Senior Market Risk Manager - HongKong

Who We Are

About The Team

What You'll Be Doing

Risk Monitoring & Limits Management

• Monitor real-time and end-of-day market risk exposures across liquidity management activities, spanning spot, perpetual swaps, dated futures, vanilla options, exotic payoffs with KI/KO features
• Track and manage Greeks (delta, gamma, vega, theta, rho) across various trading desks; ensure hedging activity keeps net Greeks within approved limits
• Maintain and enforce stop-loss limits at the desk, strategy, and individual trader level; identify breaches promptly and coordinate effective escalation and resolution
• Monitor margin utilisation and collateral efficiency across venues; flag concentration or margin call risk before it materialises
• Oversee liquidation risk and auto-deleveraging (ADL) exposure for leveraged positions; work with traders to manage positions ahead of critical margin thresholds

Risk Framework & Methodology

• Continuously develop and enhance the market risk framework for the market making desk, including VaR models, Expected Shortfall, stress testing, and scenario analysis calibrated to crypto market dynamics
• Own PnL attribution and reconciliation — decompose daily trading PnL into Greeks, carry, and residual components to validate model accuracy and identify unexplained P&L
• Define and maintain a comprehensive suite of risk limits including notional limits, Greeks limits, stop-loss thresholds, concentration limits, and venue-level position limits; perform periodic data-driven reviews
• Evaluate market risk for new products, strategies, and client structures prior to launch, including bespoke structured products and barrier option payoffs
• Develop and refine margin parametrisation models to support efficient capital usage while maintaining robust risk controls

Stakeholder Engagement & Reporting

• Understand the market, discuss risk exposures and concerns with senior risk managers and traders
• Produce and review high-quality daily, weekly, and monthly risk reports for the desk head and senior leadership, presenting complex exposures and risk metrics clearly to both technical and non-technical audiences
• Lead post-mortem reviews on market risk incidents, stop-loss breaches, or significant mark-to-market events; ensure root causes are identified and controls updated
• Partner with Trading, Structuring, Technology, and Finance teams to design and implement risk system improvements, automate monitoring workflows, and improve data quality
• Engage with regulators and external auditors on market risk matters related to the liquidity management business as required

What We Look For In You

Qualifications & Experience

• Bachelor's Degree required, preferably in Finance, Mathematics, Statistics, Engineering, or a related quantitative field; advanced degree (MSc, PhD) is a plus
• 7–10+ years of experience in market risk management at a crypto market making firm, proprietary trading house, Tier-1 crypto exchange, or major financial institution with a significant market making business
• Direct, hands-on experience managing market risk for market making or principal trading desks — not solely exchange-level or client risk management
• Experience in risk management in gambling/betting industry is a plus

Technical & Product Knowledge

• Deep knowledge of crypto and traditional financial products including spot, perpetual swaps, dated futures, structured products, barrier options (knock-in/knock-out), and vanilla options
• Proficiency in risk metrics including VaR, Expected Shortfall, and stress testing, as well as Greeks management (delta, gamma, vega, theta) for options-heavy books
• Strong understanding of PnL attribution methodologies: ability to decompose and explain daily trading PnL across Greeks, carry, vol carry, and unexplained residuals
• Working knowledge of crypto-native risk mechanisms including margin systems, liquidation engines, and auto-deleveraging (ADL) protocols on centralised exchanges
• Experience with stop-loss framework design and management: defining appropriate thresholds, monitoring intraday, and escalating breaches effectively
• Familiarity with margin optimisation across multiple trading venues and understanding of cross-margining and portfolio margining concepts

Analytical & Communication Skills

• Strong quantitative skills with the ability to build and validate risk models; proficiency in Python or similar for data analysis and risk metric calculation
• Comfortable leveraging AI tools and automation to streamline risk monitoring and reporting workflows
• Excellent communication skills; able to present complex risk findings clearly to traders, desk heads, and senior non-technical stakeholders
• Collaborative, execution-focused mindset with a track record of operating effectively in fast-paced, high-pressure trading environments

Professional Qualifications

• CFA, FRM, PRM, or equivalent professional qualification preferred

Why Join Us

• Work at the cutting edge of crypto market making — one of the most technically demanding risk disciplines in financial markets
• Collaborate daily with world-class traders and quants on structuring and hedging complex payoffs
• Shape the risk framework of a high-growth business with real autonomy and impact
• Competitive compensation, flexible working, and a culture that rewards ownership and initiative