Job Description:
Building trusted markets — powered by our people
At Cboe Global Markets, we inspire our people to solve complex challenges together because what we do matters. We provide the financial infrastructure that powers the global economy. As a leading provider of market infrastructure and tradable products, Cboe delivers cutting-edge trading, clearing and investment solutions to market participants around the world.
We’re building meaningful ways to support professional and personal development while strengthening the trust we’ve earned as a global market leader. Our teams are empowered to share ideas, actively pursue them and bring on a challenge. As champions of internal mobility and access to opportunity, we encourage our people to “go for it” and equip our managers with the training to coach their teams to the next level. We strive to provide employees a safe space to network, share ideas and create opportunities.
Location Overview
Cboe HQ is located in the historic Old Post Office district, it’s a landmark that blends classic architecture with modern amenities. The building features expansive spaces with high ceilings and large windows, offering an abundance of natural light and panoramic views of the city skyline and the Chicago River.
With its prime location in the heart of downtown, the OPO Building provides easy access to major transportation hubs, including Union Station and multiple CTA lines, making it convenient for commuters. The building is home to a variety of amenities, including restaurants, a fitness center, and collaborative workspaces, creating a vibrant and dynamic work environment in one of Chicago's most iconic areas.
About the Role:
Cboe Clear U.S. is a subsidiary of Cboe Global Markets and operates as a CFTC-regulated Derivatives Clearing Organization approved to clear futures and fully-collateralized swaps. The Senior Quantitative Market Risk Analyst role is within the clearinghouse’s Risk Management department and will report to the Chief Risk Officer. In this role you will support and help improve existing analyses to measure, monitor, and manage financial risk the Clearinghouse is exposed to from the portfolios cleared on behalf of its Clearing Members. Additionally, as the products listed by the Clearinghouse expand you will be primarily responsible for developing new metrics and reporting based on the unique risk characteristics of the new products. In addition to designing the appropriate analyses, you will help monitor the day-to-day automated reporting and provide periodic summaries for senior management to help drive decision-making. Finally, you will support the on-going assessment of the Risk Management department’s current processes and capabilities, recommend enhancements as they are identified, and lead efforts to implement them.
Key Responsibilities:
- Maintain existing margin models and develop additional models with supporting backtesting frameworks as needed that will be used by the Clearinghouse to margin complex portfolios of listed futures and options under different market conditions.
- Design frameworks for portfolio stress testing and analysis to capture various types of risk to the Clearinghouse and translate the findings into recommendations for financial resources planning.
- Maintain the Clearinghouse’s margin model whitepaper and defend assumptions to risk committees, internal and external auditors, as well as regulators.
- Programmatically validate daily output related to margin rates, margin model backtesting, and portfolio margin requirements and investigate any exceptions to identify if model parameters need to be updated, data quality issues need to be addressed, or source code changes are required.
- Prepare summaries of margin rates and portfolio margin requirements for existing products as well as new products and present those to risk committees and regulators as a part of ongoing monitoring and new product reviews, respectively.
- Support the default management auction process including performing analysis of slippage incurred in the event of liquidation of Clearing Member portfolios under default scenarios based on volume, market depth/spread, market conditions, and different hedging options in related markets.
- Stay abreast of developments in the field of financial risk modeling particularly related to Clearinghouses.
Your Profile:
- 5+ years of working experience in the financial modeling field as a key contributor using simulation, regression, and time-series modeling techniques in a Clearinghouse or clearing broker/dealer or FCM.
- Bachelor's degree in Mathematics, Statistics, Financial Mathematics, or a related quantitative field. Master’s degree preferred.
- Previous experience developing VaR or monte carlo-based margin and/or stress models and related backtesting.
- Ability to design and implement models and backtesting frameworks in Python using data stored in relational databases and third-party APIs.
- Ability to write SQL queries to support model development / maintenance, investigate backtesting exceedances, and identify issues with margin system outputs.
- Experience using version control or source code management systems, i.e. github.
- Strong knowledge of methods used in pricing and analysis of derivative instruments.
- Previous experience working with U.S. financial regulators a plus.
Why Join Cboe Clear U.S.?
- As a part of Cboe Global Markets’ growing clearing capabilities, you will be presented with unique challenges and opportunities to support the Cboe Clear U.S. mission of challenging the status quo in central counterparty risk management.
- Hybrid work environment from Cboe Global Markets’ world-class headquarters in Chicago's historic Old Post Office.
- Global clearing offerings with Cboe Global Markets’ affiliated European clearinghouse, Cboe Clear Europe. See Cboe Clear Europe for more information.
- For more information on Cboe Clear U.S., please visit Cboe Clear U.S.
Benefits and Perks of working for Cboe Global Markets
We value the total wellbeing of our people – including health, financial, personal and social wellness. We believe standard benefits like health insurance and fair pay are a given at any organization. Still, you should know we offer:
- Fair and competitive salary and incentive compensation packages with an upside for overachievement
- Generous paid time off, including vacation, personal days, sick days and annual community service days
- Flexible, hybrid work environment
- Health, dental and vision benefits, including access to telemedicine and mental health services
- 2:1 401(k) match, up to 8% match immediately upon hire
- Discounted Employee Stock Purchase Plan
- Tax Savings Accounts for health, dependent and transportation
- Employee referral bonus program
- Volunteer opportunities to help you give back to your communities
Some of our associates’ favorite benefits and perks include:
- Complimentary lunch, snacks and coffee in any Cboe office
- Paid Tuition assistance and education opportunities
- Generous charitable giving company match
- Paid parental leave and fertility benefits
- On-site gyms and discounts to other fitness centers
More About Cboe Global Markets
We’re reimagining the future of the workplace by focusing on what matters most, our people. Our journey is an inclusive one. We’re investing deeply in leadership programs and career development initiatives that ensure everyone has an equal chance to succeed.
We work with purpose, solving problems with ingenuity, collaboration, and a lot of passion. We’re an engaged and excited team connecting markets across borders and embracing growth in all its forms to achieve incredible outcomes.
Learn more about life at Cboe on our website and LinkedIn.
Equal Employment Opportunity
We're proud to be an equal opportunity employer do not discriminate against any employee or applicant for employment based on any legally protected characteristic, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, genetic information, orVeteran status. We are committed to fostering a workplace where all individuals are valued and respected.
#LI-CP1
This position is not eligible for visa sponsorship. Candidates must be legally authorized to work in the United States without the need for employer sponsorship now or in the future.
Our pay ranges are determined by a number of factors, including, but not limited to, role, experience, level, and location. The national new hire base pay range for this job in the United States is $106,250-$131,250. This range represents the minimum and maximum base pay the company expects to offer for new hires working in the position full time. If you live in one of the following areas or if you work in a Cboe office in the following areas, the range may be higher according to the geographic differentials listed below:
US Geographic Differentials:
- 110%: Austin TX, Chicago IL, Denver CO, San Diego CA
- 115%: Los Angeles CA, Seattle WA
- 120%: Boston MA, Washington DC
Within the range, individual pay is determined by a number of factors, including, but not limited to, work location, job-related skills, experience, and relevant education or training. In addition to base pay, our total rewards program includes an annual variable pay program and benefits including healthcare (medical, dental and vision), 401 (k) with a generous company match, life and disability insurance, paid time off, market-leading tuition assistance, and much more! Your recruiter will provide more details about the total compensation package, including variable pay and benefits, during the hiring process. For further information on our total rewards program, visit TOTAL REWARDS @CBOE.
Any communication from Cboe regarding this position will only come from a Cboe recruiter who has a @cboe.com email or via LinkedIn Recruiter. Cboe does not use any other third party communication tools for recruiting purposes.
