Collateral Management Analyst Job Description

Under an ISDA collateral agreement, a single missed margin call can leave a derivatives portfolio exposed to real credit risk within a day. That risk is what the Collateral Management Analyst exists to close, issuing and agreeing margin calls with brokers and custodians while reconciling positions across Front Office, Treasury, and clearing counterparties. The work sits inside Operations, between trading desks and settlement teams, and depends on interpreting OTC derivatives structures, tri-party agent processes, and regulatory frameworks like the FCA rulebook well enough to resolve disputes before they escalate. Nobody else owns that reconciliation.

As the Collateral Management Analyst, you close the gap between a margin call going out and the credit risk it is meant to cover, agreeing and booking collateral trades with brokers and custodians before disputes can widen. The position sits within Collateral Operations, working alongside Front Office and Treasury to keep every reconciliation current.

Career Impact: Working across ISDA collateral agreements and tri-party settlement gives you a credential recruiters recognize across Operations and Middle Office desks.

Business Impact: Every reconciliation you close directly cuts the credit exposure clients and counterparties are carrying that day.

Growth Opportunity: Analysts who master dispute resolution and portfolio reconciliation typically move into senior collateral or margin oversight seats.

Company Value: Several teams in this space offer a split week between office and home along with ongoing professional development.

• Issue and agree margin calls with brokers and custodians daily to close credit exposure before it widens.
• Reconcile cash, position, and trade breaks across internal systems and Front Office records to keep settlement accurate.
• Resolve disputed margin calls and collateral breaks with counterparties, tracing root causes before they escalate.
• Coordinate daily collateral movements and settlement instructions with Treasury, Front Office, and clearing counterparties.
• Book collateral trades and maintain margining agreements to satisfy incoming margin calls accurately and on time.
• Monitor portfolio reconciliations daily and escalate risk incidents to the appropriate level of management.
• Support new product implementations and large-scale collateral projects from initial setup through rollout.
• Identify collateral optimization and standardization opportunities that reduce operational risk across the portfolio.

• Bachelor's degree in finance, economics, accounting, or a related field, or equivalent work experience.
• 1 or more years of collateral management or margin operations experience, with exposure to OTC derivatives.
• Working knowledge of margin call issuance, agreement, and settlement processes across brokers, custodians, and clearing counterparties.
• Experience performing daily reconciliations and resolving breaks across internal systems, market records, and counterparty statements.
• Strong written and verbal communication skills for daily contact with brokers, custodians, and internal stakeholders.
• Ability to work accurately and consistently under deadline pressure across multiple daily settlement and payment cycles.
• Working knowledge of derivative products and how they generate margin calls or collateral obligations.
• Ability to manage high transaction volumes across multiple settlement and payment deadlines without error.

• Comfortable manipulating and analyzing large data sets in spreadsheets to support daily reconciliation and reporting work.
• Exposure to identifying process standardization or collateral optimization opportunities across a live derivatives portfolio.
• Prior experience contributing to cross-functional projects involving Middle Office, Risk, or Global Markets teams directly.
• Working familiarity with tri-party agent or custodian settlement processes beyond core daily margin call handling.

• Margin call turnaround time, measuring how quickly issued calls are agreed and settled.
• Open reconciliation breaks aged over 2 days, tracking unresolved cash and position discrepancies.
• Disputed margin call resolution time, reflecting how fast collateral disagreements are closed.
• Percentage of collateral movements settled without manual rework, reflecting process accuracy.
• Number of process improvement or optimization ideas implemented per quarter.
• Typical tools: spreadsheet software (commonly Microsoft Excel).

• Base Salary Range: $55,000 to $75,000 per year, depending on experience and location
• Bonus: Annual discretionary bonus of 5 to 15 percent of base salary
• Equity: Rarely offered, occasionally available at large banks in senior positions
• Health Benefits: Medical, dental, and vision coverage, often with employer premium contributions
• PTO: Typically 15 to 20 days of paid vacation plus standard holidays
• Common Perks: Hybrid or flexible work arrangements, tuition assistance, and professional certification support

Figures are estimates based on general US market benchmarks and may be outdated. Adjust based on location, company size, and seniority level.

Employment is contingent upon a satisfactory background check and, where applicable, a review of credit history. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, age, disability, or any other status protected by federal, state, or local law. Reasonable accommodation is available for applicants and employees with disabilities upon request. Candidates must be authorized to work in the country of employment.

The Collateral Management Analyst delivers accurate margining agreements and daily margin call activity across Collateral, Clearing, and Client Services, resolving disputes before they affect client relationships. Reporting to the Manager, Collateral Management, the Collateral Management Analyst works closely with Technology and Operations Control colleagues to keep systems and controls fit for the CASS regulatory regime.

Key Responsibilities

• Complete daily tasks in a timely and accurate manner.
• Seek efficient solutions to problems arising within the team.
• Ensure adherence to all relevant policies and standards.
• Deliver an excellent standard of service to internal and external clients.
• Collaborate with other Operations teams across global locations to maintain service quality.
• Work with Technology colleagues to ensure systems are fit for purpose and enhancements are prioritized.
• Ensure understanding of and adherence to the CASS sourcebook, including CASS 3, and escalate issues promptly.
• Collaborate with Operations Control on risk management and control enhancements.
• Manage risk incidents proactively and promptly.
• Support integration initiatives between the Operations department and other entities.

Required Qualifications

• Experience working in a regulated environment, ideally within financial services.
• Experience within a collateral management function is preferred.
• Working knowledge of Uncleared Swap Margin rules, preferred for this role.
• Familiarity with FCA rules and regulations or an equivalent regulatory framework.
• Solid understanding of risk and control practices.
• Working knowledge of banking operations and practices.
• Familiarity with information technology systems for daily operational use.
• Strong interpersonal skills and a client service mindset.
• Ability to work effectively across a global, cross-border environment.
• Solid attention to detail with a resilient, results-oriented approach to work.

Embedded within Operations, the Collateral Management Analyst builds daily allocations, settlements, and reconciliations of collateral movements across counterparties, closing exceptions before they escalate. Working closely with Treasury and Front Office, the Collateral Management Analyst pre-matches collateral for future settlement, performs pre-pays, and coordinates with the New York team to resolve outstanding issues each business day.

Core Functions

• Allocate and settle collateral movements in a timely manner and reconcile any exceptions.
• Liaise with counterparties, agent banks, Treasury, and Front Office to resolve issues and settle collateral.
• Work with Front Office to optimize collateral usage and resolve booking issues and amendments.
• Perform mark-to-market.
• Project the day's cash usage by working with Treasury daily.
• Pre-match collateral for future settlement and perform pre-pays.
• Investigate outstanding internal and external collateral breaks and resolve them in a timely manner.
• Address outstanding issues from the day by working closely with the New York team.

Qualifications & Experience

• Bachelor's degree in finance, economics, or a related discipline, or equivalent professional qualification or experience.
• 3 or more years of work experience in collateral management operations.
• 1 or more years of experience in finance or securities lending middle office, advantageous.
• Experience with reconciliations, trade input, and accounting reporting.
• Experience working with clearing counterparties.
• Working knowledge of investment types and financial markets.
• Familiarity with tri-party agents and processes, advantageous.
• Proficiency in Excel at an intermediate to advanced level, including the ability to manipulate and summarize financial data.
• Familiarity with Broadridge systems, including 4SF, Shadow, and Gloss, advantageous, alongside Swift, DTC, BNP NEO Link, and UBS KeyLink.
• Good customer-focused attitude, with the ability to interface directly with clients while maintaining confidentiality.
• Ability to manage high volumes and meet tight deadlines across multiple settlement and payment cycles.
• Good written and verbal English communication skills.
• Ability to build strong working relationships and collaborate effectively as part of a team.
• Demonstrated self-motivation, integrity, and a rational, logical approach to problem-solving.

Reporting to the global Collateral Management function, the Global Collateral Management Analyst shapes the delivery of cash and non-cash collateral assets, resolving escalations with clients and vendors before they affect the relationship. Partnering with Front Office, the Global Collateral Management Analyst optimizes collateral usage and suggests process improvements that support the bank's economic profit targets.

Primary Duties

• Facilitate the delivery of a range of cash and non-cash collateral assets.
• Liaise with clients and vendors daily and build relationships to ensure effective collaboration with counterparties.
• Take responsibility for appropriate escalation and coordinate resolution with relevant parties to resolve issues.
• Work closely with Front Office to optimize collateral usage and contribute to the bank's economic profit targets.
• Suggest and deliver process improvements within the team.

Skills & Qualifications

• Experience in collateral management or related operations areas.
• Good understanding of financial markets, financial products, and related processes.
• Proficiency in Excel, including the ability to manipulate large data sets.
• Familiarity with VBA or other programming languages.
• Ability to communicate effectively with all audiences, in person and remotely.
• Demonstrated dedication as a team player, collaborating across functions to deliver strategic changes.
• Ability to identify root causes of issues and drive or implement changes.
• Good organizational and time management skills.
• Demonstrated a proactive, driven, and results-oriented approach to work.

Sitting at the intersection of derivative product operations and internal audit oversight, the Senior Analyst, collateral management CSA leads the calculation and settlement of margin calls under ISDA collateral agreements while reconciling MTM discrepancies with counterparties. Operating across large-scale projects and new product implementations, the Senior Analyst, collateral management CSA acts as a resource for internal and external auditors and drives standardization across the portfolio.

Duties

• Perform margin calls for derivative products subject to an ISDA collateral agreement.
• Ensure settlement of margin calls made.
• Escalate disputes or defaults from counterparties to the interested groups.
• Reconcile and analyze MTM discrepancies with counterparties and internal stakeholders.
• Identify opportunities for standardization and process improvement.
• Participate in large-scale projects affecting the sector.
• Participate in the implementation of new products.
• Act as a resource person for internal and external auditors.

Requirements

• Bachelor's degree related to the sector of activity, or an equivalent undergraduate qualification.
• 1 or more years of relevant experience with a completed bachelor's degree, or 3 or more years with an undergraduate degree.
• Good knowledge of derivative products in general.
• Good knowledge of Microsoft and Excel software, including pivot tables and dynamic tables.
• Ability to work under pressure, quickly but rigorously.
• Ability to work effectively as part of a team.
• Ability to communicate ideas clearly and effectively.
• Demonstrated ability to work with sensitive and confidential data.

A key member of the centralized Collateral Management function, the Collateral Management Analyst leads daily margin calls and dispute resolution across Derivatives, Repo, MBS, and PB portfolios, keeping credit risk within acceptable limits. Collaborating across Global Markets, Middle Office, and Risk teams, the Collateral Management Analyst investigates trade breaks and publishes daily and weekly MIS reporting on portfolio positions.

Functions

• Direct client communication and interaction.
• Issue and respond to daily margin calls.
• Resolve disputes and perform reconciliations.
• Partner with Global Markets, Middle Office, and Risk teams to address trade disputes and fails.
• Liaise with global settlement teams to ensure proper cash and security movements.
• Perform daily cash, position, and trade reconciliations and investigate breaks.
• Identify and facilitate collateral optimization opportunities.
• Produce and publish daily and weekly MIS reporting.

Experience & Qualifications

• Bachelor's degree, with a business-related discipline preferred.
• 1 or more years of collateral management experience, preferably in OTC derivatives.
• Experience working across global teams and functions.
• Demonstrated proactive and positive attitude, with a strong sense of initiative.
• Ability to work independently on day-to-day tasks and assigned initiatives.
• Excellent communication and interpersonal skills, with the ability to clearly articulate complex issues to management, corporate partners, Global Markets, and the client base.
• Demonstrated organizational skills and attention to detail, capable of prioritizing work to meet deadlines.
• Strong analytical and problem-solving skills, with the ability to digest information quickly.

Accurate client margin settlement across global Exchange Traded Derivatives and OTC Cleared Swaps depends on the Collateral Management Analyst, who builds daily break management and supports collateral bookings in line with Standard Operating Procedures. Based within the Funding, Clearing and Control teams, the Collateral Management Analyst processes client FX transactions and adopts a fact-based approach to resolving issues within market deadlines.

Accountabilities

• Settle Futures and cleared swap client margin.
• Manage and support daily breaks for all ETD and cleared swap-related client accounts.
• Support collateral investments and bookings as directed by the client and participant.
• Support the client and participant with any special ad hoc requests.
• Support and process client FX transactions and associated bookings.

Technical Qualifications

• Functional experience within the derivatives or collateral industry.
• Advanced knowledge of the GMI back office system.
• Advanced Visual Basic and Excel skills.
• Ability to perform all tasks in line with Standard Operating Procedures within internal or market deadlines.
• Ability to adopt a fact-based approach to issue resolution.
• Strong written and verbal communication and interpersonal skills.
• Ability to prioritize, remain flexible, and respond to changing environments.
• Willingness to share ideas and suggestions for new change initiatives that drive efficiency and decrease risk.

As the Collateral Management Analyst, this role owns data quality assessments on vendor data and Federal Reserve collateral holdings, presenting recommendations that resolve operational and system problems. The System and Bank-level project groups rely on this work to keep databases, queries, and analytical tools accurate for strategic decision-making.

Activities

• Conduct analytical studies to identify, resolve, and implement solutions to operational and system problems.
• Perform ongoing data quality assessments on vendor data and Federal Reserve collateral holdings using analytical tools.
• Provide administrative and analytical support for system initiatives, including data quality reviews and development of analytical databases.
• Present recommendations and written and oral reports on completed tasks to management independently.
• Lead System and operational projects of moderate to large scope, as assigned.
• Create and run moderate to complex queries and data requests to support strategic projects.
• Document system updates and enhancements, coordinate system changes, and conduct training on procedures.
• Acquire data from primary or secondary sources and maintain databases and data repositories.
• Identify and resolve issues with data delivery, data quality, and business user queries.
• Analyze and resolve user issues while guiding communication between users and technical staff.
• Serve as an expert for projects that enhance and maintain system applications and data repositories.
• Attend System conference calls and planning sessions, and contribute to Bank or System level projects as assigned.
• Ensure adherence to Federal Reserve policies and practices, including project management methodologies and Program Assurance updates.
• Support the Department's information security, risk management, and business resumption activities.

Position Requirements

• Bachelor's degree in business, information systems, or a related field.
• Cloud Practitioner Certification, or anticipated completion within one year of hire.
• 3 or more years of relevant industry experience.
• Experience leading an activity, preferred.
• Knowledge of the financial industry, a plus.
• Problem-solving, analytics, and research skills.
• Requirements documentation, test script creation, and application testing skills.
• Project management methodologies.
• Working knowledge of database languages and tools.
• Proficiency in word processing, presentation, spreadsheet software, and other office tools.
• Strong written and oral communication skills.
• Ability to interact and collaborate effectively across teams.
• Availability for occasional on-call rotation, including nights and weekends.

Collateral Management Analyst delivers daily margin calls and collateral trades with brokers and custodians, mitigating credit risk exposures daily on behalf of clients during European working hours. The work directly supports Collateral Services in retaining current business, investigating disputed margin calls, and keeping reconciliations between systems and the market accurate.

Operational Focus

• Calculate, issue, and agree margin calls with brokers to mitigate credit risk exposures on behalf of clients.
• Agree and book collateral trades to satisfy incoming margin calls from brokers.
• Liaise directly with clients, their custodians, and their brokers daily via email and telephone.
• Perform daily reconciliations between systems and the market to ensure accurate record-keeping and risk mitigation.
• Partner with internal groups within Collateral Services to support client retention and new client activity.
• Investigate and resolve portfolio issues that lead to disputed margin calls.

Knowledge, Skills & Abilities

• Educated to at least A level standard or equivalent, with subjects relating to finance favorable, for example maths or economics.
• Experience within collateral or derivatives, favorable but not essential.
• Strong numeracy skills for daily reconciliation and margin work.
• Ability to understand complex models within the financial sphere.
• Problem-solving and data analysis skills.
• Strong attention to detail and accuracy in daily work.
• Excellent verbal and written communication skills.
• Ability to prioritize and work under pressure.
• Ability to work on own initiative as part of a large team.