Counterparty Risk Trading recruitment
The Counterparty Risk Trading business is a central function that hedges the counterparty credit risk arising from derivatives contracts across the bank. A model-driven reserve for defaults is calculated and held on the balance sheet. The traders seek to hedge out movements in the reserve by trading in a range of products including CDS, IRS, FX options, Commodities and more.
Responsibilities:
-Preparation of daily PnL for distribution to the front office and other relevant parties including the initial flash PnL and updated formal PnL report.
-Validation and maintenance of the Balance Sheet including reconciliation to the front office source system.
-Analysis of daily PnL using relevant risk and market parameters to form a full PnL explain and investigation of any residuals on this explain.
-Preparation of daily PnL commentaries and aggregated weekly/ monthly commentaries.
-Submission of daily PnL and commentaries to management information systems.
-Review of new deal PnL as part of PnL explain process.
-Monthly reconciliation and balance sheet validation processes over and above the standard daily processes.
-Ad hoc project work such as process improvements, system upgrades and new system migrations.
Requirements:
-Degree educated (with a minimum of a 2:1, ideally in a Mathematical based subject)
-Qualified accountant (ACA, ACCA, CIMA or CFA etc)
-Solid product control background
-Previous exposure to derivative products (ideally credit derivatives)
-Previous exposure to IFRS and IAS accounting standards
-Strong communication skills
-Diligent and show attention to detail
-Self-starter