SBL, GCO) - Capital Markets
Domain:
SBL
Location Coverage:
Global (US, EMEA, APAC) including Japan
- Role Summary
SBL is responsible for end-to-end oversight of Prime Brokerage Securities Lending operations processes. This includes functional ownership of
SBL trading & lifecycle events, collateral management, billing & corporate actions.
The role manages Front Office, Middle Office, Back Office and ensures seamless integration across systems, processes, and regulatory controls.
- Key knowledge and experience
Lead the
SBL functional domain for Equity/ETF borrows and loans.
Understand FO flows:
Locates
Inventory/availability
Rate negotiation
Booking (open/term)
Recalls/returns
Lifecycle changes (rolls, rate amendments, partial returns)
Validate
SBL flows across FO/MO/BO and custodians.
Own integration with platforms like:
EquiLend, Broadridge
SBL, Global One
Validate collateral processes:
Eligibility, haircuts
Margin calls
Substitutions
Cash vs non-cash
Validate daily MTM and exposure management.
Oversee
SBL settlement flows (partial, fails, buy-ins) with DTCC/Euroclear.
B. Corporate Actions &
SBL Adjustments
Manage CA impact for
SBL:
Dividends (manufactured dividend)
Splits
Rights
Mergers
Ensure correct adjustments of loan contracts and collateral.
C. Documentation & Legal Coordination
Coordinate with Legal on
SBL agreements:
GMSLA (Global Master Securities Lending Agreement)
MSFTA, ISDA, GMRA
D. F2B Testing & Transformation Leadership
As Cluster Lead:
Own F2B test strategy for Prime
SBL + GCO.
Build high-quality test scenarios:
Locate → Borrow → Collateral → Billing → Returns → Settlements
Client Setup → Static Data → UAT → FOBO reconciliation
Lead SIT/UAT/NFT/Regression cycles.
Validate FO–MO–BO integration & data lineage across systems.
Conduct daily defect triage & functional signoff.
F. Risk & Regulatory Responsibilities
Validate risk metrics for Prime Brokerage (exposure, collateral shortfall).
Ensure compliance with:
SFTR (Securities Financing Transactions Regulation)
CSDR settlement discipline
SEC 15c3-3 (customer protection)
U.S. & EU SFT rules
Japan Short Sale Reporting, JSDA, JFSA
SBL reporting
G. Stakeholder Governance
Manage interaction with:
FO
SBL Desk / Prime Brokerage
Middle Office – Securities Finance
Collateral Management
Custodians
Provide weekly governance updates (RAG, RAID, dependency heatmaps).
- Product Expertise
Locate & availability logic
Short-sale rules (US, EU, Japan)
Dividends & CA compensation
ETFs
AP creation/redemption
Basket valuation
In-kind & cash flows
F&O/Listed Derivatives
SBL vs repo impact
Margining implications
Rollover & expiry-related
SBL demand
- Required Skills & Experience
Understanding of global regulatory obligations
Experience with Global One, EquiLend, Pirum, Broadridge
SBL, Fenergo
Strong FO–MO–BO system/process knowledge
Experience in F2B testing & transformation programs
- Preferred Skills
SBL regulatory frameworks
Experience in migration/integration programs
Working knowledge of FO booking platforms and collateral systems
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