CIB – Risk – Market Risk Coverage for Rates Fixed Income Financing – Associate
Group description:
IB Market Risk Management is an independent risk group working in partnership with the Trading Business and many business lines to ensure that risk positions are adequately identified, measured and controlled. The group forms the key interface for discussing risk issues with the trading desks, but retains independent reporting lines through the Risk management chain. Market risk management seeks to facilitate efficient risk/return decisions, reduce volatility in operating performance, and make the Firm's market risk profile transparent to senior management, the Board of Directors and regulators. Market risk coverage has regular dialogue with many of our business partners throughout the IB, including the Front office with discussions on risk appetite, limits, and individual large and complex transaction details.
The role is based in London and will be part of a team of four people covering Fixed Income Financing trading globally, as well as the Public Finance (Municipal) trading business, based in New York.
Job Responsibilities
• Support the agenda for Fixed Income Financing Risk coverage globally, with a special emphasis on the businesses based in EMEA and the Emerging Markets, and manage day-to-day relationships with trading management globally.
• Provide technical expertise and market insight into core fixed income financing and related derivative products:
- Repurchase agreements on all Fixed Income products (Govt, Corp, Mortgage bonds, etc), Bond Forwards, Total Return Swaps on all eligible Fixed Income assets
- Thorough understanding of Interest Rate Swaps, Futures markets, Basis relationships and speak to inherent risks of these products
• Identify core risks within business and ensure they are transparent and regularly reported.
• Ability to discuss key positions with management and traders to better understand underlying strategies, position concentrations and market impact
• Provide daily summary risk report other ad-hoc scenarios to management highlighting position trends and limit utilisation
• Closely follow financing and interest rate markets and provide management with scenario analyses ahead of key market events
• Facilitate reports for weekly management risk meetings and provide commentary for weekly global and IB cross asset risk calls
• Interact extensively with technology, middle office and reporting teams to ensure accurate risk capture. Due diligence and attention to detail is critical.
• Conduct ad hoc risk analysis; develop improvements in risk reporting, and VaR and Stress analysis tools.
• Monitor risk exposures, understand the factors that drive the risk and PL on the books, follow market movement/activities affecting positions, highlight and discuss risk changes and top risks.
• Monitor statistical and non-statistical risk measures to determine changes in risk profiles
Qualifications:
• Track record of dealing with Front Office and coordinating with other control groups
• Ability to work independently and drive business initiatives.
• Excellent existing knowledge of interest rates with a strong derivatives grounding
• Good understanding of the macroeconomic landscape and drivers of Fixed Income markets
• Excellent written and spoken communication skills
• Ability to work with limited supervision and consistently demonstrate sound judgment
• In depth work with flow or fixed income financing products experience preferable
• Strong quantitative skills and demonstrate fluency in IR models
• Strong excel skills required; working knowledge of VBA programming a plus
• Good project management skills
• Basic understanding of Business and Regulatory Accounting concepts a plus
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