Fixed Income Total Return Swap Middle Office

Job Description

An international investment banking firm is seeking a Fixed Income Total Return Swaps (TRS) Middle Office professional to support the full trade lifecycle of fixed income derivative transactions. This individual will work closely with trading desks, counterparties, settlements, risk, and other internal stakeholders to ensure accurate trade capture, confirmation, lifecycle management, and operational controls.

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The ideal candidate will have hands-on experience supporting bilateral fixed income total return swaps, strong knowledge of Murex, and a solid understanding of trade economics, confirmations, margin, accruals, and counterparty management.

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Key Responsibilities

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Trade Lifecycle Management & Controls

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• Manage and oversee the full trade lifecycle of fixed income total return swaps, from trade execution through maturity and settlement.
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• Review and validate trade economics, ensuring accuracy and consistency between front-office trade recaps, trade bookings, confirmations, and settlement instructions.
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• Serve as a key liaison between the trading desk, counterparties, settlements, risk, and other middle- and back-office teams.
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• Monitor daily trade activity, investigate discrepancies, and ensure timely resolution of trade breaks and exceptions.
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• Maintain a strong operational control framework to mitigate trade, settlement, and counterparty risk.
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Trade Confirmations & Counterparty Management

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• Manage the bilateral trade confirmation process, including the preparation, review, and negotiation support of long-form confirmations.
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• Verify trade recaps against executed transactions and ensure accurate representation of contractual terms and trade economics.
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• Coordinate with counterparties to resolve confirmation discrepancies, outstanding documentation, and settlement-related issues.
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• Investigate and resolve trade maturity issues, including final payments, valuation differences, and counterparty disputes.
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• Ensure timely confirmation matching and resolution of outstanding exceptions.
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Valuations, Margin & Risk

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• Monitor and validate financing accruals, interest calculations, coupon payments, and other cash flows associated with fixed income TRS transactions.
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• Support bilateral margin and collateral processes, investigating discrepancies and coordinating with counterparties and internal teams.
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• Partner with risk and trading teams to identify and resolve valuation, exposure, and trade-related issues.
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• Monitor upcoming maturities, resets, lifecycle events, and payment obligations.
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• Investigate and resolve breaks related to trade economics, accruals, margin, and settlement activity.
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Corporate Actions & Lifecycle Events

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• Monitor and process corporate actions impacting underlying fixed income securities, including coupon payments, redemptions, restructurings, and other relevant events.
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• Assess the impact of corporate actions on outstanding TRS positions, valuations, and contractual cash flows.
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• Coordinate with trading, settlements, and counterparties to ensure accurate and timely processing of lifecycle events.
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• Support trade amendments, terminations, unwinds, resets, and maturity processing.
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Systems & Process Improvement

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• Utilize Murex for trade monitoring, lifecycle event processing, exception management, and operational controls.
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• Identify opportunities to improve trade processing efficiency, reduce manual intervention, and strengthen controls.
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• Partner with technology and operations teams to investigate system issues and implement process enhancements.
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Qualifications

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• 3–5 years of experience in Fixed Income Derivatives Middle Office, Trade Support, or a closely related function within an investment bank or financial institution.
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• Hands-on experience supporting Fixed Income Total Return Swaps (TRS) , preferably bilateral transactions.
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• Strong understanding of the full trade lifecycle, including trade capture, confirmation, settlement, resets, maturity, and termination.
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• Experience working with Murex in a trade support or middle office capacity.
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• Familiarity with long-form confirmations, trade recaps, and bilateral counterparty documentation.
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• Knowledge of fixed income products, trade economics, financing accruals, coupon payments, and corporate actions.
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• Understanding of bilateral margin, collateral, valuations, and risk exposures.
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• Experience investigating trade discrepancies, counterparty breaks, and settlement or maturity-related issues.
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• Strong analytical, problem-solving, and communication skills.
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• Ability to work directly with trading desks and manage time-sensitive operational issues in a fast-paced environment.
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