Settlements Specialist in Chicago, IL at TradeStation

Date Posted: 3/29/2021

Job Snapshot

Job Description

Settlements Specialist
Chicago, IL
TradeStation is an on-line brokerage firm seeking to level the playing field for self-directed investors and traders, empowering them to claim their individual financial edge.  We have built a team of amazing people who work together in a high-performance culture to provide our clients with exceptional products and services.  We offer a collaborative and flexible work environment, competitive salaries, comprehensive benefits and a generous PTO policy.
The Settlements Specialist will process, record, and analyze all aspects of daily security settlements (DTCC, NSCC & Non-DTCC, Stock-Loan & Physical) as well as all aspects of daily financial reporting as it relates to settlements. Responsibilities include performing daily position reconciliation of the box at DTCC vs Phase III and any other depositories where positions are held. The Settlements Specialist will assist Stock Loan Operations on a daily basis when needed.
  • Prepare daily financial reports such as EOD settlements, Seg Deficits and 15C-3 on a weekly basis
  • Report Seg Deficits to management and the stock loan desk using internal tools
  • Review and monitor all settlement-based firm clearing accounts as well as suspense items
  • Research, annotate and resolve depository position breaks
  • Review, report and escalate all broker and client fails
  • Review the CNS Accounting Summary
  • Run Microsoft Access queries as part of daily functions
  • Cross-train staff when needed to ensure sufficient back-up of department
  • Speak with regulators when necessary about related job functions and duties
  • Process all DWAC’s, DRS and DTC Free Receives/Delivers for all accounts. This process includes communication with Client Services to request and review that the required documentation has been provided.
  • Process Seg 100 location adjustments
  • Assist with quarterly box counts within the vault
  • Review OMGEO for Affirmed ID and Prime Broker Trades
  • Review Obligation Warehouse via DTCC
  • Monitor Shorts against the Box
  • Create and maintain the Daily Settlement Package
  • Balance DTCC & NSCC daily
  • Balance BMO positions monthly
  • Issue and / or accept buy ins from contra brokers via SmartTrack thru DTCC
  • Process all CNS Close Outs
  • Review Loanet exceptions and work with the Securities Lending team on adjustments and resolutions
  • Update procedures within 24 hours of a process enhanced or change
  • Work overtime when needed and requested by management
  • Keen understanding of security settlements and settlement rules and regulations
  • Effective interpretation of organizational policies and procedures
  • Strong problem-solving, organizational, and analytical skills
  • Detail oriented
  • Must be able to prioritize workload to ensure multiple deadlines are met
  • Ability to meet commitments in a fast-paced environment with frequent changes
  • Ability to work in a team environment and be flexible
  • College degree required
  • 2-4 years of experience in security settlements, ideally sell-side, is required
  • Detailed hands-on experience with DTC required
  • Experience with SunGard Phase III preferred
  • Fundamental understanding of how NSCC operates required
  • Proficiency in MS Excel, Word and Outlook