AvanteNow
Website:
avantenow.com
Job details:
Job Title - Senior Test Consultant – Clearing, Risk & Settlement (Exchange Technology Migration)
Job Type - Hybrid
Location - Dubai
Experience - 8+ Years
Job Description -
We are seeking an experienced Senior Test Consultant to join an independent testing team supporting a major exchange technology transformation and migration program.
The role will focus on testing the Clearing House (CCP) platform, covering positions, margining and risk, collateral, banking and settlement, delivery, default management, and regulatory reporting.
The successful candidate will work closely with exchange business teams, technology teams, and third-party product vendors across UAT, mock trading, cutover rehearsals, and Go-Live.
Key Responsibilities
Analyse business requirements, functional specifications, rulebooks, and regulatory requirements and develop comprehensive test scenarios and cases.
Maintain requirement-to-test traceability and obtain formal approval from business stakeholders.
Design and execute detailed UAT test cases across multiple vendor releases.
Define test data and coordinate environment readiness with business, IT, and vendor teams.
Manage defects through the complete lifecycle, including severity/priority classification, triage, retesting, and regression.
Prepare daily and weekly test status reports covering execution, defects, risks, blockers, and readiness.
Prepare test summary reports and provide UAT sign-off recommendations.
Support member/ISV conformance testing, mock trading, cutover rehearsals, Go-Live, and post-Go-Live hypercare.
Work in accordance with exchange information-security, confidentiality, and data-classification requirements.
CCP / Clearing-Specific Responsibilities
Test real-time position processing, client/house segregation, position transfers, and contract-level exhaustion.
Validate clearing and netting models including Gross-Gross, Gross-Net, Net-Net, and TFT.
Test initial margin, SPAN/scenario-based margining, portfolio/spread offsets, cross-margining, MTM, delivery/additional margins, and pre-trade margining.
Validate position limits, risk-reduction mode, automatic disablement/re-enablement, close-out, portability, and intraday risk-parameter changes.
Test margin-model governance including back-testing, stress testing, historical simulation, what-if analysis, parameter versioning, maker-checker controls, and audit evidence.
Validate collateral management including asset eligibility, haircuts, valuation, limits, acceptance/release workflows, and cash/non-cash collateral ratios.
Test banking and settlement interfaces, pay-in/pay-out processing, shortages, penalties, payout withholding, settlement cycles, FX processing, and reconciliation.
Test physical delivery workflows for commodities such as gold and silver, including delivery intentions, invoices, adjustments, and vault/CSD interfaces.
Validate default management, default-fund ledgers, liquidity reporting, reconciliation, audit trails, and regulatory/financial reporting.
Test maker-checker controls, batch processing, rollback/re-run functionality, alerts, interface file structures, and as-of report reproducibility.
Required Experience & Qualifications
8–15 years of software testing/QA experience.
Minimum 4–5 years of hands-on experience with an Exchange, CCP, Clearing Corporation, or Depository platform.
Experience with at least one major platform migration or new-platform UAT, preferably from test planning through Go-Live.
Strong understanding of derivatives markets, futures, options, contract lifecycle, settlement, and exchange membership structures.
Hands-on experience with clearing platforms such as NSE Clearing (NSCCL), ICCL, MCXCCL, NCDEX Clearing, or an international CCP.
Strong understanding of SPAN or equivalent scenario-based margining, with the ability to independently validate margin calculations for sample portfolios.
Practical knowledge of pay-in/pay-out cycles, bank interfaces, settlement, shortages, penalties, and commodity delivery processes.
Strong SQL and MS Excel skills for reconciliation and data validation.
Experience with test management/defect tools such as Jira/Xray, Azure DevOps, HP ALM, or equivalent.
Excellent communication and stakeholder-management skills, with the ability to present test results and risks to senior stakeholders.
Experience working with third-party vendors in
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