Head of Custody Operations

About the Role

Thndr is seeking a Head of Custody Operations to establish and manage the trading, settlement, custody, and funding operations for Thndr KSA in Riyadh. This full-time role involves close collaboration with key stakeholders including Tadawul, the Securities Depository Center (Edaa), and the Securities Clearing Center (Muqassa). The successful candidate will be registered with the Capital Market Authority (CMA).

Key Responsibilities

• Oversee all aspects of trade settlement and custody operations.
• Manage the full trade life cycle, from execution to final settlement.
• Safeguard client assets and client money in accordance with CMA requirements.
• Conduct robust daily reconciliations with Edaa, Muqassa, custodian, and bank records.
• Build reliable operations capable of scaling with Thndr’s growth.
• Develop and implement operational policies and procedures.
• Automate processes to minimize manual errors.
• Stay informed of market practices and regulations to ensure operational compliance.
• Identify and assess operational risks, implementing controls to protect the company and its clients.

Qualifications and Experience

• A minimum of 5 years of experience in securities operations, with a focus on custody and post-trade activities.
• Demonstrated experience in the Saudi market, including hands-on knowledge of Tadawul, Edaa, and Muqassa processes.
• Experience leading an operations team at a CMA-licensed Capital Market Institution or custodian.
• Successful completion of the CMA’s general qualification route: CME-1A and CME-1B, or an exemption granted by the CMA. Holders of the CMA’s previous-series qualification certificates for this function qualify without retaking the exams. Both must be passed before CMA registration.
• Eligibility for registration with the CMA as a Registered Person under the Capital Market Institutions Regulations, including meeting the CMA’s fit-and-proper criteria (skills, experience, competence, and integrity).
• Residency in the Kingdom of Saudi Arabia (a requirement for CMA Registered Persons), or willingness to relocate.

Work Environment

This role is based in Riyadh, Saudi Arabia, and operates on a full-time basis. The Head of Custody Operations will work within a dynamic environment, collaborating with internal teams and external regulatory bodies to ensure robust and compliant operations.