Senior Associate – Core Post-Trade Operations, Saudi Arabia

Overview

We are looking for an experienced Senior Associate to oversee comprehensive post-trade custody operations for the Saudi Arabian market. This encompasses securities settlement, cash and foreign exchange operational support, corporate actions, income management, reconciliations, and client onboarding/account setup functions, working Sunday to Thursday. The role demands an in-depth knowledge of local market procedures and a solid grasp of the Saudi post-trade infrastructure, including trading on the Saudi Exchange, clearing through Muqassa (CCP), and settlement via Edaa. Cash settlement transactions are administered through accounts at SAMA.

Role Significance

State Street is among the world's leading global custodians, managing assets under custody and administration exceeding USD 51.7 trillion. As part of our growth ambitions, we aim to expand our direct footprint in key regions, notably the Kingdom of Saudi Arabia, which is prioritized due to reforms aligned with Vision 2030, increased foreign market participation, and robust institutional demand.

This position plays a vital role in ensuring smooth, scalable market entry and expansion by delivering effective, compliant post-trade operations tailored to the local market. Providing a superior client experience through punctual settlements, proactive exception handling, and rigorous controls supports deepening our engagement with institutional clients in an evolving market.

Key Responsibilities

• Lead clearing and settlement procedures for cash market instruments including equities, ETFs, Sukuk, and bonds.
• Manage settlement activities for trades executed on the Saudi Exchange and settled at Edaa, ensuring accuracy and timeliness across varying settlement cycles (e.g., T+2 standard settlements, negotiated trades from T+0 to T+5, buy-ins at T+0).
• Conduct trade and settlement reconciliation by validating client instructions and broker confirmations against clearing outcomes from Muqassa and settlement processing at Edaa; swiftly resolve any discrepancies.
• Proactively monitor settlement progress, manage potential settlement failures following KSA market fail protocols, interfacing with Muqassa for fail management, and handling rollovers, cancellations, or market claims through Edaa as necessary.
• Oversee settlement instruction lifecycle changes, including amendments, cancellations, or partial settlements, in accordance with Edaa’s rules and cut-off times.
• Ensure readiness of cash settlement funding via SAMA, understanding gross securities leg settlement with net cash leg execution.
• Perform cash reconciliations related to settlement, identifying and resolving breaks promptly within given cut-off deadlines.
• Support FX operational activities linked to settlement and client cash needs, validating confirmations and ensuring appropriate value dating and standard status instruction usage.
• Manage corporate actions, dividend payments, and income events, ensuring entitlements are processed timely with accurate postings and reconciliations; coordinate vendor data feeds and liaise with internal market/static data teams for security configurations as required.
• Assist with client onboarding and account setup consistent with Edaa account structures and membership rules; ensure correct capture and verification of investor identification numbers.
• Support requirements for Qualified Foreign Investor onboarding within the custody and account operating framework to ensure seamless settlement readiness.
• Utilize SWIFT messaging standards ISO 15022 (MT) and ISO 20022 (MX) for settlement, reconciliation, and corporate actions communications with clients, custodians, and market participants, ensuring high levels of straight-through processing and exception clarity.
• Complete daily control procedures and checklists punctually while adhering to local cut-offs and internal policies; escalate critical and time-sensitive issues with clear descriptions of impact.
• Collaborate closely with internal teams across Operations, Risk, Client Services, and external entities including brokers, clearing and settlement bodies, custodians, and other market participants to resolve operational issues and enhance process efficiency.

Preferred Experience and Qualifications

• A bachelor's degree or higher in Finance, Accounting, or a similar discipline.
• Between 3 to 5 years of experience in custody or post-trade operations, with strong preference for familiarity with the Saudi Arabian financial market.
• Robust understanding of local post-trade mechanisms specifically relating to Muqassa clearing/CCP and Edaa central securities depository and settlement, as well as T+2 settlement cycles and delivery versus payment cash settlements via SAMA.
• Excellent analytical and problem-solving capabilities paired with meticulous attention to detail and ability to meet stringent cut-off deadlines.
• Strong aptitude for stakeholder engagement and communication.

Additional Information

State Street is a global institution trusted by institutional investors to manage risks and enhance performance. We are committed to cultivating an inclusive workplace where all employees have opportunities for growth and development, supported by flexible working arrangements and engaged employee communities.

We promote equal employment opportunities without discrimination on any protected characteristics, ensuring fairness and diversity in hiring.