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Clear Street is a fintech firm modernizing the brokerage ecosystem with a cloud-native clearing and custody platform. Founded in 2018, the company serves as a diversified financial services firm replacing legacy infrastructure across capital markets.
This is a foundational hire to build and lead Clear Street's Product Control function from the ground up. You will own independent price verification (IPV), daily P&L production and sign-off, and the broader product control framework across a diverse product set including equities, options, fixed income, futures, OTC derivatives, synthetic financing, crypto, and prediction markets.
Key responsibilities include:
**Product Control Build-Out**: Design and implement the firm's end-to-end Product Control function, including policies, procedures, controls framework, and governance. Establish the IPV framework across all asset classes. Define escalation protocols, P&L threshold tolerances, and price challenge procedures in coordination with Risk and Trading. Partner with Technology to scope and implement a fit-for-purpose product control platform. Build out the team over time as business complexity warrants.
**Daily P&L & Revenue Reporting**: Own daily P&L production, attribution, and sign-off across all business lines (Cash Equity, Listed Options, Futures, Financing, Stock Loan, Crypto). Oversee P&L validation with desk heads; manage and resolve P&L disputes with traders. Supervise the existing analyst performing daily revenue reporting and month-end close support. Ensure accurate new trade capture and P&L explain across all books.
**Independent Price Verification**: Design and operate robust IPV processes using independent market data sources (broker quotes, vendor marks, traded prices, model outputs). Establish and document valuation methodologies for each asset class, with particular rigor on OTC and hard-to-price instruments. Challenge front-office marks where appropriate; maintain and defend an audit trail. Develop price testing tolerance grids and escalation matrices.
**Derivatives & Regulatory Readiness**: Build controls and IPV frameworks for OTC derivatives including equity swaps, total return swaps, variance swaps, and basket products. Partner with Legal, Compliance, and Risk on Dodd-Frank/CFTC reporting, margin, and booking requirements. Support Security-Based Swap Dealer (SBSD) and OTC Swap Dealer infrastructure build-out from a product control perspective.
**Month-End Close & Reporting**: Partner with Accounting on month-end P&L close, ensuring consistency between trading books and general ledger. Own balance sheet substantiation for trading assets and liabilities, including derivatives fair value and financing positions. Support production of management reporting packs and investor/board materials. Own fair value hierarchy analysis (Level 1/2/3) for all trading inventory.
**Governance & Controls**: Develop and maintain the product control policy suite and procedures manual. Act as primary point of contact for internal audit, external auditors, and regulators. Identify and remediate control gaps; track issues to resolution. Drive automation of manual controls and processes in coordination with Technology.
You will initially manage one existing analyst while building out the team over time. The role requires deep technical expertise in derivatives valuation and structured products, organizational capability to build a function, and willingness to be hands-on in a lean team environment. You will work directly with Finance leadership and partner tightly with Trading, Risk, Operations, and Technology.
