This role could potentially be based in Boston, MA or Jersey City, NJState Street is developing Futures Commission Merchant (FCM) and capabilities to support futures and options clearing and execution to integrate it to its existing cleared repo franchise. Front Office Risk Management is a critical component of the target operating model and will work closely with Trading, Product Development, Middle Office, Back Office, Collateral Management, Enterprise Risk Management, Technology, Legal, Compliance, Treasury and Finance.
Job Description:We are looking for a Vice President of Front Office Market Risk to help design, implement and operate the risk framework for State Street's FCM and repo clearing business. This is a build-phase and BAU risk role requiring deep knowledge of listed derivatives, clearing, margin, liquidity and counterparty risk. The successful candidate will establish real-time controls for cleared and financing products, manage risk across overlapping futures and sponsored repo client activity.
Key Responsibilities:- Drive implementation of the Front Office Risk operating model for the FCM business
- Define and implement real-time and intraday risk monitoring capabilities, including monitoring of client positions, market movements, initial margin, variation margin, collateral requirements, cross-margining, limit utilization and liquidity requirements.
- Design pre-trade and pre-deal controls
- Aggregate risks across FCM and cleared repo activity
- Perform daily risk management for a diverse book of top-tier alternative manager portfolios, including analysis of margins, stress scenario results, and exposure changes.
- Work closely with Enterprise Risk Management (internal risk oversight) and external regulators.
- Work closely with front office traders and at times, clients, to derive and analyze trading strategies, considering margin risk and potential efficiencies
- Perform other tasks as assigned to support the Boston-based Front Office Market and Credit Risk team.
The Vice President will operate in a dynamic, fast-paced environment during the design, regulatory approval, implementation and launch phases of the FCM initiative. The role requires a high degree of autonomy, sound judgment under pressure, and the ability to translate complex market, margin, liquidity and counterparty risks into practical controls and senior-management decisions.
Education/Qualifications:- BS in Finance, Economics, Mathematics, Engineering or related field.
- 10+ years of relevant experience in FCM, futures clearing, listed derivatives, prime brokerage, sponsored/cleared repo, securities financing or front office market risk management..
- Strong understanding of futures and options market risk, clearing-house margin methodologies, client margining, collateral, liquidation risk and intraday liquidity.
- Demonstrated experience designing or operating real-time risk monitoring, pre-trade controls, stress testing, limit frameworks and escalation processes
- Experience assessing hedge fund and institutional trading strategies, including U.S. Treasury cash-futures basis and other leveraged relative-value strategies
- Working knowledge of FCM regulatory and segregation requirements, clearing-member risk controls, net capital considerations and clearing-house default management.
- Professional designations (CFA, FRM) preferred but not required.
Salary Range: $130,000 - $220,000 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.
Employees are eligible to participate in State Street's comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.
For a full overview, visit https://hrportal.ehr.com/statestreet/Home.
