|Job Type:||Full Time|
EMEA FXHYBRIDS MIDDLE OFFICE - BOOKRUNNER
A Middle Office role in the Investment Bank providing first-line support for the Long Dated FXHybrids business and acting as a key point of contact for downstream groups. The role involves working with the most exotic and complex derivative products from a risk, PnL and trade management perspective.
FXHybrids Middle Office:
The FXHybrids Middle Office provides first-line support for the FXHybrids 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 to the desk on T.
The responsibilities of the Middle Office can be summarized under two main areas – Trade Management and Risk Management, the generic responsibilities for which are described below:
- Act as the primary control over the accurate capture of the business’ transactions in the Risk Management System
- Analyse and verify Risk and P&L new for transactions traded during each day
- Monitor and manage trade events throughout the lifecycle of the transactions, e.g. option exercises, knock ins/outs, refixing
- Review legal documentation for accuracy vs. the Risk Management System booking
- Liaise with Marketing support and downstream groups
- Produce and validate daily P&L and Risk positions for the desks
- Investigate and resolve P&L and Risk queries from Front Office
- Create and run ad-hoc risk scenarios for the trading desk which can involve producing impact of parameter changes, hypothetical market situations, what if, worst case etc
- Conduct stress testing scenarios for Trading and Market Risk
- Produce risk reports for use by Valuation Control Group (VCG)
- Produce Risk and P&L impact analysis for QR resulting from model or analytical changes
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 fixed income products
- Vanilla Products: FXOptions, IR Swaptions, Swaps, XCCY Swaps, Equity Options
- Complex Products: Power Range Dual Currency Swaps/Notes (PRDC) is our main product
- Risk - Understanding of the greeks
- PnL - Understanding of trading PnL and key drivers
- 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 is certainly helpful
- 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 systems / process 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 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.