Head of Product Control & IPV

Clear Street•New York, NY

9d•$160,000 - $225,000•Hybrid

About The Position

Clear Street is seeking a highly experienced product control professional to build and lead the firm's Product Control function from the ground up. This role will own independent price verification (IPV), daily P&L production and sign-off, and the broader product control framework across a diverse product set. The position requires deep technical expertise in derivatives valuation and structured products, organizational capability to build a function, and a hands-on approach in a lean team environment. The role will initially manage one existing analyst while building out the team over time as the business scales. The Head of Product Control & IPV will work directly with Finance leadership and partner closely with Trading, Risk, Operations, and Technology.

Requirements

10+ years in product control, financial control, or valuation at a broker-dealer, investment bank, or prime brokerage.
Demonstrable experience building or significantly scaling a Product Control or IPV function — not just running a steady-state team.
Deep expertise in OTC derivatives product control: equity swaps, TRS, variance swaps, credit derivatives, rates, and / or FX.
Prior exposure to CFTC-regulated entities (swap dealers, FCMs, or DCOs) strongly preferred.
Meaningful experience across at least several of: equities, options, futures, prime brokerage, securities financing, and cleared derivatives.
Expert-level understanding of derivatives pricing and valuation: Greeks, yield curves, vol surfaces, credit spreads, and fair value adjustment frameworks (CVA/DVA/FVA a plus).
Strong grasp of P&L attribution methodologies across asset classes.
Familiar with major vendor pricing sources: Bloomberg, Reuters/Refinitiv, Markit / IHS Markit, SuperDerivatives, or equivalent.
Proficiency in Excel for data analysis – we are Claude enabled; experience with trading systems – we have number of proprietary systems, alongside vendor systems.
Solid understanding of GAAP fair value accounting (ASC 820) and financial statement presentation for trading entities.
Demonstrated ability to hire, develop, and retain talent — even from a standing start with a small team.
Highly collaborative; able to work constructively with traders, risk managers, operations, and accountants.
Comfortable challenging front office on pricing and P&L in a professional, evidence-based manner.
Thrives in a fast-moving, ambiguous environment; gets things done without waiting for perfect infrastructure.
Exceptional attention to detail with strong written and verbal communication skills.

Nice To Haves

Crypto asset experience a meaningful plus given our expanding digital assets business.

Responsibilities

Design and implement the firm's end-to-end Product Control function, including policies, procedures, controls framework, and governance.
Establish the IPV framework across all asset classes: equities, listed options, fixed income, futures, OTC derivatives (IRS, CDS, equity swaps, TRS, FX), synthetic financing, crypto, and prediction markets.
Define escalation protocols, P&L threshold tolerances, and price challenge procedures in coordination with Risk and Trading.
Partner with Technology to scope and implement a fit-for-purpose product control platform, replacing or augmenting existing tooling.
Build out the team over time, defining roles and hiring as business complexity warrants.
Own daily P&L production, attribution, and sign-off across all business lines: Cash Equity, Listed Option, Futures, Financing (cash and synthetic), Stock Loan, and Crypto.
Oversee P&L validation with desk heads prior to release; manage and resolve P&L disputes with traders.
Oversee the existing analyst who performs daily revenue reporting and supports month-end close.
Ensure accurate new trade capture and P&L explain across all books.
Design and operate robust IPV processes using independent market data sources (broker quotes, vendor marks, traded prices, model outputs).
Establish and document valuation methodologies for each asset class, with particular rigor on OTC and hard-to-price instruments.
Challenge front-office marks where appropriate; maintain and defend an audit trail.
Develop price testing tolerance grids and escalation matrices in coordination with Risk and CFO.
Build controls and IPV frameworks for OTC derivatives including equity swaps, TRS, variance swaps, basket products, and other structured instruments as the business scales.
Partner with Legal, Compliance, and Risk on Dodd-Frank / CFTC reporting, margin, and booking requirements.
Support the build-out of the Security-Based Swap Dealer (SBSD) and OTC Swap Dealer infrastructure and control requirements from a product control perspective.
Partner with Accounting on month-end P&L close, ensuring consistency between trading books and the general ledger.
Own the balance sheet substantiation for trading assets and liabilities, including derivatives fair value and financing positions.
Support the production of management reporting packs and investor / board materials as relevant.
Own the fair value hierarchy analysis (Level 1 / 2 / 3) for all trading inventory.
Develop and maintain the product control policy suite and procedures manual.
Act as the primary point of contact for internal audit, external auditors, and regulators on product control matters.
Identify and remediate control gaps; track issues to resolution.
Drive automation of manual controls and processes in close coordination with Technology.