Cluster Lead – Prime Brokerage & Securities Lending (Global Coverage) - Capital Markets

Domain: Securities Borrowing & Lending (SBL)

Location Coverage: Global (US, EMEA, APAC) including Japan

1. Role Summary

The
Cluster Lead – Prime 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.

2. Key knowledge and experience

A. Prime Brokerage & Securities Borrowing & Lending (SBL)

• 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).

3. Product Expertise

Equities

• 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

4. Required Skills & Experience

• Deep Securities Finance & Prime Brokerage domain knowledge
• 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

5. Preferred Skills

• Exposure to Japan/US/EMEA SBL regulatory frameworks
• Experience in migration/integration programs
• Working knowledge of FO booking platforms and collateral systems