Counterparty Credit Underwriting - xVA, Fixed Income - VP​/ED

Company Profile

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.

As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and a strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

The Fixed Income Division is comprised of Interest Rate and Currency Products, Credit Products and Distribution. Professionals in the Division assess and actively manage risk, trade securities, and structure as well as execute innovative transactions in the fast-paced and constantly changing global markets. The Commodities Division is a market leader across a broad range of commodities markets, with expertise in areas including client risk management, financing solutions and investor products Sales & Trading.

From the largest global institutions to innovative new hedge funds, investors come to Morgan Stanley for sales, trading, and market‑making services in almost every type of financial instrument including stocks, bonds, derivatives, foreign exchange, and commodities. Our professionals provide liquidity and content to clients around the world, actively assessing and managing risk, trading securities, and planning and executing transactions in fast‑changing markets.

As the needs of our clients become increasingly complex, we often develop customized solutions.

Morgan Stanley is seeking an Executive Director or Vice President in New York to work on the counter party risk underwriting within its XVA desk with a focus on uncollateralized derivatives globally. The XVA desk owns and manages the credit counter party risk on derivative transactions in coordination with the second line departments (credit teams, legal, etc.). Commodity derivatives often involve significant exposure to counter parties for the bank: understanding and managing this underlying risk is essential to protect against potential losses from counter party default.

This is a front office role in the Fixed Income Division. Reporting will be locally and functionally to the team in NYC.

• Assess, underwrite and “own” the counter party credit risk associated with Fixed Income derivative transactions
• Evaluate hedging transactions based on the counter parties' creditworthiness, financial strength (including through financial modelling and scenario analysis) and risk mitigants
• Incorporate the directionality of underlying derivative exposure and consider idiosyncratic/ legal/political considerations and the unique characteristics of the structures
• Leverage your experience with a wide range of transaction types and collaborate closely with the sales, structuring, credit and legal teams to assess credit risk implications and negotiate appropriate mitigants

• Help develop and maintain guidelines and policies specific to underwriting Fixed Income derivatives

• Monitor counter party credit risk exposures within the Fixed Income hedging portfolio. Identify emerging risks/themes and discuss potential risk mitigation strategies

• Build and maintain strong relationships with internal stakeholders including the sales & trading desks, credit management teams, legal, compliance, and senior management, fostering collaboration and effective communication

• Bachelor's degree in Finance, Economics, Engineering or a related field; advanced degree (e.g., Master's, MBA) preferred
• Extensive experience (5+ years) in project finance, structuring, Fixed Income derivatives, counter party risk management, credit underwriting, or related roles within a top‑tier investment bank or financial institution
• A background in…