Valuation Controller – VCG Equity – Associate– London
About J.P. Morgan
J.P. Morgan is a leader in financial services, working in collaboration across the globe to deliver the best solutions and advice to meet our clients’ needs, anywhere in the world. We operate in 150 countries, and hold leadership positions across our businesses. We have an exceptional team of employees who work hard to do the right thing for our clients and the firm, every day. This is why we are one of the most respected financial institutions in the world – and why we can offer you an outstanding career.
The Valuation Control Group (VCG) has Firmwide ownership of the policies for Independent Price Testing and Fair Value Adjustments for all traded Instruments, to ensure that the Firm’s risk positions on the Books and Records reflect Fair Market Value. In this respect VCG:
Tests all market prices independently, typically using consensus data (Totem) or brokers
Set Fair Value Adjustments methodologies to bring a mid price to “exit value”, to reflect liquidity, concentration and/or uncertainty around the mid price
Reviews Approximately Loaded trades in conjunction with Middle Office and the Model Governance group
Escalates Valuation Issues to Senior Business and Finance stakeholders
Defines trade classification levels for external disclosure (FVM)
The Equity VCG Team looks after the Equity business, covering the following desks: Flow, Delta1, Prime Services, Cash, Strategic Derivatives (Corporate), Index and Single Stock, Hedge Funds and Proxy. The global team has 22 members, the EMEA team 11 (including the global head).
The opportunity is for an Associate to cover some of the above desks (mainly Prime Services).
Play a key role in Price Testing & Provision Validation of the Strategic Derivatives Business, including complete and detailed documentation of methodologies and processes
Contribute to the overall Equities Valuation Process including reporting and Analysis as well as process improvement
Develop strong relationships with key front office personnel, finance, audit and risk partners throughout the firm
Work with colleagues to develop price-testing and reserve policies – ensure that these are well-considered and capture the economic reality of our valuation risks
Consider the potential threats to our valuations of products within EMEA Equities business and ensure that all relevant parameters are identified and evaluated
Enhance existing control framework including reviewing independent pricing processes, assessing potential coverage developments and implementing new tools to enhance control efficiency.
The role requires a keen interest and a good understanding of the financial markets, combined with strong analytical abilities, good judgment, control mindset and clear verbal and written communication skills.
Skills / Qualifications
Motivated individual with an interest in, and aptitude for, complex financial products.
Ability to efficiently deal with and draw conclusions from sets of incomplete data
Strong commitment to learn and operate outside of comfort zone
Appetite to constantly question the status quo and look for better solutions
Lateral thinker, tenacious, commitment to getting things done
Excellent written and spoken communication skills (previous exposure to the trading floor and control groups is desirable)
Minimum good, numerate degree required (ideally in quantitative/technical discipline such as physics / engineering / math / Computer Science)
Previous experience in a control function (preferably Valuation control) is highly desirable
Previous exposure to equity derivative products is desirable
About J.P. Morgan Chase & Co:
J.P. Morgan serves one of the largest client franchises in the world. Our clients include corporations, institutional investors, hedge funds, governments and affluent individuals in more than 100 countries. J.P. Morgan is part of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.1 trillion. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of clients and consumers under its JPMorgan and Chase, and WaMu brands.
J.P. Morgan offers an exceptional benefits program and a highly competitive compensation package. J.P. Morgan is an Equal Opportunity Employer
Closing Date- May 10, 2018
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