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Quantitative Services Analyst (UMR) - Chicago, IL

Chicago, Illinois

Job Description:

Enterprise Description:

Leads a large project or multiple projects that are significant in scope and impact. Works independently, with limited direction, and is evaluated through end results. May provide technical leadership. Interacts extensively with internal or external contacts to identify, research, analyze and resolve complex problems or to develop, sell or service significant revenue-generating products. Has extensive functional or professional knowledge. Key Responsibilities: Develops financial modeling tools for derivative products, applying the theory and mathematics behind various models. Builds out analytical and technical tools for validations of new models/methodology. Provides in-depth impact analysis or scenario analysis of quantitative measurements. Develops reporting of various risk metrics complied with business and regulatory requirements. Understands financial products across all asset classes and has extensive knowledge of technical implementations. Posses advanced degree in physic, applied mathematics, statistics/probability or another heavy quantitative discipline.

Role Description:

The Quantitative Services Uncleared Margin Rule (UMR) Professional is a member of the team responsible for maintaining the stability of business processes and controls needed to ensure the firm’s initial margin (“IM”) calculations are accurate and consistent with Dodd-Frank’s Uncleared Margin Rules (UMR) in support of our internal stakeholder, the Counterparty Portfolio Management group.

The analyst will be responsible for various business-as-usual deliverables which must be executed in a timely and accurate fashion.


  • Review and verify the model inputs feeding the IM calculations.
  • Identify, document and escalate production errors detected during pre and post-calculation routines.
  • Perform periodic controls which exist to prevent and mitigate erroneous IM calculations.
  • Work directly with the front office and technology teams on issues discovered through technology testing and daily control procedures.
  • Assist with the testing and validation of IM results through each technology release.
  • Identify and establish control processes that will mitigate future IM calculation errors.
  • Perform daily and ad-hoc reporting to measure and monitor key metrics for the UMR BAU space.
  • Provide enhanced analysis and IM explains to front office and collateral operations teams when counterparty disputes arise for IM calculations.
  • Communicate effectively with all levels of management, across business units as well as externally to customers of the firm.


  • Minimum undergraduate in Mathematics, Finance or Quantitative field.
  • At least 3 years of experience working in a quantitative risk, middle office, or front office role.
  • Excellent communication & analytical skills.
  • Knowledge of Financial Risk Management, Credit Risk Models, Value at Risk (VaR) including market & credit risk.
  • Strong technical skills including experience using Excel, VBA and SQL.
  • Experience pricing OTC derivative products including futures, options, swaps, credit default swaps, forward rate agreements and swaptions.
  • Experience working with OTC derivatives/Fixed Income.

Other Qualifications:

  • Strives to bring new thoughts and ideas to teams in order to drive innovation and unique solutions.
  • Excels in working among diverse viewpoints to determine the best path forward.
  • Experience in connecting with a diverse set of clients to understand future business needs – is a continuous learner.
  • Commitment to challenging the status quo and promoting positive change.
  • Participate in and drive collaborative efforts to advance tools, technology, and ways of working to better serve an evolving client base.
  • Believes in value of diversity so we can reflect, connect and meet the diverse needs of our clients and employees around the world.


1st shift (United States of America)

Hours Per Week: 


Learn more about this role

Full time


Manages People: No

Travel: No


Talent Acquisition Contact:

Referral Bonus:

Check out the Chicago office

We have multiple sites in The Loop with easy ‘L’ train access to all our favorite places, from Adler Planetarium and the Magnificent Mile to Revival Food Hall and Navy Pier.

Street-level photo looking up at Bank of America tower

Street Address

Primary Location:
135 S LA SALLE ST, IL, Chicago, 60603