Standard Chartered
Executive Director, XVA Trading
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Job Summary
This is a senior opportunity for an experienced markets professional who wants to operate at the intersection of trading, risk, capital and client business.
XVA sits across the Markets franchise, giving the role unusually broad exposure to Rates, FX, Credit, Equities and Commodities, while combining sophisticated risk management with the commercial challenge of pricing some of the Bank's material client transactions. The role encompasses CVA, FVA and capital considerations. What makes the opportunity particularly compelling is the scope to influence rather than simply execute. As a senior member of the XVA team, the successful candidate will help define and implement the desk's risk-management strategy, contribute to client pricing and RWA optimisation, and work alongside senior stakeholders across Sales, Trading, Risk, Finance and other functions. The role also provides exposure to the next generation of markets activity. As the Bank develops new products and enters areas such as ESG markets, new commodities and crypto, XVA needs to determine how those businesses are modelled, priced and risk-managed. For someone coming from XVA, derivatives trading or another sophisticated cross-asset environment, this is therefore much more than a conventional trading seat. It is an opportunity to combine deep technical expertise with commercial judgement, senior influence and strategic ownership, and to help shape the continued development of the Bank's XVA franchise.
Key Responsibilities
The XVA Desk is mandated as a risk-management utility to hedge the Bank against market and credit risks relating to FM exposures and inventory. The XVA Desk’s mandate is to minimise XVA PL volatility and mitigate XVA credit and market risk. As such, this role requires the analysis and management of the risks of Financial Markets. In discharging the below stated responsibilities, the individual will need to evidence (i) understanding of prevailing regulations and in alignment with the Bank’s risk perimeters; (ii) risk-analysis acumen; (ii) ability to collaborate and finesse in interacting with the various lines of defence and support functions; (iv) solutions-driven approach to client mandates in support of origination and product activities.
Role
This is a senior role within the XVA team, and, together with B4 colleagues, requires the ability to define and implement the Risk Management strategy for the XVA desk. In particular, the individual must manage the following risks and trading relationships:
- XVA credit risks: requires ongoing hedging relationships with various dealers across the Street
- XVA commodity risks: requires ongoing hedging relationship with Commodity trading
- XVA interest rate risks (spot and vol): requires ongoing hedging relationship with Rates trading, particularly G10, as well as the Street
- XVA FX risks
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Aside from the cross-asset XVA risk-management mandate, the role also requires knowledge and expertise relating to new business initiatives and products, such as carbon-based products, new commodities lines (e.g., cobalt) and electronic currencies (Crypto). Every new derivative product requires XVA coverage – meaning both an XVA modelling framework as well as all requisite market data.
In addition to risk-management of new exposures, the role demands origination and pricing skills. All material client transactions require XVA pricing at inception. The individual will, together with colleagues, lead the XVA pricing analysis for new transactions, covering CVA and FVA charges as well as capital analysis. This pricing must blend market competitiveness with risk-prudence and requires expertise in the use of several proprietary trading tools, as well as a comprehensive knowledge of market and legal data pertaining to each new transaction.
To effectively address the above mandate, the individual must possess specific knowledge and expertise spanning:
- All FM trading businesses and client cohorts, as well as imminent new-product initiatives
- XVA best practices and model developments,
- Market regulatory regimes, including, for example, the global IBOR transition initiative,
- Regulatory capital requirement across all relevant jurisdictions.
- SCB Trading systems, plus market and legal database and APIs.
The role also requires extensive coordination and engagement across stakeholders, including:
- FM Sales and Trading (including desk heads across all asset classes)
- TRM and Risk
- Legal and Compliance
- Finance, including both Product Control and Product Control
- Middle Office for trade-booking
- Back Office for post-trade reconciliation and settlements.
Skills And Experience
- Significant experience within investment banking trading environments, ideally in XVA, FX Options, Non-Linear Rates or other derivatives trading businesses.
- Strong understanding of XVA frameworks including credit risk, funding risk and regulatory capital impacts.
- Deep knowledge of products which could include Rates, FX, Credit, Equities and Commodities markets.
- Strong quantitative academic background in Mathematics, Physics, Engineering, Finance, Economics or a related discipline would be beneficial.
- Ability to operate effectively across global teams and influence senior stakeholders across Front Office, Risk and Control functions.
- Excellent communication, strategic thinking and leadership skills, with the capability to contribute to desk strategy and platform development.
- Brings a collaborative mindset, strong commercial judgement and the ability to balance risk management with business growth objectives.
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About Standard Chartered
We're an international bank, nimble enough to act, big enough for impact. For more than 170 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents and we can't wait to see the talents you can bring us.
Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion.
Together We
- Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
- Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
- Are better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term
What We Offer
In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.
- Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations.
- Time-off including annual leave, parental/maternity (20 weeks), sabbatical (12 months maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum.
- Flexible working options based around home and office locations, with flexible working patterns.
- Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
- A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning.
- Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.
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