Senior Analyst - Collateral Operations

LCH Ltd (LCH) is a leading independent clearing house, providing collateral and investment services across all asset classes globally. This Senior Analyst role within Collateral Operations focuses on Asset Servicing and Tax Operations. The specialist will ensure accuracy, resilience, and tax compliance of collateral and investment flows by applying expertise in withholding tax, corporate actions, and cross-border securities movements. The role involves partnering with various internal teams and global custodians to align processes with regulatory requirements and industry best practices.

Must Have

• Oversee corporate actions and income events for assets held across global custodians.
• Manage withholding tax related processes, ensuring compliance with local regimes.
• Serve as Subject Matter Expert (SME) for tax impacts on collateral pledges, repo activity, coupons, redemptions, and cross-border settlements.
• Resolve discrepancies in tax treatment, asset positions, and event outcomes.
• Support bilateral and triparty settlements, including investigation of settlement fails, breaks, and exceptions.
• Reconcile asset positions across custodians, internal systems, and member accounts.
• Validate that securities and tax entitlements align with collateral liabilities and clearing house obligations.
• Oversee T+1 reconciliations for member balances, nostro account, and settlement cash.
• Good understanding of SWIFT message formats including MT5xx, MT2xx, MT9xx, and their ISO 20022 MX equivalents.
• Enhance tax-control frameworks and strengthen operational processes involving cross-border assets.
• Experience in asset servicing, custody operations, corporate actions, collateral operations, or tax operations within a financial institution.
• Strong understanding of global withholding tax regimes and tax implications on securities and collateral flows.
• Familiarity with the operational practices of CSDs, major global custodians, and RTGS systems.

Perks & Benefits

• Healthcare
• Retirement planning
• Paid volunteering days
• Wellbeing initiatives

Department Description

LCH Ltd (LCH) is a leading, independent clearing house, serving major international exchanges and platforms, as well as a range of OTC markets. It clears a broad range of asset classes including equities, exchange-traded derivatives, foreign exchange derivatives, interest rate swaps, and Euro and Sterling bond and repo markets. The firm’s employees serve members and clients worldwide including many of the major financial groups consisting of almost all of the major investment banks and broker dealers.

Within the wider LCH Operations function, Collateral Operations provides collateral and investment services to internal and external customers and stakeholders across all asset classes. The department spans three time zones with teams in Manila, Sydney, London and New York. The first priority of our Collateral Operations team is to provide excellent day-to-day services. However working in Collateral Operations involves much more than providing daily processing services. The team works on a variety of projects in which we engage a range of other teams, such as IT and product development, to create real solutions for our members and clients.

LCH is strengthening its Collateral & Treasury Operations function by adding dedicated expertise in asset servicing, tax operations, and complex cash and securities handling. This role is critical to ensuring the accuracy, resilience, and tax compliance of the collateral and investment flows that underpin our clearing services.

We are looking for an experienced professional who understands how securities move, how entitlements behave and how tax regimes affect collateral and settlement outcomes across global markets. If you can translate asset-servicing and tax complexities into clean, controlled operational processes, we want you.

The Role

As an Asset Servicing and Tax Operations Specialist, you will play a key role in supporting LCH's collateral, settlement, and cash management activities. You will bring subject-matter expertise across withholding tax, corporate actions, and cross-border securities movements to enhance completeness, accuracy, and compliance of our operational workflows.

You'll partner with colleagues in Treasury (CaLM - Collateral and Liquidity Management), Risk, Legal, Static Data, and our network of global custodians to ensure our collateral and settlement processes are aligned with regulatory requirements and industry best practice.

This is an opportunity to shape how LCH manages its global securities as we expand our collateral connectivity.

Key Responsibilities

Asset Servicing & Tax Operations

• Oversee corporate actions, income events, for assets held across global custodians
• Manage withholding tax related processes, ensuring compliance with local regimes
• Serve as SME for tax impacts on collateral pledges, repo activity, coupons, redemptions, and cross-border settlements.
• Resolve discrepancies in tax treatment, asset positions, and event outcomes

Collateral & Securities Settlement

• Support bilateral and triparty settlements, including investigation of settlement fails, breaks, and exceptions
• Reconcile asset positions across custodians, internal systems, and member accounts
• Validate that securities and tax entitlements align with collateral liabilities and clearing house obligations

Cash, Liquidity & Reconciliations

• Oversee T+1 reconciliations for member balances, nostro account, and settlement cash
• Good understanding of SWIFT message formats including MT5xx (Securities), MT2xx (Payments), MT9xx (Cash Management), and their ISO 20022 MX equivalents

Governance, Controls & Change

• Enhance tax-control frameworks and strengthen operational processes involving cross-border assets
• Contribute to UAT cycles for system enhancements
• Assist with audits, regulatory requests, and internal governance reviews

Member & Client Engagement

• Respond to member queries relating to corporate actions, settlements, and general member queries
• Collaborate with custodians, agents, and internal teams to resolve complex servicing or tax issues

What we're looking for

• Experience in asset servicing, custody operations, corporate actions, collateral operations, or tax operations within a bank, custodian, CCP or FMI / investment firm.
• Strong understanding of global withholding tax regimes and tax implications on securities and collateral flows
• Familiarity with the operational practices of CSDs, major global custodians, and RTGS systems.
• Clear concise communication able to interact with members, custodians, and internal stakeholders
• Problem solver who can simplify complexity, strengthen processes, and drive control improvements.

Career Stage:

Senior Associate

London Stock Exchange Group (LSEG) Information:

Join us and be part of a team that values innovation, quality, and continuous improvement. If you're ready to take your career to the next level and make a significant impact, we'd love to hear from you.

LSEG is a leading global financial markets infrastructure and data provider. Our purpose is driving financial stability, empowering economies and enabling customers to create sustainable growth.

Our purpose is the foundation on which our culture is built. Our values of Integrity, Partnership, Excellence and Change underpin our purpose and set the standard for everything we do, every day. They go to the heart of who we are and guide our decision making and everyday actions.

Working with us means that you will be part of a dynamic organisation of 25,000 people across 65 countries. However, we will value your individuality and enable you to bring your true self to work so you can help enrich our diverse workforce.

We are proud to be an equal opportunities employer. This means that we do not discriminate on the basis of anyone’s race, religion, colour, national origin, gender, sexual orientation, gender identity, gender expression, age, marital status, veteran status, pregnancy or disability, or any other basis protected under applicable law. Conforming with applicable law, we can reasonably accommodate applicants' and employees' religious practices and beliefs, as well as mental health or physical disability needs.

You will be part of a collaborative and creative culture where we encourage new ideas. We are committed to sustainability across our global business and we are proud to partner with our customers to help them meet their sustainability objectives. Our charity, the LSEG Foundation provides charitable grants to community groups that help people access economic opportunities and build a secure future with financial independence. Colleagues can get involved through fundraising and volunteering.

LSEG offers a range of tailored benefits and support, including healthcare, retirement planning, paid volunteering days and wellbeing initiatives.

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