Head of Financial Risk Management - Bitnomial

Payward, the parent company behind Kraken, NinjaTrader, Breakout, xStocks, Payward Services and CF Benchmarks, is seeking a Head of Financial Risk Management for Bitnomial, a CFTC-registered Derivatives Clearing Organization. In this role, you will lead the design, calibration, and ongoing oversight of margin models, stress testing frameworks, and market risk methodologies to safeguard the integrity of the clearinghouse. You will work cross-functionally with clearing operations, technology, compliance, and senior leadership to ensure the DCO's risk management framework meets the highest regulatory and industry standards.

What you'll do

• Monitor performance of initial and variation margin models across cleared products, including futures, options, and swaps; lead periodic recalibration of margin parameters such as lookback windows, volatility scaling, anti-procyclicality measures, liquidity add-ons, and concentration charges in accordance with the DCO's model governance framework
• Evaluate and enhance portfolio-based margining methodologies such as SPAN-style, VaR/Expected Shortfall, and filtered historical simulation for accuracy, defensibility, and regulatory compliance
• Conduct back-testing, sensitivity analysis, and model performance reviews; articulate findings clearly to internal stakeholders, the Risk Committee, and regulators
• Design, execute, and continuously refine the DCO's stress testing program, including historical, hypothetical, and reverse stress scenarios
• Monitor market risk exposures of clearing members and the clearinghouse as a whole, including concentration, wrong-way risk, liquidity risk, and tail-risk exposures
• Assess the adequacy of the default waterfall, guaranty fund sizing, and skin-in-the-game contributions in light of evolving market conditions
• Produce daily, weekly, and monthly risk reporting to senior management, the Risk Committee, and external regulators
• Ensure ongoing compliance with CFTC Part 39 DCO Core Principles, including those governing financial resources, margin, risk management, default procedures, and system safeguards
• Serve as a liaison to the CFTC and other regulators during examinations, rule certifications, and ad hoc inquiries
• Maintain robust model risk management documentation aligned with industry standards and the DCO's internal governance policies
• Support the Chief Risk Officer in Risk Committee preparation, member due diligence, and evaluation of new products and clearing services
• Conduct financial and operational risk reviews of clearing members, including assessment of capital adequacy, liquidity, and risk management practices
• Monitor intraday and end-of-day exposures, margin calls, and collateral sufficiency; escalate emerging risks to the CRO and senior leadership
• Partner with operations and technology to enhance real-time risk monitoring tools and dashboards

What you bring

• Minimum of 10 years of risk management experience at a CFTC-registered DCO, with direct ownership of margin and/or stress testing methodologies
• Deep, practical knowledge of CFTC regulations, particularly Part 39 DCO Core Principles, and familiarity with adjacent rules under Parts 1, 22, and 190
• Demonstrated expertise in market risk concepts including VaR, Expected Shortfall, scenario analysis, volatility modeling, and portfolio risk aggregation across futures and options
• Foundation in margin model design and validation such as SPAN, SPAN 2, historical simulation, parametric, or Monte Carlo-based approaches
• Hands-on experience designing and executing stress testing programs that meet DCO regulatory expectations, including liquidity stress and default management drills
• Bachelor's degree in a quantitative discipline such as Finance, Economics, Mathematics, Statistics, Engineering, or related field
• Excellent written and verbal communication skills with proven ability to present complex risk concepts to executives, board members, and regulators
• Sound judgment under pressure with the ability to make defensible risk decisions in volatile markets
• Intellectual rigor and attention to detail in model design, validation, and documentation
• Collaborative orientation across risk, operations, technology, compliance, and legal functions
• Comfort engaging directly with regulators, clearing members, and senior internal stakeholders

Nice to have

• Prior experience at a Futures Commission Merchant (FCM), including familiarity with customer segregation requirements, house versus customer margining, and FCM risk management practices
• Experience with cleared derivatives across multiple asset classes such as digital assets, interest rates, energy, agricultural, metals, equity indices, and FX
• Working knowledge of default management processes, including auction protocols, hedging, and porting of customer positions
• Experience supporting regulatory examinations, rule filings, or new product self-certifications under CFTC Part 40
• Master's degree in a quantitative discipline

About Payward

Payward is the parent company behind Kraken, NinjaTrader, Breakout, xStocks, Payward Services and CF Benchmarks. Over 15 years, Payward has built one of the most modern and globally accessible financial infrastructure platforms, designed to advance an open, global financial system.