Settlements Administrator

3 months ago

Toronto, Canada Fidelity Investments Full time

Job Description

You will be working on a flexible hybrid schedule as part of Fidelity’s dynamic working arrangement.

Current work authorization for Canada is required for all openings.

At Fidelity, we’ve been helping Canadian investors build better financial futures for over 35 years. We offer individuals and institutions a range of trusted investment portfolios and services - and we’re constantly seeking to find new and better ways to help our clients. As a privately owned company, we boldly embrace innovation in all areas as we continue to grow our business into the future.

Working with us means you’ll be part of a diverse and dedicated group of people who make a real difference for our clients and communities every day. You’ll have a wide range of opportunities to grow and develop your career in an inclusive environment where you’ll feel valued and supported to be your best - both personally and professionally.

Operations Representative - Buy-Ins/Settlements

What We Do

Based in Toronto, Fidelity Clearing Canada (FCC) is the leading independent clearing broker and custodian in the Canadian market. We provide trade execution, clearing, custody and back-office support services to Canadian-based brokerage firms and registered Portfolio Managers.

For more information about Fidelity Clearing Canada, please visit


Business Overview:
The FCC settlements department ensures timely settlement and reporting of all trades processed through our books and records. The department as a whole is responsible for managing the settlement process of, CAD and USD trades through the main depositories, CDS and DTC, as well as international trade settlement through our foreign custodian and physical securities processing and handling.
- How You’ll Make an Impact:
Reporting to the Manager, Settlements, the Settlements Administrator is responsible for settling trades via electronic settlements systems, including the Canadian Depository for Securities (CDS), The Depository Trust Company (DTC) and through our foreign custodian (Citi-Direct) as well as FedWire. Settlements involves the delivery of securities and the corresponding payment. Securities are delivered against payment of money to fulfill contractual obligations, such as those arising under securities traders. The Settlements Administrator communicates with Fidelity Clearing Canada internal partners, our clients and counterparties. By working with these key stakeholders, we achieve accurate and timely processing while mitigating risk to all involved.

As part of the settlements team, you will be responsible for the following:

- Prepare and distribute of buy-in notices to correspondents regarding client short positions that are required for delivery.
- Processes transactions and service client needs as per the performance expectations and measures of each department.
- Follow policies and procedures to ensure compliance with our regulatory requirements. Minimize risk to the business by escalating issues to management
- Using continuous improvement methodologies, continually searches for and takes initiative to improve and/or eliminate ineffective processes to improve customer service or gain efficiencies
- Compare and match trades that are posted in Dataphile vs. what appears in CDS, DTC, Citi-Direct and FedWire.
- Report unmatched or failing trades intra-day to the correspondents.
- Allocate required security positions between CDS/CNS and DTC/NSCC as required.
- Communicate with the securities lending department regarding positions required for deliveries.
- Ensure instructions are in place with foreign custodian as well as with Fed Wire custodian as Required.
- Inquire with counterparties as to the reason behind trades which are either unconfirmed or DK'd (Don't Know).
- Respond timely to verbal or written client requests.
- Retrieval of sensitive documentation from our client firms and secured vault located in the downtown core.
- Create and distribute reports to clients and management.

What We Are Looking For:
Experience:

- 1 to 2 years’ experience in operations and/or client services roles within the financial services industry,

preferably in brokerage, and/or in the correspondent clearing and custody business.

Education:

- 2-year post-secondary program completion or equivalence

Designations, Licenses, or Accreditations:

- Broadridge Dataphile knowledge is an asset
- Experience with Security Settlement depositories is an asset: DTC/CDS or Arrow
- Knowledge of buy-in process is an asset.
- Working towards or completion of Canadian Securities Course an asset

The Expertise You Bring / This is the right opportunity for you if you:

- Excellent MS Excel skills and proficient with the MS Office environment.
- Strong customer service skills, with ability to build credibility and rapport to gain customer confidence.
- Exceptional communication skills.
- Attitude to thrive in a fast paced, challenging, team-oriented environment.
- Ability to wor

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