Head of Commodities XVA Trading

Role Overview

The Head of Commodities XVA Trading will be responsible for defining and executing the trading strategy, managing risk, optimizing capital, and leading a team of traders across our London, Paris and Houston offices. Reporting directly to the Head of Global XVA Trading, this role requires a deep understanding of commodities markets, XVA methodologies, regulatory requirements, and proven leadership capabilities within a global markets business.

This role can be based in London or Houston. (Houston role : )

• Strategic Leadership:
  Lead the Commodities XVA desk, in alignment with the global XVA trading desk mandate to enable profitable Commodities business performance and competitive positioning.
• Trading & Profitability:
  Oversee all XVA trading activities for the Commodities portfolio, ensuring optimal P&L performance. Manage exposure to Credit Valuation Adjustment (CVA), Funding Valuation Adjustment (FVA), Capital Valuation Adjustment (KVA), and other relevant valuation adjustments.
• Risk Management:
  
  Establish and enforce robust risk management frameworks, controls, and limits for the desk's activities. Monitor market risk, credit risk, operational risk, and liquidity risk. Ensure compliance with internal policies, regulatory requirements (e.g., Basel, FRTB, Dodd-Frank), and industry best practices.
• Team Management & Development:
  Lead, mentor, and develop a high‑performing team of XVA traders and junior analysts in London, Paris and Houston. Foster a collaborative and innovative culture, promoting continuous learning and professional growth. Manage performance, recruitment, and retention of talent.
• Capital Optimization:
  Drive initiatives to optimize capital utilization and balance sheet efficiency, working closely with our Markets capital management leads.
• Stakeholder Engagement:
  Collaborate effectively with internal stakeholders including Sales, Structuring, MQA, Technology, Credit and Market Risk Management, Legal, Compliance, and Finance. Represent the desk in internal committees and external industry forums.
• Regulatory Compliance:
  Ensure all trading activities adhere to relevant local and international financial regulations, compliance standards, and internal governance frameworks. Stay abreast of evolving regulatory landscapes impacting XVA and commodities trading.
• Infrastructure & Technology:
  Partner with Technology and Risk teams to enhance trading systems, analytical tools, pricing models, and reporting capabilities for XVA.
• Market Analysis:
  Conduct in‑depth market analysis to identify trends, dislocations, and potential risks or opportunities within the global commodities and derivatives markets.

• Experience:
  
  This is not an entry level role. Proven experience in commodities and/or XVA trading, within a major financial institution.
• Leadership:
  Proven track record of successfully leading and managing trading teams, preferably across multiple geographies, demonstrating ability to foster seamless collaboration, drive integrated global strategies and build synergies that leverage diverse regional strengths.
• Technical Acumen:
  Expert knowledge of commodities markets (energy, metals, agriculture), derivatives pricing, and XVA models (CVA, FVA, KVA). Strong understanding of quantitative finance, stochastic calculus, and numerical methods.
• Regulatory Knowledge:
  In‑depth understanding of global financial regulations impacting derivatives trading and capital requirements.
• Education:
  
  Bachelor's or Master's degree in a quantitative field such as Financial Engineering, Mathematics, Physics, Computer Science, or a related discipline. A CFA or FRM designation is a plus.
• Communication:
  Excellent communication, interpersonal, and presentation skills, with the ability to articulate complex strategies and risks to diverse audiences.
• Problem‑Solving:
  Strong analytical and problem‑solving abilities, with a strategic mindset.

• Strong commercial drive and P&L focus.
• Ability to perform under pressure and make sound decisions in fast‑paced environments.
• High ethical standards and integrity.
• Adaptability and resilience in navigating dynamic market conditions.

By joining…