What is This??
An HR lady at one of the top investment banks(think GS,DB,MS) approached me with this opening today.
ROLE RESPONSIBILITIES: · Calculate the daily sweepings of the risks and book the transfer trades · Setup and run risk scenario analysis for X-Gamma exposure across all trading books globally · Create scenario / risk optimization runs for the funding book and the XCCY book. · Book the daily cash funding of the trading books in Europe.
I am a fixed income trader at a prop firm and trade sovereign government bonds.I have absolutely no idea what this role encompasses or what might be the day to day responsibilities in this position.Does anyone have a clue?
Thanks!
since when is db considered a top investment bank?
I saw "daily sweepings" and assumed the worst
6th last year.. Is that top?
Give HR a call, say you're interested and want to hear more. Even if you're not.
My bad on that DB = top IB post.
Anyways i did call the HR, but she told me she knew very little with regards to the role.All she could tell me was that it was related to cross currency swaps and stuff.
@Whitehat : What exactly is 'daily sweepings'? Is this role anywhere close to derivatives risk management?
I think that's exactly what this is. Derivative risk analysts analyze open positions and assess MtM, VaR/CaR, and run tons of monte carlo and scenario analyses to determine a portfolio or asset's financial risk. I should know, as it's what I've been doing since I graduated in May.
No idea what a "sweeping" is though. Probably has something to do with summarizing gains/losses and analyzing them.
Booking trades sounds MO/BO
Some additional info i gathered:
Support the new global funding book to transfer all discounting risks from market making books globally. In addition the 1-way funding charge responsibilities will transfer from CPM to the funding book.
Calculate 1-way funding charges for all trades with 1-way CSA counterparties and provide Sales / Traders with the charge
Looks like MO/Risk management role.Any views?
Nobody got my janitor joke. Figures.
You're a year out for people to get that. You probably have a bigger chance of Janitor => FO than BO => FO.
Also have no idea what sweeping means, but heard the term occasionally in the emails from risk/middle office. This sounds a lot like a treasurer/ middle office role in my bank, booking one-day funding, risk running kind of stuff.
I got some more clarification and it seems that most of you are right.The division is in Risk management. Meanwhile, i got approached for a different role as well.Here it is:
The Counterparty Management trading team efficiently manages rates counterparty risk on positions not covered by CSA agreements. The desk collects credit charge on uncollateralized deals and trades CDS to hedge against counterparty risk. The desk also offers clients structured commodity-contingent credit hedging solutions. The team is also involved in the development of bank-wide risk reporting infrastructure focusing on efficiently and accurately quantifying counterparty risk for the Fixed Income, Currency and Commodities business. In addition, the desk also manages the counterparty and funding risk on positions collateralized by CSAs, ranging from dynamic IA to OIS discounting framework for pricing accurate cost of funding.
ROLE RESPONSIBILITIES: • Implementation of OIS discounting framework in Asian Currencies for Interest rate, FX and commodity derivative portfolios. • Analyzing the NPV and Risk impact due to change in discounting framework based on individual CSA’s • Understand and analyze information from Collateral Agreements and Analyzing funding charges based on collaterals. • Understand factors influencing Credit Charge for different counterparties and help in Credit Value Adjustment (CVA) calculation for various trades.
Can anybody clarify what this is?
Thanks a ton!!
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