Associate Principal, Pricing & Margins
All OCC employees are required to disclose their COVID-19 vaccination status to OCC’s Human Resources department, and provide acceptable proof of vaccination status, as applicable. In addition, OCC requires employees who enter one of its offices to be fully vaccinated against COVID-19 or submit to regular testing as a condition of employment, subject to reasonable accommodation.
Who We Are
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 19 exchanges and trading platforms. More information about OCC is available at www.theocc.com.
What We Offer
A highly collaborative and supportive environment developed to encourage work-life balance and employee wellness. Some of these components include:
A hybrid work environment, up to 3 days per week of remote work
Tuition Reimbursement to support your continued education
Student Loan Repayment Assistance
Technology Stipend allowing you to use the device of your choice to connect to our network while working remotely
Generous PTO and Parental leave
Competitive health benefits including medical, dental and vision
What You'll Do:
The Associate Principal (“AP”) performs a broad array of Risk Management functions. Responsibilities include all processes supporting integrity of price data (used for Risk Management and Core Clearing processes) and all processes to support SEC and CFTC regulated customer margin / haircut programs (Risk Based Haircuts, Customer Portfolio Margins, OFRA/SPAN). The AP will also perform periodic review and evaluation of OCC's collateral and currency haircuts.
Primary Duties and Responsibilities:
To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.
- Analyze market prices for all products cleared by OCC or part of an OCC supported process, and update where appropriate. Analysis is performed using proprietary OCC tools/applications which assist in identifying and correcting instances of price arbitrage and other price irregularities. Products include equities, indices, and derivatives traded on US and global markets, as well as all pricing inputs (dividends, interest rates, exchange rates, etc.).
- Correct issues as discovered or escalate to management for direction, while observing standards for accuracy and timeliness. Support and administer SEC and CFTC regulated programs related to customer margin (CPM and SPAN)/ haircut calculations (RBH). Evaluate products to ensure eligibility standards for inclusion are met and determine appropriate treatment (i.e. stress levels, offsets). Maintain and develop parameter files for RBH/CPM and SPAN.
- Perform daily evaluation of future’s margin coverage and report results to department.
- Maintain daily price history and calculate margin rates for futures as required.
- Answer questions from and support clearing members, participants in OCC administered regulatory programs and the general public.
- Provide detailed explanation of OCC’s risk management framework to external parties and describe interaction with supported regulatory programs.
- Conduct miscellaneous studies and analysis for senior management under direction of supervisor.
- Support system development from a business user perspective by coordinating with multiple departments (i.e. application developers, quantitative risk analysts) to enhance system performance and functionality.
- Develop and maintain written procedures for Pricing and Margins departmental processes.
- Perform other duties as assigned.
The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the primary functions.
- Strong verbal and written communication skills. Comfortable working in a customer service oriented environment and addressing questions from both OCC colleagues and the general public. Good listening skills and ability to contribute to discussions with management from various departments.
- Self-directed and motivated to solve urgent problems by conducting ad hoc analysis and/or reaching out to other departments as necessary.
- Ability to work both independently with little direction or oversight and in a team-oriented collaborative environment.
- Good organization skills; must be detail oriented.
- Comfortable performing data validation and reconciliation.
- Ability to work well under pressure with multiple priorities and time-sensitive deadlines.
- Strong understanding of securities and futures markets and derivative valuation.
- Strong understanding of statistical concepts (i.e. VaR, Student-T and Normal Distributions, etc.).
- Strong PC skills; comfortable with Windows environment.
- Highly proficient in Microsoft Excel, including experience using lookups and pivot tables. Comfortable performing data analysis and manipulation on large, complex sets of information with little oversight.
- Proficient in Microsoft Word and PowerPoint.
- Experience using Bloomberg and/or Thomson Reuters desk-top client, and ability to connect these tools to excel is a plus.
- Familiarity with relational databases and ability to modify & execute SQL using appropriate query tools (i.e. Squirrel, TextPad, DB2 Connect) a plus.
Education and/or Experience:
- Bachelors degree in Finance, Economics, or related field; MBA or demonstrable progress towards MBA a plus.
- Previous experience in back office operations or risk management, 2 years preferred.
Certificates or Licenses:
When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.
You will receive an email notification to confirm that we've received your application.
If you are called in for an interview, a representative from OCC will contact you to set up a date, time, and location.
OCC is an Equal Opportunity Employer
- Chicago - 125 S Franklin
- Full Time Regular
- Posted: Mar. 15, 2022
How to Apply
Step 1 - When you find a position you're interested in, click the 'Apply' button. Please complete the application and attach your resume.
Step 2 - You will receive an email notification to confirm that we've received your application.
Step 3 - If you are called in for an interview, a representative from OCC will contact you to set up a date, time, and location.
OCC is an Equal Opportunity Employer
Numerous studies have shown that people from groups that are traditionally under-represented in financial services apply to jobs only if they believe they meet 100% of the requirements. We want to break down this mindset to further diversify our workforce.
We encourage you to review our open positions and apply if you think your experience may be a match, even if you do not meet all of the qualifications. Your perspective may be an element we need to continue building innovative solutions to support the markets and market participants we serve.
OCC is a globally recognized entity that clears a multitude of diverse and sophisticated products. We want to reflect this in the diversity of our workforce.