Swap Dealer Compliance, Vice President

Who we are looking for

State Street Markets Swap Dealer Compliance seeks a Compliance Officer to advise internal stakeholders on implementation and development of Securities & Exchange Commission (“SEC), Commodity Futures Trading Commission (“CFTC”) and National Futures Association (“NFA”) swaps requirements. The incumbent will lead the development of relevant  compliance program elements including policies and procedures, training, risk assessments, issues management, governance and management reporting, and assist in remediating noncompliance matters. This position will require engagement with the business, including Markets Financing Solutions, FX Sales & Trading, as well as Compliance, Legal, Operations, Enterprise Risk Management, Finance and Audit stakeholders. Knowledge of SEC Security-Based Swap Dealer, CFTC & NFA swap dealer regulations is required as this role will assist the Swap Dealer businesses and the Swap Dealer Chief Compliance Officer (CCO) in carrying out their regulatory obligations. 

Why this role is important to us

The Compliance Department prevents, detects and mitigates compliance, regulatory and reputational risk across State Street and helps to strengthen our culture of compliance through the compliance oversight program. The State Street Markets Swap Dealer Compliance team covers CFTC Swap Dealer, SEC Security-Based Swap Dealer, US Banking Law, and Volcker Rule. With respect to the CFTC Swap Dealer and the SEC Security-Based Swap Dealer requirements, the key missions are to: organize and contribute to supervising the compliance program for Swap Dealer rules; monitor, analyze and advise on the implementation of proposed and final rules promulgated by the CFTC, SEC and NFA on swaps and security-based swaps; assist in overseeing the Volcker Rule compliance program; and report and escalate to senior management on regulatory developments, progress on regulatory initiatives, issues, violations or other matters of interest. This role will assist the Swap Dealer CCO in the day-to-day oversight of the Swap Dealer Compliance Program.

What you will be Responsible for

• Assisting the Swap Dealer CCO in, among other responsibilities: administering the relevant policies and procedures for the Swap Dealer and Security-Based Swap Dealer Compliance Program; taking reasonable steps to ensure compliance with the relevant SEC, CFTC and NFA regulatory requirements; and preparing the Annual Compliance Report

• Providing coverage of senior management meetings (e. g., Swap Dealer Governing Body, Swap Dealer Senior Management Committee) at the direction of the Swap Dealer CCO or Head of Markets Compliance.

• Acting as subject matter expert for all matters relating to the Swap Dealer.

• Participates in the preparation, and timely filing, of various swap dealer reports, including NFA Member Questionnaire, Annual Compliance Report, Risk Exposure Report and NFA Monthly risk report (as needed).

• Monitoring and analyzing proposed and final rules promulgated by U.S. financial regulators and representing State Street in industry working groups dedicated to advocacy, interpretation and implementation of new and proposed regulations.

• Assessing the impact of new rules and regulations to existing policies in the U.S. and overseas, and working with local and global implementation teams to implement regulatory change.

• Providing regulatory guidance to management, business lines, and functions, and on regulatory risks and challenges through the evaluation of regulatory developments, and providing advisory services to the Business Lines, Control Functions and Business Partners.

• Responding to regulatory inquiries, audits, examinations and investigations, and liaising with regulators (SEC, CFTC & NFA).

• Development of training for Associated Persons to educate and remind employees of their obligations and expected behaviors. 

• Serving as an escalation point and coordinate remediation of non-compliance issues. 

• Periodically assessing the effectiveness of the relevant SEC, CFTC and NFA rules on a periodic basis together with obligations, risks and controls, including risk assessment activities.

• Developing monitoring and testing to review and challenge controls and implement obligations with Compliance and business teams, and work with Audit on ongoing reviews.

What we value 

• Strong interpersonal skills and the ability to manage processes and drive change and accountability with key internal stakeholders. 

• Effective communicator with senior stakeholders both verbally and written, including experience delivering trainings.

• Work effectively with personnel in different office locations and in different time zones.

• Exceptional attention to detail and strong analytical skills.

Education & Preferred Qualifications

• JD or MBA, with preference to Business or Finance majors

• 5+ years of relevant experience in a Swap Dealer Compliance office position or similar role in Compliance/Legal or Risk departments covering above-referenced regulations.

• 5-10 years financial services experience with a broker-dealer, swap dealer, and/or related legal or regulatory experience (e.g. Former SEC, CFTC or NFA experience).

• Working knowledge of Volcker Rule requirements, and experience overseeing a Volcker Rule compliance program.

• Ability to understand the compliance issues involved with the State Street Markets Business, swaps and security-based swap regulation.

• Experience writing and implementing policies and procedures, management information and reports.

• Extensive knowledge of financial services products, markets, laws, rules and regulations relevant to OTC derivatives, Equity Derivatives, FX, swaps, Interest rate swaps, futures and options.

• Experience with the monitoring, and testing of compliance programs.

• Proficiency in Excel, PowerPoint, and Microsoft Office.

Salary Range:

The range quoted above applies to the role in the location specified. If the candidate would ultimately work outside of the location above, the applicable range could differ.

Employees are eligible to participate in State Street’s comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.

For a full overview, visit https://hrportal.ehr.com/statestreet/Home.

About State Street

Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.

We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.

As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.

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