Core Operations - Assistant Vice President at State Street in Mumbai

Job description

About the role We are hiring an Assistant Vice President (AVP) to support the end-to-end business design, deployment and operational transition of the Direct Custody model for Italy, France, Belgium, the Netherlands & Germany and other T2S markets . The role will translate complex client, market and infrastructure requirements into scalable target operating models, technology solutions, controls and implementation plans across securities settlement, cash and FX support, corporate actions, income, reconciliation and client/account setup. The successful candidate will operate as a senior business-design lead within the Direct Custody Business Design & Deployment team, partnering with Product, Operations, Technology, Vendors, Market Infrastructures and Control Functions. Following implementation, the role may support subsequent market launches or transition into the relevant BAU Direct Custody operations. Why this role is important to us State Street is progressing a strategic transformation from sub-custodian arrangements to direct market participation across key markets. Project requires a coordinated operating model across T2S direct markets, non-direct and sub-custodian routes, multiple client archetypes, account structures and market-specific exception mechanisms. This role is critical to: Delivering controlled direct-market implementation through robust business analysis, requirements definition, solution design, testing and operational readiness. Creating a scalable and integrated service model across settlement and market-facing activities, while aligning upstream processing with the existing operating model. Managing client and market-specific complexity by distinguishing standard custody processing from exceptions requiring operating-model, technology and control closure. Building sustainable internal capability through documented processes, training, knowledge transfer and reduced dependency on temporary project structures. Key responsibilities (Direct Custody aligned) Market, Client and Account-Structure Analysis Analyse market rules, clients, transaction volumes, operating locations and service requirements across Italy, France, Belgium, the Netherlands, Germany and associated non-direct routes. Assess requirements for the different client archetypes and local market participants. Define operational requirements for Cash & Securities Account structures Review existing roles and responsibilities and identify functional, process, control and ownership deltas against the target Direct Custody model. Target Operating Model and End-to-End Process Design Design target-state processes aligned to State Street capabilities and the Direct Custody Target Operating Model across settlement, cash and liquidity, corporate actions, income, reconciliation and client servicing. Develop scalable process flows for T2S direct markets, including Euronext Securities Milan, Clearstream Banking Frankfurt and ESES markets, and define interfaces with non-direct or sub-custodian routes. Define operating models for traditional OTC activity, ONEX flows, and applicable settlement or netting types Identify process dependencies, hand-offs, exception ownership, service-level requirements and escalation paths across internal and external parties. Market-Specific Mechanisms and Exception Design Define requirements, operating controls and design for market specifics like auto-collateralisation, auto-borrowing French registration and deregistration & corresponding market notifications. Define requirements, operating controls and design for client specifics like pool creation and specialised Hold & Release processing, including control points, eligibility logic and operational ownership. Support portfolio-transfer design and market-specific position reflection or rebuild requirements. Business Requirements, Technology and Vendor Engagement Lead the preparation and review of business requirements, process maps, functional specifications and traceability ac