Brokerage Operations Associate I - Clearing & Settlement

October 3, 2023

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Alpaca

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Developer APIs for stocks and crypto trading, investing apps, and embedded fintech.

Finance • Trading • Fintech • Algorithm Trading • Investing

201 - 500

Description

• Ensure transactions are correctly recorded in appropriate systems facilitating successful settlement • Investigation and resolution of failing transactions • Processing of all eligible securities through the DTCC processing system • Settle securities transactions by processing deliver orders (DOs) on DTCC RAD • Collect marks-to-market on open contracts and money differences by processing Securities Payment Orders (SPOs) • Pledge securities to pledgees for collateral through the collateral loan system • Protect customer fully-paid-for positions and manage firm positions through the use of segregation and memo segregation procedures • Process ACAT free deliveries and fail reversals (FRVs) • Investigate & resolve cash and stock reconciliation issues • Address settlement discrepancies and engage the Director of Brokerage Operations for prompt resolution • Adhere to all rules, regulations, and procedures that govern this role and organization • Be aware of Operational Risk and escalate the Director of Operations • Review Buy-ins and Knowledge of REG SHO/15c3 • Produce timely, quality, and relevant reporting. • Regularly communicate amendments to policies and procedures • Verify and reconcile securities held at various depositories and transfer agents • Process and confirm fails within Obligation Warehouse (OW) for settlements reconciliation with brokers • Create reports on money discrepancies between our internal ledger and external platforms • Ensures reconciliations are accurate and complete and that discrepancies have been resolved in a timely manner • Works with other internal teams, fostering an environment that encourages participation, teamwork and communications • Ensures industry rules, regulations and securities laws are adhered to for 15c3-3 and proper action is taken to ensure proper possession and control of customer securities • Maintains orderly and readily obtainable records for research and examination purposes • Prepares summary documentation/work papers for special projects/observations, submitting to management for review • Performs data collection and analysis to ensure the firm is in compliance with regulatory requirements • Tests controls and measures to identify excessive operational risk and/or control problems at an early stage and works with staff to maintain quality and efficiency standards • Works cross-functionally with other staff to create highly efficient operational processes that avoid control and quality deficiencies and associated monetary losses • Escalates observations/issues to Management that require attention in order to mitigate risk • Assists the Director in completing all Internal Audit and Regulatory reviews for the operating group and to ensure that review findings are effectively resolved • Driving continuous operational improvement, updating of the control framework and undertaking root cause analysis and trend analysis of operational issues • Support the business unit management with the application of policy frameworks and become established as a referral point for policy related queries • Assist on automation of daily self-clearing processes collaborating with engineering • Participates on projects as needed • Performs other duties and responsibilities as assigned

Requirements

• 2+ years of Operations and DTCC Settlement experience • Knowledge of Brokerage Clearing operations • Knowledge of Financial industry rules, regulations and laws • Possess general knowledge of U.S. securities back office operations of a broker-dealer and/or carrying firm • Ability to Identify relationships, draw logical conclusions and interpret results for use in decision making • Excellent written and verbal communication skills • Ability to work independently with attention to detail as well as collaboratively within a team environment • Providing insights for continuously improving our client experience and providing efficiency • Ability to work independently in a fast-paced environment with multiple priorities • Must be able to follow company tenets of: Stay Curious, Have Empathy, Be Accountable • Be able to work in a remote environment • Have basic knowledge of SQL, metabase, or other database coding language • Easily adapt between Microsoft and Google document and spreadsheet solutions • Be flexible to assist other functional areas when necessary • Support department initiatives and company vision • Must be able to change and adapt to the ever-changing regulatory landscape of the financial industry • Possess a Series SIE and 99 or higher securities license or achieve a passing result on the 99 within the first 180 days of employment • Associate’s degree in a business-related field and a minimum of five (5) years of experience in the areas of cash and securities reconciliation, accounting, banking, and/or financial services industry • Series 7

Benefits

• Competitive Salary & Stock Options • Health benefits start on day 1. In the US this includes Medical, Dental, Vision. In Canada, this includes supplemental health care. Internationally, this includes a stipend value to offset medical costs. • New Hire Home-Office Setup: One-time USD $500 • Monthly Stipend: USD $150 per month via a Brex Card • Work with awesome hard working people, super smart and cool clients and innovative partners from around the world • Alpaca is proud to be an equal opportunity workplace dedicated to pursuing and h