xVA Trader - Vice President

Company purpose:

Our company purpose is to contribute to a responsible and sustainable economy by financing and advising clients according to the highest ethical standards.

Our employer promise is built around three pillars:

• Being a great place to work
• Committed to sustainability and having a positive impact
• Being dedicated to the development of our people

Business area

BNP Paribas’ Global Markets business offers a broad range of products and services in the global interest rates, credit, currency, equities & commodity markets. Global Markets help their franchise of clients find effective ways to raise and invest capital as well as manage their exposure to risk. Their client base comprises of hundreds of corporations, institutional investors, banks, governments and supranational organisations.

Global Markets has the scale and reach to conduct business anywhere in the world and deliver products denominated in almost all of the world’s currencies.

The Trading Risks and Resources Strategy pole gathers different teams : TRS, xVA, GM Resources, GMAT – in JV with ALMt. PB Risk team is in joint reporting T2RS and Prime services, and FX PB & DEC Risk is joint reporting to T2RS and FX PB & DEC. Main contributions to Global Markets of T2RS :

• Steer risks and resources
• Manage Transversal trading
• Contribute to trading efficient and sustainable growth

XVA (cross valuation adjustment) is a Transversal trading Desk within Global Markets. The XVA team is responsible for the pricing and risk management of counterparty, funding and collateral risks linked to derivatives activity in Global Markets.

Job purpose 

Purpose: As a Vice President in the xVA team, the role holder will be accountable for ensuring excellence on all trading

activities that they undertake or directly oversee in their area of expertise, and ensuring that these activities align with

the Bank and its clients’ objectives and strategic goals. The role holder may also be required to supervise and mentor

more junior colleagues to support them with their development.

Scope: Global

Key responsibilities

• Accountable for providing advanced level support in relation to all trading activities related to xVA risk management and optimisations carried out by the team, and displaying excellence with and leading on tasks such as:
  • Actively participates in the risk management of the accounting XVAs (CVA, FVA, ColVA)
  • Monitoring the aggregate Risk and P&L of the XVA books
  • Accurately pricing transactions within remit, properly assessing relevant market liquidity, hedging
  • costs, risk management slippage, funding and balance sheet factors.
  • Booking transactions and monitoring / conducting follow-ups with booked transactions with Middle
  • Office and Back Office
  • Participate to XVA optimizations such as cheapest-to-deliver collateral posting, IM compressions
  • and capital optimizations
  • Coordination with GMAT, ALMT, GBL Trading, xVA RPLM, xVA IT and xVA GMQR on different
  • actions and projects aiming at improving the xVA Risk Management framework.
  • To work with xVA Origination, GM sales and structurers, where appropriate, to price new trades
  • and assess their risks.
  • Willingness to develop understanding of xVA related topics and industry trends.
• Takes personal responsibility for dealing with client queries related to areas within remit, and those
• escalated from junior colleagues within the team. Recognised as a thought leader with strong commercial awareness.
• Operates predominately autonomously, under general supervision, exercising sound judgement on when to seek guidance from senior colleagues for particularly complex transactions or issues.
• Influences junior team members and acts as a point of escalation for junior staff. May manage some junior staff members to ensure that they are effectively supported to be able to perform at the required standard.
• Responsible for keeping up to date with existing and new rules and regulatory changes by Exchanges, Regulators and Compliance.

Requirements

• Professional qualification required with expert technical knowledge and experience in trading activities, typically gained at BNP Paribas or within another top tier investment bank.
• Deep and specialist knowledge related to either derivative transactions (either in rates, FX or credit) combined with a broad knowledge of the relevant markets and external environments impacting this specialist area.
• Demonstrable ability and experience in managing risks related to complex portfolios / transactions in a disciplined and confident manner.
• Strong people management skills, and an ability to work with junior team members to set objectives and manage performance to set objectives and ensure their delivery. Experience leading a multi-disciplined workforce.
• Experienced at managing internal and external relationships at all levels (including senior), and capable at working with them to understand requirements and define appropriate solutions. A strong ability to articulate complex concepts in a concise and effective manner, as well as to effectively set expectations and manage conflicting interests to achieve objectives where required.
• Demonstrable ability to recognise business opportunities for the team, generating innovative and creative ideas to drive the Bank’s objectives.
• Strong commercial acumen, with a track record of maintaining market awareness independently.
• Computer literacy and a good understanding of and demonstrable experience in various specialist systems. (e.g. Reuters, Bloomberg and in-house risk/pricing tools).
• Computing skills (ex: Python)

And of course, we expect all our colleagues to embody and practice the Group values (alignment with the Bank’s strategy, commitment, work ethic, integrity and Code of Conduct).

A bit more about why you should join us

1. We’re a great place to work

We aim for optimal work/life balance (depending on role, this includes hybrid working, flexible working and agile)

We are proud of our award-winning flexible benefits and health & wellbeing strategy. Our flexible benefits include:

• Generous holiday allowance of at least 26 days (plus bank holidays) – with option to buy and sell holidays.
• Valuable financial plans – a 12% non-contributory pension which has been moved to sustainable investments*, life assurance*, income protection and personal accident insurance.
• Extensive wellbeing and mental health offering – one of the most advanced private medical schemes in the UK, dental cover, wellbeing app, Cognitive Behavioural Therapy support, subsidised gym memberships, bespoke health assessments including genetic testing, Private GP (including digital GP services to parents of employees), Employee Assistance Programme, menopause & fertility support (we are an accredited Menopause Friendly Employer), neurodiversity assessment and support.
• Key onsite services and facilities in London – include physiotherapy, nutrition, massage therapy, physiology, mental health first aiders, seasonal flu vaccinations and free onsite fitness centre.
• Plus, emergency back-up care for dependants, green car leasing, season ticket loan, and a range of other benefits.

* Subject to relevant caps

2. As the eurozone’s largest bank, we are committed to having a positive impact in the world.  

For example, we are committed to Net Zero in all of our financing and investment portfolios by 2050. By 2030, 80% of our energy production financing will be low carbon.

But impact for us means more than climate. It means empowering our people every day. Everyone gets four volunteering days each year - in 2023, we achieved over 18,000 hours of volunteering across the UK and reaching over 4,500 young people.

3. We believe in our people

We support our people to develop skills to adapt to the ever-evolving world of work and to prepare for the jobs of today and tomorrow. We do this through a comprehensive training offering, talent programmes, mentoring, career days and inhouse career tools.

We are proud of the number of our people who progress and secure new roles internally. In fact, in 2023, nearly half of our positions in UK CIB were filled internally. 

Investing in our people also means we have a collaborative and inclusive culture:

• Direct feedback from our people shows that our internal culture sets us apart from our industry peers.
• Each year, nearly 30,000 employees globally are involved in professional networks that play an active role in promoting Diversity and Inclusion within the Group. These include our:

Pride Network, Ability Network (which supports disabled employees), MixCity (gender equality network), Women in Global Markets, Women in Global Banking, Women in IT, Diversity Equity & Inclusion in Technology, Early Careers Network, Multicultural Network and Parents & Carers Network.

Equal opportunities 

BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity, race, religion or belief, sex or sexual orientation, or any other legally protected status.

Adjustments

We don’t want anyone to be disadvantaged in our recruitment processes, so if you have a disability or health condition which may mean that you’d benefit from some adjustments or additional support, please let us know as early in the process as possible.

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