Divisional Overview:
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.
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. Additionally, IPV opines on Day 1 P&L
adjustments and assigns appropriate fair value hierarchy levels (Level 1, 2, and 3) to ensure
compliance with ASC 820 valuation standard
Business Overview:
Valuation Control team in Mumbai is setup as an extension of the Product Control teams in each of the regions. Valuation Control is an integral part of the Product Control function where Independent
Price Verification is performed. 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 across multiple asset classes.
What We Offer:
We support employee wellbeing by ensuring a sense of purpose and belonging.
We offer a comprehensive range of wellbeing services which allows employees to get access to the assistance they need at any point in their wellbeing journey.
Our bespoke benefits support employees and their family’s holistic wellbeing and are inclusive of diverse identities and family structures.
Position Specifications:
Corporate Title Vice President Functional Title Vice President Experience 10+ Years Qualification MBA (Finance)/CFA /FRM Requisition No. 13625
Role & Responsibilities:
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Valuation & Price Testing
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.
Experience
10+ years in financial services with deep credit markets experience
3+ years in senior IPV, Product Control, or Credit Risk role with management responsibility
Hands-on experience with CDS, indices, FTD baskets, tranches, and structured credit
Technical Skills
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)
Leadership Competencies
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
Mind Set:
Mandatory Desired Domain
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
Strong analytical skills Technical
Strong Excel/VBA programming skills
Python coding skills
