Quantitative Trading & Research - Energy - Executive Director

J.P. Morgan’s Commercial & Investment Bank is a global leader across banking, markets, securities services and payments. Corporations, governments and institutions throughout the world entrust us with their business in more than 100 countries. The Commercial & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world. 

The Quantitative Trading & Research team builds the valuation models, analytical tools, and risk infrastructure behind J.P. Morgan's global Energy trading business

Job Description:

The Quantitative Trading & Research team builds the valuation models, analytical tools, and risk infrastructure behind J.P. Morgan's global Energy trading business. As the franchise expands into physical Power and Natural Gas, the team is building out the modelling capability to support it, from generation and load fundamentals to physical asset and transport optionality, alongside a growing systematic trading research effort. We work directly with Trading, Structuring, Sales, and Technology to price complex products, manage risk, and move quickly on new commercial opportunities.

Job summary:

As an Executive Directorin the Energy Quantitative Trading & Research team in New York, you will be a senior quantitative partner to the North American Power and Gas trading desks, focused on the growth of our physical business.

This is a build role, not a maintenance one. You will own the modelling agenda for a fast-growing physical franchise: pricing physical structures, capturing the optionality in generation, storage and transport, and building the tools the desk trades on. Models are owned end to end here, from research and design through to production. You will also have the opportunity to contribute to our systematic trading research across Energy markets.

Job responsibilities:

• Own pricing and risk models for physical and financial Power and Gas products end to end, from research and design through production implementation, governance, and documentation.

• Model the drivers of physical value: generation and load fundamentals, transport and transmission constraints, storage and flexibility, locational basis, and shape.

• Partner with trading and sales to create new commercial opportunities and support the desk as it enters new physical markets.

• Build the tools the front office runs on: pricing workflows, calibration utilities, and back testing frameworks.

• Contribute to the team's systematic trading research, including signal development and back testing.

• Lead projects and priorities, and support front office and control functions on the models and tools the team builds.

Required qualifications, capabilities, and skills:

• Advanced degree (master's or PhD) in a quantitative field, or equivalent experience.

• 5y+ hands-on experience as a quant supporting physical Power and/or Natural Gas trading, including the physical products traded and the fundamentals that drive them, gained in a front office or equivalent commercial setting.

• Experience building valuation models for physical assets and optionality: generation, storage, or transport capacity.

• Working knowledge of ISO/RTO Power markets, Gas transport and storage, and locational basis.

• Strong grounding in the mathematics behind valuation models (stochastic calculus, probability, optimization, Monte Carlo) and the programming skills to implement them to production standard, preferably in Python.

• Commercially minded, with a track record of delivering models into production use by a trading desk, and the communication skills to work directly with traders.

Preferred qualifications, capabilities, and skills:

• Developing or back testing systematic trading strategies in commodities.

• Renewables and the modelling challenges introduced by intermittent generation.