Position Surveillance Associate

Locations: UK-London

Time Type: Full time

Posted on: Posted Today

Job Requisition ID: R003613

Shift Pattern: Standard 40 Hour Week (United Kingdom)

Scheduled Weekly Hours: 40

Corporate Grade: E - Associate

Reporting Line: (UK Division) Trading & COO

Location: UK-London

Worker Type: Permanent

About the London Metal Exchange

The London Metal Exchange (LME) is the world centre for industrial metals trading. Most of the world’s global non-ferrous futures business is conducted on the LME’s three trading platforms totalling $21 trillion, 191 million lots and 4 billion tonnes notional with a market open interest high of 2.1 million lots in 2025. The metals community uses the LME, an HKEX Group company, as a venue to transfer or take on price risk, as a physical market of last resort and as the provider of transparent global reference prices.

Overall Purpose of Role:

The role of the Market Surveillance team is to monitor activity on all London Metal Exchange (LME) trading venues to ensure that the markets remain fair, transparent and orderly. The LME’s Market Surveillance team is divided into three sub-teams:

• Trade Surveillance monitors order and trade activity to identify behaviour which may be indicative of market abuse or other behaviour which may damage the integrity of LME markets.
• Member Oversight is responsible for the Member Audit Programme to ensure ongoing Member compliance with our rules and conducting formal investigations of potential rule breaches which may lead to disciplinary action.
• Position Surveillance team is responsible for monitoring both Exchange Traded Derivative (“ETD”) and Over the Counter (“OTC”) positions in LME related contracts to identify the existence of positions and trading around those positions which may be abusive, or detrimental to the integrity of the market or risk causing market distortion.

This role is within the Position Surveillance team. As well as the monitoring of positions to identify activity or the building of positions which may be detrimental to the integrity of the LME markets, the role also involves the calculation, issuance and monitoring of the LME’s Lending Rules, as well as identifying and overseeing large positions through the Accountability Levels process. The Position Surveillance team is also responsible for the publication of market data reports, working with the LME Regulatory Reporting team to ensure that Members submit accurate, complete and timely position data. The Position Surveillance team is also the owner of the Position and Regulatory Information System (“PARIS”). The role is designed to carry out ‘BAU’ activities within the Position Surveillance team as well as work with team members to ensure readiness for the changes under PS25/1 – the transfer of responsibility of Position Limits from the FCA to Exchanges.

Responsibilities:

• Calculation, issuance and monitoring of the LME’s Lending Rules on a daily basis.
• Assist with the receipt of OTC position reports from Members and participants, as well as participating in the development of the reporting mechanism of OTC positions.
• Carry out position monitoring tasks, such as the Accountability Levels process.
• Analysis of ETD and OTC position reports to identify positions and activity which may be abusive or damaging to the integrity of LME markets.
• Publication of market data reports to data vendors and onto the LME website. This includes the correction and republication of data in the event of errors in the data submission.
• Oversee Member submission of files to fulfil Regulatory CPR and PII reporting requirements.
• In conjunction with the LME Inter-Office Trading team, monitor matching performance through the Late Input Performance Statistics.
• Assist in projects related to the development of the Position Surveillance team’s systems and processes to ensure the surveillance programme remains robust and effective.
• Assist with responding to requests for information from the FCA and other stakeholders when required.
• Keep abreast of market and regulatory news that may impact the surveillance programme.
• Assist in the preparation of Market Surveillance Management Information reports.
• Draft and update procedure manuals as and when required.
• Provide support to the rest of the Market Surveillance team on day to day tasks or special projects when required.

The LME is committed to creating a diverse environment and is proud to be an equal opportunity employer. In recruiting for our teams, we welcome the unique contributions that you can bring in terms of education, ethnicity, race, sex, gender identity, expression & reassignment, nation of origin, age, languages spoken, colour, religion, disability, sexual orientation, and beliefs. In doing so, we want every LME employee to feel our commitment to showing respect for all and encouraging open collaboration and communication.

Hong Kong Exchanges and Clearing Limited (HKEX) is a publicly-traded company (HKEX Stock Code:388) and one of the world’s leading global exchange groups, offering a range of equity, derivative, commodity, fixed income and other financial markets, products and services, including the London Metals Exchange. As a superconnector and gateway between East and West, HKEX facilitates the two-way flow of capital, ideas and dialogue between China and the rest of world, through its pioneering Connect schemes, increasingly diversified product ecosystem and its deep, liquid and international markets. HKEX is a purpose-led organisation which, across its business and through the work of HKEX Foundation, seeks to connect, promote and progress its markets and the communities it supports for the prosperity of all.