Head of Product Control & IPV

About the company

Clear Street is a securities and derivatives brokerage firm that is gearing up for an IPO.

About this role

<p><strong>About Clear Street</strong></p> <p>Clear Street is modernizing the brokerage ecosystem. Founded in 2018, Clear Street is a diversified financial services firm replacing the legacy infrastructure used across capital markets.</p> <p>We started from scratch by building a completely cloud-native clearing and custody system designed for today's complex, global market. Clear Street's proprietary prime brokerage platform adds significant efficiency to the market, while focusing on minimizing risk, redundancy, and cost for clients. Our goal is to create a single source-of-truth platform for every asset class, in every country, and in any currency.</p> <p>By combining highly-skilled product and engineering talent with seasoned finance professionals, we're building the essentials to compete in today's fast-paced markets.</p> <p>&nbsp;</p> <p><strong>THE OPPORTUNITY</strong></p> <p>This is a foundational hire. Clear Street is seeking a highly experienced product control professional to build and lead the firm's Product Control function from the ground up. You will own independent price verification (IPV), daily P&amp;L production and sign-off, and the broader product control framework across one of the most diverse product sets at any firm of our size. You will work directly with Finance leadership and partner tightly with Trading, Risk, Operations, and Technology.</p> <p>The role requires a rare combination: deep technical expertise in derivatives valuation and structured products, the organizational capability to build a function, and the willingness to be hands-on in a lean team environment. You will initially manage one existing analyst while building out the team over time as the business scales.</p> <p>&nbsp;</p> <p><strong>WHAT YOU WILL OWN</strong></p> <p><strong>Product Control Build-Out</strong></p> <ul> <li>Design and implement the firm's end-to-end Product Control function, including policies, procedures, controls framework, and governance.</li> <li>Establish the IPV framework across all asset classes: equities, listed options, fixed income, futures, OTC derivatives (IRS, CDS, equity swaps, TRS, FX), synthetic financing, crypto, and prediction markets.</li> <li>Define escalation protocols, P&amp;L threshold tolerances, and price challenge procedures in coordination with Risk and Trading.</li> <li>Partner with Technology to scope and implement a fit-for-purpose product control platform, replacing or augmenting existing tooling.</li> <li>Build out the team over time, defining roles and hiring as business complexity warrants.</li> </ul> <p><strong>Daily P&amp;L &amp; Revenue Reporting</strong></p> <ul> <li>Own daily P&amp;L production, attribution, and sign-off across all business lines: Cash Equity, Listed Option, Futures, Financing (cash and synthetic), Stock Loan, and Crypto.</li> <li>Oversee P&amp;L validation with desk heads prior to release; manage and resolve P&amp;L disputes with traders.</li> <li>Oversee the existing analyst who performs daily revenue reporting and supports month-end close.</li> <li>Ensure accurate new trade capture and P&amp;L explain across all books.</li> </ul> <p><strong>Independent Price Verification (IPV)</strong></p> <ul> <li>Design and operate robust IPV processes using independent market data sources (broker quotes, vendor marks, traded prices, model outputs).</li> <li>Establish and document valuation methodologies for each asset class, with particular rigor on OTC and hard-to-price instruments.</li> <li>Challenge front-office marks where appropriate; maintain and defend an audit trail.</li> <li>Develop price testing tolerance grids and escalation matrices in coordination with Risk and CFO.</li> </ul> <p><strong>Derivatives &amp; SBSD / OTC Swap Dealer Readiness</strong></p> <ul> <li>Build controls and IPV frameworks for OTC derivatives including equity swaps, TRS, variance swaps, basket products, and other structured instruments as the business scales.</li> <li>Partner with Legal, Compliance, and Risk on Dodd-Frank / CFTC reporting, margin, and booking requirements.</li> <li>Support the build-out of the Security-Based Swap Dealer (SBSD) and OTC Swap Dealer infrastructure and control requirements from a product control perspective.</li> </ul> <p><strong>Month-End Close &amp; Reporting</strong></p> <ul> <li>Partner with Accounting on month-end P&amp;L close, ensuring consistency between trading books and the general ledger.</li> <li>Own the balance sheet substantiation for trading assets and liabilities, including derivatives fair value and financing positions.</li> <li>Support the production of management reporting packs and investor / board materials as relevant.</li> <li>Own the fair value hierarchy analysis (Level 1 / 2 / 3) for all trading inventory.</li> </ul> <p><strong>Governance &amp; Controls</strong></p> <ul> <li>Develop and maintain the product control policy suite and procedures manual.</li> <li>Act as the primary point of contact for internal audit, external auditors, and regulators on product control matters.</li> <li>Identify and remediate control gaps; track issues to resolution.</li> <li>Drive automation of manual controls and processes in close coordination with Technology.</li> </ul> <p>&nbsp;</p> <p><strong>WHAT YOU BRING</strong></p> <p><strong>Experience</strong></p> <ul> <li>10+ years in product control, financial control, or valuation at a broker-dealer, investment bank, or prime brokerage.</li> <li>Demonstrable experience building or significantly scaling a Product Control or IPV function — not just running a steady-state team.</li> <li>Deep expertise in OTC derivatives product control: equity swaps, TRS, variance swaps, credit derivatives, rates, and / or FX.</li> <li>Prior exposure to CFTC-regulated entities (swap dealers, FCMs, or DCOs) strongly preferred.</li> <li>Meaningful experience across at least several of: equities, options, futures, prime brokerage, securities financing, and cleared derivatives.</li> <li>Cry