Nomura India
Nomura India | FIN_Global Middle Office_VP
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Job Highlights
About the team
Business Finance & Control includes Product Control, IPV, and Structured Deal Review. BFC works closely with the Wholesale division supporting the business and their trading activities. They also work closely with Risk, Operations, IT, Legal and Compliance as well as other functions within the Finance division. BFC provide management with valuable insight into the Wholesale trading performance and key financial information. In addition, PC review trade booking and valuation flows, preform balance sheet reconciliation and substantiation, as well as the independent price verification of Nomura’s trading inventory.
Responsibilities
- The Product Control team is an independent control function that ensures the integrity of Nomura’s financial statements with the preparation and independent verification of daily and monthly P&Ls. In addition, PC review trade booking and valuation flows, preform balance sheet reconciliation and substantiation, as well as the independent price verification of Nomura’s trading inventory.
- The Independent Price Verification (IPV) team is an independent control function that ensures the accuracy and integrity of Nomura's trading book valuations through systematic verification of pricing models, methodologies, and fair value determinations.
- The team performs regular price testing against market sources, validates model inputs and assumptions, and collaborates with front office and risk management to resolve pricing discrepancies.
- Valuation Control team in Mumbai is setup as an extension of the Product Control teams in each of the regions.
- Lead Independent Price Verification & reserving for all credit trading portfolios including single-name CDS, CDS indices (CDX, iTraxx), First-to-Default baskets, index tranches, and exotic credit derivatives.
- Adherence & implementation of IPV policies, methodologies, and price testing frameworks.
- Establish implementation of robust price testing methodologies across investment grade, high yield, and distressed credits using multiple independent sources (dealer runs, consensus pricing, market observables).
- Review and challenge front office marks for Cash & credit derivative products, analyzing spread movements, recovery assumptions etc.
- Understanding of Credit pricing models, credit curve construction methodologies.
- Coordinate with VCMM on credit model approvals and ongoing validation.
- Review and validate credit pricing models including hazard rate models, copula models for portfolio products, and credit curve construction methodologies.
- Challenge model assumptions for correlation, recovery rates, and default probabilities.
- Coordinate with Model Risk Management on credit model approvals and ongoing validation.
- Ability to assess model limitations and ensure appropriate reserves for valuation uncertainty.
- Implement data quality controls and assist onshore stakeholders in developing alternative pricing methodologies for illiquid credits.
- Maintain pricing source hierarchy and escalation procedures for stale or unreliable data.
- Assist onshore in managing regulatory inquiries and external auditor relationships for credit valuations.
- Build and lead specialized team with deep credit markets expertise.
- Partner with Credit Trading, Credit Risk, Product Control, and Finance teams and build strong relationship.
- Drive automation of credit IPV processes and price testing workflows.
- Good Python programming skills would be preferable.
- Price Verification is performed.
Requirements
- Hands-on experience with CDS, indices, FTD baskets, tranches, and structured credit.
- Good to have knowledge of CDS mechanics & credit event protocols.
- Understanding of credit derivatives pricing.
- Understanding of credit spread curve construction, recovery rate estimation etc.
- Experience with credit market data platforms (Markit, Bloomberg CDSW, ICE).
- Good understanding of credit risk metrics (DV01, CS01, jump-to-default).
- Strategic thinking with ability to navigate complex credit market dynamics.
- Strong analytical skills and attention to detail in credit valuation.
- Proven ability to challenge and influence senior stakeholders.
- Excellent communication of complex credit concepts to diverse audiences.
- Understanding of cash and credit derivative products.
- Strong communication skills and attention to details.
- Knowledge of Database e.g.: SQL, MS Access.
- Strong basic concepts of CDS mechanics, Credit derivative pricing etc.
- 10+ years in financial services with deep credit markets experience
- 3+ years in senior IPV, Product Control, or Credit Risk role with management responsibility
- Strong analytical skills Technical
- Strong Excel/VBA programming skills
About the company
Nomura
Nomura is a Japanese financial services group, founded in 1925 and headquartered in Tokyo, with a network spanning around 30 countries and regions. Its business is organised into four divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking) and Banking.
In India, Nomura Services India in Powai, Mumbai supports the group's global businesses with teams in financial control and reporting, risk management, operations, research, trading support, compliance, legal and technology. Roles in financial control, product control, regulatory reporting, risk, audit and operations there suit chartered accountants, ACCA and CFA professionals and MBA (Finance) graduates.
