|Job Type:||Full Time|
EMEA INTEREST RATES FLOW & EXOTIC MIDDLE OFFICE - BOOKRUNNER
A Middle Office role in the Investment Bank providing first-line support for a variety of businesses across a range of Trading desks such as Interest Rate Options, Inflation and Exotics & Hybrids. Our Operations employees act as a key point of contact for a variety of downstream groups and control functions. The role involves working with our vanilla and complex derivative products from a risk, PnL and trade management perspective across all asset classes.
Interest Rate Middle Office Operations:
Our Middle Office provides first-line support for the trading business and acts as a key point of contact for numerous downstream groups. It must ensure the accurate capture of the business’ transactions, systematically managing product complexity, report on the subsequent risks resulting from these transactions, and present attributed PnL reports to the Front Office.
The responsibilities of the Middle Office can be summarized under three main areas – Trade Management, Risk Management and ongoing Project Development, the generic responsibilities for which are described below:
Responsibilities - Trade Management
Act as the primary control over the accurate capture of the business’ transactions in the Risk Management System
Verify new transactions executed throughout the day against Termsheet, Sales Recap and Broker Confirmations
Ensure compliance with Regulatory standards such as Dodd Frank Reporting, EMIR, EBC Pre-Trade Disclosures, Clearing, Volcker Reporting and Legal Entity push-out programs
Monitor and manage trade events throughout the lifecycle of the transactions, e.g. option exercises, knock ins/knock outs, rate fixings, TARNs and barriers
Review legal confirmation documentation for accuracy vs. the Risk Management System booking
Liaise with Marketing support, downstream settlement, collateral, finance, and other Back Office control groups
The Rates Trading Asset Class is involved in a multi-year project to migrate to new risk management tooling which requires a great deal of operational involvement to help build efficient and sustainable processes
Responsibilities – PnL and Risk Management
Produce and validate T0 P&L, 1st Order and Higher Order Risk positions for the Front Office
Investigate and resolve P&L and Risk queries from Front Office
Create and run ad-hoc risk scenarios for Front Office which can involve producing impact of model parameter remarking, analytics, hypothetical market situations such as ‘what if’ and ‘worst case’ etc
Produce risk exposure reports for use by Valuation Control Group (VCG), Market Risk, Quantitative Research (QR) and Model Governance Group (MGG)
Assist Quantitative Research and Front Office with their initiatives for model improvements and model upgrades via testing and imp
Each trading desk has a dedicated Bookrunner team who are required to develop an intensive understanding of the desk’s business and transactions and provide the above support. We are looking for candidates to join the Bookrunner teams who display drive and enthusiasm, who are highly numerate, work well as part of a team and have strong communication skills.
Some specific skills that we would be looking for candidates to possess include:
- Product knowledge – Understanding of vanilla and complex derivative products
- Vanilla Products: Bonds, FXOptions, FXForwards, IR Swaptions, IR Swaps, XCCY Swaps, Equity Options, Inflation Swaps and Asset Swaps
- Complex Products: Power Range Dual Currency Swaps/Notes (PRDC) is our main product, digitals, range accruals, binaries, barriers, KOs/KIs, TARNs, Chooser s, Callable Inverse Floaters, Yield Curve Spread Options (YCSOs), Quantos and Structured Note Issuance
- Risk - Understanding of the greeks such as Delta, Vega, Gamma, Theta and Cross-Gamma
- PnL - Understanding of trading PnL and key drivers from both a first order and higher order perspective
- Understanding of risk types – Market, operational, settlement, credit, legal and reputational
- Systems skills – Understanding of risk management and reporting systems, straight through processing, Excel/Access
- Problem solving – Developing and implementing solutions to often complex issues
- Control –Understanding and implementing the control framework to mitigate risk through the transaction lifecycle
- Projects - Assisting in the delivery of tactical and strategic solutions
- Networking and the bank-wide perspective – Understanding the needs of other groups and the importance of relationship building through extensive interaction.
As a group, we pay particular attention to career development. There are opportunities for people to develop their skill set by moving through the groups within the overall Rates, Currencies and Emerging Markets business and JPMorgan as a whole. This is driven by a combination of business need and personal preference and forms an integral part of the development / appraisal cycle.
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About J.P. Morgan’s Corporate & Investment Bank:
J.P. Morgan’s Corporate & Investment Bank is a global leader across banking, markets and investor services. The world’s most important corporations, governments and institutions entrust us with their business in more than 100 countries. With $18 trillion of assets under custody and $393 billion in deposits, the Corporate & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. Further information about J.P. Morgan is available at www.jpmorgan.com.
JPMorgan Chase & Co. offers an exceptional benefits program and a highly competitive compensation package. JPMorgan Chase & Co. is an Equal Opportunity Employer and a member of the UK Government’s Disability Confident Scheme.