Prime Services Risk Manager

Marex is a diversified global financial services platform, providing essential liquidity, market access and infrastructure services to clients in the energy, commodities and financial markets.

The Group provides comprehensive breadth and depth of coverage across four core services: Market Making, Clearing, Hedging and Investment Solutions and Agency and Execution. It has a leading franchise in many major metals, energy and agricultural products, executing around 50 million trades and clearing 205 million contracts in 2022. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers.

Marex was established in 2005 but through its subsidiaries can trace its roots in the commodity markets back almost 100 years. Headquartered in London with 36 offices worldwide, the Group has over 1,800 employees across Europe, Asia and America.

The Prime Services Risk Manager position requires a thorough understanding of the Equity & Fixed Income markets to provide risk management oversight and analysis on the trading risks of client portfolios, the equity business, and global markets. Product coverage includes cash equities, single name equity futures, options, ETFs, indices, structured OTC derivatives.

Assisting in the formulation of Marex’s Client Margin policy, ongoing review of positions against limits, working with 1st line team on evaluating prospective client portfolios to ensure strategies are in line with risk appetite, design and perform scenario analysis on portfolios and collaborate with traders and quants to review model performance and measures and propose improvements to more accurately capture risks. Other core responsibilities include real-time monitoring and communication of market events, an understanding of historical market performances, conduct mandated stress testing and participate in internal/external audits.

Responsibilities:

• Responsible for the analysis and monitoring of market risks taken within the equities product area. Main responsibilities include 2nd line responsibilities of margin models, model risk, collateral adequacy, volatility analysis and reporting of market risk. This role will primarily interface with the head of clearing risk EMEA and equity clearing front line risk team & desk as well as other risk, control, and support teams like – compliance, legal, finance, operations, treasury, and audit.
• Appreciation and familiarity with Margin rules of prime brokers in Europe and clearing houses. Understanding of the practical application of Portfolio Margin i.e., 3 separate “call” numbers (Risk, House, TIMS) and how they should operate (not essential but nice to have).
• Monitor in real-time client / firm positions, account balance and P&L to ensure adherence to predefined risk parameters.
• Proactively review and manage accordingly with 1st line the client / firm accounts in excess of predefined risk parameters or experiencing trading losses to bring within parameters and/or protect the firm’s capital; this may include prompt communication with 1st line team on clients risk parameters that are breached and escalation to senior management within Risk and the business.
• Provide quantitative support and development for Marex’s equity risk model and validation needs. Develop comprehensive quantitative tools and formulate analytical models as necessary to identify, assess and mitigate risk across the equity client clearing portfolio.
• Perform daily risk analysis on client positions including VaR, Sensitivity Analysis & Stress Testing.
• Complete daily reporting of key risk issues to both Head of Clearing Risk EMEA & APAC and Business Management, escalating when required.
• Participate in development of cross-product risk, margining and liquidity optimization initiatives and tools to assist the local business and the group risk management function in better decision making and support the business needs.
• Review risk reports produced by the 1st line risk team.
• Produce periodic risk reports and distribute to relevant stakeholders. Management of client escalation requests.
• Conduct liquidity analysis of client / firm portfolios and of individual underlying positions in relation to market depth.
• Responsible for daily procedures and aligning internal procedures/policies to Risk best practice; identify process improvements.
• Responsible for ensuring adherence to risk policies & procedures and escalation of potential issues.
• Deliver on allocated projects and system development items as well as proactively engage on risk or control improvement ideas with the wider team.
• Work closely with the 1st line prime risk function and the local risk team to cover various markets and global trading hours.
• Effectively communicate risk management principles to internal stakeholders and 1st line risk team / counterparties; escalate issues appropriately to direct manager.

Competencies:

• A collaborative team player, approachable, self-efficient and influences a positive work environment.
• Demonstrates curiosity.
• Resilient in a challenging, fast-paced environment.
• Excels at building relationships, networking and influencing others.
• Strategic collaborator with insight and agility, able to anticipate future challenges, ensuring operational effectiveness.

Skills and Experience:

• Strong quantitative background gained in education and/or in a professional setting with a particular focus on options pricing and hedging, as well as exposure to risk management concepts, particularly VaR, Sensitivities & Stress Testing.
• Strong risk management background with experience of equity asset classes and in-depth product coverage.
• Solid understanding of financial markets gained in a Brokerage or Banking institution from either the Risk Management or Trading sides; experience of risk managing equities, bonds and equity options.
• Composure, character, and presence to work effectively in challenging market conditions to instil required level of authority on any situation.
• Ability to build and maintain effective working relationships across all areas of the firm and communicate effectively across all levels.
• Understanding of pre- and post-trade risk controls and their applications.
• Solid understanding of processes, controls and responsibilities associated with a Financial Markets business.
• Strong Microsoft Office skills, high level VBA skills within Microsoft Excel. Strong programming skillset preferred (i.e. C+, SQL, Python, Matlab).
• Relevant professional designation preferred (i.e. CFA, FRM).

If you’re forging a career in this area and are looking for your next step, get in touch!

Marex is fully committed to being an inclusive employer and providing an inclusive and accessible recruitment process for all. We will provide reasonable adjustments to remove any disadvantage to you being considered for this role. We value the differences that a diverse workforce brings to the company. We welcome applications from candidates returning to the workforce. Also, Marex is committed to avoiding circumstances in which the appearance or possibility of conflicts of interest may exist within the hiring process.

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