Job Description:
Building trusted markets — powered by our people
At Cboe Global Markets, we inspire our people to solve complex challenges together because what we do matters. We provide the financial infrastructure that powers the global economy. As a leading provider of market infrastructure and tradable products, Cboe delivers cutting-edge trading, clearing and investment solutions to market participants around the world.
We’re building meaningful ways to support professional and personal development while strengthening the trust we’ve earned as a global market leader. Our teams are empowered to share ideas, actively pursue them and bring on a challenge. As champions of internal mobility and access to opportunity, we encourage our people to “go for it” and equip our managers with the training to coach their teams to the next level. We strive to provide employees a safe space to network, share ideas and create opportunities.
Location: Selected candidate must be willing to work a hybrid schedule in our Chicago office.
Cboe is one of the largest exchange operators in the world. Ourmission of our team is to disrupt the status quo with a relentless focus on innovation that transformsnew ideasinto realities. We areseekingahighly capable Director, Product Margin and Capital Efficiency who will report to theSenior Director, Cboe Labs.
As the Director, Product Margin and Capital Efficiency,you will be at the forefront of technology and product innovation, with primary responsibility forseekingthe most margin and capital (risk-based haircuts) efficient treatment of current Cboe product offerings as well as products in development.You willlead efforts toascertain,advocate for, andlead industry effortsforimplementation ofpracticalmargin andcapital requirements,and in particular, advancingportfolio margining capabilitiesthatdrive efficiency throughappropriate riskoffsets.
This role requires a strong backgroundincustomer, broker-dealerandoptionsmarket-makermarginrequirements.Experience withcustomermargin accounts, both strategy-based (Reg. T) and customer portfoliomarginaccounts,as well aswithrisk-basedhaircutsis essential.This rolerequires theabilityto navigate the dynamic landscape to ensureCboe’scutting-edgeposition in the marketplace.
In this role,you’lljoin a team of expert professionals,focusedoninnovationand executionwhile alsoservingas a member of the Cboe Global Derivatives leadership team. This position requiresstrong collaborationskills and a desire to work side by side with all our support partners.
Your responsibilities will be:
- Monitorand managemargin and risk-based haircut requirementsforderivatives,securities as wellasfutures.
- As necessary,ascertain,plan, develop, and implementmargin requirementsand/or risk-based haircuttreatmentfor new products.Continuallyconsiderimprovementsthat wouldbenefitall Cboeproduct offerings.
- Engage and coordinatewithCboe Legal on margin rule filings(as necessary) and interactionswith SECand CFTCstaff.Engage with and coordinatewith FINRAon a continuous basis.
- Partner with theCboe Labs,Operations, GlobalSalesand Derivative teamstoevaluatemargin and capital efficiency prioritiesand source client feedback.
- Continuallycollaborate with OCC onchanges to theSTANS andTIMSmethodologytowith the goal of maximizingefficiencyofcustomer portfolio margin and risk-based haircuts,inparticularbyadvocating forwider use of portfolio marginingwithmorerisk offsets.
- Serve as Cboe internalsubject matter expert.Conduct presentations toexplain margin and capital requirements and industryconventionsincludingeducational sessions for Regulatory staff.
- As needed,conduct presentationsand public speaking engagements internally and at conferences and other venues.
- Represent Cboeon FINRA Rule 4210 Committee and OCC FinancialRisk Advisory Council.
- Participate in strategic planning and systems implementations to achieve business goalsand collaborate with diverseclearing entitiesto discuss cross-margining opportunities.
The ideal candidate has:
- Minimum12+ years’ industry experience insecurities, securitiesderivativesand futures marginpractices, including but not limited toSTANS,strategy-based (Reg. T),customer portfolio, and SPANmargining.
- Minimum12+ years’ experience inrisk-based haircuts and the underlying SEC rule.
- Demonstrated experienceinteracting withtheCFTC,SECand FINRAon margin and risk-based haircutinterests.
- Demonstrated experiencewith OCC’sEscrow Deposit program and Clearing Member marginrequirements (STANS).
Knowledge,Skillsand Abilities:
- Strong knowledge of financial markets, including (but not limited to) an understanding of financial derivatives, trading, market data, exchanges, and financial technology.
- Demonstrated experiencewithand deep knowledge ofRegulationT andself-regulatory organizationmargin rules, especially FINRA Rule 4210.
- Demonstrated experiencewith anddeep knowledge ofOptions Clearing Corp. TIMS customer portfolio margin and risk-basedhaircutsdesignadoperation.
- Proven leadership abilitywith the capacity to set and manage priorities effectively
- Proven understanding of exchange/trading systems and central counterparty clearing functions.
- Strongunderstanding of traditional and digital asset market structure.
- Advanced knowledge of equities/derivatives/fixed-income order lifecycle and participants involved.
- Deep understanding of pre & post trade lifecycle & collateral management for listed and OTC tradeable products.
- Excellent written and verbal communication skills, with the ability to engagebothtechnicaland nontechnical audiencesinternally and externally.
- Strong skills inMicrosoft Office.
- Pythoncoding skills would be a plus.
- Self-starter with the ability to multi-task effectively and independently within a fast-paced environment.
- Strong analytical skills and sound decision-making ability.
- Abilityand willingnessto travel.
Benefits and Perks of working for Cboe Global Markets
We value the total wellbeing of our people – including health, financial, personal and social wellness. We believe standard benefits like health insurance and fair pay are a given at any organization. Still, you should know we offer:
- Fair and competitive salary and incentive compensation packages with an upside for overachievement
- Generous paid time off, including vacation, personal days, sick days and annual community service days
- Health, dental and vision benefits, including access to telemedicine and mental health services
- 2:1 401(k) match, up to 8% match immediately upon hire
- Discounted Employee Stock Purchase Plan
- Tax Savings Accounts for health, dependent and transportation
- Employee referral bonus program
- Volunteer opportunities to help you give back to your communities
Some of our associates’ favorite benefits and perks include:
- Complimentary lunch, snacks and coffee in any Cboe office
- Paid Tuition assistance and education opportunities
- Generous charitable giving company match
- Paid parental leave and fertility benefits
- On-site gyms and discounts to other fitness centers
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More About Cboe Global Markets
We’re reimagining the future of the workplace by focusing on what matters most, our people. Our journey is an inclusive one. We’re investing deeply in leadership programs and career development initiatives that ensure everyone has an equal chance to succeed.
We work with purpose, solving problems with ingenuity, collaboration, and a lot of passion. We’re an engaged and excited team connecting markets across borders and embracing growth in all its forms to achieve incredible outcomes.
Learn more about life at Cboe on our website and LinkedIn.
Equal Employment Opportunity
We're proud to be an equal opportunity employer do not discriminate against any employee or applicant for employment based on any legally protected characteristic, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, genetic information, orVeteran status. We are committed to fostering a workplace where all individuals are valued and respected.
This position is not eligible for visa sponsorship. Candidates must be legally authorized to work in the United States without the need for employer sponsorship now or in the future.
Salary Ranges (applicable for US locations only)
At Cboe, we are committed to providing a competitive, transparent, and market‑informed total rewards program. The anticipated base salary range for this role is $187,000-$242,000, with actual compensation determined by job‑related factors such as skills, relevant experience, education, internal alignment, and location.
This role may also be eligible for annual incentive compensation and, where applicable, participation in Cboe's long-term equity programs.
Additional information about Cboe's total rewards program, including benefits and other compensation components, can be found here: Total Rewards at CBOE.
Any communication from Cboe regarding this position will only come from a Cboe recruiter who has a @cboe.com email or via LinkedIn Recruiter. Cboe does not use any other third party communication tools for recruiting purposes.
