MSS Ops Head of Depository

Business/Function

Markets & Securities Services (MSS) – Operations

Grade

GCB 3

Location

London

Work Style

Office Worker / Hybrid

Role Purpose

We are seeking a strategic and delivery‑focused Head of Depository to establish and lead the end‑to‑end operational model for a new Digital Securities Depository (DSD) which will launch DIGIT, a digitally native bond for HM Treasury, along with other corporate digital bonds. This role will lead and develop this new capability to support digital assets and tokenised products from onboarding through post‑trade, settlement, custody, reconciliation, lifecycle and reporting.

The successful candidate will:

Implement and own the target operating model for the DSD (including process, controls, systems and organisational design).

Ensure safe, efficient and scalable support for digital bonds, with a particular focus on risk, control, client service and regulatory compliance.

Partner closely with Product, Technology, Legal & Compliance, and Digital Assets leadership to ensure that is operationally robust and aligned to MSS strategy.

Key Responsibilities

1. Strategy & Target Operating Model for the Digital Securities Depository

Own the DSD operating strategy for MSS, aligned to the broader Digital Assets and Currencies and MSS business strategies.

Implement the front‑to‑back operational model for digital assets (trade capture, confirmation, settlement, custody, collateral, lifecycle management, reconciliation, corporate actions/events, valuation and reporting).

Implement operational capabilities, balancing speed‑to‑market with control, scalability and cost efficiency.

Set and maintain standards, procedures and playbooks for digital asset processes, controls and documentation to be adopted across underlying Operations teams.

2. Operating Model Design & Virtual Organisation

Define roles, responsibilities and RACI for the DSD, ensuring clear ownership for each step of the trade lifecycle and for key control points.

Embed digital assets responsibilities, including training, procedures and capacity planning, while maintaining a central oversight and coordination function.

Identify and address capability gaps (skills, tools, processes) and propose appropriate resourcing solutions (e.g. centres of excellence, hub and spoke, shared utilities).

3. Risk, Control & Regulatory Compliance

Ensure robust risk and control frameworks are in place for the DSD, including settlement risk, operational risk, cyber/technology risk and conduct risk.

Oversee design and implementation of control environments specific to digital assets.

Partner with Compliance, Legal and Risk to ensure adherence to regulatory expectations on digital assets, including KYC/AML, sanctions, asset safekeeping, client asset rules, prudential and market conduct requirements.

Introduce and monitor KRIs/KPIs for the DSD (e.g. settlement timeliness, fail rates, reconciliation breaks, incident metrics, client service metrics) and ensure timely remediation of issues.

Provide operational input into new product approvals, governance forums and regulatory engagements relating to digital assets.

4. Process, Platform & Technology Enablement

Product lead for the DSD, partnering with Technology to define requirements for the DSD (settlement infrastructures, collateral and risk systems, reference data and static data).

Deliver the model for digital asset workflows, including integration between digital asset platforms and existing booking, confirmation, settlement and accounting systems.

Oversee the design and implementation of reconciliation and break management, including integration into existing control frameworks.

Ensure appropriate business continuity and resiliency arrangements for the DSD.

5. Stakeholder Management & Collaboration

Act as the primary point of contact for the DSD, including for MSS leadership and other digital asset stakeholders within the Group.

Partner with Product, Technology, Finance, Legal, Compliance, Risk and Client Management to ensure the DSD is well supported, scalable and commercially viable.

Engage with external infrastructure providers (payment providers, potentially other FMI providers) on operational design and service levels.

Engage with participants - including Global Custodians and Broker Dealers acting as Settlement Managers - to support onboarding and ongoing requirements and provide market updates.

Liaise with regulators, maintaining a strong understanding of relevant regulations and compliance standards.

Contribute to industry forums and working groups on digital asset operations, where appropriate, helping to shape market standards and best practices.

6. People Leadership, Culture & Capability Building

Help build and lead a community of practice for digital assets operations across MSS, fostering knowledge sharing and consistent standards.

Drive training and upskilling programmes to ensure MSS teams understand digital asset concepts (DLT, smart contracts, tokenisation) and associated risks and controls.

Promote a culture of innovation and continuous improvement, encouraging experimentation and learning while maintaining a strong control mindset.

Role‑model HSBC values and behaviours and ensure a diverse, inclusive and high performing team environment across both direct and virtual reporting lines.

7. Financial & Commercial Management

Work with business and Finance partners to quantify and track benefits from digital asset operational initiatives, including efficiency gains, capacity creation and cost avoidance.

Support commercial decision making by providing operational input to business cases for new digital asset products, platforms and partnerships.

Qualifications & Experience

Extensive experience in Securities Services Operations, with a strong track record in leading complex, cross‑product operational change.

Ideally direct or indirect experience of operating a Central Securities Depository or other Financial Markets Infrastructure.

Proven experience designing and implementing target operating models and large-scale transformation programmes in a global bank or financial market infrastructure.

Deep understanding of the end-to-end trade lifecycle for the custody and servicing of digital or traditional assets

Demonstrated knowledge of digital assets and related technologies (e.g. blockchain/DLT, tokenisation, digital custody, smart contracts, digital currencies, CBDCs) and their implications for operations, risk and control.

Strong familiarity with regulatory frameworks relevant to digital assets, client assets, safekeeping, AML/sanctions and operational resilience.

Proven ability to develop and lead high-performing virtual teams, aligning diverse stakeholders around a common operating model.

Excellent stakeholder management and communication skills, including the ability to influence senior leaders and articulate complex operational issues in business terms.

Desirable Skills

Experience establishing or leading digital asset or tokenisation operations in a bank, market infrastructure or institutional digital asset firm.

Experience in securities custody, asset servicing and collateral operations for institutional clients, particularly as they relate to digital or tokenised assets.

Working knowledge of wallet technologies, key management, chain analytics and related control frameworks.

Prior engagement with regulators, central banks or industry bodies on digital assets, market infrastructure or operational resilience topics.

Strong analytical and problem‑solving skills, with the ability to assess new digital business models and translate them into practical, controlled operational solutions.

Demonstrated change leadership, with the ability to bring teams on the journey through clear vision, communication and delivery discipline.

Being open to different points of view is important for our business and the communities we serve.

At HSBC, we’re dedicated to creating diverse and inclusive workplaces - no matter their gender, ethnicity, disability, religion, sexual orientation, or age. We are committed to removing barriers and ensuring careers at HSBC are inclusive and accessible for everyone to be at their best. We take pride in being a Disability Confident Leader and will offer an interview to people with disabilities, long term conditions or neurodivergent candidates who meet the minimum criteria for the role.

If you have a need that requires accommodations or changes during the recruitment process, please get in touch with our Recruitment Helpdesk. Email: hsbc.recruitment@hsbc.com  Telephone: +44 207 832 8500