Director, Financial Risk

About Bullish

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services. These include:

Bullish Exchange – a regulated and institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Exchange is regulated in Germany, Hong Kong, and Gibraltar.

Coin Desk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries.

Coin Desk Data – a broad suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics.

Coin Desk Insights – a digital asset media and events provider and operator of , a digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology.

Reports to:

Head of Clearing and Group Risk

Bullish is seeking an experienced and strategic Director of Financial Risk to define, implement and oversee the comprehensive risk management framework for our US clearing business. This framework must ensure compliance with all relevant regulatory requirements for both traditional and digital asset clearing, particularly those related to the prevention of financial default, operational resilience, and the smooth functioning of the clearing system.

This role requires an individual with a deep understanding of central counter party (CCP) risk models, systemic risk mitigation, digital asset risk management and regulatory engagement. Reporting to senior leadership, you will play a critical role in ensuring the stability, security, and compliance of our U.S. derivatives business.

• Default Management: Own and implement the Default Management Waterfall procedures, ensuring maintenance of an appropriate pre-funded financial resource package sufficient to cover losses.
• Margin System Oversight: Direct and oversee the development, validation, and calibration of the US clearing risk-based margin models (e.g., VaR or SPAN). Ensure margin is calculated with sufficient frequency to cover the potential loss of participant portfolios to a high degree of confidence, while ensuring digital asset operational characteristics are applied where feasible.
• Stress Testing: Direct the daily, frequent, and extreme stress testing program across all cleared products and market scenarios. Report results and ensure models are adapted based on testing outcomes.
• Liquidity Risk: Oversee the liquidity risk management framework, ensuring maintenance of sufficient liquid resources to manage obligations in an emergency.

• Risk Framework Ownership: Develop, maintain, and enforce the written Risk Management Framework and policies, ensuring strict compliance with all applicable regulatory rules, guidelines and principles (including financial resources, risk management, settlement, and transparency).
• Regulatory Liaison: Act as the primary risk contact with all relevant financial regulators. Oversee all internal and external risk audits and examinations.
• New Product Review: Serve as the final approver for the risk profile of all new products or services introduced for clearing, ensuring adequate margin and financial resources are in place before launch.
• Reporting: Prepare and present regular, comprehensive risk reports to the Risk Committee, Board of Directors, and regulators, highlighting key exposures, stress test results, and policy changes.

• Operational Resilience: Oversee the framework for operational resilience, including the Business Continuity Plan (BCP) and Disaster Recovery (DR) capabilities. Ensure critical operations can resume within the defined recovery time objectives.
• Cybersecurity Risk: Collaborate with the Chief Information Security Officer (CISO) to manage, monitor, and report on all…