Head of Product Control & IPV

Clear Street; New York (NY); On-site; USD 160,000 - 225,000; Full time

Benefits offered by this job

401k matching

Medical, dental, vision insurance

Lunch stipends

In-office perks and amenities

Job summary

Clear Street is seeking a seasoned Product Control Lead to design and build the firm's product control function from the ground up. You will own IPV, daily P&L, and governance across diverse asset classes, partnering with Finance, Trading, Risk, Operations and Technology.

You will build a lean team, define controls, and scale as the business grows, with strong emphasis on OTC derivatives and regulatory reporting. Flat structure and hands-on leadership expected.

Qualifications

• 10+ years in product control, financial control, or valuation at broker-dealer/investment bank.
• Experience building or significantly scaling Product Control/IPV function.
• Deep expertise in OTC derivatives product control: equity swaps, TRS, variance swaps, credit derivatives, rates, FX.
• Prior exposure to CFTC-regulated entities strongly preferred.
• Experience across equities, options, futures, prime brokerage, securities financing, and cleared derivatives.
• Crypto asset experience a meaningful plus.

Responsibilities

• Design and implement the firm's end-to-end Product Control function, including policies, procedures, controls framework and governance.
• Establish the IPV framework across asset classes: equities, options, futures, fixed income, OTC derivatives, crypto.
• Define escalation protocols, P&L threshold tolerances, and price challenge procedures with Risk and Trading.
• Partner with Technology to scope and implement a fit-for-purpose product control platform.
• Build the team over time, defining roles and hiring as business complexity warrants.
• Own daily P&L production, attribution, and sign-off across all books.
• Oversee P&L validation and disputes with traders; ensure accurate trade capture.
• Support month-end close and balance sheet substantiation with Accounting.
• Develop price testing tolerance grids and escalation matrices with Risk/CFO.
• Maintain and audit valuation methodologies for asset classes (OTC & hard-to-price).
• Work with Legal/Compliance/Risk on reporting and regulatory requirements.
• Help build SBSD/OTC Swap Dealer infrastructure from a product control perspective.
• Drive automation of manual controls with Technology.

Skills

OTC derivatives

Pricing & valuations

P/L attribution

GAAP ASC 820

Leadership

Cross-functional collaboration

Excel

Vendor pricing data

Tools

Bloomberg

Refinitiv/Reuters

Markit/IHS

SuperDerivatives

Job description

Clear Street is modernizing the brokerage ecosystem. Founded in 2018, Clear Street is a diversified financial services firm replacing the legacy infrastructure used across capital markets.

We started from scratch by building a completely cloud-native clearing and custody system designed for today's complex, global market. Clear Street's proprietary prime brokerage platform adds significant efficiency to the market, while focusing on minimizing risk, redundancy, and cost for clients. Our goal is to create a single source-of-truth platform for every asset class, in every country, and in any currency.

By combining highly-skilled product and engineering talent with seasoned finance professionals, we're building the essentials to compete in today's fast-paced markets.

THE OPPORTUNITY

This is a foundational hire. Clear Street is seeking a highly experienced product control professional to build and lead the firm's Product Control function from the ground up. You will own independent price verification (IPV), daily P&L production and sign-off, and the broader product control framework across one of the most diverse product sets at any firm of our size. You will work directly with Finance leadership and partner tightly with Trading, Risk, Operations, and Technology.

The role requires a rare combination: deep technical expertise in derivatives valuation and structured products, the organizational capability to build a function, and the willingness to be hands-on in a lean team environment. You will initially manage one existing analyst while building out the team over time as the business scales.

WHAT YOU WILL OWN

Product Control Build-Out

• Design and implement the firm's end-to-end Product Control function, including policies, procedures, controls framework, and governance.
• Establish the IPV framework across all asset classes: equities, listed options, fixed income, futures, OTC derivatives (IRS, CDS, equity swaps, TRS, FX), synthetic financing, crypto, and prediction markets.
• Define escalation protocols, P&L threshold tolerances, and price challenge procedures in coordination with Risk and Trading.
• Partner with Technology to scope and implement a fit-for-purpose product control platform, replacing or augmenting existing tooling.
• Build out the team over time, defining roles and hiring as business complexity warrants.

Daily P&L & Revenue Reporting

• Own daily P&L production, attribution, and sign-off across all business lines: Cash Equity, Listed Option, Futures, Financing (cash and synthetic), Stock Loan, and Crypto.
• Oversee P&L validation with desk heads prior to release; manage and resolve P&L disputes with traders.
• Oversee the existing analyst who performs daily revenue reporting and supports month-end close.
• Ensure accurate new trade capture and P&L explain across all books.
• Design and operate robust IPV processes using independent market data sources (broker quotes, vendor marks, traded prices, model outputs).
• Establish and document valuation methodologies for each asset class, with particular rigor on OTC and hard-to-price instruments.
• Challenge front office marks where appropriate; maintain and defend an audit trail.
• Develop price testing tolerance grids and escalation matrices in coordination with Risk and CFO.
• Build controls and IPV frameworks for OTC derivatives including equity swaps, TRS, variance swaps, basket products, and other structured instruments as the business scales.
• Partner with Legal, Compliance, and Risk on Dodd-Frank / CFTC reporting, margin, and booking requirements.
• Support the build-out of the Security-Based Swap Dealer (SBSD) and OTC Swap Dealer infrastructure and control requirements from a product control perspective.

Month-End Close & Reporting

• Partner with Accounting on month-end P&L close, ensuring consistency between trading books and the general ledger.
• Own the balance sheet substantiation for trading assets and liabilities, including derivatives fair value and financing positions.
• Support the production of management reporting packs and investor / board materials as relevant.
• Own the fair value hierarchy analysis (Level 1 / 2 / 3) for all trading inventory.

Governance & Controls

• Develop and maintain the product control policy suite and procedures manual.
• Act as the primary point of contact for internal audit, external auditors, and regulators on product control matters.
• Identify and remediate control gaps; track issues to resolution.
• Drive automation of manual controls and processes in close coordination with Technology.

WHAT YOU BRING

Experience

• 10+ years in product control, financial control, or valuation at a broker-dealer, investment bank, or prime brokerage.
• Demonstrable experience building or significantly scaling a Product Control or IPV function — not just running a steady-state team.
• Deep expertise in OTC derivatives product control: equity swaps, TRS, variance swaps, credit derivatives, rates, and / or FX.
• Prior exposure to CFTC-regulated entities (swap dealers, FCMs, or DCOs) strongly preferred.
• Meaningful experience across at least several of: equities, options, futures, prime brokerage, securities financing, and cleared derivatives.
• Crypto asset experience a meaningful plus given our expanding digital assets business.

Technical Skills

• Expert-level understanding of derivatives pricing and valuation: Greeks, yield curves, vol surfaces, credit spreads, and fair value adjustment frameworks (CVA/DVA/FVA a plus).
• Strong grasp of P&L attribution methodologies across asset classes.
• Familiar with major vendor pricing sources: Bloomberg, Reuters/Refinitiv, Markit / IHS Markit, SuperDerivatives, or equivalent.
• Proficiency in Excel for data analysis – we are Claude enabled; experience with trading systems – we have number of proprietary systems, alongside vendor systems.
• Solid understanding of GAAP fair value accounting (ASC 820) and financial statement presentation for trading entities.

Leadership & Mindset

• Demonstrated ability to hire, develop, and retain talent — even from a standing start with a small team.
• Highly collaborative; able to work constructively with traders, risk managers, operations, and accountants.
• Comfortable challenging front office on pricing and P&L in a professional, evidence-based manner.
• Thrives in a fast-moving, ambiguous environment; gets things done without waiting for perfect infrastructure.
• Exceptional attention to detail with strong written and verbal communication skills.

The Base Salary Range for this role is $160,000-$225,000. This range is representative of the starting base salaries for this role at Clear Street. Where a candidate falls in this range will be based on job-related factors such as relevant experience, skills, and location. This range represents Base Salary only, which is just one element of Clear Street's total compensation. The range stated does not include other factors of total compensation such as bonuses or equity.

At Clear Street, we offer competitive compensation packages, company equity, 401k matching, gender-neutral parental leave, and full medical, dental, and vision insurance. Our belief has always been that we are better as a business when we are all together in person. As such, we are requiring employees to be in the office 4 days per week. In-office benefits include lunch stipends, fully stocked kitchens, happy hours, a great location, and amazing views.

Our top priority is our people. We're continuously investing in a culture that promotes collaboration. We help each other through challenges and celebrate each other's successes. We believe that modern workplaces succeed by virtue of having high-performance workforces that are diverse - in ideas, in cultures and in experiences. We put in the effort to make such a workplace a daily reality and are proud to be an equal opportunity employer.