itBit is hiring a

Precious Metals Operations Expert

New York, United States

Job Description

itBit’s flagship product, Bankchain, is an innovative clearing and settlement system that leverages distributed ledger technology to revolutionize post-trade processes for the precious metals industry. By providing the market with a suite of upgraded post-trade services — including delivery versus payment and multiple settlement windows — Bankchain will significantly reduce counterparty risk, lower capital costs, and provide a highly automated workflow for participants.

itBit is seeking a clearing and settlement expert in the field of precious metals to help lead us in this effort. The Precious Metals Operations Expert will provide expertise relating to the execution of trade confirmations and settlements and collaborate with the product development team to design and refine our precious metals post-trade solutions. The Precious Metals Operations Expert will also provide support in the areas of business development, user testing, and market analysis.

What You’ll Do:

  • Serve as the precious metals subject matter expert for the Bankchain team
  • Collaborate with our team to define clearing and settlement best practices for the precious metals industry
  • Help design and implement the most efficient settlement process for precious metals
  • Work cross functionally to ensure alignment and achievement of team goals
  • Bring an entrepreneurial and collaborative spirit to the team
  • Be part of a fast-paced, agile environment

What We're Looking For

  • 3+ years of operations experience in a clearing and settlement role for precious metals
  • Thorough knowledge of overall industry activities and operational best practices
  • Thorough knowledge of daily operating deadlines and quality control measures
  • Thorough understanding of business process management and workflow
  • Experience overseeing a precious metals and vault operations team and their functions
  • Experience overseeing physical logistics related to precious metals vault processing activity
  • Experience monitoring daily reporting for settlement/confirmation activity
  • Familiarity with the rules and regulations governing trade reporting, clearing and settlement, and fail control
  • Familiarity with the cash settlement process for precious metals trades
  • Analyzed operations processes and recommended tactical and strategic solutions to improve efficiency and STP (straight-through processing)

Bonus points if you have:

  • Expertise in the clearing and settlement of gold
  • Participated in market committees such as LBMA or in user groups for CME, NYSE and/or SWIFT
  • Understanding of broker/dealer middle and back-office processing for various clearing entities
  • Understanding of broker/dealer credit management and risk controls
  • Understanding of distributed ledgers