Job Specifications
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
About the Company
Marex (Nasdaq:MRX) is a diversified financial services platform.
We provide essential liquidity, market access and infrastructure services to clients in energy, commodities and financial markets.
With more than 40 offices across the world, access to all major exchanges, and technology-powered data and advisory services, Marex is your essential partner.
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