SURYAKANT DEVARE

• Experienced Operations Leader in OTC Derivatives Settlement 14 years of expertise in financial markets operations with a proven track record of managing settlement teams, mitigating risks, and driving process efficiency. Skilled in supervising cross-functional teams, ensuring regulatory compliance, and delivering operational excellence in high-pressure environments.

• OTC Derivatives Settlement (Swaps, Options, Futures)
• Trade Lifecycle Management
• Risk & Control Frameworks (Operational Risk, Regulatory Compliance)
• Team Leadership & Supervision
• Stakeholder Management (Front Office, Risk, Compliance, Custodians)
• Process Improvement & Automation Initiatives
• Exception Management & Escalation Handling
• Audit & Regulatory Reporting

Manager – OTC Derivatives Settlement Operations

• Led a team of 02 settlement Associates ensuring timely and accurate processing of OTC derivatives trades across multiple asset classes.
• Supervised daily operations including trade matching, confirmation, collateral management, and settlement finality.
• Implemented robust control checks to minimize settlement risk and reduce trade Post Settlement Breaks.
• Partnered with technology teams to automate manual processes, improving efficiency and reducing operational errors.
• Acted as escalation point for complex settlement issues, coordinating with counterparties and internal stakeholders to resolve disputes.
• Governance and supervision of Vendors services
• Mentored and developed team members, fostering a culture of accountability and continuous improvement.

• Migration of Process from onshore Warsaw, Poland to India location based in Pune.
• Pilot Batch to set up process in India HUB.
• Setting up training plans & initiating training with onshore team for transition of process.
• Summarize internally with team post onshore training.
• Focusing on KRI's, SLA, TAT & issues related to Audit concerns.
• Familiarize with System related to settlement, data verification & raising any technical & nontechnical concerns.
• (MT540, MT541, MT542, MT543, MT548 & MT599) SWIFT format: Monitoring queues for various markets (APAC, EMEA & US) related to above SWIFT messages which stuck in repair queue due to missing information/incorrect details.

• Ensuring swift Pre-confirmations and settlements of Credit (Credit Default Swaps), Rates (Interest Rate Swaps, Basis Swaps, etc) EQUITY & FX-options, Equity Swaps, Fx Swaps with clients across regions (US, EMEA and AsiaPac).
• Settlement of Structured products & Loans.
• Proficiency with DTCC, SwapsWire and other e-Confirm platforms.
• Ensuring efficient root-cause analysis on discrepancies and resolving them within the relevant cut-off time frame for the particular currency / trade by liaising with various Middle Offices and Desks across regions.
• Communicating with Agent Banks across various regions for timely urgent cash flow settlements.
• Engaging in knowledge sharing sessions with the team regarding various Credit and Rates products and demonstrating process improvement ideas.
• Reconciliations of Data of Clearing house against Firm & matching across teams within Nomura.
• Handling of Exception & Sensitive Client
• Pro-actively initiated and executed two major time-saving projects in EMEA and AsiaPac markets delivering a time save of 25 mins and 20 mins per FTE, respectively.
• Contributed in automation of various tasks thereby increasing productivity along with reducing significant time and risk.
• Rigorous analysis of the entire Asia-Pac process identifying multiple Risk Control Self-Assessment points and designing controls for the same to minimize settlements-failure risk.
• Successfully handled multiple UATs and initiated process improvement ideas.
• Thorough analysis and understanding of Credit and Rates products like Credit Default Swaps, Interest Rates Swap, Basis Swaps, Mark-to-market Basis Swaps, Swaptions, etc. and regularly sharing the same analysis and understanding with the team through emails and presentations.
• Conducted a training session on SWIFT (Transactions related to FOP settlement) for team.

• Trade Support for various securities investment like trade, cash & foreign Exchange.
• Checking & booking of FX received via Manual FAX.
• Monitoring STP & Non-STP transactions received from Global markets.(DTC,FED,Euro clear etc)
• Cash processing includes MT messages of SWIFT (MT103S,MT103C,MT199,MT202,MT292).
• Managing cash settlements for Agent Banks, Sub-custodians, Traders, Brokers.
• Preparing weekly controls data report consisting of all activities done within the week and attending weekly control calls with the client.
• Conducting weekly team meetings and providing daily process update to the stakeholder.