Precious Metals Senior Product Manager (Clearing and Settlement)
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 Senior Product Manager will provide expertise relating to all aspects of post-trade activities for precious metals, especially loco-London gold. The ideal candidate will also have the ability to quickly understand new technology and its application for improving the execution of trade confirmations and settlements and collaborate with the product development team to design and refine our precious metals post-trade solutions. This role will also provide support in the areas of business development, user testing, and market analysis.
What you’ll do:
- Play a critical role in designing solutions that provide value to operations teams in the precious metals industry
- 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
- Analyze regulatory changes, market trends, market size, client and itBit needs and competitor activity to identify new opportunities.
- Help define strategy and pricing for the product in the marketplace
- Proactively work with Sales to create customer specific sales programs focused on Bankchain market differentiators
- Benchmark itBit’s key differentiating features against the competition for the Bankchain family of products.
- Serve as the precious metals subject matter expert for the Bankchain team
- 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
The ideal candidate will have:
- 10+ years of operations and/or product experience in a clearing and settlement role for precious metals
- Thorough knowledge of overall industry activities and operational best practices
- Thorough knowledge of the roles and objectives of market participants--retail and institutional traders, dealer, clearers, vaults and market institutions (LBMA, LPMCL, IPMI)
- Thorough knowledge of daily operating deadlines and quality control measures
- Thorough understanding of precious metals operations process management and workflow
- Experience successfully designing and launching new product initiatives for financial services institutions
- 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)
- 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 or interest in blockchain/distributed ledger technology and its potential impact on clearing and settlement processes