Associate, FX Settlements

SMBC Group is a top-tier global financial group headquartered in Tokyo with a 400-year history, offering a diverse range of financial services including banking, leasing, securities, credit cards, and consumer finance. The Group operates over 130 offices and employs 80,000 people worldwide across nearly 40 countries. In the Americas, SMBC Group provides commercial and investment banking services to corporate, institutional, and municipal clients, connecting them to local markets and an extensive global network.

About the role

Own the end-to-end settlement, payment processing, exception management, and reconciliation of Foreign Exchange transactions, with a primary focus on Spot FX, FX Forwards, FX Swaps, NDFs, NDS, and related cash movements. In this role, you’ll sit at the center of the Derivative Operations team, ensuring trades, settlement instructions, payments, confirmations, and cash breaks are processed accurately, on time, and in line with internal controls, market deadlines, regulatory expectations, and counterparty requirements.

Responsibilities

• Validate, process, and settle Foreign Exchange transactions, including Spot FX, FX Forwards, FX Swaps, NDFs, NDS, and related FX cash flows.
• Manage daily settlement activities, including payment release, receipt monitoring, netting, CLS-eligible settlement, non-CLS payments, maturities, and value date processing.
• Monitor trade bookings, confirmations, settlement queues, payment queues, and exception reports; investigate discrepancies and drive timely break resolution through to closure.
• Reconcile FX activity and related cash movements across internal systems, correspondent banks, custodians, brokers, clearing utilities, and counterparties to ensure books and records remain accurate.
• Partner closely with Front Office, Middle Office, Treasury, Finance, Technology, Compliance, and external counterparties to resolve failed settlements, reduce recurring breaks, and support smooth trade lifecycle management.
• Maintain accurate transaction records and support audit, regulatory, controls testing, and management reporting requirements related to FX settlements and payment processing.
• Monitor CLS and non-CLS settlement activity, investigate unmatched trades or payment issues, and coordinate timely resolution before market and currency cut-off deadlines.
• Produce daily and weekly reporting for management and stakeholders, including clear commentary on failed settlements, aged breaks, high-risk exposures, and delayed payments.
• Investigate settlement fails, including fail-to-receive and fail-to-pay items, payment rejections, cash breaks, and claims, and provide Front Office partners with comprehensive analysis to support decision-making.
• Escalate disputed claims, high-risk exposures, unresolved settlement issues, and potential payment delays to the Front Office and Operations management for further review and appropriate next steps.
• Identify opportunities to improve FX settlement workflows, strengthen operational controls, reduce manual intervention, enhance straight-through processing, and support scalability across systems and processes.

Requirements

• Experience in Foreign Exchange operations, settlements, trade support, treasury operations, or middle office functions, preferably within an investment bank, broker-dealer, asset manager, or financial institution.
• Strong understanding of the FX trade lifecycle, including trade capture, confirmations, settlements, payment processing, netting, value dates, maturities, amendments, and cancellations.
• Familiarity with industry utilities, messaging, and platforms such as SWIFT, CLS, Bloomberg, FXall, 360T, Alert, Misys/Finastra, Murex, and correspondent banking systems.
• Strong control mindset with the ability to identify settlement risk, escalate issues appropriately, and follow through on exception resolution.
• Detail-oriented and deadline-driven, with the ability to manage high-volume settlement activity, currency cut-offs, and competing priorities in a fast-paced trading environment.
• Analytical, proactive problem-solver with strong communication skills across Operations, Front Office, Middle Office, Treasury, Technology, and external counterparties.
• Proficiency in Excel and comfort working across financial systems, reconciliation tools, payment platforms, and reporting applications.
• Curiosity to expand your knowledge across multiple asset classes.

Schedule

SMBC’s employees participate in a Hybrid workforce model that requires employees to live within a reasonable commuting distance of their office location. Hybrid work may not be permitted for certain roles, including FINRA-registered positions requiring full-time in-office attendance.

Pay

The anticipated salary range for this role is between $78,000.00 and $125,000.00. The specific salary offered will be based on individual qualifications, experience, and an analysis of current compensation in the applicant’s geography and market for similar roles. The role may also be eligible for an annual discretionary incentive award.

Benefits

In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.