Building trusted markets — powered by our people
At Cboe Global Markets, we inspire our people to solve complex challenges together because what we do matters. We provide the financial infrastructure that powers the global economy. As a leading provider of market infrastructure and tradable products, Cboe delivers cutting-edge trading, clearing and investment solutions to market participants around the world.
We’re building meaningful ways to support professional and personal development while strengthening the trust we’ve earned as a global market leader. Our teams are empowered to share ideas, actively pursue them and bring on a challenge. As champions of internal mobility and access to opportunity, we encourage our people to “go for it” and equip our managers with the training to coach their teams to the next level. We strive to provide employees a safe space to network, share ideas and create opportunities.
Location: To support strong partnership and team connection, this role follows a four day in office work model in our Chicago office.
Cboe is one of the largest exchange operators in the world. Our mission is to disrupt the status quo with a relentless focus on innovation that transforms new ideas into realities. We are seeking a highly capable Director, Margin Strategy and Capital Efficiency who will report to the Senior Director, Cboe Labs.
As the Director, Margin Strategy and Capital Efficiency, you will be at the forefront of technology and product innovation, with primary responsibility for seeking the most margin and capital efficient treatment of current Cboe product offerings as well as products in development. You will lead efforts to ascertain, advocate for, and lead industry efforts for implementation of practical margin and capital requirements, and in particular, advancing portfolio margining capabilities that drive efficiency through appropriate risk offsets.
This role would be ideal for a person with a strong mathematical background. A strong background in customer, broker-dealer and options market-maker margin requirements is desired. Experience in developing margin methodologies and frameworks is highly desired. Experience with customer margin accounts, both strategy-based (Reg. T) and customer portfolio margin accounts, as well as with risk-based haircuts is a plus. This role requires the ability to navigate the dynamic landscape to ensure Cboe’s cutting-edge position in the marketplace.
In this role, you’ll join a team of expert professionals, focused on innovation and execution while also serving as a member of the Cboe Global Derivatives leadership team. This position requires strong collaboration skills and a desire to work side by side with all our support partners.
Your responsibilities will be:
Design, develop, and maintain back testing frameworks to assess the historical adequacy and coverage of margin requirements across Cboe product offerings
Build a data-driven foundation to evaluate and measure how suggested changes to clearing house frameworks could affect capital efficiency, using simulations to quantify their impact.
As necessary, ascertain, plan, develop, and implement margin requirements and/or risk-based haircut treatment for new products. Continually consider improvements that would benefit all Cboe product offerings.
Engage and coordinate with Cboe Legal on margin rule filings (as necessary) and interactions with SEC and CFTC staff. Engage with and coordinate with FINRA on a continuous basis.
Partner with the Cboe Labs, Operations, Global Sales and Derivative teams to evaluate margin and capital efficiency priorities and source client feedback.
Continually collaborate with OCC on changes to the STANS and TIMS methodology with the goal of maximizing efficiency of customer portfolio margin and risk-based haircuts, in particular by advocating for wider use of portfolio margining with more risk offsets.
Serve as Cboe internal subject matter expert. Conduct presentations to explain margin and capital requirements and industry conventions including educational sessions for Regulatory staff.
As needed, conduct presentations and public speaking engagements internally and at conferences and other venues.
Represent Cboe on FINRA Rule 4210 Committee and OCC Financial Risk Advisory Council.
Participate in strategic planning and systems implementations to achieve business goals and collaborate with diverse clearing entities to discuss cross-margining opportunities.
The ideal candidate has:
Minimum 12+ years’ industry experience in securities, securities derivatives and futures. Familiarity with margin practices, including but not limited to STANS, strategy-based (Reg. T), customer portfolio, and SPAN margining.
Ideally, a strong understanding of risk-based haircuts and the underlying SEC rule.
Ability to interact with the CFTC, SEC and FINRA on margin and risk-based haircut requirements.
Familiarity with OCC’s Escrow Deposit program and Clearing Member margin requirements (STANS).
An advanced degree in Financial Engineering, Mathematics, Statistics, Applied Mathematics, or a related quantitative discipline is strongly preferred. Candidates with equivalent quantitative experience developed within a clearinghouse, exchange, or financial institution risk function will also be considered.
Knowledge, Skills and Abilities:
Strong knowledge of financial markets, including (but not limited to) an understanding of financial derivatives, trading, market data, exchanges, and financial technology.
Capability to understand and apply Regulation T and self-regulatory organization margin rules, especially FINRA Rule 4210.
Capability to understand and work with Options Clearing Corp. rules and practices, as well as TIMS customer portfolio margin and risk-based haircuts design and operation.
Proven leadership ability with the capacity to set and manage priorities effectively
An understanding of exchange/trading systems and central counterparty clearing functions.
Strong understanding of traditional and digital asset market structure.
A knowledge of equities/derivatives/fixed-income order lifecycle and participants involved.
Deep understanding of pre & post trade lifecycle & collateral management for listed and OTC tradeable products.
Excellent written and verbal communication skills, with the ability to engage both technical and nontechnical audiences internally and externally.
Strong skills in Microsoft Office.
Proficiency in a programming language is required; Python is preferred. SQL and additional languages such as R or Java are a plus.
Self-starter with the ability to multi-task effectively and independently within a fast-paced environment.
Strong analytical skills and sound decision-making ability.
Ability and willingness to travel.
Benefits and Perks of working for Cboe Global Markets
We value the total wellbeing of our people – including health, financial, personal and social wellness. We believe standard benefits like health insurance and fair pay are a given at any organization. Still, you should know we offer:
Fair and competitive salary and incentive compensation packages with an upside for overachievement
Generous paid time off, including vacation, personal days, sick days and annual community service days
Health, dental and vision benefits, including access to telemedicine and mental health services
2:1 401(k) match, up to 8% match immediately upon hire
Discounted Employee Stock Purchase Plan
Tax Savings Accounts for health, dependent and transportation
Employee referral bonus program
Volunteer opportunities to help you give back to your communities
Some of our associates’ favorite benefits and perks include:
Complimentary lunch, snacks and coffee in any Cboe office
Paid Tuition assistance and education opportunities
Generous charitable giving company match
Paid parental leave and fertility benefits
On-site gyms and discounts to other fitness centers
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More About Cboe Global Markets
We’re reimagining the future of the workplace by focusing on what matters most, our people. Our journey is an inclusive one. We’re investing deeply in leadership programs and career development initiatives that ensure everyone has an equal chance to succeed.
We work with purpose, solving problems with ingenuity, collaboration, and a lot of passion. We’re an engaged and excited team connecting markets across borders and embracing growth in all its forms to achieve incredible outcomes.
Learn more about life at Cboe on our website and LinkedIn.
Equal Employment Opportunity
We're proud to be an equal opportunity employer do not discriminate against any employee or applicant for employment based on any legally protected characteristic, including race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, genetic information, or Veteran status. We are committed to fostering a workplace where all individuals are valued and respected.
This position is not eligible for visa sponsorship. Candidates must be legally authorized to work in the United States without the need for employer sponsorship now or in the future.
Salary Ranges (applicable for US locations only)
At Cboe, we are committed to providing a competitive, transparent, and market‑informed total rewards program. The anticipated base salary range for this role is $187,000-$242,000, with actual compensation determined by job‑related factors such as skills, relevant experience, education, internal alignment, and location.This role may also be eligible for annual incentive compensation and, where applicable, participation in Cboe's long-term equity programs.
Additional information about Cboe's total rewards program, including benefits and other compensation components, can be found here: Total Rewards at CBOE.
Any communication from Cboe regarding this position will only come from a Cboe recruiter who has a @cboe.com email or via LinkedIn Recruiter. Cboe does not use any other third party communication tools for recruiting purposes.
Cboe Global Markets Chicago, Illinois, USA Office
We are in the loop in the Old Post Office building which has been redesigned into luxury office space with the biggest roof tops in Chicago. Our roof top features pickle ball courts, basketball court, walking path and dining lounging areas. We also have ample garage parking and a gym in our building. Our location is only 2 blocks from Union Station and the "L" train. Additionally, there are many dining options nearby.
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