Clearance and Settlement Specialist

  • D.A. Davidson
  • Great Falls, MT, USA
  • Feb 27, 2023
Full time Legal

Job Description

Job Description

Reconcile various trade, position and money transactions and process daily deliveries and settlements and stock loan/borrowing transactions to ensure the accurate and timely posting and processing of security and money trade information in compliance with industry regulations and department policies and procedures. The Clearance and Settlement Specialist is responsible for trade reconciliation, processing daily security deliveries and trade settlements, reconciling security and money transactions and facilitating the stock loan/borrowing process. This position must be familiar with securities industry rules and regulations pertaining to the position’s various job functions.

Experience and Skills

* 0-2 years’ experience with securities clearing and settlement processes or comparable work experience
* Basic knowledge or willing to learn securities clearing, option settlement procedures, systems, general accounting principles (debits and credits), journal entries, and firm policies
* Strong computer skills and familiar with Microsoft Outlook, Word and Excel
* Organizational and time management skills while working under pressure
* Sound judgment and analytical skills
* Follow department policies and procedures; maintain client confidentiality
* Excellent attention to detail
* Communicate in a clear and service oriented manner; use appropriate, professional language and grammar to effectively exchange ideas and information
* Ability to proactively work with both external and internal clients; relate with others in a professional manner in order to accomplish work responsibilities and objectives
* Ability to maintain regular, predictable attendance

* Reconcile trades for all exchange, options, and institutional deliveries (DVP) to ensure the accurate posting of securities transactions
* Process the daily deliveries and settlements of government securities, DTCC eligible securities, institutional deliveries (DVP), and foreign securities Reconcile the following position and money transactions to ensure the accurate and timely posting of information; transactions include DTCC, CNS, government securities, option contracts, foreign transactions, the uncompared settled report, physical deposits, the suspense account and in transit bank accounts
* Work with DTCC or BNY Mellon's Broker-Dealer Clearance (BDC) platforms
* Compile the preliminary settlement figures on a daily basis and forward to the Cash Management department for processing
* Work in partnership with the sales and trading in the management of settlement fails; instituting process changes to improve efficiency and productivity while reducing the rate of exceptions and increasing straight through processing
* Process stock/loan borrow transactions to include marks, to cover short sales, stock loan buy-ins, complete forms for audit purposes and billings
* Reconcile deficits, recalls and buy-ins to ensure accurate account information
* Maintain collateral with Pershing, the banks and other financial institutions as needed to ensure the proper levels to support option positions and back loans
* Be aware of and comply with SEC Rule 15c3-3 - Customer Protection Rule
* Maintain department procedure manual to ensure current and accurate policies and procedures
* Perform other duties as assigned

What we offer:
Competitive salary plus excellent benefits and perks including, but not limited to:
* Medical, Dental and Vision
* Company 401(k)and ESOP contribution
* Generous sick, vacation, and maternity/parental leave
* Paid holidays
* Professional Development Opportunities
* Tuition Reimbursement ($15,000 lifetime cap)
* Discounted personal insurance including home, auto and recreational vehicles
* Charitable gift-matching program
* Davidson Day of Giving - Our tradition of positively impacting communities in which we live and work.

D.A. Davidson has been in business for over 87 years! As an employee-owned company, our success is driven by our high standards of business ethics, integrity and the belief that our Associates are our most important assets. We hope you will consider joining us!

We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.