Specialist, Trading Operations

Your Opportunity

At Schwab, you’re empowered to make an impact on your career. Here, innovative thought meets creative problem solving, helping us “challenge the status quo” and transform the finance industry together.

We believe in the importance of in-office collaboration and fully intend for the selected candidate for this role to work on site in the specified location(s).

**This position will report to Stephanie Bohls**

Settlement Operations is a department within Custody & Asset Services (CAS) which specializes in promoting client loyalty and satisfaction by providing high quality processing, expertise, and support in all aspects of trade and transfer settlement. 

Settlement Operations is responsible for settling trade and client transfer obligations based upon client activity, in both domestic and foreign markets.  The large value of these incoming and outgoing asset movements includes a high amount of monetary and regulatory risk exposure in which the ability to meet daily settlement obligations is critical to the financial wellbeing of the firm. The work performed requires attention to detail and in some cases involves research, analysis, and problem resolution. 

Settlement Operations works closely with all client facing enterprises, including Advisor Services and Investor Services.  Internal business partners include Corporate Actions, Asset Transfer Services, Security Master and Operations Control.  We also work closely with the Depository Trust & Clearing Corp (DTCC) and Bank of New York Mellon (BNY).   

The Settlement Operations department is looking for a highly motivated Sr. Operations Specialist. The working environment is dynamic and challenging, and is constantly evolving. We are innovative problem solvers accustomed to delivering on tight deadlines while balancing control and service to our business partners and end-clients.

Team members are responsible for processing, executing settlement and reconciliation of firm assets.  This involves working with other broker dealers, DTCC and Bank of New York ensuring any fails or breaks in our balancing of money and shares are addressed in accordance with regulations.  

Responsibilities Include: 

• As a Settlement Operations Specialist, you will work with both internal and external business partners regarding the clearance and settlement of trade and transfer related fails.
• Work directly with internal clients and other business partners to identify workflow improvements, enhance our platform, and continuously improve the client experience.
• Drive results while mitigating risk to the firm through managing relationships, workload, and achieving daily service levels.
• Represent the Operations organization on projects and initiatives impacting both clients and employees
• Work internally with business partners and externally with other brokerage firms.
• Understanding of FINRA and SEC market rules and regulations regarding settlement and transfers. 
• Experienced in handling day to day escalations from other firms, custodians, internal business partners and client facing teams.
• Clear understanding of control parameters to mitigate risk and exposure to the firm.
• Deep understanding of the transfer process including fail reversals, claims, and asset acceptance.
• Experience in DTCC Settlement Web, PBS and Portal, including Obligation Warehouse, RECAPS, CNS, CTS and ACATs.
• Asset reconciliation knowledge and experience between DTCC, BNY, CNS and internal Schwab accounts preferred.
• Ability to research, process and update fail items in Schwab’s Legacy system

What you have

To ensure that we fulfill our promise of "challenging the status quo," this role has specific qualifications that successful candidates should have.

Required Qualifications:

• 1-3 years of financial, brokerage or operational experience
• General understanding of Domestic and International Settlements, Clearance and Settlements, Regulatory Rules and requirements of a broker dealer and General Back Office Operations
• Knowledge of Domestic and International clearance and settlements trading: Prime Broker, Client to Client, and Broker to Broker is preferred.

Preferred Qualifications: 

• Ability to improve workflow, understand technology, product development and communicate effectively is needed.
• Operational Risk mitigation and controls are preferred.
• Knowledge of brokerage/financial services industry, Equity/ETF/Option/Fixed Income investment products.
• Ability to develop relationships, teamwork, and partnership skills with ability to evaluate opportunities and challenges from clients’ perspective.
• Excellent interpersonal skills and the ability to communicate in a clear and concise manner both orally and written
• Demonstrated initiative and willingness to learn
• The skills to quickly master complex processing, service issues, and reconciliation requirements
• Experience in DTCC Settlement Web, PBS and Portal, including Obligation Warehouse, RECAPS, CNS, and ACATs.

In addition to the salary range, this role is also eligible for bonus or incentive opportunities