Intraday Margin Evidence Platform Director — Derivatives Clearing

The mandate

The utility plans more frequent intraday margin calls, but current evidence is assembled across position snapshots, reference data, market shocks, model runs, overrides and collateral systems with different cut-offs. Risk can explain the result eventually; Member Operations cannot always reconstruct what information was available when a call was issued or changed during volatile markets.

The deliverable is an Intraday Margin Evidence Architecture covering position completeness, market and reference versions, model release, run identity, concentration add-ons, override, call, acknowledgement, collateral and dispute. It will include a production-shadow ledger, member explanation format, recovery playbook and scale decision for increased frequency without changing the approved margin methodology.

Milestone one at week four supplies call journeys, timing gaps and dispute evidence. Week nine concludes milestone two with architecture, contracts and control design. At week sixteen, milestone three delivers shadow operation through historical and synthetic volatility. The accepted evidence ledger, member playbook, implementation sequence and cost model form milestone four at week twenty-two.

Acceptance requires Risk and Operations to reconstruct fifteen unseen calls to the exact available positions, inputs, model and approved intervention within five minutes; members must understand two simulated disputes; and a replay must preserve sequence under delayed position data. The CRO signs only after an internal team runs a volatile scenario without consultant support and Internal Audit can reperform samples.

The client will provide controlled positions, trades, prices, reference data, model versions, run logs, overrides, margin calls, collateral events and disputes. Risk, Member Operations and Treasury will join tests; client engineers build the shadow ledger. Model approval and actual calls remain with authorised functions, and the CRO will resolve evidence boundaries promptly.

Why this is external work

Model teams own calculation, operations owns calls and technology owns orchestration, but none can independently define point-in-time evidence across the complete member consequence. Existing vendors focus on component throughput. External work supplies neutral reconstruction and operational usability before higher frequency increases dispute and liquidity risk.

What you will own

• Trace position, price, reference, model, scenario, add-on, override, call, acknowledgement and collateral evidence by effective instant.
• Define immutable run and call identities with input completeness, late-arrival, correction and supersession behaviour.
• Design member explanations that expose material drivers and intervention without disclosing protected model or other-member information.
• Exercise delayed positions, market-data correction, model-service failover, concentration override and collateral acknowledgement failure.
• Establish recovery and dispute paths preserving the call originally made alongside later corrected analysis.
• Quantify platform capacity, evidence retention, member support and liquidity-operating cost under increased recalculation frequency.
• Transfer replay, evidence-change and volatile-day review to clearing risk, operations and internal assurance owners.

Candidate qualifications

• Led production clearing, margin or market-risk platforms for a CCP, exchange, investment bank or systemically important market utility.
• Reconstructed point-in-time margin calls across positions, prices, reference data, models, overrides and collateral events under severe volatility.
• Designed member-facing evidence that balanced actionable explainability, protected model information, confidentiality and timely operational response.
• Governed late position and market-data correction without rewriting the historic call, dispute or liquidity record.
• Ran production-shadow and replay tests before increasing intraday calculation frequency and member liquidity demands.
• Delivered controlled architecture independent of margin-engine, market-data, collateral or clearing-platform suppliers and their implementation services.

Non-negotiables

• The named director must lead Chicago volatile-day simulations and member-operations evidence reviews.
• No financial interest may exist in clearing, margin, market-data or collateral suppliers considered.
• Margin-method approval, actual calls and default-management decisions remain with authorised client functions.
• Member and position evidence must remain in controlled market-infrastructure environments.

1. 49 words maximum. Describe an intraday margin call you reconstructed after a late position or price correction.
2. 49 words maximum. How would you preserve the original call evidence while showing a corrected calculation?
3. 49 words maximum. Which client inputs are essential before shadowing higher-frequency margin under volatility?