# TRS Operations SME (Calypso)

> G MASS · London, United Kingdom (Hybrid) · Contract · Posted 2026-06-19

**Workplace:** hybrid

## Description

G MASS Consulting is working with a leading global financial services organisation to identify an experienced Total Return Swaps (TRS) Operations SME to support the establishment and ongoing operation of a new in-house TRS capability.

Our client is standing up new capability, and working with an external managed model. They are looking for a hands-on TRS specialist who can help define the operating model, establish robust processes, and play a key role in running the function once live.

This is not a purely project-based role. The successful candidate will be responsible for helping build the foundations of the TRS operating model, whilst also supporting the day-to-day BAU operations and acting as a key SME within the function.

**The Role**

As the TRS Operations SME, you will support the transition of TRS activity into an internal operating model, combining process design, operational expertise, and hands-on delivery.

You will work across operations, technology, and business stakeholders to ensure TRS processes are designed effectively, implemented successfully, and supported operationally.

**Key responsibilities will include:**

-   Helping establish and operationalise an in-house TRS operations function
-   Defining the target operating model, workflows, controls, and governance required to support TRS activity
-   Providing SME expertise across the full TRS lifecycle, including trade capture, settlements, lifecycle events, reconciliations, cash flows, collateral, and exception management
-   Translating business requirements into practical operational processes within the Calypso environment
-   Working with technology teams and implementation partners to ensure the platform supports operational needs
-   Creating and maintaining operating procedures, process documentation, and control frameworks
-   Supporting the transition away from the current outsourced model
-   Taking ownership of BAU TRS operations once established, ensuring processes run effectively and issues are managed appropriately
-   Acting as the point of expertise for operational queries, process improvements, and ongoing enhancements

## Requirements

-   Strong experience within Total Return Swaps / Equity Derivatives Operations

-   Proven experience managing or supporting BAU TRS operations
-   Hands-on experience working with Calypso
-   Strong understanding of front-to-back derivatives processes
-   Experience defining, improving, or implementing operational processes
-   Ability to work across business and technology teams
-   A practical, delivery-focused mindset with the ability to move between process design and execution

**Desirable Experience**

-   Experience bringing outsourced operations in-house
-   Experience working within brokerage, banking, or capital markets environments
-   Previous involvement in operational transformation or platform implementation activity

## Benefits

Initial 6-month contract, with view for further extension.

Salary to be discussed.

## Apply

[Apply at G MASS](https://apply.workable.com/g-mass/j/8CF8D54AC8/apply)

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