Senior Analyst, Derivatives Senior Analyst, Derivatives …

in Victoria, BC, Canada
Permanent, Full time
Last application, 24 Nov 21
in Victoria, BC, Canada
Permanent, Full time
Last application, 24 Nov 21
British Columbia Investment Management Corporation (BCI) is one of the largest asset managers in Canada. With $199.6 billion of managed assets, BCI invests globally on behalf of public sector clients. We do fulfilling and meaningful work that makes a difference: 630,000 pension plan beneficiaries and 2.5 million British Columbian workers depend on our clients’ returns. Ensuring their continued financial security is important to us.

Do you enjoy variety and working on complex files with multiple stakeholders? Hoping to leverage your past work experience in derivatives while broadening the scope of products you are working on in your next role?

Build on your breadth of knowledge in a sophisticated and growing Derivatives career!  Work with a variety of complex derivatives products and get an inside look at their intricacies and working mechanisms.

Closing Date: November 22, 2021


Investment Operations (IO) is made up of four branches: Trade Management, Cash Operations, Derivative Operations and Business Solutions. These teams support trade settlement and corporate action activities, manage daily cash flows, and administer the derivative processing and collateral management for the Corporation.

The Derivative Operations group at BCI is accountable for ensuring all derivative based strategies are executed in an effective and efficient manner, from trade execution to maturity.  This team focuses on delivering BCI clients and asset classes with market access to derivative, collateral management, and foreign exchange products and services that enable supporting risk mitigation strategies and producing value-added returns.


Reporting to the Senior Manager, Derivative Operations, the Senior Analyst will be responsible for ensuring that the daily valuations and processing of listed and OTC instruments are computed correctly and reflect the proper positions to the exchange and external counterparties. Additional responsibilities will include operational oversight of trade confirmations, foreign exchange hedging management, collateral management, and any other lifecycle events for these instruments (resets, fixings, corporate actions, triggers, etc).

The Senior Analyst will be an active participant on multiple department initiatives focused around the execution of new derivative strategies, regulatory reporting, central clearing, and data management. The Senior Analyst will work closely with internal business units (Asset Classes, including QuadReal) in the implementation of new derivative strategies and process improvements.  Other duties include addressing queries from internal and external parties and representing the department on different projects or committees.


  • Undergraduate degree in Finance, Commerce, Economics, Engineering or other related discipline

  • Minimum of 5 years of relevant experience in Derivatives Operations, which may include:

  • Solid knowledge and experience in Equity, Credit, FX, and Fixed Income derivative instruments.

  • Good understanding of derivatives models (eg. deterministic, term structure models, and monte carlo simulation) and market data selection (eg. curve construction)

  • Strong knowledge around derivative valuations, collateral management, and trade confirmation systems is required

  • Experience in FX hedge management, including executing different FX roll strategies within predetermined hedging ratios

  • Proficiency making decisions to aggregate, net, split, and execute currency requirements for different asset classes

  • Required experience in calculating funding costs and deciding security funding requirements associated with Collateral management activities

  • Thorough understanding of data management, accounting principles, and unitized pool transactions

  • Proven ability to understand market movements and the impact of derivatives portfolio exposures

  • Strong analytical skills and experience resolving trading and valuation discrepancies

  • Effective communication and organizational skills with the ability to work efficiently and accurately within a high pressure environment

  • Proven ability to prioritize multiple tasks to meet internal and external deadlines


  • Experience or education in R, R Studio, Phyton, VBA, SQL

  • Experience or education in Bloomberg, ICE Data, and Markit

  • Professional designation (or working towards) such as CFA, FRM, or other relevant designation


  • Perform daily valuation of derivative positions using multiple sources of information to ensure all exposures are accurately captured into the investment portfolio system and OMS

  • Responsible for the management of foreign exchange hedging positions for illiquid asset classes, and execute their currency requirements

  • Responsible for agreeing and funding collateral and variance margin movements with counterparties and resolving any discrepancies

  • Liaise directly with the custodian and counterparties to process collateral movements within the specified deadlines

  • Responsible for managing all life cycle events for OTC derivatives, including reset management and instructing settlement activity with internal business units: Trade Management, Cash Operations, and Investment Accounting

  • Perform amendments (fixings, cash flow schedules) and approve OTC derivatives trades in the derivatives execution OMS

  • Prepare and review model selection and calibration to market data, and market data selection (eg. historical vs implied volatility) for all derivatives in the OMS

  • Review and execute derivatives legal agreements (eg. confirmations)

  • Oversee Foreign exchange hedging positions for illiquid asset classes and process FX rolls

  • Prepare periodic reports and perform analysis and back testing of models and market data for the implementation of new strategies

  • Provide independent assessment of operational risks and audit controls with the purpose of identify opportunities for improving existing processes and implementing solutions

  • Support the delivery and implementation of new department initiatives and participate in business continuity planning

  • Ensure all processes meet the minimum audit and internal control framework and actively adhere to compliance and risk management policies

  • Act as a SME contact for both internal and external stakeholders


The people who work at BCI are committed, passionate, and approachable. They aim for continuous improvement and share BCI’s core values of clients first, performance focused, world class, accountability, transparency, and integrity.

BCI is focused on building a culture of excellence through our people practices and employee led initiatives. Being named one of Canada’s Top 100 Employers, Canada’s Top Family-Friendly Employers and BC’s Top Employers is recognition of BCI’s ongoing effort to be a progressive workplace of choice that continues to attract, retain and promote talent professionals. As an active in-house asset manager, BCI depends on the specialized skills and expertise of its people to successfully execute its world-class investment strategies and fulfill client needs.

BCI offers an exceptional opportunity to work at a world-class organization while living in a west coast setting. We are expanding our team and our skill base to equip BCI for the future.

BCI is one of Canada’s Top 100 Employers and has built programs and benefits to support all our employees.

BCI offers supports your professional development by providing world class learning and development programs. Within your first year in the Derivative Operations team, you will receive training in Futures, Options and Swaps, improving your understanding and efficiency in decision-making.

As an employee of BCI you will have access to benefits such as:

  • Extended health and dental coverage

  • 20 days’ vacation per year

  • Participation in our defined benefit pension plan

  • 1-day paid for volunteering

  • Various wellness benefits


Tell us briefly in your cover letter about why you are passionate about Derivatives.

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