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Director Market Risk - Equity Financing Group
Barclays Capital
New York, NY, United States
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Description
About Barclays
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US. Our goal is to become the bank of choice by providing superior services to customers and clients and supporting our stakeholders via a commercially successful business that generates long-term sustainable returns.
Our two clearly defined divisions, Barclays UK and Barclays International, provide diversification by business line, geography and customer, enhancing financial resilience and helping to contribute to the delivery of consistent returns through the business cycle. We have a strong core business with exciting prospects, well positioned to deliver long-term value for our shareholders.
Consistent with the objective of delivering long-term sustainable value for all our stakeholders, we have developed our Shared Growth Ambition – our approach to citizenship and the sustainability of the business model we operate. The aim is to make decisions and do business that provides our clients and customers, and the communities which we serve, with access to a prosperous future.
The delivery of our strategy is underpinned by the energy, commitment and passion of our people, and we are clear on our common purpose: to help people achieve their ambitions, in the right way.
About Barclays in the US
Barclays offers corporate and investment banking and credit card services in the US. Our 10,000 US colleagues are located in offices across the country, with headquarters in New York City. In 2017, Barclays announced plans to create a world-class campus in Whippany, New Jersey, for our Technology, Operations and Functional teams in the US. Other principal locations include Delaware, Nevada, Ohio and Maine.
About Prime Services Equity Finance (EFG)
Prime Services facilitates financing and securities lending needs of sophisticated institutional clients comprised primarily of Top Tier Hedge Funds. Prime Services offers a full suite of leveraged financing and securities lending services to these clients across Listed Equities, Corporate Debt, Government Securities, Derivatives, Futures, Stock Loan and Borrow and traditional Prime Brokerage.
The Equity Finance business seeks to extend collaterized long financing and short sale facilitation to its customers. The desk manages firm’s credit and market risk exposures, cash liquidity profile, and management of financial resources as these are related to the facilitation of its clients’ business. Desk utilizes sophisticated risk management and trading systems, designs and creates analytical tools that help to facilitate its business efficiently.
About Market Risk Management
The Market Risk Management function is charged with managing the market risk exposure, controls, appetite setting of the Markets areas within BI, as well as approvals of risk transactions where necessary. Market Risk Management is a Second Line of Defense function within Barclays, supporting and controlling the various trading businesses. It is typically split by asset class. Equities Market Risk Management is responsible for the market risk arising mainly from the Equities asset class across all the banks divisions, but primarily from the Equities Trading division. It also covers associated assets such as funds, convertible bonds, as well as products such as Hybrid Derivatives. The Prime Services Equity Finance (EFG) business is part of the Equities division, and hence covered by Equities Market Risk Management.
EEO
It is the policy of Barclays to ensure equal employment opportunity without discrimination or harassment on the basis of race, color, creed, religion, national origin, alienage or citizenship status, age, sex, sexual orientation, gender identity or expression, marital or domestic/civil partnership status, disability, veteran status, genetic information, or any other basis protected by law.
Dynamic working gives everyone at Barclays the opportunity to integrate professional and personal lives, if you have a need for flexibility then please discuss this with the hiring manager.
Overall purpose of role
The successful candidate shall primarily be engaged in managing market risk for the Equity Financing (EFG) business within Prime Services. The role holder will be responsible for strategic and tactical leadership in this area of Market Risk. While they will be a part of the global Market Risk team covering this business, they will be focused primarily on the Americas region. They will also cover other structured financing transactions within the Equities division.
Typically the EFG desk engages in financing activity by taking mainly credit risk exposure to its counterparties, as well as associated market risk in parts of the portfolio. The financing activity is supported by the trading flow required to generate and manage financial resources and market risk. The Market Risk Manager oversees the limits framework and ensures that desk’s trading activity fits within these limits. Furthermore, the Market Risk Manager is an expert in market risks that the desk engages in and serves as subject matter expert for the desk.
The responsibilities involve understanding and managing daily and stress VaR across a variety of financing instruments including repo, fx, options early exercise, rates, dividend risk and outright delta components of the trading activity. To do this requires an in-depth understanding of the financial instruments traded: fx cross currency swaps, margin loans, funding repo, collateral swaps, basis swaps, reversals and conversions, etc, which in turn will allow the Market Risk Manager to engage in the development of analytics.
The Market Risk role holder will works across functions (Finance, Quantitative Analysis, Business Line, Operations) to gather necessary data, incorporate business feedback, and communicate results. The role holder will also lead Market Risk’s engagement in cross-functional projects aimed at increasing the rigor, precision, and timeliness of exposure capture. Given the strategic nature of the role, the incumbent may have engagement with auditors in the US and UK.
Key Accountabilities
• Market risk exposure and limits management and compliance, including helping assess appetite and set limits. Signing off daily on exposures and sensitivities. Undertake book management and ensure the appropriate market risk feeds are in place.
• Managing issues linked to high limit utilization or limit breaches, escalating appropriately.
• Managing issues linked to trader mandate breaches, escalating appropriately.
• Maintain awareness of curve (repos, dividends, IR, x-currency) levels, changes, and escalate awareness if necessary.
• Market risk analytics – work on building or helping to develop these.
• Understand and explain large desk P&L moves
• Work with EFG traders to manage, improve and analyse market risk
• Help specify and develop standardized reporting for EFG on a global and regional basis. Ensure production of reporting for EFG is accurate before publication.
• Work with other market risk colleagues to manage EFG risk within the overall Equities division’s and the Firm’s risk framework.
• Maintain global market risk view, including of the gross book exposures and sizes, for the EFG global book of business.
• Risk pricing of financial instruments and understanding of structural arrangements of related trades and their risk
• Help with the market risk management of other structured financing transactions within the Equities division
Stakeholder Management and Leadership
• Relationship management will be a critical competency for this role as there will be a broad and impactful range of engagement with application and business stake holders.
• Work in collaboration with business partners to build long lasting and high quality services to our clients.
• Communicate and facilitate key decisions with senior leadership to drive approval and progress projects.
• Ability to work independently in the global Market Risk team: working with the London, HK and India based colleagues covering EFG to implement changes and address issues. Supporting other time zones when necessary.
• Drive close engagement with other Risk teams such as Credit Counterparty Risk, Finance, Operation, QA, IT.
• Represent as necessary the specific requirements and interests of EFG Market Risk in IHC, Group, committees and working groups
Decision-making and Problem Solving
• Ability to maintain the right balance between strategic & tactical solutions in order to drive organization towards achieving long term goals while continually delivering incremental benefits to business.
• Ability to perform sound root cause analysis for user queries and help provide valid justification to stake holders.
Risk and Control Objective
Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Enterprise Wide Risk Management Framework and internal Barclays Policies and Policy Standards.
Person Specification
Essential Skills/Basic Qualifications:
• Graduate degree (ex. MBA, MS, PhD) in business, statistics, economic or other math based discipline required.
• 12+ years of experience in financial services.
• 10+ Experience in Risk Management, Planning, Marketing and/or Finance.
• 5+ years specific experience managing loss forecasting and/or stress testing functions within a financial services organization
Desirable skills/Preferred Qualifications:
• Very strong hands on abilities with analytic software to manage data, conduct analysis, and report results
• Excellent leadership skills evidenced through prior line management experience. Proven history of driving a positive culture and influencing a range of stakeholders.
• Evidence of strategic thinking and implementation of strategic goals and objectives
• Commercial focus – including experience of working across functions to deliver overall business strategy and driving for full P&L performance.
• Communication - effectively communicate detail and technical concepts in plain English to a wide range of audiences
• Ability to deliver accurate results within tight, pressurised deadlines supported by sound time management and organizational skills
• Specific experience with a global bank resulting in knowledge of both US and International accounting standards
• Experience working with remote teams
Purpose and Values
Barclays has a single cross-business Purpose for Barclays and five core Values which underpin it.
Our Purpose is helping people achieve their ambitions in the right way. Put simply this is the answer to the question ‘What is Barclays for?’ and it should guide our every action as employees.
Respect
We respect and value those we work with, and the contribution that they make.
Integrity
We act fairly, ethically and openly in all we do.
Service
We put our clients and customers at the centre of what we do.
Excellence
We use our energy, skills and resources to deliver the best, sustainable results.
Stewardship
We are passionate about leaving things better than we found them.