Position Surveillance, AVP

Locations: UK-London

Time Type: Full time

Posted on: Posted Yesterday

Job Requisition ID: R003736

Shift Pattern: Standard 40 Hour Week (United Kingdom)

Scheduled Weekly Hours: 40

Corporate Grade: D - Assistant Vice President

Reporting Line: (UK Division) Trading & COO

Location: UK-London

Worker Type: Permanent

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 is responsible for monitoring 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, detrimental to the integrity of the market or risk causing market distortion.

This role is within the Position Surveillance team. The role is designed to work closely alongside the Senior Manager, Position Surveillance team in relation to the embedment and readiness for the changes under the FCA’s PS25/1 – the transfer of responsibility of Position Limits from the FCA to Exchanges. This will include supporting system changes, market participant communication and ensuring that relevant documentation and controls are in place ahead of July 2026. Following go-live the role will work alongside other team members to ensure that processes, systems and controls remain effective. The role will also be heavily involved with other initiatives including data enhancements.

The role also involves supporting other team members in identifying and overseeing large positions through the Accountability Level process, communicating with entities which hold those positions and evaluating firms on multiple factors for the overall suitability of positions. In addition to supporting the calculation, issuance and monitoring of the LME’s Lending Rules, the publication of market data reports, and working alongside other internal teams to ensure that Members submit accurate, complete and timely position data.

Responsibilities:

• Support the Senior Manager, Position Surveillance in the changes required under the FCA’s PS25/1.
• Drive forward actions under the project such as system changes, market participant communication, regulator engagement and ensuring all appropriate procedures and controls are documented.
• Oversee processes derived from the project ensuring that all relevant steps are undertaken, including Position Limit monitoring, Exemption Processing and enhanced position management.
• Assist in projects related to further development of the Position Surveillance team’s systems and processes to ensure the surveillance programme remains robust and effective.
• Support position monitoring tasks, such as the Accountability Levels process.
• Support the analysis of ETD and OTC position reports to identify positions and activity which may be abusive, damaging to the integrity of LME markets or cause market distortion.
• Engage with holders of positions to understand their risk management strategy and rationale for positions, challenging entities where more information is required.
• Assist with responding to requests for information from the FCA and other stakeholders when required.
• Supporting the calculation, issuance and monitoring of the LME’s Lending Rules.
• 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.
• Assist with Member submission of files to fulfil Regulatory CPR and PII reporting requirements.
• 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 projects when required.

Academic and Professional Qualifications Required:

• A graduate with 2.1 degree or above, or otherwise strong academic background in relevant subjects such as Mathematics, Economics, Business, Accounting, or other quantitative subjects with strong computer literacy.

Required Knowledge and Level of Experience:

• Knowledge of Exchange traded derivatives markets such as the LME or other commodities markets.
• Experience in project work and system requirements design.
• Trade monitoring experience.
• Understanding of the Market Abuse Regulation (MAR).
• Ability to draft letters and reports in a concise, professional and clear manner.
• Experience designing and managing systems changes.

Skills set and Core Competencies Required for Role:

• Good written / drafting skills of analysis and reports.
• Good understanding of order and trading behaviour, as well as the LME market and/or other commodity markets.
• Strong communication skills.
• Conversant with all Microsoft Office applications, particularly Excel and Powerpoint.
• Knowledge of Excel macros (desirable).
• Strong analytical skills.
• Experience in project work and system requirements design.

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 and 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.