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Open nowPosted 25 hours ago

Product Control Quantitative Lead

DRW165 open roles

Where
Chicago
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Your applicationOpen nowProduct Control Quantitative LeadDRW · Chicago

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The clock on this job

Early applications get read.

11.5% of postings close within 7 days. Measured by our own scanner across the market. DRW postings stay open a median of 49 days.

Share of postings closed within
  1. 2.0%1 day
  2. 4.3%3 days
  3. 11.5%7 days
  4. 18.1%14 days
  5. 35.6%30 days
  6. 44.6%60 days
This job: posted 25 hours ago

DRW median: 49 days open

The posting

DRW is a diversified trading firm with over 3 decades of experience bringing sophisticated technology and exceptional people together to operate in markets around the world. We value autonomy and the ability to quickly pivot to capture opportunities, so we operate using our own capital and trading at our own risk.

Headquartered in Chicago with offices throughout the U.S., Canada, Europe, and Asia, we trade a variety of asset classes including Fixed Income, ETFs, Equities, FX, Commodities and Energy across all major global markets. We have also leveraged our expertise and technology to expand into three non-traditional strategies: real estate, venture capital and cryptoassets.

We operate with respect, curiosity and open minds. The people who thrive here share our belief that it’s not just what we do that matters–it's how we do it. DRW is a place of high expectations, integrity, innovation and a willingness to challenge consensus.

We are seeking a Product Control Quantitative Lead to focus on the valuation and independent validation of options, structured products and related derivatives. The role will review pricing models, validate volatility surfaces/skews, verify model inputs, and present findings to the Valuation committee. This role will work closely with trading desks, risk, quants, and software engineers to ensure robust, auditable valuation processes and build scalable verification tools. This role will require you to be in office 4 days per week.

Responsibilities:

  • Independently verify pricing models and the inputs used for options valuation and present results to the valuation/model validation committee.
  • Assist Middle office and commercial groups by analyzing skew data to determine appropriate sources for valuation.
  • Work with trading desk analysts, quantitative developers and risk to validate new instruments, and bespoke structures.
  • Identify unobservable inputs and assumptions, and test sensitivities to those assumptions inputs are not directly observable.
  • Work closely with software engineers to provide pricing verification system specifications.
  • Develop and maintain auditable valuation documentation and model governance artifacts (methodologies, calibration procedures, data provenance).

Skills & Experience:

  • Minimum 7 years of relevant experience, ideally at a Proprietary Trading Firm, Hedge Fund, Investment Bank or Trading Venue.
  • Experience constructing and analyzing volatility surfaces and option skews, including interpolation/extrapolation and smoothing techniques.
  • Experience managing data and building tools in Python.
  • A strong understanding of control functions - Comfortable interrogating assumptions, performing sensitivity analysis, and translating model behaviors into business impact.
  • Prior experience in model validation or model governance frameworks preferred.

The annual base salary range for this position is $200,000 to $250,000 depending on the candidate’s experience, qualifications, and relevant skill set. The position is also eligible for an annual discretionary bonus. In addition, DRW offers a comprehensive suite of employee benefits including group medical, pharmacy, dental and vision insurance, 401k (with discretionary employer match), short and long-term disability, life and AD&D insurance, health savings accounts, and flexible spending accounts.

For more information about DRW's processing activities and our use of job applicants' data, please view our Privacy Notice at https://drw.com/privacy-notice.

California residents, please review the California Privacy Notice for information about certain legal rights at https://drw.com/california-privacy-notice.

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