Hybrid Middle Office & Settlements Business Analyst

Company Overview: Jefferies, a global securities and investment banking group, has served companies and their investors for 50 years and operates in over 30 cities around the world. We provide world-class investment banking, sales & trading, research and asset management to a diverse range of corporate clients, institutional investors and high net worth individuals. We are industry experts, specializing in aerospace & defence, business services, consumer energy, financial services, gaming & leisure, healthcare, industrials, maritime, media, real estate & lodging, technology and telecommunications, with a dedicated private equity coverage group. Department Overview: The International Operations Project Management group oversees the end‑to‑end delivery of Operations change across EMEA and APAC, covering new business enablement, process simplification, regulatory and market‑wide initiatives, control enhancements, and mandatory system upgrades. Job Description: The Hybrid Middle Office and Settlements Business Analyst will support the delivery of Operations change initiatives across Middle Office and Settlements. The primary focus of the role will be to support readiness for European & UK T+1 Settlement. This includes analysis, requirements definition, process review, control enhancement, stakeholder engagement and implementation activity. The role will involve close engagement with Operations SMEs, Technology, Static Data and regional stakeholders to manage requirements, support testing and help deliver effective change across Middle Office and Settlements. Key Responsibilities & Tasks: Requirements & Analysis • Engage with Operations SMEs across Settlements, Middle Office and Static Data to gather, document and refine business requirements, user stories and acceptance criteria. • Conduct end-to-end process analysis across the post-trade lifecycle (trade capture, allocation, confirmation, settlement instruction, matching, fails management and reconciliations) to identify pain points, control gaps and opportunities for automation. • Produce clear, structured documentation including process flows, data mapping, functional specifications, swimlane diagrams and decision trees. • Translate operational and regulatory drivers into actionable business and technology requirements. Change Management & Stakeholder Engagement • Support the delivery of Operations change initiatives from initiation through to post-implementation, including regulatory change, control enhancements, system upgrades and target operating model design. • Facilitate workshops, requirements sessions and walkthroughs with cross-functional teams. • Partner with Middle Office and Settlement managers to ensure business requirements are well understood, accurately translated into solution designs and prioritized accordingly • Maintain project artefacts including RAID logs, project plans, status updates and action trackers. • Prepare executive-ready updates, status reports for senior stakeholders. Testing & Implementation • Support User Acceptance Testing (UAT), regression testing and sign-off coordination. • Support operational readiness activities, go-live and contribute to post-implementation reviews and benefits realisation tracking. Regulatory & Industry Awareness • Support delivery of regulatory and market-wide initiatives (e.g. T+1 Settlement Cycle Change), ensuring internal processes align with industry guidance. • Monitor external developments and translate industry expectations into internal change requirements. Risk Management & Continuous Improvement • Identify operational risks and control weaknesses through process review, and propose mitigation actions or control enhancements. • Identify opportunities to streamline manual processes through workflow automation. • Support data analysis and MI development to enhance visibility of operational performance, exceptions and KPIs. Qualifications/ Experience: • 5–8+ years’ experience as a Business Analyst, or hybrid BA/PM, within Investment Banking Operations, ideally across Middle Office and Settlements. • Strong understanding of post-trade processes, including trade capture, allocation, confirmation, settlement instruction, exception management, reconciliations and operational controls. • Experience delivering Operations change initiatives, including process improvement, regulatory change, control enhancement, workflow automation or target operating model design. • Proven ability to gather, document and manage business requirements, user stories, process flow documentation, data mapping and data analysis. • Experience supporting, UAT, defect triage, implementation readiness and go-live activities. • Confident engaging with Operations SMEs, Technology, Static Data, regional teams and senior stakeholders to drive alignment and deliver effective change. • Familiarity with T+1 Regulatory initiative, SSI/static data, allocation and confirmation processes, settlement matching or post-trade regulatory change would be beneficial. Systems Experience: The successful candidate should have hands-on experience with, or strong working knowledge of, the core platforms used across Middle Office and Settlements Operations. For example: • GLOSS – Experience using GLOSS as the books & records / sub-ledger platform, with an understanding of trade capture, position management, settlement processing, lifecycle events and reconciliations across Equities and Fixed Income products. • Fidessa – Familiarity with Fidessa as a front-to-back trading and order management platform, including trade flow, execution capture and the downstream impact into Middle Office and Settlements systems. • Fidessa GCTAC – Practical experience with GCTAC for Middle Office allocation, confirmation and matching, including allocation workflows, exception management, client confirmation processes and integration with downstream settlement platforms. Broader exposure to complementary post-trade tools and market infrastructure — such as CTM, DTCC, SWIFT, FIX, custodian/CSD platforms, would be highly advantageous. Other Applications: Jira, Confluence, Powerpoint, Excel and Visio (preferable)