BBVA
SFT Risk & Hedge Fund Financing - Senior Risk Manager
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BBVA is a global company with more than 160 years of history that operates in more than 25 countries where we serve more than 80 million customers. We are more than 121,000 professionals working in multidisciplinary teams with profiles as diverse as financiers, legal experts, data scientists, developers, engineers and designers.
About the job:
We are seeking a high-caliber risk professional, based in London, to join the Global Markets Risk Unit with responsibility for the independent oversight of Hedge Fund financing activities across Repo, Reverse Repo, Securities Financing Transactions (SFTs), Prime Brokerage and related financing products.
The role sits at the intersection of counterparty risk, collateral risk, liquidity risk and market risk, providing independent challenge and risk stewardship over complex financing relationships with institutional clients. The successful candidate will assess financing structures, collateral portfolios, leverage dynamics and liquidity vulnerabilities across a broad range of Hedge Fund strategies, ensuring that risk appetite remains aligned with market conditions and the firm's balance sheet objectives.
This position offers significant exposure to senior management, Front Office, Treasury, Credit Risk, Market & Counterparty Risk and requires the ability to make sound risk judgements in fast-moving market environments.
Key Responsibilities:
Securities Financing Transactions (SFT) & Repo Risk:
- Monitoring: Review, monitor, and elaborate presentations on secured financing volumes and structures across bilateral and triparty repo transactions, including Risk Adjusted measures.
- Optimize framework: Evaluate SFT framework, including counterparty and collateral eligibility matrixes, haircut methodologies, concentration limits and funding tenors.
- Stress test: Assess the resilience of financing structures under stressed market conditions, including collateral price shocks, liquidity deterioration and funding market disruption.
- Challenge: Provide effective challenge to financing proposals, balancing client needs with prudent risk management and balance sheet efficiency.
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Hedge Fund Financing & Counterparty Risk:
- Perform independent risk assessments of SFT business with Hedge Fund counterparties as a relevant subset of the business. Be familiar with leverage profile, liquidity characteristics, funding dependencies and operational robustness.
- Identify early warning indicators and recommend proactive risk mitigation measures.
- Understand and monitor financing capacity, counterparty risk appetite and appropriate risk limits across financing relationships.
Collateral Liquidity & Stress Analysis:
- Assess liquidation risk across a broad range of collateral classes including sovereign bonds, agencies, investment grade and high-yield credit, emerging market debt and structured products.
- Quantify potential losses arising from collateral liquidation under both idiosyncratic and systemic stress events.
- Design and execute stress scenarios incorporating market dislocation, widening haircuts, deleveraging events and reduced market depth.
- Evaluate gap risk, wrong-way risk and liquidity-adjusted exposure measures.
Portfolio & Exposure Management:
- Monitor aggregate exposures across Repo, Prime Brokerage, Securities Lending, OTC Derivatives and other financing products.
- Assess interconnected exposures and risk concentrations across counterparties, sectors, strategies and collateral types.
- Recommend limit changes, transaction restructuring and escalation actions where appropriate.
Governance & Risk Leadership:
- Present complex risk assessments to senior management and risk committees.
- Partner with Front Office and ensure adequate and timely response, while maintaining independent risk judgement.
- Contribute to the development of risk frameworks, methodologies, collateral standards and financing risk appetite.
- Participate in governance discussions relating to financing markets, liquidity conditions and emerging industry risks.
What are we looking for?
Required Experience:
- 5–10+ years of experience within one or more of the following areas:
- Hedge Fund Counterparty Risk.
- Prime Brokerage Risk Repo and Securities.
- Financing Risk Financing and Liquidity Risk.
- Market Risk covering financing businesses.
- Counterparty Credit Risk.
- Demonstrated experience assessing complex Hedge Fund financing relationships and secured funding transactions.
- Strong understanding of leverage, liquidity and funding dynamics across a broad range of Hedge Fund strategies.
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Technical Knowledge
Strong knowledge of:
- Repo and Securities Financing markets.
- Hedge Fund leverage, liquidity and financing structures.
- Collateral management and optimisation.
- GMRA documentation and market conventions.
- Haircut methodologies and margin frameworks.
- Liquidity risk measurement and stress testing.
- Wrong-way risk and concentration risk assessment.
- Market structure and collateral liquidation dynamics.
Desirable:
- SA-CCR.
- Basel III / Basel IV.
- EMIR and SFTR.
- Securities Lending.
- OTC Derivatives.
- Balance Sheet optimisation, RWA, NSFR and LCR considerations.
- Python, SQL or other quantitative analysis tools.
Candidate Profile:
We are particularly interested in candidates who demonstrate:
- Strong commercial judgement and risk ownership.
- Ability to challenge Front Office and senior stakeholders with credibility and confidence.
- Deep understanding of financing, liquidity and collateral risks.
- Strong analytical and quantitative capabilities.
- Ability to identify emerging risks before they become visible through traditional risk metrics.
- Sound decision-making under stressed market conditions.
- Intellectual curiosity and a strong understanding of market dislocations and historical financing crises.
Please note that priority will be given to candidates who are eligible to work in the UK.
Skills:
- Análisis de rentabilidad
- Capital regulatorio (visión Risk Management)
- Evaluación del riesgo de estrés
- Idioma inglés
- Microsoft Excel
- Murex
- Python (lenguaje de programación)
- Python para análisis de datos
- Regulación bancaria europea y Supervisión
- Riesgo de contraparte
- Riesgo de liquidez
- Riesgo de mercado
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