Associate, Metals Settlements

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Provides end‑to‑end operational support for the settlement of physical and unallocated precious metals transactions, ensuring accurate trade affirmation, timely settlement, and robust post‑settlement reconciliation. Executes daily settlement activities across approved depositories and platforms, maintains strong governance and control discipline, and acts as a key escalation point for complex breaks and exceptions. Supports new account, vault, and process set‑ups, and contributes to the continuous improvement of physical metals settlement operations.

• Execute and oversee affirmation, settlement, and post‑settlement processing for allocated (physical) and unallocated precious metals transactions in accordance with documented SOPs.
• Act as checker for affirmation emails, settlement instructions, release/receipt documentation, and cash settlement communications to ensure accuracy and completeness prior to downstream processing.
• Manage physical releases and receipts through approved depositories, including bar list verification, inventory checks, release instructions, incoming shipment notifications, and settlement confirmations.
• Coordinate with OTC Derivative Operations to ensure accurate cash settlement instruction preparation following confirmed metals settlement.
• Ensure transactions are accurately reflected in Endur , IMS , and external settlement platforms to support clean downstream accounting and reporting.

• Perform and oversee daily reconciliations across Endur, IMS, depository statements, and warrant balances; identify, investigate, document, and resolve discrepancies in a timely manner.
• Provide detailed root‑cause analysis and supporting evidence for reconciliation breaks, escalating aged or material items in line with defined exception thresholds.
• Ensure all key operational controls are executed, evidenced, and retained in accordance with audit, regulatory, and record‑retention requirements.
• Exercise judgment in identifying exceptions, assessing operational risk, and engaging senior team members or management where required.

• Support Endur Nostro account and IMS vault set‑ups , including static data creation, verification, authorization, and coordination with internal stakeholders for activation.
• Provide operational input into the onboarding of new vaults, locations, clients, or settlement flows , ensuring readiness across systems, controls, and procedures.
• Participate in testing and implementation of process enhancements, system changes, and control improvements impacting physical metals settlement activities.

• Act as a day‑to‑day operational contact for internal partners (LOB, OTC Derivative Operations, Operational Risk) and external stakeholders (clients, depositories, service providers).
• Respond to standard and non‑standard settlement inquiries, providing clear status updates, issue analysis, and resolution paths.
• Prepare and distribute client position statements, interest invoices, and settlement confirmations in line with agreed schedules and client instructions.

• Gather, analyze, and format operational data into daily, weekly, monthly, and ad‑hoc reports supporting reconciliation, risk monitoring, and management oversight.
• Identify recurring issues or inefficiencies and contribute recommendations for process improvement, control strengthening, and operational resilience .
• Support the development and maintenance of procedures, checklists, and training materials for physical metals settlement processes.

• Act as primary back‑up for team members across key settlement and reconciliation processes.
• Provide guidance and knowledge‑sharing support to less experienced team members; may assist with quality checking and task coordination.
• Work independently on complex or non‑routine settlement scenarios while adhering to established governance and escalation frameworks.

• Demonstrate a strong understanding of operational risk, regulatory requirements, and control expectations specific to physical metals operations.
• Ensure settlement activities comply with internal policies, SOPs, and service level agreements.
• Maintain high standards of data accuracy, documentation quality, and audit readiness.

• Typically 4–6 years of relevant experience in commodities, physical metals, or complex settlements operations, with a post‑secondary degree or equivalent experience.
• In‑depth knowledge of physical metals settlement processes, including allocated/unallocated metals, depositories, reconciliations, and client reporting.
• Strong hands‑on experience with Endur , IMS , and reconciliation tools.
• Proven ability to analyze complex operational issues, prioritize effectively, and deliver accurate results in a time‑sensitive environment.
• Excellent verbal and written communication skills .
• Strong analytical, problem‑solving, collaboration, and data‑driven decision‑making skills .

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The above represents BMO Financial Group's pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group's expected target for the first year in this position.

BMO Financial Group's total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: 

About Us

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.

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BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other's differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.