Barclay Simpson
Market Risk Analyst- Commodities
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Senior Market Risk Analyst – Physical Energy Trading
London | Permanent | On-site
Market Risk | Physical Energy | Refined Products | Biofuels
We are working with an established and entrepreneurial energy trading business to appoint a Senior Market Risk Analyst into its London-based trading risk function.
This is a broad, commercially focused market risk position sitting close to the trading business. The successful individual will take ownership of a physical trading book, initially focused on gasoline, with wider exposure across areas including distillates and ethanol/biofuels.
The role combines traditional market risk disciplines with detailed understanding of physical positions, exposures, pricing and mark-to-market P&L. It therefore requires someone who can look beyond headline risk numbers and understand what is actually driving the underlying exposure.
The environment is relatively hands-on. Systems and processes continue to evolve, so analysts need to be capable of independently investigating positions, challenging marks and understanding the economics of individual transactions.
Given a physical contract, its pricing terms and the relevant market data, you should be comfortable determining the resulting position, where the market exposure sits, how it should be valued and what P&L it should generate.
The Role
You will take senior responsibility for the day-to-day risk oversight of a physical trading book, ensuring positions, exposures and P&L are accurately captured, understood and communicated.
Initially, a major area of responsibility will be the gasoline book, although you will work across the wider trading portfolio and support the continued development of the risk function.
Key Responsibilities
- Take ownership of the market risk and exposure associated with the gasoline trading book.
- Produce, analyse and explain daily positions and mark-to-market P&L.
- Identify the key market and pricing exposures arising from physical trading activity.
- Review and challenge market data, price curves, markers and valuation methodologies.
- Understand the relationship between physical positions, hedging activity and resulting residual market exposure.
- Investigate P&L movements, position discrepancies and unexpected exposures.
- Reconstruct positions and valuations independently where necessary rather than relying solely on system-generated outputs.
- Work closely with Trading, Commercial and Finance to ensure risks and trading performance are properly understood.
- Support the continued enhancement of risk reporting, controls and the ETRM environment.
- Provide meaningful risk commentary and challenge to the trading business.
- Act as a senior member of the team, providing guidance and mentoring to junior analysts.
- Contribute to broader projects designed to strengthen and develop the firm's market risk capability.
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Who Are We Looking For?
We are looking for an experienced commodity risk professional with a strong understanding of how physical trading activity translates into market positions, exposures and P&L.
Relevant backgrounds could include market risk, commodity risk, product control or deals desk positions, provided you have worked closely with physical trading activity.
Experience within oil, refined products, gasoline, distillates, ethanol or biofuels would be particularly relevant. Strong candidates from other physical commodity markets, including metals, may also be considered where they can demonstrate transferable knowledge of physical contracts, hedging and valuation.
You should be comfortable with:
- Physical commodity positions and exposures.
- Futures, forwards and associated hedging activity.
- Mark-to-market valuation and daily P&L.
- Market data, pricing curves and price markers.
- Investigating and explaining position and P&L movements.
- Working closely with traders and commercial stakeholders.
- Challenging numbers rather than simply reporting them.
- Operating within a smaller, entrepreneurial trading environment where systems may not provide every answer.
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This role is less suited to someone whose experience has been exclusively focused on highly automated risk reporting or the production of statistical risk measures without detailed exposure to the underlying trading activity.
Developing the Market Risk Framework
There is an opportunity for the successful individual to contribute to the continued evolution of the firm's market risk capability.
Over time, the business intends to develop its analytical framework further, including greater use of measures such as Value at Risk (VaR).
However, this is not currently a VaR-led market risk position. The immediate priority remains ensuring that the fundamentals are robust: positions, exposures, hedging, valuations, P&L and commercial understanding.
Why Consider It?
This is an opportunity to take genuine ownership within a growing trading risk function rather than becoming one part of a large, highly segmented risk infrastructure.
You will have responsibility for a meaningful trading book, work directly with the commercial business and have the opportunity to influence how the risk function develops.
For someone with a strong grounding in physical commodity risk who wants greater ownership, commercial exposure and the opportunity to help develop a market risk framework, this represents an interesting next step.
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