Clearing Operations Intern - Digital
Who We Are
At Cboe, we inspire our people to solve complex challenges together because what we do matters. We provide the financial infrastructure that powers the global economy through work that invites connection. Our people power our trusted markets and in turn, we power them through robust benefits, perks and a company culture that prioritizes connection, collaboration and inclusivity. As a leading provider of market infrastructure and tradable products, Cboe delivers cutting-edge trading, clearing and investment solutions to market participants around the world.
Our Internship Program
Cboe interns work with a variety of staff across multiple departments and have the opportunity to put their skills to work in their field of interest, while learning about Exchange technology and operations through our robust Options Institute courses. The three main foundational pillars of our internship program are: develop, educate and network. We want to ensure each of our interns receive a real-world working experience that encourages academic, professional and personal growth. Candidates should be versatile, eager and able to work in a fast-paced, time-sensitive financial and technical environment. Our internship program runs from June to August.
Cboe Clear Digital Overview
Cboe Clear Digital, LLC (“Cboe Clear Digital” or “Clearinghouse”) is looking for an intern to assist our Clearing Operations team in their daily & periodic responsibilities with our onboarding, client services, treasury, and operations departments. The intern(s) will be expected to understand the lifecycle of a Clearing Member (“Member”), from onboarding & support, to offboarding. In addition, the intern(s) will be expected to help with the day-to-day back-office processing of treasury functions, reconciliations, and movement of digital assets. At the completion of this Clearing Internship Program, the Intern is expected to have general knowledge and understanding of the internal workings of the Clearinghouse.
Main responsibilities will include, but not necessarily limited to, working closely with the Treasury, Onboarding, and Client Services teams, and learning a basic knowledge of Anti-Money Laundering (AML) and Know Your Customer (KYC) due diligence on clearing member applicants, obtaining a core understanding of CFTC customer segregation requirements and the operations of a digital asset clearinghouse.
- Currently enrolled in a bachelor’s or master’s degree program in a related field (Finance, Economics, Management, or related area).
- Strong communication and analytical skills.
- Acts with integrity and handles sensitive information with care.
- Proficient with Microsoft office suite.
- Must be able to commute to Chicago, IL office location on a regular basis.
Clearing Member Onboarding and Support
- Enter, update and review Clearing Member data in Cboe Clear Digital’s bookkeeping system, The Clearing System (TCS) while ensuring onboarding documentation is retained and filed in accordance with Cboe Clear Digital’s procedures.
- Conduct Anti-Money Laundering (AML) and Know Your Customer (KYC) due diligence on clearing member applicants.
- Co-Manage special project for year 1 of Cboe Digital FCM’s and Trading Privilege Holder’s
- Document different types of fiat and digital asset movements and transactions that a customer can utilize.
- Outline differences, pros, cons to all different transaction types.
- Understand important CFTC rules and regulations relative to customer protection
- Segregation of customer assets.
Clearing Operations and Clearinghouse Overview
- Document what is a digital asset futures contract and its life cycle.
- Understand the differences between a physical delivery vs. a cash settlement.
- Develop a glossary of standard industry terms used in the digital asset spot and futures markets.
- Passionate about technology, asset management and investing. Experience or familiarity with the crypto ecosystem is a plus.
◆ Competitive compensation
◆ 2:1 Matching 401(k)
◆ Flexible, hybrid work environment
◆ Daily complimentary in-office lunch from local restaurants
◆ Endless free coffee and snacks to fuel your workday
◆ State of the art office hubs worldwide
Equal Employment Opportunity
We're proud to be an equal opportunity employer - and celebrate our associates' differences, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, and Veteran status.
*Information below to share with candidates as interviews start/finalists are narrowed down:
Expected Timeline (10 Weeks)
Week 1: Onboarding and orientation
- Meet the team.
- Meet Joseph McGlawn - Head of Clearing.
- Meet Janet Goodridge - Head of Clearing Operations.
- Meet Onboarding/Client Service/Treasury Operations and Clearing Operations Teams.
- Learn about Cboe Digital
- Designated Contract Market (DCM).
- Overview of Products (Member of Product Team)
- Derivatives Clearing Organization (DCO).
- Set goals and expectations for the internship.
- Become familiar with Cboe Digital’s proprietary systems (The Clearing System (TCS), Clearing Member Portal (CMP)).
- How TCS and CMP interact with The Match Engine (TME).
- Meet with a Market Operations representative.
Week 2-4: Onboarding and Client Service Shadowing
- Shadowing the Onboarding team.
- Learn and understand the entity onboarding process.
- Cboe Digital application and agreements.
- Supporting documentation required for an entity to onboard a spot and a futures account at Cboe Digital.
- Meet with a representative from Legal.
- Meet again with Janet Goodridge.
- Learn systems to conduct mandatory KYC (know your customer) and AML (anti-money laundering) due diligence.
- Meet with a Compliance representative.
- Perform KYC and AML due diligence on an entity and submit to Onboarding team for review (End of Week 2).
- Review a returned onboarding packet and submit a review of pending documentation to the Onboarding team (End of Week 3).
- Use Cboe Digital Clearing Manual as a guide to perform review.
- Note any updates needed to the Procedures in the Clearing Manual and suggest wording for the updates.
- Client Service Team Project
- Co-Manage special project for Cboe Digital Margined Futures Clients.
- Prepare FCM and Trading Privilege Holder Year 1 review.
- Perform needed updates in system(s).
- Document yearly requirements and update procedures.
Week 5-7 Treasury Operations Shadowing
- Shadowing Treasury Operations
- Learn about Liquidity Management
- Understanding Digital Assets liquidity needs.
- Understanding USD liquidity needs at the various banks.
- Digital Assets
- Knowing the difference between decentralized vs. centralized cryptocurrency exchanges.
- Understanding the differences between Hot, Warm and Cold Wallets.
- Banking Operations
- Learning how to initiate and receive bank wire and ACH transactions.
- Learn the differences between wire and ACH transactions, and understand the risks involved with both options.
- Understanding treasury relevant CFTC Regulations
- Knowing the basic requirements of segregation of funds
- Importance of maintaining segregated assets and not commingling customer funds.
- Learning about other industry regulatory requirements related to digital assets.
Week 8-9: Clearing Operations Shadowing
- Shadowing Clearing Operations.
- Observe posting of Fee Rebates, Agreement incentive payments.
- Meet with a representative from the Accounting team.
- Learn products and life cycle processes.
- Learn and understand the clearing reconciliation process.
- Learn and understand the Lifecycle of a Futures Trade.
- Understanding a bank and clearing member’s daily statements.
- Perform reconciliations in the New Release environment at the end of Week 8.
- Perform posting of fee rebates in New Release and coordinate with Accounting at the end of Week 8.
- Resolve any breaks on wires, FIAT, or Crypto at the end of Week 9 (Production).
Week 9 &10: Wrapping up and Reflection
- Cboe presentation to Clearing Operations team.
- Reflect on the internship and the skills you have learned.
- Receive feedback from Clearing Operations teams.
Any communication from Cboe regarding this position will only come from a Cboe recruiter who has a @cboe.com email or via LinkedIn Recruiter. Cboe does not use any other third party communication tools for recruiting purposes.