Head of Product Control & IPV

Responsibilities

Product Control Build-Out

• Design and implement the firm's end-to-end Product Control function, including policies, procedures, controls framework, and governance.
• Establish the independent price verification (IPV) framework across equities, listed options, fixed income, futures, OTC derivatives, synthetic financing, crypto, and prediction markets.
• Define escalation protocols, P&L threshold tolerances, and price challenge procedures with Risk and Trading.
• Partner with Technology to implement a product control platform.
• Build out the team over time, defining roles and hiring as business complexity warrants.

Daily P&L and Revenue Reporting

• Own daily P&L production, attribution, and sign-off across cash equities, listed options, futures, financing, stock loan, and crypto.
• Oversee P&L validation with desk heads and resolve P&L disputes with traders.
• Manage the existing analyst responsible for daily revenue reporting and month-end close support.
• Ensure accurate new trade capture and P&L explanation across all books.

Independent Price Verification

• Design and operate IPV processes using independent market data sources, including broker quotes, vendor marks, traded prices, and model outputs.
• Establish and document valuation methodologies for each asset class, with particular rigor for OTC and hard-to-price instruments.
• Challenge front-office marks and maintain a defensible audit trail.
• Develop price-testing tolerance grids and escalation matrices with Risk and the CFO.

Derivatives and Swap Dealer Readiness

• Build controls and IPV frameworks for OTC derivatives, including equity swaps, total return swaps, variance swaps, basket products, and other structured instruments.
• Partner with Legal, Compliance, and Risk on Dodd-Frank and CFTC reporting, margin, and booking requirements.
• Support Security-Based Swap Dealer and OTC Swap Dealer infrastructure and control requirements.

Month-End Close and Reporting

• Partner with Accounting on month-end P&L close and consistency between trading books and the general ledger.
• Own balance-sheet substantiation for trading assets and liabilities, including derivatives fair value and financing positions.
• Support management reporting packs and investor or board materials.
• Own fair-value hierarchy analysis for trading inventory.

Governance and Controls

• Develop and maintain the product control policy suite and procedures manual.
• Serve as the primary point of contact for internal audit, external auditors, and regulators on product control matters.
• Identify and remediate control gaps and track issues to resolution.
• Drive automation of manual controls and processes with Technology.

Requirements

Experience

• 10+ years of experience in product control, financial control, or valuation at a broker-dealer, investment bank, or prime brokerage.
• Experience building or significantly scaling a Product Control or IPV function.
• Deep expertise in OTC derivatives product control, including equity swaps, total return swaps, variance swaps, credit derivatives, rates, and/or FX.
• Prior exposure to CFTC-regulated entities is strongly preferred.
• Experience across several of equities, options, futures, prime brokerage, securities financing, and cleared derivatives.
• Crypto asset experience is a plus.

Technical Skills

• Expert understanding of derivatives pricing and valuation, including Greeks, yield curves, volatility surfaces, credit spreads, and fair-value adjustment frameworks.
• Strong understanding of P&L attribution methodologies across asset classes.
• Familiarity with Bloomberg, Reuters/Refinitiv, Markit/IHS Markit, SuperDerivatives, or equivalent pricing sources.
• Proficiency in Excel for data analysis and familiarity with trading systems.
• Understanding of GAAP fair-value accounting, including ASC 820, and financial statement presentation for trading entities.

Leadership

• Ability to hire, develop, and retain talent while building a team from a small starting group.
• Collaborative approach with traders, risk managers, operations, and accountants.
• Ability to challenge front-office pricing and P&L professionally and based on evidence.
• Comfort working in a fast-moving, ambiguous environment.
• Exceptional attention to detail and written and verbal communication skills.

Compensation and Benefits

• Base salary range: $160,000-$225,000.
• The range represents base salary only and excludes bonuses and equity.
• Company equity and 401(k) matching.
• Gender-neutral parental leave.
• Medical, dental, and vision insurance.
• Employees are expected to work in the office 4 days per week.
• In-office benefits include lunch stipends, stocked kitchens, and happy hours.