EMEA INTEREST RATE & LDFX HYBRIDS MIDDLE OFFICE - BOOKRUNNER
A Middle Office role in the Investment Bank providing first-line support for the Exotics & Hybrids 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.
Interest Rate Exotics & FX Hybrids Middle Office:
The Exotics & Hybrids 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.
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:
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
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)
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.
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.
Some specific skills that we would be looking for candidates to possess include:
· Product knowledge – Understanding of vanilla and complex derivative products
· Vanilla Products: FXOptions, IR Swaptions, Swaps, XCCY Swaps, Equity Options
· 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)
· 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
· 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.