First Derivative is driven by people, data, and technology, unlocking the value of insight, hindsight, and foresight to drive organizations forward. Counting many of the world's leading investment banks as clients, we help our clients navigate the data-driven, digital revolution that is transforming the financial services sector. Our global teams span across 15 offices serving clients across EMEA, North America and APAC. As an EPAM Systems, Inc. (NYSE: EPAM) company, a leading integral provider of digital platform engineering and development services, we deliver advanced financial services solutions by empowering operational insights, driving innovation, and enabling more effective risk management in an increasingly data-centric world. Together with EPAM, we combine deep industry expertise with cutting-edge technology to help clients stay ahead in a rapidly evolving financial landscape, offering comprehensive solutions that drive business transformation and sustainable growth. We 're looking for a Mid-level Calypso Business Analyst to join our team in a hybrid working mode. In this role, you will work at the intersection of technology and business, supporting a global financial institution with its front-to-back Calypso implementation and collateral/liquidity management processes. This is a consulting-driven position where you’ll partner with client stakeholders, gather functional requirements, and deliver strategic solutions to enhance clearing operations and regulatory compliance. As part of a highly skilled project team, you will leverage your Calypso expertise to optimize derivative trading workflows and ensure seamless trade lifecycle management, adding measurable value to core business functions.
Responsibilities




Deliver change initiatives to the Calypso-based collateral and liquidity management platform
Partner with client stakeholders to capture, validate, and document business requirements
Translate user stories into functional specifications for development and QA teams
Manage the end-to-end delivery cycle from analysis to implementation and post-implementation validation
Develop and execute User Acceptance Testing (UAT) and regression testing plans
Facilitate workshops with front, middle, and back-office teams to improve processes
Provide clarification and guidance on functional queries for the development team
Drive compliance with regulatory and market-driven changes
Requirements
5 years of experience as a Business Analyst on Calypso platforms
Strong understanding of derivatives products and trade lifecycle management
Solid knowledge of collateral lifecycle processes and clearing workflows
Experience in Agile or hybrid delivery models with tools like JIRA
Excellent communication skills and ability to engage with senior stakeholders
Proven ability to produce clear requirements documentation and test cases
Nice to have
Experience with tri-party collateral arrangements and collateral optimization strategies
Familiarity with clearing house operations and settlement processes
Understanding of EMIR, Dodd-Frank, or similar regulatory reporting frameworks




Previous consulting experience in capital markets technology transformation
We offer
Private Healthcare Package
Pension
Employee Assistance Programme
Enhanced Maternity policy
Group Life Protection Benefit
Give as You Earn
Cycle to Work Scheme
Employee Referral Bonus Scheme
Diversity Networks
Access to a range of skills and certifications
EPAM is a leading digital transformation services and product engineering company with 61,700+ EPAMers in 55+ countries and regions. Since 1993, our multidisciplinary teams have been helping make the future real for our clients and communities around the world. In 2018, we opened an office in Spain that quickly grew to over 1,450 EPAMers distributed between the offices in Málaga, Madrid and Cáceres as well as remotely across the country. Here you will collaborate with multinational teams, contribute to numerous innovative projects, and have an opportunity to learn and grow continuously.
Why Join EPAM
WORK AND LIFE BALANCE. Enjoy more of your personal time with flexible work options, 24 working days of annual leave and paid time off for numerous public holidays.
CONTINUOUS LEARNING CULTURE. Craft your personal Career Development Plan to align with your learning objectives. Take advantage of internal training, mentorship, sponsored certifications and LinkedIn courses.
CLEAR AND DIFFERENT CAREER PATHS. Grow in engineering or managerial direction to become a People Manager, in-depth technical specialist, Solution Architect, or Project/Delivery Manager.
STRONG PROFESSIONAL COMMUNITY. Join a global EPAM community of highly skilled experts and connect with them to solve challenges, exchange ideas, share expertise and make friends.
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📌 Mid-Level Calypso Business Analyst (Madrid)
🏢 Epam Systems
📍 Madrid