Counterparty Risk management, Senior Associate, Fixed Income Division

Company Profile
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.
 

As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

Position Description
This role sits within the Fixed Income Counterparty Risk team and provides broad exposure across Rates, FX, Commodities, and Repo businesses. The successful candidate will work closely with global Sales & Trading desks, hedge fund clients, and senior risk managers to oversee counterparty exposures, margin methodologies, and risk analytics. The role offers a combination of quantitative analysis, business engagement, and risk management responsibilities within a dynamic front-office environment.

Primary Responsibilities

• Calculate and monitor Initial Margin requirements across Fixed Income, FX, Commodities, and Repo products.

• Serve as a subject matter expert for margin-related queries from internal stakeholders, including Sales & Trading, as well as external hedge fund and institutional clients.

• Investigate daily margin disputes, assess materiality and risk implications, and escalate issues where appropriate.

• Monitor settlement fails and identify emerging counterparty or operational risks requiring management attention.

• Analyse daily stress loss and exposure metrics, investigating significant movements and communicating key drivers to stakeholders.

• Participate in real-time trade approval processes, providing risk assessment and challenge for complex or large transactions.

• Contribute to client onboarding reviews and risk committees, ensuring appropriate counterparty risk standards are maintained.

• Support the development and enhancement of counterparty risk methodologies, including Initial Margin, VaR, Historical Simulation, and stress testing frameworks.

• Represent Business Unit Risk Management in cross-functional initiatives and strategic projects involving Trading, Operations, Technology, Legal, and Compliance teams.

• Perform ad hoc risk analysis in response to market events, portfolio developments, and client-specific risk concerns.

Qualifications

Master’s degree in Financial Engineering, Quantitative Finance, Mathematics, Statistics, Physics, Engineering, or a related quantitative discipline.

Experience and Skills Required

• 2–6 years of experience in Counterparty Risk, XVA, Structuring, Quantitative Risk, Market Risk, or a related front-office risk function.

• Strong understanding of Fixed Income products -Interest Rate derivatives, FX, Commodities, and Repo markets.

• Familiarity with counterparty credit risk concepts, exposure measurement methodologies, collateral management, and margining frameworks.

• Knowledge of Initial Margin methodologies, ISDA SIMM, UMR, or related regulatory margin requirements is advantageous.

• Experience with quantitative modelling, risk analytics, or trading-related risk management processes is preferred.

• Proficiency in Python, SQL, or similar analytical tools is beneficial.

• Strong analytical and problem-solving skills, with the ability to interpret complex risk exposures and communicate conclusions effectively.

• Excellent verbal and written communication skills, with confidence interacting directly with traders, senior management, and external clients.

• Ability to manage multiple priorities in a fast-paced market environment while maintaining attention to detail.

• Demonstrated ability to work independently while contributing effectively within a team setting.

• Curious, proactive, and motivated to develop expertise across products, markets, and risk disciplines.

WHAT YOU CAN EXPECT FROM MORGAN STANLEY:

At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years.  Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work.

To learn more about our offices across the globe, please copy and paste https://www.morganstanley.com/about-us/global-offices​ into your browser.

Morgan Stanley is an equal opportunity employer committed to building and maintaining a workforce that is diverse in experience and background.  Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents.

Our workforce reflects a broad cross-section of the global communities in which we operate, bringing a variety of backgrounds, talents, perspectives, and experiences.

For more information, please visit: https://www.morganstanley.com/people-opportunities/eeo.