Career Opportunities

Marex Overview

Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The group provides comprehensive breadth and depth of coverage across four core services: clearing, agency and execution, market making, and hedging and investment solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to 60 exchanges. The group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 40 offices worldwide, the group has over 2,400 employees across Europe, Asia-Pacific and the Americas. For more information visit www.marex.com.

Department Description

Marex Solutions, a division of Marex, is a specialist producer of tailored OTC derivatives and structured products. We are a highly entrepreneurial and fast-growing manufacturer, trader and service provider of customised derivative solutions. We design and implement solutions to mitigate against market risks or to create investment opportunities. We leverage cutting edge technology to empower our customers and disrupt traditional investment banking practices.

For more information visit www.marex.com

Interns work alongside experienced traders and quants on real market problems, gaining exposure to both theoretical and practical aspects of derivatives trading.

Role Summary

Marex Solutions is seeking a highly motivated trading intern to work on a cutting-edge research project focused on optimal vega hedging strategies for multi-asset autocallable products. This is an exploratory research internship with potential for significant contributions to both academic literature and practical trading applications.

The intern will work closely with the exotic equity trading desk and the quantitative research team to develop and test novel approaches to volatility risk management in the context of worst-of autocallable structures.

Overall Responsibilities

The intern will investigate optimal strategies for managing volatility exposure in a book of worst-of autocallables, considering:

• Dynamic vega profile: Long vega below barriers, transitioning to short vega as spot approaches autocall triggers (“peak vega” phenomenon)
• Multi-asset complexity: Cross-vega, cross-vanna, and correlation-vega interaction
• Term structure management: Vega bucketing across maturities and optimal rebalancing
• Transaction costs: Bid-ask spreads on vanilla options, variance swaps, and other hedging instruments
• Risk metrics: CVaR-optimal hedging strategies under realistic market scenarios

The internship will also include the following objectives;

• Literature Review: Conduct a comprehensive review of existing approaches to volatility hedging for path-dependent multi-asset derivatives
• Model Development: Develop a framework for computing optimal vega hedges considering transaction costs, liquidity constraints, and risk preferences
• Numerical Implementation: Implement and backtest hedging strategies using historical market data and Monte Carlo simulation
• Machine Learning Exploration: Investigate reinforcement learning approaches to dynamic vega hedging decisions
• Documentation: Produce a comprehensive research report suitable for internal use and potential academic publication

The successful candidate will be required to:

• Ensure that you are fully aware of and adhere to internal policies that relate to you, your role or any other activities for which you have any level of responsibility
• Report any breaches of policy to Compliance and/ or your supervisor as required
• Escalate risk events immediately
• Provide input to risk management processes, as required.

Competencies

• Strong analytical and problem-solving skills
• Ability to work independently on open-ended research problems
• Excellent written and oral communication skills
• Curiosity about financial markets and trading
• Fluent in English; French is a plus
• A collaborative team player, that is approachable, self-efficient and influences a positive work environment
• Excels at building relationships, networking and influencing others
• Resilient in a challenging, fast-paced environment
• Strategic collaborator with insight and agility, able to anticipate future challenges, ensuring operational effectiveness

Skills and Experience

• 3rd year engineering student (Grande École) or Master’s student in quantitative finance
• Strong programming skills in Python (NumPy, Pandas, PyTorch/TensorFlow)
• Solid foundation in stochastic calculus and derivatives pricing theory
• Familiarity with Monte Carlo methods and numerical optimization
• Knowledge of machine learning, ideally reinforcement learning
• Understanding of volatility modeling (local vol, stochastic vol, SABR)

Conduct Rules

You must:

• Act with integrity
• Act with due skill, care and diligence
• Be open and cooperative with the FCA, the PRA and other regulators
• Pay due regard to the interests of customers and treat them fairly
• Observe proper standard of market conduct
• Act to deliver good outcomes for retail customers

Company Values

Acting as a role model for the values of the Company:

Respect – Clients are at the heart of our business, with superior execution and superb client service the foundation of the firm. We respect our clients and always treat them fairly.

Integrity – Doing business the right way is the only way. We hold ourselves to a high ethical standard in everything we do – our clients expect this and we demand it of ourselves.

Collaborative – We work in teams – open and direct communication and the willingness to work hard and collaboratively are the basis for effective teamwork. Working well with others is necessary for us to succeed at what we do.

Developing our People – Our people are the basis of our competitive advantage. We look to “grow our own” and make Marex the place ambitious, hardworking, talented people choose to build their careers.

Adaptable and Nimble – Our size and flexibility is an advantage. We are big enough to support our client’s various needs, and adaptable and nimble enough to respond quickly to changing conditions or requirements. A non-bureaucratic, but well controlled environment fosters initiative as well as employee satisfaction.

Marex is fully committed to the elimination of unlawful or unfair discrimination and values the differences that a diverse workforce brings to the company.

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