Derivative Operations Specialist (contract)

At BNY, our culture allows us to run our company better and enables you to grow and succeed. As a leading global financial services company at the heart of the global financial system, we influence nearly 20% of the world’s investible assets. Every day, our teams harness cutting-edge AI and breakthrough technologies to collaborate with clients, driving transformative solutions that redefine industries and uplift communities worldwide.

Recognized as a top destination for innovators and champions of inclusion, BNY is where bold ideas meet advanced technology and exceptional talent. Together, we power the future of finance – and this is what is all about. Join us and be part of something extraordinary.

Job Summary:

We are seeking a Derivative Operations Specialist to support critical post-trade operations within a fast-paced markets environment. This role focuses on the accurate and timely settlement of derivative cash flows across interest rate derivatives, equities, futures, and FX products.

The position is based in Pittsburgh, PA with a hybrid schedule (4 days onsite) and offers strong exposure to complex financial instruments, reconciliations, and cross-functional collaboration with trading desks, clients, and counterparties.

Key Responsibilities:

• Settlements Processing: Manage settlement of counterparty payments for bilateral and cleared derivatives
• Reconciliations: Perform Level 2 reconciliations across derivative cash flows, trades, and positions, including futures activity cleared through FCM relationships
• Exception Management: Investigate and resolve cash, trade, and position breaks, partnering with internal teams and external counterparties
• Client & Counterparty Support: Respond to inquiries related to settlements, payments, and discrepancies in a timely and professional manner
• Market Infrastructure Coordination: Act as a key contact for cleared swaps and futures inquiries with clearinghouses and brokers (e.g., LCH, Citi)
• Cash Flow Oversight: Support margin movements, collateral management, upfront fees, and periodic payments (e.g., quarterly settlements)
• Risk & Controls: Identify operational risks, ensure strong control execution, and escalate issues appropriately
• Process Improvement: Contribute to system enhancements, testing initiatives, and operational efficiency improvements
  
  

Qualifications:

• Bachelor’s degree required
• 3–5 years of relevant operations experience in financial services
• Experience with derivatives settlements OR strong exposure to payment/settlement processes (e.g., cash, bonds, equities, futures, options)
• Solid understanding of reconciliations, break resolution, and exception management
• Ability to manage high volumes of transactions and work under tight deadlines
• Strong analytical skills and comfort working with large datasets
• Proficiency in Microsoft Excel
  
  

Preferred Experience:

• Direct experience supporting derivatives (interest rate swaps, futures, options, FX products)
• Familiarity with margin, collateral management, and multi-currency cash flows
• Experience with reconciliation tools
• Understanding of structured products (e.g., structured notes, credit-linked notes)
• Experience working with clearinghouses or brokers (e.g., LCH, FCM models)
• Familiarity with AI tools to support operational workflows
  
  

Why Join Us:

This role offers hands-on exposure to complex derivatives products and high-impact operations within a global markets environment. You’ll work closely with trading desks, counterparties, and internal teams while developing expertise in settlements, reconciliations, and risk management.

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Pay Rate Range

28.8 - 36 USD hourly

Additional Notes

Applications will be accepted on an ongoing basis.

This posting is for a contract assignment with Tundra Technical Solutions to provide services to Bank of New York (BNY). Please note that this is not a full-time employment opportunity. Candidates selected for this role will be engaged as contractors for the specified duration of the project. For any inquiries regarding the terms of the contract or engagement, please contact Tundra Technical Solutions directly.

Benefits Information

Optional benefits offering include medical, dental, vision and retirement benefits via Tundra Technical Solutions.