[Hiring] Brokerage Operations Associate I - Clearing & Settlement @Alpaca

Role Description

This is an opportunity to join a Fintech firm specializing in many facets of the broker-dealer space. You will help our team by focusing on money movements and ACAT transfers. The team is 100% distributed and remote. The role will be reporting directly to one of the Firm’s Director of Operations.

Things You Get To Do:

• 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 to 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
• Ensure reconciliations are accurate and complete and that discrepancies have been resolved in a timely manner
• Work with other internal teams, fostering an environment that encourages participation, teamwork, and communications
• Ensure industry rules, regulations, and securities laws are adhered to for 15c3-3
• Maintain orderly and readily obtainable records for research and examination purposes
• Prepare summary documentation/work papers for special projects/observations, submitting to management for review
• Perform data collection and analysis to ensure the firm is in compliance with regulatory requirements
• Test controls and measures to identify excessive operational risk and/or control problems at an early stage
• Work cross-functionally with other staff to create highly efficient operational processes
• Escalate observations/issues to Management that require attention in order to mitigate risk
• Assist the Director in completing all Internal Audit and Regulatory reviews for the operating group
• Drive continuous operational improvement, updating the control framework and undertaking root cause analysis
• Support the business unit management with the application of policy frameworks
• Assist on automation of daily self-clearing processes collaborating with engineering
• Participate on projects as needed
• Perform other duties and responsibilities as assigned
• Core hours are 9am - 4pm Eastern Time, to follow market hours

Qualifications

• 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

Requirements

• 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
• New Hire Home-Office Setup: One-time USD $500
• Monthly Stipend: USD $150 per month via a Brex Card