Brokerage Operations Associate I - Clearing & Settlement

Who We Are:

Alpaca is a fast-growing series B fintech startup that’s raised over $120 million in funding.

Alpaca is an API-first stock and crypto platform that enables developers and businesses across the world to build trading algorithms, applications, and brokerage services.

Our globally distributed team consists of developers, traders, and brokerage specialists, and is backed by a group of prominent investors and highly experienced industry angel investors, including Tribe Capital, Horizon Ventures, Spark Capital, Social Leverage, Elefund, Portag3, and Y Combinator.

And, of course, we are very enthusiastic about open-source contributions as well as community building.

The Alpaca Herd (Our Team):

We have 200+ globally distributed (remote) team members who love to have work from their favorite places in the world. We have team members based in the USA, Canada, South Africa, Singapore, Hong Kong, India, Nigeria, Brazil, United Kingdom, and more! We love candidates who have a passion to make a global difference in financial services and technology, by impacting local communities and becoming a part of our hyper-growth company.

Your Role:

This is an opportunity to join a Fintech firm specializing in many facets of the broker-dealer space. You will help our team by focusing on money movements and ACAT transfers. The team is 100% distributed and remote. The role will be reporting directly to one of the Firm’s Director of Operations.

Things You Get To Do:

• Ensure transactions are correctly recorded in appropriate systems facilitating successful settlement
• Investigation and resolution of failing transactions
• Processing of all eligible securities through the DTCC processing system. Candidate must have a thorough knowledge of the PTS (participant terminal service) system and all related functionality. This includes the following:
• Settle securities transactions by processing deliver orders (DOs) on DTCC RAD
• Collect marks-to-market on open contracts and money differences by processing Securities Payment Orders (SPOs)
• Pledge securities to pledgees for collateral through the collateral loan system
• Protect customer fully-paid-for positions and manage firm positions through the use of segregation and memo segregation procedures
• Process ACAT free deliveries and fail reversals (FRVs)
• Investigate resolve cash and stock reconciliation issues
• Address settlement discrepancies and engage the Director of Brokerage Operations for prompt resolution
• Adhere to all rules, regulations, and procedures that govern this role and organization
• Be aware of Operational Risk and escalate the Director of Operations
• Review Buy-ins and Knowledge of REG SHO/15c3
• Produce timely, quality, and relevant reporting. Regularly communicate amendments to policies and procedures
• Verify and reconcile securities held at various depositories and transfer agents
• Process and confirm fails within Obligation Warehouse (OW) for settlements reconciliation with brokers
• Create reports on money discrepancies between our internal ledger and external platforms
• Ensures reconciliations are accurate and complete and that discrepancies have been resolved in a timely manner
• Works with other internal teams, fostering an environment that encourages participation, teamwork and communications.
• Ensures industry rules, regulations and securities laws are adhered to for 15c3-3 and proper action is taken to ensure proper possession and control of customer securities
• Maintains orderly and readily obtainable records for research and examination purposes
• Prepares summary documentation/work papers for special projects/observations, submitting to management for review
• Performs data collection and analysis to ensure the firm is in compliance with regulatory requirements
• Tests controls and measures to identify excessive operational risk and/or control problems at an early stage and works with staff to maintain quality and efficiency standards
• Works cross-functionally with other staff to create highly efficient operational processes that avoid control and quality deficiencies and associated monetary losses.
• Escalates observations/issues to Management that require attention in order to mitigate risk
• Assists the Director in completing all Internal Audit and Regulatory reviews for the operating group and to ensure that review findings are effectively resolved.
• Driving continuous operational improvement, updating of the control framework and undertaking root cause analysis and trend analysis of operational issues
• Support the business unit management with the application of policy frameworks and become established as a referral point for policy related queries.
• Assist on automation of daily self-clearing processes collaborating with engineering
• Participates on projects as needed
• Performs other duties and responsibilities as assigned
• Core hours are 9am - 4pm Eastern Time, to follow market hours.

Who You Are (Must-Haves):

• 2+ years of Operations and DTCC Settlement experience
• Knowledge of Brokerage Clearing operations
• Knowledge of Financial industry rules, regulations and laws
• Possess general knowledge of U.S. securities back office operations of a broker-dealer and/or carrying firm
• Ability to Identify relationships, draw logical conclusions and interpret results for use in decision making
• Excellent written and verbal communication skills
• Ability to work independently with attention to detail as well as collaboratively within a team environment
• Providing insights for continuously improving our client experience and providing efficiency
• Ability to work independently in a fast-paced environment with multiple priorities
• Must be able to follow company tenets of:
• Stay Curious
• Have Empathy
• Be Accountable
• Be able to work in a remote environment
• Have basic knowledge of SQL, metabase, or other database coding language
• Easily adapt between Microsoft and Google document and spreadsheet solutions
• Be flexible to assist other functional areas when necessary
• Support department initiatives and company vision
• Must be able to change and adapt to the ever-changing regulatory landscape of the financial industry
• Possess a Series SIE and 99 or higher securities license or achieve a passing result on the 99 within the first 180 days of employment

Who You Might Be (Nice-to-Haves):

• Associate’s degree in a business-related field and a minimum of five (5) years of experience in the areas of cash and securities reconciliation, accounting, banking, and/or financial services industry.
• Series 7