of innovation in SA CALM market place

Daily Operational processing
- Intraday monitoring of CaLM investment activity covering CaLM specified headroom limits, specified risk limits set by Group Risk and within wider risk appetite and frameworks
- Intraday Front Office to Back Office reconciliations (several times a day) and breaks registrations at end of day
- Intraday monitoring of liquidity positions
- Intraday monitoring of credit lines
- Assessment of collateral lodged and the value with custodians that could be used for credit support or generate liquidity
- Intraday monitoring of investment (repo margining) collateral movements,
- RSA (Triparty Repo Service Agreements) changes monitoring for investment and member’s limits,
- Aggregate and maintain reporting for Regulators and any internal CaLM stakeholder (FO, Risks )

Operational risk and control environment
- Develop and maintain within the team a strong operational control environment, performing daily / weekly / ad hoc controls and ensuring timely resolution and / or remediation of exceptions and issues
- Ensure that documentation (procedures and user guides) and audit trails are produced and kept up to date, in line with LCH SA rules
- Coordinate data collection for due diligence with business partners (i.e. (I)CSDs)
- Take initiatives for reducing the operational risk and improve the resilience

Change management
- Implementation of new clearing releases on test & production environments (Calypso and treasury system)
- Ensure that operational needs/requirements are appropriately captured for production monitoring
- Work with other departments (Project, IT etc) and external stakeholders (infrastructure providers) to determine and agree tasks, plans and responsibilities for activities
- To work with IT department in agreeing targets for minimum service interruptions and incidents and tracking and reporting of these as well as identifying remedial actions
- Regularly identify ways to improve departmental processes and policies and define and implement change in line with the business plan to fulfil departmental objectives and business requirements more efficiently and effectively

At LSEG, we believe