About the role
We are hiring an Officer to support the end-to-end business analysis, deployment and operational transition of the Direct Custody model for Italy, France, Belgium, the Netherlands & Germany and other T2S markets. The role will support the translation of complex client, market and infrastructure requirements into clear business requirements, process documentation, test scenarios and implementation deliverables across securities settlement, cash and FX support, corporate actions, income, reconciliation and client/account setup.
The successful candidate will operate as a business analyst within the Direct Custody Business Design & Deployment team, supporting senior workstream leads and 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:
Supporting controlled direct-market implementation through accurate business analysis, requirements documentation, testing and operational-readiness execution.
Supporting a scalable and integrated service model across settlement and market-facing activities, while aligning upstream processing with the existing operating model.
Documenting 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 reusable implementation artefacts.
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.
Gather and analyse requirements for the different client archetypes and local market participants.
Document 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
Support the design and documentation of 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.
Prepare process flows for T2S direct markets, including Euronext Securities Milan, Clearstream Banking Frankfurt and ESES markets, and document interfaces with non-direct or sub-custodian routes.
Support definition of 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
Gather and document requirements, operating controls and design considerations for market specifics such as auto-collateralisation, auto-borrowing, French registration and deregistration and corresponding market notifications.
Gather and document requirements, operating controls and design considerations for client specifics such as pool creation and specialised Hold & Release processing, including control points, eligibility logic and operational ownership.
Support portfolio-transfer analysis and documentation of market-specific position reflection or rebuild requirements.
Business…