Job Description

Job Title - Senior Test Consultant – Clearing, Risk & Settlement (Exchange Technology Migration)

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Job Type - Hybrid

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Location - Dubai

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Experience - 8+ Years

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Job Description -

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We are seeking an experienced Senior Test Consultant to join an independent testing team supporting a major exchange technology transformation and migration program.

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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.

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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.

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Key Responsibilities

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Analyse business requirements, functional specifications, rulebooks, and regulatory requirements and develop comprehensive test scenarios and cases.

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Maintain requirement-to-test traceability and obtain formal approval from business stakeholders.

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Design and execute detailed UAT test cases across multiple vendor releases.

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Define test data and coordinate environment readiness with business, IT, and vendor teams.

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Manage defects through the complete lifecycle, including severity/priority classification, triage, retesting, and regression.

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Prepare daily and weekly test status reports covering execution, defects, risks, blockers, and readiness.

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Prepare test summary reports and provide UAT sign-off recommendations.

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Support member/ISV conformance testing, mock trading, cutover rehearsals, Go-Live, and post-Go-Live hypercare.

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Work in accordance with exchange information-security, confidentiality, and data-classification requirements.

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CCP / Clearing-Specific Responsibilities

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Test real-time position processing, client/house segregation, position transfers, and contract-level exhaustion.

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Validate clearing and netting models including Gross-Gross, Gross-Net, Net-Net, and TFT.

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Test initial margin, SPAN/scenario-based margining, portfolio/spread offsets, cross-margining, MTM, delivery/additional margins, and pre-trade margining.

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Validate position limits, risk-reduction mode, automatic disablement/re-enablement, close-out, portability, and intraday risk-parameter changes.

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Test margin-model governance including back-testing, stress testing, historical simulation, what-if analysis, parameter versioning, maker-checker controls, and audit evidence.

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Validate collateral management including asset eligibility, haircuts, valuation, limits, acceptance/release workflows, and cash/non-cash collateral ratios.

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Test banking and settlement interfaces, pay-in/pay-out processing, shortages, penalties, payout withholding, settlement cycles, FX processing, and reconciliation.

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Test physical delivery workflows for commodities such as gold and silver, including delivery intentions, invoices, adjustments,



and vault/CSD interfaces.

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Validate default management, default-fund ledgers, liquidity reporting, reconciliation, audit trails, and regulatory/financial reporting.

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Test maker-checker controls, batch processing, rollback/re-run functionality, alerts, interface file structures, and as-of report reproducibility.

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Required Experience & Qualifications

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8–15 years of software testing/QA experience.

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Minimum 4–5 years of hands-on experience with an Exchange, CCP, Clearing Corporation, or Depository platform.

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Experience with at least one major platform migration or current-platform UAT, preferably from test planning through Go-Live.

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Strong understanding of derivatives markets, futures, options, contract lifecycle, settlement, and exchange membership structures.

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Hands-on experience with clearing platforms such as NSE Clearing (NSCCL), ICCL, MCXCCL, NCDEX Clearing, or an international CCP.

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Strong understanding of SPAN or equivalent scenario-based margining, with the ability to independently validate margin calculations for sample portfolios.

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Practical knowledge of pay-in/pay-out cycles, bank interfaces, settlement, shortages, penalties, and commodity delivery processes.

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Strong SQL and MS Excel skills for reconciliation and data validation.

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Experience with test management/defect tools such as Jira/Xray, Azure DevOps, HP ALM, or equivalent.

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Excellent communication and stakeholder-management skills, with the ability to present test results and risks to senior stakeholders.

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Experience working with third-party vendors in

📌 Senior Test Consultant - Clearing, Risk & Settlement (Exchange Technology Migration) (Hybrid) (Dubai
🏢 AvanteNow
📍 Bengaluru