Euronext Clearing acts as the trusted central counterparty (CCP) for Euronext’s cash, financial and commodity derivatives markets. Our team delivers robust risk management and innovative clearing solutions, ensuring the safety and efficiency of every transaction. We contribute to the growth and diversification of our clearing services, working alongside experts who are passionate about advancing European market infrastructure and supporting the integrity of Europe’s financial markets. Join us and play a key role in the development and diversification of Euronext’s clearing franchise.

Are you ready to shape the future of capital markets? We are looking for a Clearing Operations Cash & Settlement Intern to join the Euronext Clearing Operations team. The position will be based in Rome.

You will primarily be responsible for:

• Supporting daily mechanical activities and archiving data and documents
• Maintaining the operational diary (schedules and tasks) using Excel and PDF
• Managing files with opening and closing balances and all movements for each account
• Monitoring alerts and supporting the netting of operations, including receiving forms with netting requests and checking their consistency
• Packaging files, reports and reconciliations to be sent to various stakeholders
• Performing afternoon reconciliations of securities and cash

Your profile:

• Technical skills: Good knowledge of Excel and basic Python;
• Ability to work with PDFs and data archiving tools
• Soft skills: Attention to detail, teamwork, organisational skills
• Number of years of experience: No prior experience required, but any internship or project in financial operations is a plus
• Qualifications: Bachelor’s degree (or ongoing studies) in finance, economics or a related field;
• Good command of English (French is a plus)

Join a company where market infrastructure is built on innovation — and where every innovation starts with a bold mind asking, “What’s next?”. At Euronext, we believe change is a starting point, not an obstacle. We look for people who see growth opportunities, think long term, and want to help shape capital markets for future generations. Working with us means:

• Being part of a European, international and diverse team – Collaborate across borders with talented colleagues connected by a shared ambition and purpose.
• Learning as you grow – Develop your skills through continuous learning, real responsibilities and flexible career paths that evolve with you.
• Having an impact – Contribute to projects that matter, in an agile and dynamic environment where your ideas help drive progress.
• Driving sustainability – Play an active role in building transparent, responsible and sustainable capital markets for the long term. Together, we don’t just support markets — we help shape their future.

Apply by submitting a CV in Italian or English

Join Euronext – Shape capital markets for future generations Euronext is the leading European capital market covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. We operate seven national stock exchanges, handling 25% of European lit equity trading. Our products include equities, FX, ETFs, bonds, derivatives, commodities and indices. Euronext also provides clearing and settlement services through Euronext Clearing and our network of Euronext Securities CSDs. In addition, Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. The company has a diverse domestic and international client base.
Find out more about us at: Euronext.com

Join Euronext Securities' dynamic Sales & Marketing team in Milan and contribute to the global expansion of our solutions.

As an intern, you will support both marketing and sales activities, assisting in the execution of our marketing plan while providing valuable operational support to the sales team. From day one, you will be an integral part of our team, working hands-on across data, marketing and event initiatives in a fast paced, international environment.

Our sales team operates across Europe, collaborating daily with colleagues in Copenhagen, Oslo, and Porto. You will play a key role in optimising and supporting a range of marketing and communication initiatives. We engage with both new and existing clients, including major European financial institutions and local banks.

About the role

Euronext Securities is looking for a motivated graduate to join our Marketing & Sales Support team as an intern.
You will work on both data-driven sales support with tools, reports, and client insights, while also helping the Marketing team with highly operational responsibilities across content creations, events, and communications.
This is a great opportunity to gain hands-on experience in an international and dynamic environment.

What you will do

Help set up and improve reporting tools and processes for the Sales team.

Create interactive dashboards and reports using advanced formulas, pivot tables, and macros (Power BI, Excel) combining different data sources.

Collect, clean, and analyse market and client data.

Support the use of CRM tools (customer relationship management) for tracking clients and marketing journeys.

Assist in marketing efforts through content creation (presentations, LinkedIn, invitations), visual assets, and coordination with agencies. Supports end-to-end event and webinar execution, including logistics, suppliers, and communications, while also assisting with lead generation activities and campaign tracking.

Help with project management tasks such as timelines, follow-ups, and status tracking.

(Nice to have) Write small Python scripts to automate or process data.

What we are looking for

Currently studying or recently graduated in Economics, Business, Marketing, Statistics, Data Science, or a related field.

Strong skills in Excel.

Experience or strong interest in using Power BI for data visualization and analysis.

Familiarity with CRM systems (or willingness to learn quickly).

Interest or experience in marketing, project management, and event coordination.

Good analytical skills, attention to detail, and problem-solving mindset.

Strong communication skills and ability to work in a team.

Fluent in English.

What We Offer

• Hands-on experience in an international financial services environment.
• Exposure to real-world marketing and sales operations.
• The opportunity to develop new skills and gain valuable industry knowledge.
• A supportive and collaborative team environment.
• Networking opportunities within Euronext Securities and beyond.

If you are ready to take on an exciting challenge and contribute to a dynamic team, we encourage you to apply!

Are you ready to shape the future of capital markets? We are looking for a Market Access Analyst Intern to join the Euronext Market Services (EMS) Market Access team. The position will be based in Milano and start in November.

Gross reimbursement: 800 euro

Ticket restaurant

You will primarily be responsible for:

• Supporting the technical onboarding of new customers to Euronext Cash and Derivatives Markets
• Administering trading members, market makers and other participants
• Configuring trading access and providing first-class support for member access to the Exchange
• Supplying customers and stakeholders with login information and access credentials
• Acting as an execution agent for all client authorisations and registrations across markets, platforms and environments
• Verifying the operational status of market authorisation tools and systems to support business continuity
• Processing internal and external verifications, requests and issues accurately and on time
• Defining or modifying membership and access procedures as required
• Providing access expertise and support in projects and initiatives

Your profile:

• University degree or master’s degree, ideally with knowledge of financial markets
• Interest in financial markets and trading infrastructure
• Ability to work collaboratively in a virtual team across locations and rotate across products and markets
• Strong analytical skills and attention to detail; capable of understanding and interpreting numbers
• Excellent verbal and written communication skills in English
• Proactive attitude to investigating incidents in a team environment
• Integrity and confidentiality in handling sensitive information
• Good organisational skills and ability to work under pressure and to tight deadlines

Join a company where market infrastructure is built on innovation – and where every innovation starts with a bold mind asking, “What’s next?”. At Euronext, we believe change is a starting point, not an obstacle. We look for people who see growth opportunities, think long term and want to help shape capital markets for future generations. Working with us means:

• Being part of a European, international and diverse team – Collaborate across borders with talented colleagues connected by a shared ambition and purpose.
• Learning as you grow – Develop your skills through continuous learning, real responsibilities and flexible career paths that evolve with you.
• Having an impact – Contribute to projects that matter, in an agile and dynamic environment where your ideas help drive progress.
• Driving sustainability – Play an active role in building transparent, responsible and sustainable capital markets for the long term. Together, we do not just support markets – we help shape their future.

Apply by submitting a CV in English

Euronext Market Services ensures the smooth, secure and efficient functioning of Euronext’s markets across seven locations. The department manages the full lifecycle of instrument reference data and issuer related operations, delivering high quality support to members and partners while safeguarding the accuracy of market information. EMS defines and enforces harmonised trading rules, monitors trading sessions in real time, and operates the mechanisms that guarantee fair and orderly markets. Join a central operational partner for market participants, and contribute to EMS critical role in market integrity, client experience, and the continuous evolution of Euronext’s trading environment.

Join Euronext – Shape capital markets for future generations Euronext is the leading European capital market covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. We operate seven national stock exchanges, handling 25% of European lit equity trading. Our products include equities, FX, ETFs, bonds, derivatives, commodities and indices. Euronext also provides clearing and settlement services through Euronext Clearing and our network of Euronext Securities CSDs. In addition, Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. The company has a diverse domestic and international client base.
Find out more about us at: Euronext.com

The team is in charge of management and investment of Euronext Clearing liquid resources, identification and contracts agreement with eligible counterparties, data reporting to company Top management and Authorities.

Gross reimbursement: 800 euro

ticket restaurant

You will primarily be responsible for:

• Supporting daily investment operations for Euronext Clearing liquid resources
• Monitoring and controlling investment limits and liquidity levels
• Assisting with daily internal reporting and periodical data analysis
• Contributing to the identification and contracting of eligible counterparties
• Preparing data and reports for company top management and regulatory authorities

Your profile:

• Degree in Economics or Finance
• Good knowledge of financial markets and instruments
• Proficiency in Microsoft Office, especially Excel
• Strong analytical skills and a problem-solving attitude
• Precision and attention to detail
• Team working attitude and effective communication skills
• Fluency in both spoken and written English

Join a company where market infrastructure is built on innovation – and where every innovation starts with a bold mind asking, “What’s next?”. At Euronext, we believe change is a starting point, not an obstacle. We look for people who see growth opportunities, think long term and want to help shape capital markets for future generations. Working with us means:

• Being part of a European, international and diverse team – Collaborate across borders with talented colleagues connected by a shared ambition and purpose.
• Learning as you grow – Develop your skills through continuous learning, real responsibilities and flexible career paths that evolve with you.
• Having an impact – Contribute to projects that matter, in an agile and dynamic environment where your ideas help drive progress.
• Driving sustainability – Play an active role in building transparent, responsible and sustainable capital markets for the long term. Together, we do not just support markets – we help shape their future.

Apply by submitting a CV in English

Euronext Clearing acts as the trusted central counterparty (CCP) for Euronext’s cash, financial and commodity derivatives markets. Our team delivers robust risk management and innovative clearing solutions, ensuring the safety and efficiency of every transaction. We contribute to the growth and diversification of our clearing services, working alongside experts who are passionate about advancing European market infrastructure and supporting the integrity of Europe’s financial markets. Join us and play a key role in the development and diversification of Euronext’s clearing franchise.

Join Euronext – Shape capital markets for future generations Euronext is the leading European capital market covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. We operate seven national stock exchanges, handling 25% of European lit equity trading. Our products include equities, FX, ETFs, bonds, derivatives, commodities and indices. Euronext also provides clearing and settlement services through Euronext Clearing and our network of Euronext Securities CSDs. In addition, Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. The company has a diverse domestic and international client base.
Find out more about us at: Euronext.com

We are looking for an ambitious, driven and results-oriented candidate who wants to join our Academy team as Academy - International Business Intern.

This role is perfect for a person who wants to work in an internationally fast-growing company, with large companies and C-level decision-makers in the financial industry as customers and partners.

The International Business Intern will work closely with the International Business Manager to ensure valid support in developing and delivering high-quality training programmes, including customer management and marketing plans execution.

The position will be based in Milano, and start in November.

gross reimbursement: 800 euro

CCNL Credito

You will primarily be responsible for:

• Supporting the International Business Manager in the delivery and management of recurrent and new training courses
• Assisting in liaising with internal and external faculty to ensure high-quality programme delivery
• Contributing to the execution of marketing plans, including the design of LinkedIn posts and development of the Academy alumni community
• Collaborating with the Academy team to manage logistics and event arrangements for training courses, including material review and delegate communications
• Supporting customer service and administrative activities, including contracting and invoicing processes
• Interacting with internal Euronext stakeholders to ensure the Academy value proposition is fully integrated within Corporate Solutions
• Maintaining constructive working relationships with stakeholders across the ECS department and Euronext Group

Your profile:

• Excellent communication and presentation skills in English; an additional language is a plus
• Strong interpersonal skills and a solution-oriented, positive attitude
• Proven ability to work effectively within a team and across multiple locations
• Commercial acumen and entrepreneurial mindset
• Pragmatic, flexible and innovative approach to tasks and challenges
• Strong organisational skills and ability to prioritise effectively
• Currently enrolled in or recently graduated from a Bachelor’s or Master’s programme (preferably in Business, Marketing, Communication or related fields)
• No prior experience required, but any internship or project experience in business development, marketing or event management is a plus

Join a company where market infrastructure is built on innovation — and where every innovation starts with a bold mind asking, “What’s next?”. At Euronext, we believe change is a starting point, not an obstacle. We look for people who see growth opportunities, think long term, and want to help shape capital markets for future generations. Working with us means:

• Being part of a European, international and diverse team – Collaborate across borders with talented colleagues connected by a shared ambition and purpose.
• Learning as you grow – Develop your skills through continuous learning, real responsibilities and flexible career paths that evolve with you.
• Having an impact – Contribute to projects that matter, in an agile and dynamic environment where your ideas help drive progress.
• Driving sustainability – Play an active role in building transparent, responsible and sustainable capital markets for the long term. Together, we don’t just support markets — we help shape their future.

Apply by submitting a CV in English

The Academy team is dedicated to developing and delivering high-quality training programmes for clients and partners in the financial industry. We work closely with C-level decision-makers and large companies, ensuring our training solutions are relevant, impactful and aligned with market needs. As part of the Academy team, you will collaborate with colleagues across Euronext Corporate Solutions and contribute to the growth and success of our international training offering.

Join Euronext – Shape capital markets for future generations
Euronext is the leading European capital market covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. We operate seven national stock exchanges, handling 25% of European lit equity trading. Our products include equities, FX, ETFs, bonds, derivatives, commodities and indices. Euronext also provides clearing and settlement services through Euronext Clearing and our network of Euronext Securities CSDs. In addition, Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. The company has a diverse domestic and international client base.
Find out more about us at: Euronext.com

Job title

Compliance officer (middle level)

Department

Euronext Securities Milan Compliance

Reporting

Reporting to the Head of CSDs Compliance and Euronext Securities Milan Chief Compliance Officer

Start gross salary from 40.000€

Tasks and Responsibility

• Support and proactive collaboration with the local Chief Compliance Officer in the main compliance activities.
• Collaboration in the monitoring relevant legislation, regulations and directives framework (e.g. CSDR, GDPR, AML) applicable to the Company.
• Conduct compliance risk assessments, gap analyses and other compliance analyses to identify and mitigate compliance risks within the central securities depository business.
• Prepare, update and control internal governing documents such as policies and procedures, ensuring alignment with external and group requirements.
• Execute compliance-related internal controls and thematic reviews
• Preparing regulatory and management reporting, including preparing and presenting compliance reports to senior management and other internal stakeholders.
• Support business units with advice on Euronext Securities activities and maintain continuous dialogue with employees across the organisation regarding compliance-related topics.
• Coordinate and cooperate with other compliance teams and stakeholders to ensure a harmonised approach.
• Develop presentations and training material and conduct training in accordance with the compliance plan to promote compliance awareness.
• Contribution to the drafting and update of the annual compliance plan and follow up on executed compliance activities.
• Identify and implement activities to develop and mature the compliance culture across the CSDs and business units.
• Contribute to compliance-related projects as relevant.
• Perform various administration and planning tasks within the compliance area.
• Manage ad hoc tasks as required.

Qualifications

• University degree in law, finance, business administration or a related field.
• At least five/six years of experience in compliance, risk management or a related area, preferably within financial services
• Knowledge of relevant legislation, regulations and directives applicable to the financial industry
• Experience in conducting compliance risk assessments, gap analyses and internal controls.
• Proven ability to prepare, update and implement compliance policies, procedures and governing documents.
• Excellent communication and interpersonal skills, with the ability to advise and support business units and maintain relationships with internal and external stakeholders.
• Strong organisational and planning skills, with the ability to proactively manage multiple tasks and projects independently.
• High level of integrity, attention to detail and commitment to maintaining a strong compliance culture.
• Proficiency in English (spoken and written); additional languages are an advantage.

You will primarily be responsible for:

• Acting as the main point of contact for an assigned group of clients, supporting them throughout the project lifecycle from onboarding through to go-live, ensuring a smooth and well-coordinated client journey.
• You will support clients in preparing for implementation and testing phases, including UAT and conformance testing, providing guidance, clarification, and follow-up to help them successfully validate the solution.
• In this role you will also coordinate project-related communications, including regular updates, release communications, and operational messages, ensuring information is clear and aligned across all stakeholders.
• You will work closely with both clients and internal teams by organizing meetings, tracking actions, and helping to resolve issues or questions in a timely and structured way.
• In addition, you will review documentation and specifications, contribute to client readiness activities, and support continuous improvement initiatives aimed at enhancing processes and service quality.

Your profile:

Education & experience
Bachelor’s degree in Economics, Finance, Business Administration or related field.
1-2 years of experience in client services, operations, project coordination, or similar roles (internships and junior profiles are welcome).

Technical skills

• Strong understanding of financial markets or financial services environments
• Familiarity with client service operations and/or CCP environments is an advantage
• Experience with CRM and service management tools
• Interest in technology, project coordination, and operational processes

Soft skills

• Strong attention to detail and analytical thinking
• Excellent organisational and multitasking skills, with ability to manage several projects in parallel
• Strong client orientation and relationship-building skills
• Clear and effective communication skills (written and verbal)
• Proactive problem-solving mindset and ability to work in a fast-paced environment
• Team player, adaptable and comfortable working under structured deadlines

Languages
Fluency in Italian (or French) and English, both written and spoken

Join a company where market infrastructure is built on innovation - and where every innovation starts with a bold mind asking, “What’s next?”. At Euronext, we believe change is a starting point, not an obstacle. We look for people who see growth opportunities, think long term and want to help shape capital markets for future generations. Working with us means:

• Being part of a European, international and diverse team – Collaborate across borders with talented colleagues connected by a shared ambition and purpose.
• Learning as you grow – Develop your skills through continuous learning, real responsibilities and flexible career paths that evolve with you.
• Having an impact – Contribute to projects that matter, in an agile and dynamic environment where your ideas help drive progress.
• Driving sustainability – Play an active role in building transparent, responsible and sustainable capital markets for the long term. Together, we don’t just support markets - we help shape their future.

Apply by submitting a CV in Italian

Euronext Clearing acts as the trusted central counterparty (CCP) for Euronext’s cash, financial and commodity derivatives markets. Our team delivers robust risk management and innovative clearing solutions, ensuring the safety and efficiency of every transaction. We contribute to the growth and diversification of our clearing services, working alongside experts who are passionate about advancing European market infrastructure and supporting the integrity of Europe’s financial markets. Join us and play a key role in the development and diversification of Euronext’s clearing franchise.

Join Euronext – Shape capital markets for future generations Euronext is the leading European capital market covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. We operate seven national stock exchanges, handling 25% of European lit equity trading. Our products include equities, FX, ETFs, bonds, derivatives, commodities and indices. Euronext also provides clearing and settlement services through Euronext Clearing and our network of Euronext Securities CSDs. In addition, Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. The company has a diverse domestic and international client base.
Find out more about us at: Euronext.com

Are you ready to shape the future of capital markets? We are looking for a Regulation and Post Trade Intern to join the Regulation and Post Trade team. The position will be based in Milan, Piazza degli Affari, and start in September.

You will primarily be responsible for:

• Supporting the team in updating, verifying and monitoring the internal consistency of the Rules of Borsa Italiana, MTS, Cassa di Compensazione e Garanzia and Monte Titoli
• Assessing compliance of these Rules with internal and external provisions
• Monitoring new domestic and international regulatory initiatives and conducting thematic analysis
• Performing comparative analysis of national regulations and evaluating implications on the national regulatory framework

Your profile:

• Master’s degree in Law (or currently enrolled in a relevant programme)
• Good knowledge of English, both written and spoken
• Sound knowledge of Microsoft Office suite
• Teamworking skills, precision and attention to detail
• Strong analytical and organisational abilities
• Interest in capital markets and financial regulation

Join a company where market infrastructure is built on innovation — and where every innovation starts with a bold mind asking, “What’s next?”. At Euronext, we believe change is a starting point, not an obstacle. We look for people who see growth opportunities, think long term, and want to help shape capital markets for future generations. Working with us means:

• Being part of a European, international and diverse team – Collaborate across borders with talented colleagues connected by a shared ambition and purpose.
• Learning as you grow – Develop your skills through continuous learning, real responsibilities and flexible career paths that evolve with you.
• Having an impact – Contribute to projects that matter, in an agile and dynamic environment where your ideas help drive progress.
• Driving sustainability – Play an active role in building transparent, responsible and sustainable capital markets for the long term. Together, we do not just support markets — we help shape their future.

Apply by submitting a CV in English

The Regulation and Post Trade team is responsible for monitoring and implementing regulatory requirements, ensuring compliance with both domestic and international standards, and supporting the integrity of Euronext’s post-trade activities. The team works closely with legal, compliance and business units to maintain a robust regulatory framework and to respond proactively to new regulatory developments.

Join Euronext – Shape capital markets for future generations Euronext is the leading European capital market covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. We operate seven national stock exchanges, handling 25% of European lit equity trading. Our products include equities, FX, ETFs, bonds, derivatives, commodities and indices. Euronext also provides clearing and settlement services through Euronext Clearing and our network of Euronext Securities CSDs. In addition, Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. The company has a diverse domestic and international client base.
Find out more about us at: Euronext.com

The Project & Programme Management Associate is responsible for coordinating, tracking, and governing assigned projects and programme initiatives across the organisation, ensuring that scope, timelines, milestones, risks, dependencies, actions, and reporting are managed in a structured, transparent, and consistent way.

The role supports the delivery of strategic, product, transformation, and client-related initiatives by working closely with internal teams.

The position is focused on project and programme governance, planning, coordination, reporting, and execution tracking.

The role contributes to improving delivery predictability, internal accountability, cross-functional coordination, and operational efficiency across the project and programme portfolio.

Gross Annual Salary: 40.000 - 45.000 euro

Key Responsibilities:

• Manage client projects from initiation to delivery, ensuring alignment with client needs, product specifications, and company strategy.
• Support the definition of project scope, objectives, timelines, and deliverables, ensuring compliance with deadlines and quality standards.
• Coordinate cross-functional teams (Sales, Product, Development, Application Management & Support) to deliver projects efficiently and effectively.
• Identify and manage project risks, dependencies, and issues, ensuring accountability and timely resolution.
• Maintain high standards of client success, customer care, and product quality across all engagements.
• Contribute to continuous improvement of project management frameworks, tools, and processes.
• Uphold confidentiality, compliance, and professionalism in all client and internal interactions.
• Provide regular updates and report activities to management.

Profile & Qualifications

• BSC in Business, Engineering, Computer Science or relevant field.
• Minimum 3 years of experience in project management, client delivery, or programme coordination, ideally within financial software, fintech, or trading technology environments.
• Proven experience managing multiple concurrent projects with cross-functional teams.

• Strong understanding of project management methodologies (Agile, PMI, PRINCE2) and related tools (Jira, Confluence, MS Project).
• Familiarity with trading workflows, financial market processes, and software deployment lifecycles.
• Knowledge of DevOps, Quality Assurance, and application support processes in software delivery.
• Strong analytical skills and ability to interpret technical and business requirements.
• Solid understanding of risk management, planning, and change control principles.

• Demonstrated accountability, autonomy, and efficiency in managing complex client projects.
• Excellent communication, presentation, and relationship management skills.
• Strong sense of responsibility, commitment, and attention to detail.
• Focus on client success, customer care, and long-term satisfaction.
• Team-oriented mindset with an emphasis on collaboration and mutual respect.
• Proven ability to meet deadlines and maintain composure under pressure.
• High standards of professionalism, confidentiality, and ethical conduct.
• Fluency in English and Italian (spoken and written).
• Dedication to continuous learning, professional growth, and operational excellence.

Join us as a Senior Quantitative Risk Analyst – Financial Risk (LOD2, CCP)
Location: Rome (Hybrid)
Team: Clearing Risk – LOD2 Financial & Credit Risk
Reporting to: Head of Financial & Credit Risk

Gross Annual Salary: 45.000 - 50.000 euro

About the role

We are looking for a quantitative profile to join the Risk Oversight & Controls (ROC) function within the Second Line of Defence (LOD2) of a Central Counterparty (CCP).

The role is focused on independent model challenge, EMIR regulatory testing and controls across margin, default fund, and risk frameworks.

This is a high-impact position: you will not develop models, but you will assess, challenge, and strengthen them. You will work at the intersection of quantitative modelling, risk governance, and regulatory expectations.

Key responsibilities

Model Challenge (core focus)

• Perform independent challenge of Initial Margin, Default Fund, and stress testing frameworks across asset classes (Fixed Income, Equities, Derivatives, Commodities, Power)
• Analyse model assumptions, limitations, and behaviour under stressed and non-linear market conditions
• Identify weaknesses and propose improvements, recalibration, or redesign
• Contribute to structured reviews of new models, parameter changes, and new business initiatives

EMIR Tests & Quantitative Validation Activities

• Execute and enhance EMIR-mandated tests (Backtesting, Sensitivity Analysis, Reverse Stress Testing)
• Analyse results with a critical view on model performance, stability, and procyclicality
• Support interpretation of outcomes and escalation of key findings
• Contribute to continuous improvement of testing frameworks and methodologies

Controls & Risk Monitoring

• Design and perform quantitative controls on margin, default fund, and key risk metrics
• Monitor consistency, stability, and risk sensitivity of model outputs
• Develop anomaly detection approaches (including data-driven or ML-based techniques)
• Investigate outliers and perform deep-dive analyses when needed

Other responsibilities (secondary scope)

• Contribute to the challenge of key risk policies (Default Management, Liquidity, Collateral, Investment)
• Support default-related activities (e.g. liquidation logic, fire drills)
• Contribute to liquidity and investment risk monitoring tools
• Support development of internal analytics (including credit-related insights where relevant)
• Contribute to regulatory monitoring (EMIR / ESMA / IOSCO) and internal reporting
• Participate in the development of tools, dashboards, and automation initiatives

What we are looking for

We are looking for a strong quantitative thinker, able to challenge and not just execute.

Required:

• Degree in Mathematics, Physics, Engineering, Quantitative Finance or similar
• Strong understanding of financial risk concepts
• Solid analytical mindset with the ability to question models and assumptions
• Good programming skills (Python preferred) for data analysis and modelling
• Ability to work independently on complex and unstructured problems

Preferred:

• Experience in CCPs, clearing houses, or financial markets
• Knowledge of margin methodologies (VaR, Expected Shortfall, stress testing)
• Familiarity with EMIR or similar regulatory frameworks
• Exposure to large datasets and/or machine learning / AI techniques

What makes this role interesting

• Direct involvement in the independent challenge of CCP risk models
• Exposure to regulatory-driven quantitative frameworks (EMIR testing)
• High visibility and interaction with senior stakeholders
• Opportunity to develop a critical understanding of how risk models behave in practice
• Steep learning curve across multiple asset classes and risk dimensions

Why join us

You will be part of a function that plays a critical role in ensuring the robustness and credibility of the CCP risk framework.

This is an opportunity to work on complex quantitative problems with real impact, in an environment where critical thinking and independence are key.