Euroclear Product Manager Role: Navigating Securities Lending and Borrowing

Euroclear, a leading provider of post-trade services, is seeking a Product Manager to oversee its securities lending and borrowing programs. This role is pivotal in maximizing yield for lenders while ensuring liquidity and settlement efficiency for borrowers, operating within a rapidly evolving regulatory and technological landscape.

Core Responsibilities

The Product Manager will be responsible for the oversight, management, and evolution of Euroclear’s suite of securities lending products, including the strategically driven Global Collateral Access (GCA) program and the settlement-driven Securities Lending and Borrowing (SLB) Autoborrow program. Key responsibilities include:

• SLB/AutoBorrow: Contributing to the product roadmap and pricing strategy, developing commercial proposals and business cases, and ensuring stakeholder alignment.
• GCA Front Office: Sharing insights on borrowing demand and specific borrower opportunities, including pricing considerations.
• Sales & Relationship Division: Collaborating with Relationship Managers and Business Development Managers to ensure effective product roll-out and visibility.
• Product Business Analysts and Application Domain Management: Engaging and collaborating with relevant teams for efficient project management and timely IT delivery.
• Operations: Providing support to ensure business-as-usual operations and managing escalations.
• Incident Management: Taking ownership of operational incidents and recalls, ensuring service continuity and effective client communication.
• Regulation: Contributing to Euroclear’s redesign for a T+1 operational day for both SLB and GCA products. Coordinating regulatory and legal work related to securities lending requirements and the onboarding of new asset classes, ensuring product, operational, and legal alignment.
• Banking and Credit: Developing an understanding of Euroclear’s risk framework and collateral schedules to assess opportunities for business growth.
• Data-Led Decision Making: Developing data-driven decision-making through Key Performance Indicators (KPIs), analytics, and business opportunity identification.
• Audit and Risk Management: Ensuring an accurate and efficient control framework.

Required Skills and Experience

The ideal candidate will possess a strong blend of product management, analytical, and market infrastructure expertise. Specifically, Euroclear seeks individuals who demonstrate:

• Product & Analytical Skills: Demonstrated product management capabilities (roadmaps, pricing, business cases) and the ability to interpret market data, identify trends, and develop actionable insights.
• Market Infrastructure Understanding: A solid understanding of securities lending, settlement cycles, liquidity, and recall processes, as well as the ability to translate market and regulatory changes (such as T+1) into operational and product impacts.
• Operational & Risk Awareness: The ability to navigate operational escalations and cross-team dependencies, with insight into settlement flows, credit/liquidity considerations, and operational-day design.
• Stakeholder & Client Engagement: Strong communication and alignment skills across multiple stakeholders (Operations, IT, Trading, Risk, Legal, Commercial) and a willingness to build and maintain a professional network.
• Leadership Development Skills: Comfort driving clarity in technical or ambiguous situations, demonstrating autonomy, and thriving in less structured environments.

About Euroclear

Euroclear emphasizes teamwork, open communication, and a collaborative environment. The company offers flexible working arrangements and strives to create a positive and inclusive culture. Euroclear’s core values include integrity, client centricity, care, collective ownership, courage, and curiosity. The company is committed to diversity and inclusion, aiming to be a Great Place to Work for All. Learn more about Euroclear and this opportunity.

Securities Lending and Market Trends

Securities lending plays a crucial role in market efficiency, providing liquidity and supporting settlement processes. Euroclear Bank’s securities lending and borrowing program has been integral to settlement services for over three decades, offering access to a large pool of high-quality securities. The European Central Bank (ECB) also participates in Euroclear’s program to mitigate settlement fails, with terms and conditions aligned with Euroclear’s standards. The ECB lends securities purchased under the public sector purchase programme (PSPP) and other programs.

Market volatility and new regulations, such as Uncleared Margin Rules (UMR) Phase 6 and the Central Securities Depository Regulation (CSDR), are driving a necessitate for increased settlement efficiency and collateral availability. Euroclear is actively addressing these challenges through services like Autoborrow and auto-splitting of gilts.