Vice President – Equity Derivatives Valuation Review Group Controller recruitment
VRG provides an independent valuation opinion across the entire range of financial instruments, ranging from vanilla products to the most complex structured and derivative transactions. The group acts as a guardian and approver of valuation models and methodologies.
The group's key clients are senior trading management, senior finance management and the firm’s regulators.
VRG is responsible for performing an independent monthly review of the portfolio valuation and relevant valuation adjustments, which involves pre-approval of valuation methodologies, testing compliance to such methodologies, comparison of Morgan Stanley marks to external marks/benchmarks, identification and resolution of potential pricing discrepancies and provides a valuation summary assessment to senior management. The team is also involved in the continuous advancement and enhancement of the valuation control infrastructure with a view towards global and cross-product standardisation.
The team works closely with other groups within the Financial Control Group, Business Unit traders, Model developers (Strategists), and Risk Management.
Position overview:
This position is within the Equities team within VRG, focussed on the mark review (independent price verification) of the Equity Derivatives business. The role will cover the full spectrum of equity derivative products, from vanilla Equity Options, Variance and Volatility Swaps and Dispersion Trades through to Basket Options, Cliquets, CPPI and other Gap Risk Products, Exotic Payoff Options, Autocallables and Structured Notes.
Role Responsibilities:
- A key leader in the management of the European Equities VRG team; work effectively with the global management team;
- Take ownership for production of a number of monthly independent mark reviews within the Equity Derivatives team;
- Communicate results to team management as well as participation in review of detailed results with trading desks;
- Mid month support mark review analysis and process improvement by performing in depth analysis on valuation issues or supporting process and infrastructure development;
- Partner with the model control team within VRG to develop and enhance independent valuation methodologies; ensure the group’s documentation around mark review methodologies is fully up to date and make revisions as required;
- Take ownership of balance sheet categorisation based upon observability in accordance with FAS157;
- Pro-active management of valuation risk; where necessary lead the coordination of solutions in partnership with the Business Unit Controllers, front office Quantitative Modelling group, Market Risk Department and other institutional groups;
- Challenge existing working practices and improve efficiencies.
Skills Required:
- Demonstrable independent price verification or product control experience in exotic or structured derivatives;
- Analytical approach; attention to detail and mindset of accuracy;
- Confidence and strong communication skills are essential;
- Ability to influence and work across teams and regions;
- Ability to develop strong internal client relationships;
- Ability to work under pressure to tight deadlines;
- Excellent academics including a highly numerate degree or equivalent;
- PC literate with strong command of excel spreadsheets, preferably with experience in the visual basic language.
Morgan Stanley is an equal opportunities employer and is committed to fair treatment, regardless of background (including criminal record).