Business Overview:
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 organizations. 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. Their global network comprises more than 1,700 professionals working on our six main trading floors in London, Hong Kong, New York, Paris, Singapore and Tokyo. They are supported by regional offices throughout Europe, the Americas, Middle East and Asia Pacific.
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 risk linked to the derivatives activity in GM.
*Physical presence in BNPP’s office(s) is an essential function of this position. BNPP requires all of our employees to be vaccinated in order to access its offices, subject to reasonable accommodations for reasons related to disability or religion. This role will be hybrid, consisting of an in office and remote working component.
Candidate Success Factors:
Candidates to be measured on the following four performance drivers, which will dictate how individual impact is considered on the Americas platform:
- Results and Impact
- Impacts division and influences peers and team
- Demonstrates good judgement when making decisions of high complexity and impact
- Relies on limited guidance for most complex decision making
- Is responsible for driving outcomes which have meaningful effect on team or department
- Leadership and Collaboration
- Creates trust with department leaders
- Acts in leadership capacity for large projects, processes, or programs for a team
- Client, Customer and Stakeholder Focus
- Able to build relationships with a mix of intermediate and senior colleagues or clients
- Interacts regularly with management and department leaders
- Demonstrates the ability to persuade and influence stakeholders at the team level
- Compliance Culture and Conduct
- Takes full responsibility for personal actions and demonstrates courage in facing problems and conflicts
- Perceived as a person of high moral character; upholds corporate values and displays high ethical standards”
Responsibilities:
The Associate on the cross valuation adjustment (XVA) desk has the following duties and responsibilities:
- Assess the counterparty risk stemming from derivatives contracts, estimate the cost of hedging that risk, and compute the corresponding valuation adjustment.
- Analyze the collateralization provisions of derivatives contracts and estimate any corresponding financing cost not included in the valuation models in production.
- Implement hedging strategies to mitigate the exposure of the valuation adjustments to market risk factors like interest rates, foreign exchange and credit spreads.
- Estimate the regulatory capital requirements relating to counterparty credit risk for new derivatives transactions.
- Monitor the actual regulatory capital requirements for every counterparty and compare it to the estimation done at origination. Propose improvements to the estimation methodology.
- Contribute to the elaboration of the Global XVA pricing policy for Global Markets and propose improvements; provide educational trainings to FO on the XVA pricing policy.
- Review the risks arising from the terms of existing CSAs and participate in the approval process for new agreements for the Americas Region.
- Management of day-to-day issues of Trading book, P&L review, trade bookings, and new trade fees collection etc.
- Collaborate with the Global XVA team regarding pricing/trading methodologies and best practices and participation to the weekly team forums.
Minimum Required Qualifications
- Bachelor degree or higher
Preferred Qualifications;
- Experience with trading and/or risk management of derivatives.
- Strong MS Excel and basic programming skills (e.g, python)
- Delivers tasks fully completed on time, based on objectives fixed.
- Where relevant, works without supervision and asks for help and feedback when necessary
- Supports team members when required and contributes to a positive work environment. Acts with team’s interests in mind.
- Shares information with people they work with (including manager and team members) about work completed, next steps and areas of concern.
- Adopts an attentive and compassionate attitude in order to understand different cultures and respects diverse opinions and mindsets
- Is detail oriented
- Thoroughly reviews documents and information.
- Adheres to deadlines according to established procedures/rules.
- Accurately follows processes required in their work
- Works proactively and independently at own level, implementing work processes, ideas and solutions, and taking initiatives when required.
- Makes decisions independently within defined scope and on ‘business as usual’ topics, including in unusual situation or where information is missing
- Understands and selects information that is useful for performing the job.
- Based on various data sources, can break down a problem into simple and complementary elements.
- Identifies links or patterns between elements/situations/information.
- Knows and uses key performance indicators.
- Is able to produce simple indicators on their activity and scope.
- Produces charts that are compliant to the company’s rules and norms to identify significant gaps in terms of performance.
- Has developed and maintains a network of relationships within the company that they can contact to get help or support.
- Knows the basic notions and can apply this skill/knowledge at basic level and in simple situations.
- Can identify experts to answer questions.
- Needs support and assistance on tasks that require this skill
- Understands and embraces the company’s strategy.
- Is familiar with the relevant trends and business developments within their own field of expertise.
- Sees possible consequences and raises them for discussion. Sets the course within their activity.
FINRA Registrations Required:
Series 7 and 63
CFTC Swap Dealer Associated Person (if yes, NFA Swaps Proficiency Program is required):
Yes
SEC Security-Based Swap Dealer Associated Person:
No
The expected starting salary range for this position in New York (or if the location is in New Jersey we’ll indicate New Jersey) is between $150,000 to $200,000 annually. The actual salary may vary based upon several factors including, but not limited to, relevant skills/experience, time in role, base salary of internal peers, prior performance, business line, and geographic/office location.
About BNP Paribas:
In the United States, BNP Paribas has built a strong and diversified presence to support its client base. We continue to grow and strengthen our commitment to the US market through our Corporate & Institutional Banking activities. We are one of a few non-US banks to offer a full value chain for our clients, from trading to financing, and clearing and custody in the US with the international footprint and capacity to deliver both globally and locally. Leveraging the strength of our European roots, our network can support clients in virtually every region of the world, enabling more connectivity and efficiency wherever our clients conduct business.
BNP Paribas’ Corporate & Institutional Banking services corporate clients and institutional investors offering tailored solutions in financing, cash management, and advisory services to companies via Corporate Banking, in capital markets via Global Markets, and in securities custody and administration via Securities Services. As the asset management arm of BNP Paribas, BNP Paribas Asset Management offers high value-added solutions to individual savers, companies, and institutional investors.
The bank employs nearly 14,000 people and has a presence in the country since the late 1800s in major cities including New York, Jersey City, Chesterbrook, PA, San Francisco, Boston, Chicago, Denver and Washington, DC.
BNP Paribas is a leading bank in Europe with an international reach across the US, EMEA and APAC. It has a presence in65 countries, with nearly 190,000 employees.The Bank offers a comprehensive range of banking, investment and financial services solutions through three main fields of activity: Retail Banking for the Bank’s retail-banking networks and several specialized businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, BNP Paribas helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance.
We take pride in our expertise and our ability to adapt while constantly looking ahead to create a more sustainable world.
BNP Paribas. The Bank for a Changing World – https://usa.bnpparibas/en/homepage/join-us/our-opportunities/
BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to race, color, gender, age, creed, sex, religion, national origin, disability (physical or mental), marital status, citizenship, ancestry, sexual orientation, gender identity and gender expression, or any other legally protected status.