Front Office Market Risk FCM and Futures Clearing, Vice President

State Street•Jersey City, NJ

13d•$120,000 - $202,500

About The Position

State Street is developing Futures Commission Merchant (FCM) capabilities to support futures and options clearing and execution, integrating them with its existing cleared repo franchise. Front Office Risk Management is a critical part of the target operating model and works closely with Trading, Product Development, Middle Office, Back Office, Collateral Management, Enterprise Risk Management, Technology, Legal, Compliance, Treasury, and Finance. The Vice President of Front Office Market Risk will help design, implement, and operate the risk framework for State Street’s FCM and repo clearing business. This build-phase and ongoing business-as-usual role calls for deep knowledge of listed derivatives, clearing, margin, liquidity, and counterparty risk. The successful candidate will establish real-time controls for cleared and financing products and manage risk across overlapping futures and sponsored repo client activity. The role operates in a dynamic, fast-paced environment through the design, regulatory approval, implementation, and launch phases of the FCM initiative. It requires substantial autonomy, sound judgment under pressure, and the ability to translate complex market, margin, liquidity, and counterparty risks into practical controls and senior-management decisions. The role could potentially be based in Boston, Massachusetts, or Jersey City, New Jersey.

Requirements

Bachelor of Science in Finance, Economics, Mathematics, Engineering, or a related field.
At least 10 years of relevant experience in FCM, futures clearing, listed derivatives, prime brokerage, sponsored or cleared repo, securities financing, or front-office market risk management.
Strong understanding of futures and options market risk, clearing-house margin methodologies, client margining, collateral, liquidation risk, and intraday liquidity.
Demonstrated experience designing or operating real-time risk monitoring, pre-trade controls, stress testing, limit frameworks, and escalation processes.
Experience assessing hedge fund and institutional trading strategies, including U.S. Treasury cash-futures basis and other leveraged relative-value strategies.
Working knowledge of FCM regulatory and segregation requirements, clearing-member risk controls, net capital considerations, and clearing-house default management.

Nice To Haves

CFA or FRM professional designation; preferred but not required.

Responsibilities

Drive implementation of the Front Office Risk operating model for the FCM business.
Define and implement real-time and intraday risk monitoring, including monitoring client positions, market movements, initial and variation margin, collateral requirements, cross-margining, limit utilization, and liquidity requirements.
Design pre-trade and pre-deal controls.
Aggregate risks across FCM and cleared repo activity.
Perform daily risk management for a diverse book of top-tier alternative manager portfolios, including analysis of margins, stress-scenario results, and exposure changes.
Work closely with Enterprise Risk Management and external regulators.
Work with front-office traders and, at times, clients to derive and analyze trading strategies, considering margin risk and potential efficiencies.
Perform other tasks as assigned to support the Boston-based Front Office Market and Credit Risk team.

Benefits

401(k) retirement savings plan with company match.
Basic life, medical, dental, vision, long-term disability, and other optional insurance coverages.
Paid time off, including vacation, sick leave, short-term disability, and family-care responsibilities.
Access to an Employee Assistance Program.
Eligibility for annual performance-based incentive awards, excluding certain sales roles subject to sales incentive plans.
Eligibility for certain tax-advantaged savings plans.
Inclusive development opportunities.
Flexible work-life support.
Paid volunteer days.
Employee networks.