Legal & General
Cleared Derivatives and Collateral Specialist - Senior Analyst
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Legal & General (L&G)
Legal & General (L&G) is a leading UK financial services group and major global investor.
We’ve been safeguarding people’s financial futures since 1836, and strive to build a better society, while improving the lives of our customers and creating value for shareholders.
We are one of the world’s largest asset managers and provide powerful asset origination capabilities. Together, these underpin our retirement and protection solutions: we are an international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income.
Our global asset management business provides our clients and partners with complex, responsible investment solutions, working internationally across public and private markets.
Who we are
We are one of Europe’s largest asset managers and a major global investor across public and private markets.
Asset Management is a critical driver of our Group strategy. The business aims to work synergistically with our Institutional Retirement and Retail divisions to benefit our clients and customers, and deliver enhanced shareholder returns.
Our investment philosophy and processes are focused on creating value over the long term. We believe that incorporating financially material sustainability criteria, when relevant to our clients, can create value and drive positive change.
Job Description
We are seeking an experienced derivatives clearing professional to join our Collateral Oversight function. In this highly visible role, you will provide independent governance, oversight and constructive challenge across cleared derivatives activity, including ETD, futures and OTC clearing. Working closely with Front Office, Treasury, Risk and senior leadership teams, you will play a key role in monitoring margin risk, assessing liquidity impacts and overseeing clearing broker and CCP relationships to help ensure a robust and resilient clearing framework.
This job is a 12 month fixed term contract.
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What you’ll be doing:
- Providing independent oversight and challenge across Initial Margin (IM) and Variation Margin (VM) activities for ETD and OTC cleared derivatives
- Monitoring margin utilisation, exposure drivers and liquidity impacts, including intraday margin movements and funding requirements
- Challenging margin calculations, CCP model outputs and clearing broker methodologies to ensure robust risk management and transparency
- Overseeing clearing broker (FCM) performance, including margin accuracy, funding efficiency and the application of house add-ons
- Maintaining oversight of CCP exposures, including default fund contributions, concentration risks and broader clearing-related exposures
- Reviewing collateral allocation strategies, challenging optimisation approaches and promoting efficient use of eligible collateral and funding resources
- Strengthening control frameworks by overseeing reconciliations, exception management, incident resolution and operational risk processes
- Producing insightful management information, leveraging automation tools and supporting regulatory compliance, strategic initiatives and continuous process improvement
Who we’re looking for:
- Experience within cleared derivatives collateral management across ETD, futures and OTC clearing
- Understanding of CCP margin models, margin drivers and collateral management principles
- Ability to interpret and explain complex risk, margin and liquidity exposures to a range of stakeholders
- Experience building and maintaining effective relationships with clearing brokers and CCPs
- Confidence providing independent challenge and contributing to a strong risk and control culture
- Strong communication skills, with the ability to influence and engage senior stakeholders
- Exposure to oversight, risk, governance or control functions within financial services
- Familiarity with collateral optimisation, liquidity management, capital frameworks and MI/dashboard reporting tools such as Power BI
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Benefits
Whatever your role, we reward performance and behaviour with a package that looks after all the things that are important to you. Here are some of the benefits we offer:
- The opportunity to participate in our annual, performance-related bonus plan and valuable share schemes
- Generous pension contribution
- Life assurance
- Healthcare Plan (permanent employees only)
- At least 25 days holiday, plus public holidays, 26 days after 2 years’ service. There’s also the option to buy and sell holiday
- Competitive family leave
- Participate in our electric car scheme, which offers employees the option to hire a brand-new electric car through tax efficient salary sacrifice (permanent employees only)
- There are many discounts we offer – both for our own products and at a range of high street stores and online
- We’re creating net-zero carbon workplaces by 2030 by investing in our sustainable, modern offices across the UK, all designed to bring people together and elevate the in-person experience
Additional Information
At L&G, we believe it's possible to generate positive returns today while helping to build a better future for all.
If you join us, you’ll be part of a welcoming, inclusive culture, with opportunities to collaborate with people of diverse backgrounds, views, and experiences. Guided by leaders with integrity who care about your future and wellbeing. Empowered through initiatives which support people to develop their careers and excel.
We care passionately about outcomes rather than attendance and are therefore open to discussing all kinds of flexible working options including part-time and job shares. Although some roles have limited flexibility due to customer demand, we accommodate requests when we can.
It doesn’t matter if you don’t meet every single criterion in this advert. Instead, think about what you excel at and what else you can bring in terms of strengths, potential and connection to our purpose.
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