FIN_Global Middle Office_VP

Nomura Holdings, Inc.; Mumbai City; On-site; INR 4,000,000 - 7,000,000; Full time

Benefits offered by this job

Wellbeing services

Holistic wellbeing benefits

Diversity & inclusion initiatives

Job summary

Nomura Holdings, Inc. in Mumbai seeks a Vice President for Valuation Control with 10+ years of financial services experience, specializing in credit markets. Lead IPV, price testing, and valuation processes across CDS and other credit instruments.

You will collaborate with Credit Trading, Risk, Product Control, and Finance, driving model validation, data quality, and process automation, including strong Python and SQL capabilities.

Qualifications

• 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.

Responsibilities

• Valuation & Price Testing.
• Lead Independent Price Verification & reserving for all credit trading portfolios including CDS and related instruments.
• Adherence & implementation of IPV policies, methodologies, and price testing frameworks.
• Establish robust price testing methodologies across investment grade, high yield, and distressed credits using multiple sources.

Skills

Valuation & Price Testing

IPV Leadership

Credit Pricing Models

Python

Education

MBA (Finance)

CFA

FRM

Tools

SQL

MS Access

Job description

Job Description:

Nomura Overview: Nomura is a financial services group with an integrated global network. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Wealth Management, Investment Management, Wholesale (Global Markets and Investment Banking), and Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com. Nomura Services, India supports the group’s global businesses. With world-class capabilities in trading support, research, information technology, financial control, operations, risk management and legal support, the firm plays a key role in facilitating the group’s global operations across four international regions. At Nomura, creating an inclusive workplace is a priority. Our approach to inclusion encompasses a variety of initiatives, including sensitization campaigns, implementing conducive policies & programs, providing infrastructure support and engaging in community events. Over time, we have made meaningful progress in these areas, and this commitment has been well-recognized across the industry. We are proud recipients of the prestigious Top 10 Employers award by the India Workplace Equality Index (IWEI), IWEI Gold Employer of Choice awards, India CSR Leadership Award 2024 for Holistic Village Development Program and the YUVA Unstoppable Changemaker Awards.

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 Nomuras 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:

• 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