Job Description

The Electronic Trading Senior Business Analyst plays a critical role in the evolution of the Millennium Exchange trading platform, acting as a bridge between market structure, regulation, product design, and engineering delivery

The role focuses on analysing, defining, and validating changes to core exchange services—including order book behaviour, matching logic, market data, and participant connectivity—ensuring that all changes are technically precise, operationally safe, and regulatorily compliant

This is a hands‑on senior role requiring deep understanding of exchange trading mechanics, strong technical fluency, and the ability to operate confidently across engineering, market operations, and regulatory stakeholders.

Key Responsibilities

Market Model & Requirements Analysis

• Analyse and define changes to exchange market models, including:

  • Order types and time‑in‑force

  • Auctions and uncrossing behaviour

  • Tick sizes and trading parameters

• Translate market and regulatory requirements into clear, unambiguous functional and non‑functional specifications

• Ensure requirements reflect deterministic exchange behaviour and fairness principles

Partnering with Product & Engineering

• Work closely with:

  • Technical Product Managers

  • Platform Engineering teams

  • Market Operations

• Produce high‑quality artefacts including:

  • Business and functional requirements

  • Detailed system behaviour scenarios

  • Data flow and state transition definitions

• Support engineering through design reviews, refinement, and clarification

Exchange Platform Focus (MIT)

• Analyse and document behaviour across core Millennium Exchange components:

  • Matching engine and order lifecycle

  • Gateway and participant connectivity

  • Market data generation and dissemination

• Ensure functional correctness across:

  • Sequencing and priority rules

  • Trade reporting

  • Recovery and replay scenarios

Testing, Rehearsals & Delivery Support

• Partner with QA and Market Operations to define:

  • Test scenarios

  • Edge cases and failure conditions

• Support industry testing, member rehearsals, and go‑live readiness

• Validate that delivered solutions meet:

  • Original business intent

  • Performance and capacity expectations

Regulatory & Control Alignment

• Ensure requirements reflect:

  • Fair and orderly market obligations

  • Transparency and market abuse controls

• Support regulatory change initiatives by:

  • Interpreting regulatory text into executable requirements

  • Providing traceability from regulation → functionality

• Participate in audit, risk, and control reviews

Stakeholder Engagement

• Act as a subject‑matter expert for internal stakeholders including:

  • Product

  • Engineering

  • Market Operations

  • Regulatory Affairs

• Engage with external participants where required to clarify platform behaviour

• Provide clear explanations of complex technical behaviour to non‑technical audiences

Required Skills & Experience

Essential

• Proven experience as a Senior Business Analyst in:

  • Exchanges

  • Market infrastructure

  • Electronic trading platforms

• Deep understanding of:

  • Central Limit Order Books

  • Matching engine mechanics

  • Exchange trading workflows

• Ability to produce precise, low‑ambiguity specifications

• Strong experience working with engineering teams delivering low‑latency systems

• Excellent analytical and problem‑solving skills

Desirable

• Direct experience with Millennium Exchange or similar exchange platforms

• Strong understanding of:

  • FIX and native exchange protocols

  • Market data feeds (Level 1 / Level 2)

  • Deterministic system design

• Experience supporting:

  • Market migrations

  • Major rulebook or market model changes

• Background in Equities, ETFs, Fixed Income, or Derivatives markets

Typical Stakeholders

• Exchange Product & Technical Product Management

• Platform Engineering & Architecture

• Market Operations & Surveillance

• Regulatory Affairs & Risk Functions

• Trading Participants (Members, Vendors, Market Makers)

Success Measures

• Clarity and accuracy of functional specifications

• High‑quality delivery with minimal rework

• Smooth market rehearsals and go‑lives

• Strong trust from engineering and operations teams

• Regulatory and audit readiness

Career Stage:

Manager

London Stock Exchange Group (LSEG) Information:

Join us and be part of a team that values innovation, quality, and continuous improvement. If you're ready to take your career to the next level and make a significant impact, we'd love to hear from you.

LSEG is a leading global financial markets infrastructure and data provider. Our purpose is driving financial stability, empowering economies and enabling customers to create sustainable growth.

Our purpose is the foundation on which our culture is built. Our values of Integrity, Partnership, Excellence and Change underpin our purpose and set the standard for everything we do, every day. They go to the heart of who we are and guide our decision making and everyday actions.

Working with us means that you will be part of a dynamic organisation of 25,000 people across 65 countries. However, we will value your individuality and enable you to bring your true self to work so you can help enrich our diverse workforce.

We are proud to be an equal opportunities employer. This means that we do not discriminate on the basis of anyone’s race, religion, colour, national origin, gender, sexual orientation, gender identity, gender expression, age, marital status, veteran status, pregnancy or disability, or any other basis protected under applicable law. Conforming with applicable law, we can reasonably accommodate applicants' and employees' religious practices and beliefs, as well as mental health or physical disability needs.

You will be part of a collaborative and creative culture where we encourage new ideas. We are committed to sustainability across our global business and we are proud to partner with our customers to help them meet their sustainability objectives. Our charity, the LSEG Foundation provides charitable grants to community groups that help people access economic opportunities and build a secure future with financial independence. Colleagues can get involved through fundraising and volunteering.

LSEG offers a range of tailored benefits and support, including healthcare, retirement planning, paid volunteering days and wellbeing initiatives.

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