TRS Operations SME (Calypso)

G MASS Consulting is working with a leading global financial services organisation to identify an experienced Total Return Swaps (TRS) Operations SME to support the establishment and ongoing operation of a new in-house TRS capability.

Our client is standing up new capability, and working with an external managed model. They are looking for a hands-on TRS specialist who can help define the operating model, establish robust processes, and play a key role in running the function once live.

This is not a purely project-based role. The successful candidate will be responsible for helping build the foundations of the TRS operating model, whilst also supporting the day-to-day BAU operations and acting as a key SME within the function.

The Role

• As the TRS Operations SME, you will support the transition of TRS activity into an internal operating model, combining process design, operational expertise, and hands-on delivery.
• You will work across operations, technology, and business stakeholders to ensure TRS processes are designed effectively, implemented successfully, and supported operationally.

Key responsibilities will include

• Helping establish and operationalise an in-house TRS operations function
• Defining the target operating model, workflows, controls, and governance required to support TRS activity
• Providing SME expertise across the full TRS lifecycle, including trade capture, settlements, lifecycle events, reconciliations, cash flows, collateral, and exception management
• Translating business requirements into practical operational processes within the Calypso environment
• Working with technology teams and implementation partners to ensure the platform supports operational needs
• Creating and maintaining operating procedures, process documentation, and control frameworks
• Supporting the transition away from the current outsourced model
• Taking ownership of BAU TRS operations once established, ensuring processes run effectively and issues are managed appropriately
• Acting as the point of expertise for operational queries, process improvements, and ongoing enhancements

Requirements

• Strong experience within Total Return Swaps / Equity Derivatives Operations
• Proven experience managing or supporting BAU TRS operations
• Hands-on experience working with Calypso
• Strong understanding of front-to-back derivatives processes
• Experience defining, improving, or implementing operational processes
• Ability to work across business and technology teams
• A practical, delivery-focused mindset with the ability to move between process design and execution

Desirable Experience

• Experience bringing outsourced operations in-house
• Experience working within brokerage, banking, or capital markets environments
• Previous involvement in operational transformation or platform implementation activity

Benefits

• Initial 6-month contract, with view for further extension.
• Salary to be discussed.