Business Architect

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 wi

Benefits

Additional Information

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.

Your Match

How well this role fits your profile.

Company Intel

What employees say

Worked at lseg? Share your experience