Core Operations SA

About the Role

State Street is seeking a Senior Associate for Core Operations in Riyadh, Saudi Arabia. This full-time role involves managing end-to-end post-trade custody operations for the Saudi Arabian market, covering securities settlement, cash and FX operational support, corporate actions, income, reconciliations, and onboarding/account setup. The work schedule is Sunday to Thursday. The position requires strong familiarity with local market practices and a solid understanding of the KSA post-trade ecosystem, including trading on Saudi Exchange, clearing via Muqassa (CCP), and depository/settlement via Edaa, with cash movements supported through SAMA. This role is critical to supporting State Street's ability to deepen relationships with key institutional clients as the market evolves.

Key Responsibilities and Duties

• Manage end-to-end post-trade custody operations for the Saudi Arabia (KSA) market.
• Enable scalable market entry and growth by delivering strong, controlled post-trade operations aligned with local market infrastructure and rules.
• Ensure a high-quality client experience through timely settlement, strong exception management, and robust controls as KSA market activity expands.
• Perform cash reconciliations linked to settlement activity, investigate breaks, and drive timely resolution within cut-offs.
• Process FX-related operational activities supporting settlement and client cash requirements, validating confirmations and ensuring correct value dating and SSI usage.
• Manage corporate actions and income events, ensuring accurate entitlements, timely postings, and robust reconciliations; coordinate vendor feeds and security setup with internal teams.
• Support client onboarding, account setup, and documentation in line with Edaa account structures and membership rules, ensuring correct capture/validation of investor identification.
• Utilize SWIFT ISO 15022 (MT) and demonstrate exposure to ISO 20022 (MX) standards for messaging with clients, custodians, and market counterparts.
• Execute daily controls and checklists on time, ensure adherence to local cut-offs and internal policies, and escalate high-risk/time-sensitive issues.
• Partner with internal teams (Operations, Risk, Client Services) and external stakeholders (brokers, clearing/settlement participants, custodians, relevant market entities) to resolve issues.

Operational Requirements

• Manage settlement processing for Saudi Exchange transactions settling at Edaa, ensuring accurate, timely completion across relevant cycles (*, T+2 for normal exchange trades; negotiated deals T+0–T+5; buy-ins T+0, as applicable).
• Reconcile and validate trade/settlement obligations by aligning client instructions and broker confirmations with clearing outcomes (Muqassa) and settlement processing (Edaa); investigate and resolve exceptions promptly.
• Monitor settlement status proactively, manage potential fails, and follow KSA fails workflows, noting that fails management procedures are defined and conducted by Muqassa, with Edaa rollover/cancellation and market-claim handling where applicable.
• Manage the lifecycle of settlement instructions (including amendments/cancellations/partial settlement where permitted) in line with Edaa procedures and local cut-offs.

Qualifications and Experience

• A minimum of 1 year of relevant experience is required.
• Strong familiarity with local market practices in Saudi Arabia.
• Solid understanding of the KSA post-trade ecosystem, including Saudi Exchange, Muqassa (CCP), Edaa, and SAMA.

Company Overview

State Street is one of the world’s largest global custodians, with over USD * trillion in AUC/A. The company is executing a growth strategy that includes expanding its direct market presence, with the Kingdom of Saudi Arabia (KSA) identified as a priority market. This focus is supported by Vision 2030 reforms, increasing foreign participation, and strong institutional demand.