Business Analyst

The Risk Business Analyst (Risk BA) supports the First Line Risk (FLR) function within LCH Ltd Securities across EquityClear, RepoClear, and Collateral & Liability Management (CaLM). The role is responsible for analysing and documenting requirements for FLR initiatives, defining and executing test scenarios, and supporting end-to-end delivery across business, product, and technology teams. The Risk BA ensures that changes to FLR processes, controls and systems are well understood, fully tested, and implemented to corporate standards.

Key Responsibilities

Business Analysis & Requirements

· Lead analysis of business requirements, including running workshops with FLR, Product, Technology and Shared Services teams.

· Document functional and non-functional specifications, including user stories and acceptance criteria, aligned to the business requirements.

· Ensure all specifications are reviewed, communicated, and agreed with relevant partners.

Testing & Quality Assurance

· Define and execute functional, system integration, and user acceptance testing in collaboration with FLR, Product, Technology and Shared

Services teams.

· Identify, document and track defects through to resolution.

· Document, communicate and agree operational risks and controls associated with each delivery.

Delivery & Project Support

· Support end-to-end delivery of FLR initiatives, including coordination of timelines, dependencies, and partner communication.

· Undertake light project management activities where required to ensure smooth delivery.

Governance & BA Artefacts

· Maintain all BA artefacts—including user stories, acceptance criteria, process documentation and operational risk assessments—in line with corporate governance standards.

Experience & Skills

Technical & Business Knowledge

· Understanding of clearing operations from trade capture/source through to settlement.

· Knowledge of risk management for cleared products, including margining, collateral management and default management processes.

· Knowledge of Bond and General Collateral (GC) Repo products, including bond pricing fundamentals.

· Knowledge of cash equity products and related lifecycle events.

Business Analysis Competencies

· Demonstrable ability to deliver clear, high-quality specifications and documentation.

· Experience working across business, product, and technology functions in a collaborative environment.

Career Stage:

Senior Associate

London Stock Exchange Group (LSEG) Information:

Join us and be part of a team that values innovation, quality, and continuous improvement. If you're ready to take your career to the next level and make a significant impact, we'd love to hear from you.

LSEG is a leading global financial markets infrastructure and data provider. Our purpose is driving financial stability, empowering economies and enabling customers to create sustainable growth.

Our purpose is the foundation on which our culture is built. Our values of Integrity, Partnership, Excellence and Change underpin our purpose and set the standard for everything we do, every day. They go to the heart of who we are and guide our decision making and everyday actions.

Working with us means that you will be part of a dynamic organisation of 25,000 people across 65 countries. However, we will value your individuality and enable you to bring your true self to work so you can help enrich our diverse workforce.

We are proud to be an equal opportunities employer. This means that we do not discriminate on the basis of anyone’s race, religion, colour, national origin, gender, sexual orientation, gender identity, gender expression, age, marital status, veteran status, pregnancy or disability, or any other basis protected under applicable law. Conforming with applicable law, we can reasonably accommodate applicants' and employees' religious practices and beliefs, as well as mental health or physical disability needs.

You will be part of a collaborative and creative culture where we encourage new ideas. We are committed to sustainability across our global business and we are proud to partner with our customers to help them meet their sustainability objectives. Our charity, the LSEG Foundation provides charitable grants to community groups that help people access economic opportunities and build a secure future with financial independence. Colleagues can get involved through fundraising and volunteering.

LSEG offers a range of tailored benefits and support, including healthcare, retirement planning, paid volunteering days and wellbeing initiatives.

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