Senior Associate, FRM - Pricing & Margins
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
This role supports the performance of a broad array of Risk Management functions. Responsibilities include: all activities supporting performed to ensure the integrity of all Price Data (used for Risk Management and Core Clearing processes) and all activities performed to support SEC and CFTC regulated customer margin / haircut programs (including Risk Based Haircuts/Customer Portfolio Margin (“RBH/CPM”), and OFRA/SPAN). This role will also support activities performed to establish and periodically review and evaluate the continued adequacy of OCC’s collateral and currency haircuts; and activities performed to establish, monitor, and evaluate certain parameters used is risk modeling and determination of Clearing Member margin requirements.
Primary Duties and Responsibilities:
To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.
Perform analysis of market and theoretical valuation of all products cleared by OCC, eligible to be deposited as collateral, or that are part of an OCC supported process. Perform reconciliation of modeled output and update where appropriate: analysis is performed using proprietary OCC tools/applications which assist in identifying and correcting instances of price arbitrage and other pricing irregularities; products include equity, index, government security, and derivative prices (i.e., options, futures, and futures options) as well as all derivative price inputs (e.g., dividend, interest rates, exchange rates); provide final approval and sign off for transmission to downstream processes (e.g., model calibration, theoretical computations, margin calculations). Perform evaluation of market data vendors and manage market data entitlements. Monitor intraday financial market performance and ensure that pricing and market data are accurately reflected. 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 / haircut calculations: evaluate products to ensure eligibility standards for inclusion are met and determine appropriate treatment (e.g., stress levels, allowed offsets) consistent with Regulatory requirements; determine appropriate risk parameters, maintain, and develop parameter files for RBH/CPM and SPAN. Perform daily evaluation of rate performance and periodic recalibration of related parameters. Answer questions from and support Clearing Members, participating in OCC administered Regulatory programs and the investing public. Provide detailed explanation of OCC’s risk management framework to external parties and provide guidance of supported regulatory programs and relevant SEC, FINRA, and CFTC Regulations. Conduct miscellaneous studies and analysis for senior management, including trend analysis for derivative valuation and various risk analytics. Support system development from a business user perspective by coordinating with multiple departments (e.g., application developers, quantitative risk analysts) to enhance system performance and functionality. Recommend new and improved processes to enhance system performance and functionality. Develop and maintain written procedures for Pricing and Margins departmental processes. Assist in the training and onboarding of new Pricing & Margin team members. Occasional travel required.
The requirements listed 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 understanding of securities and futures markets and derivative valuation.
- Understanding of statistical concepts (e.g., VaR, Expected Shortfall).
- Ability to generate and evaluate descriptive and performance metrics from large data sets and synthesize results for Management.
- Comfortable performing data validation and reconciliation.
- Strong verbal and written communication skills.
- Comfortable working in a customer service-oriented environment and addressing questions from both OCC colleagues and the investing 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 derive creative and adaptive solutions to problems.
- Ability to work both independently with little direction or oversight and in a team-oriented collaborative environment.
- Good organization skills; must be detail oriented.
- Ability to work well under pressure with multiple priorities and time-sensitive deadlines, and emphasis placed on accuracy.
Strong PC skills; comfortable with Windows environment. Highly proficient in Microsoft Excel, including experience using lookups, pivot tables, and complex formulas. 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 Refinitiv desk-top client, and ability to connect these tools to Excel. Familiarity with relational databases and ability to modify and execute SQL using appropriate query tools (i.e. Squirrel, TextPad, DB2 Connect). Proficiency in Tableau a plus.
Education and/or Experience:
Bachelor’s degree in Finance, Economics, or related field. 3+ years of experience in back-office operations or risk management.
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: Aug. 05, 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.