Product Manager, Portfolio Margin and Risk

Galaxy•New York, NY

11d•Hybrid

About The Position

Galaxy is seeking a seasoned Product Manager with 7+ years of experience across derivatives, portfolio risk, and margin infrastructure. This is a high-impact role that sits at the nexus of trading, risk, quantitative modeling, and technology. You will lead the design and evolution of our portfolio margin and risk framework — helping define the capital efficiency, safety, and scalability of Galaxy’s multi-asset / multi- instrument trading platform. This role demands a rare blend of quantitative fluency, systems architecture understanding, and trading intuition. You should deeply understand how proper portfolio margin constructs work, how risk-based margin is calculated on a portfolio basis, and how linear and derivative instruments interact to drive capital requirements. You must understand what “good” looks like for a franchise trading firm — from both a trader usability perspective and a balance sheet efficiency perspective. We are an AI-first product organization. You will be expected to leverage AI tools to: Prototype solutions in parallel with requirements writing Research alternative design approaches and model frameworks Generate comparative analyses of margin methodologies Produce stakeholder-ready solution decks and technical documentation Accelerate iteration cycles between trading, risk, and engineering You should be comfortable using AI as a force multiplier — not as a novelty — embedding it directly into your product development workflow. You should have experience building or enhancing margin systems at a bank, exchange, clearinghouse, or fintech trading platform. Ideally, you’ve worked in a smaller fintech or greenfield environment where you have seen the full lifecycle end-to-end — from risk model design and instrument setup to pre-trade buying power logic and post-trade margin recalculation. If your experience is primarily from a large bank or institution, you must demonstrate that you have operated effectively in ambiguous or grey environments — driving new builds, defining frameworks from scratch, and navigating incomplete specifications without relying on rigid legacy processes. Using tooling including AI, you must be able to create prototypes and detailed product requirements from scratch — grounded in how traders, risk managers, and institutional clients actually use margin and risk systems. These requirements must be specific enough to partner effectively with engineering, quant, and risk stakeholders to deliver scalable, real-time systems but grounded in a wider product context. Strong preference for experience at client-facing, risk-taking trading firms such as options market makers, prime brokers, exchanges, or IB sales & trading desks — especially where you’ve built or enhanced automated / low-touch risk and margin systems.

Requirements

Experienced: 7+ years in trading product, margin, derivatives, or risk systems across TradFi and crypto/fintech.
Quantitative: Fluent in portfolio margin, VaR/ES, scenarios, correlations, stress tests, and Greeks.
Systems-oriented: Understand instrument modeling, position aggregation, and real-time margin/risk engines.
Margin-native: Know Reg-T vs portfolio margin, overlays, cross-margining, and capital efficiency.
AI-native: Use AI daily for research, prototyping, docs, and solution design.
Ambiguity-capable: Comfortable building in fintech or unclear bank environments.
Trading-aligned: Partnered with traders; value latency, determinism, and simple workflows.
Analytical & user-centric: Use data to prioritize for commercial impact and turn complex ideas into actionable requirements and successful products.

Nice To Haves

Experience building or enhancing portfolio margin systems at a clearinghouse, exchange, or prime broker.
Direct exposure to SPAN, TIMS, VaR, or Expected Shortfall implementations.
Experience with cross-margin frameworks across asset classes.
Experience with crypto-native derivatives or multi-asset margin platforms.
Familiarity with treasury funding costs and balance sheet optimization.
Knowledge of FIX, WebSocket, REST APIs, and market data normalization.
ISDA / CSA familiarity and understanding of collateral mechanics.
Experience in crypto and understanding real-time liquidation.

Responsibilities

Design and evolve a portfolio-based margin system spanning spot, futures, options, swaps, and structured derivatives.
Translate scenario-based, shock-based, and correlation-based margin methodologies into scalable product requirement and operationalize VaR and Expected Shortfall.
Implement portfolio-level offsets, concentration add-ons, liquidity haircuts, and regulatory overlays where applicable.
Architect systems that estimate incremental margin impact before a trade is executed.
Design APIs and internal tools that allow traders and clients to understand margin utilization in real time.
Define logic for cross-margin eligibility and portfolio-level capital efficiency checks.
Define canonical instrument representations and ensure correct modeling of multipliers, expiries, funding mechanics, settlement types, and lifecycle events.
Design position netting logic across accounts and sub-accounts.
Partner with engineering to build real-time risk factor ingestion and portfolio aggregation engines while optimizing data source and normalization to support real-time recalculation.
Architect real-time portfolio risk views for traders and risk managers and event-driven recalculation frameworks.
Design margin call logic, risk thresholds, and liquidation workflows.
Ensure the system behaves predictably and safely under stress scenarios and market dislocations.
Drive the integration of margin engines with pricing, P&L, booking, and treasury systems.
Partner with funding and treasury teams to align margin methodology with balance sheet and capital considerations.
Align high-touch OTC and low-touch trading channels under a unified risk framework.
Architect workflows spanning pre-trade margin estimation, trade execution, booking, portfolio aggregation, margin calculation, and reporting.
Integrate across asset classes and trading styles (spot, perps, options, structured products).
Ensure a consistent user experience across internal trading desks and institutional clients and across risk systems.
Own roadmap development and margin methodology evolution.
Lead tradeoff discussions across performance, capital efficiency, regulatory constraints, and usability closely with engineering, quant, trading, risk, treasury, compliance, and design teams.
Drive delivery timelines and maintain strong feedback loops with front-office users.
Embrace and champion the thoughtful adoption of AI to improve team performance and business outcomes.
Leverage AI tools (e.g., generative AI, automation platforms, data copilots) to improve productivity, decision-making, and output quality in your day-to-day work.

Benefits

Competitive base salary and discretionary bonus
Hybrid/Flexible Working Arrangements
Flexible Time Off (paid)
3% 401(k) company contribution
Company-paid health and protective benefits for employees, partners, and other dependents
Generous paid Parental Leave
Competitive family planning benefits for US employees
Opportunities to learn about the Crypto industry
Smart, entrepreneurial, and fun colleagues
Free daily snacks and weekly breakfasts/lunches
Employee Resource Groups
Free virtual coaching and counseling sessions through Headspace