XVA Desk Associate

Job Description

What is the opportunity?

A Toronto-based role on RBC's global XVA Desk, sitting within Treasury Services.

The desk manages counterparty-related risks (CVA, FVA, KVA, ColVA, CTD) across all derivative asset classes globally.

This role focuses on collateral optimization and XVA pricing in a front office trading environment. You'll manage day-to-day collateral optimization activities - executing repo, securities lending, and FX trades to minimize funding costs - while pricing and hedging XVA on live client transactions. The position recognizes that modern derivatives markets require integrated expertise: collateral efficiency directly impacts valuation adjustments, and pricing decisions inform collateral strategy.

Beyond immediate execution responsibilities, you'll partner with Quants, IT, and other functions to automate workflows and leverage emerging technologies (AI, DLT, tokenization) that will transform how the desk operates.

This suits professionals with 1–5 years in derivatives, collateral trading, or XVA-related functions who want trading floor experience while building the infrastructure for next-generation risk management.

The level of the position (Analyst/Associate) will be determined based on the candidate's experience and qualifications. Compensation for this role includes a competitive base salary, a variable bonus structure tied to performance, and a comprehensive benefits package. Specific details will be discussed during the interview process and tailored to the candidate's qualifications and the role's requirements.

What will you do?

Key role responsibilities

• Execute collateral trades across cleared derivatives, non-cleared derivatives, and futures exchanges (repo, reverse repo, securities lending, spot FX, FX swaps) to deliver cheapest-to-deliver (CTD) collateral and minimize funding drag

• Act as time-zone SME and primary point of contact for collateral queries

• Coach operational teams on collateral workflows and tooling

• Drive improvements to senior management and trading desks on collateral positions and optimization opportunities

• Quote XVA on live client transactions, incorporating hedge costs, bid/offer dynamics, and collateral terms

• Support Sales and Trading desks on XVA pricing questions and transaction structuring

• Run daily processes: PnL flash, risk exchanges, transfer pricing, and related reporting

• Integrate practical collateral constraints (ColVA, CTD selection, margin mechanics) into pricing models

• Analyze how collateral agreement terms (bilateral vs. cleared, eligible sets, thresholds) affect CVA/FVA and identify opportunities to reduce pricing adjustments through improved documentation

• Support client negotiations by quantifying the pricing impact of collateral terms

Strategic Initiatives & Automation:

• Support development of the desk's collateral framework: visibility, mobilization, and optimization

• Identify automation opportunities within collateral and XVA workflows; translate business requirements into technical specifications for Quants and IT

• Explore applications of AI/ML to enhance collateral optimization, pricing accuracy, and risk analytics

• Contribute to business initiatives on emerging collateral infrastructure (DLT, tokenization)

What do you need to succeed?

Required:

• Undergraduate degree in a quantitative field (Finance, Mathematics, Engineering, Economics, Computer Science, etc.)

• Familiarity with margin principles (variation margin, initial margin) and collateral optimization concepts

• Working knowledge of derivatives fundamentals: pricing, Greeks, options theory & financing mechanics

• Excellent communication skills with the ability to explain technical concepts to diverse audiences including traders, senior management/stakeholders

• Manages multiple priorities effectively in a fast-paced environment while maintaining daily deliverables

Preferred:

• 1–5 years in Front Office Collateral Trading, Collateral Optimization, Derivatives Trading, or XVA

• Familiarity with collateral optimization platforms

• Understanding of XVA frameworks (CVA, FVA, MVA, KVA, ColVA) from coursework, internships, or professional experience

• Knowledge of trading documentation: ISDA (CSA), GMRA, and GMSLA

• Exposure to emerging collateral technologies: distributed ledger technology (DLT), tokenization, AI applications

• Strong Excel skills for data analysis along with Bloomberg experience or willingness to develop proficiency quickly

• Programming or scripting skills (Python, VBA, SQL) for workflow automation

• Self-starter mindset: generate ideas and execute independent follow-through

What’s in it for you?

• Gain front office trading floor experience managing collateral and pricing derivatives risk in real time

• Develop integrated expertise across collateral optimization, XVA structuring, and counterparty risk

• Shape the future of the desk by designing and implementing automation and next-generation technologies based on firsthand trading experience

• Work with a high-performing, collaborative team and act as subject matter expert driving change across CCP and OTC derivative relationships

• Comprehensive Total Rewards: performance-based bonuses, flexible benefits, competitive compensation, and opportunities for career progression within Global Markets

#LI-KA2

Job Skills

Adaptability, Critical Thinking, Customer Service, Detail-Oriented, Financial Engineering, Financial Statement Analysis, Investments Analysis, Personal Development, Personal Initiative, Teamwork

Additional Job Details

Address:

ROYAL BANK PLAZA, 200 BAY ST:TORONTO

City:

Toronto

Country:

Canada

Work hours/week:

37.5

Employment Type:

Full time

Platform:

CAPITAL MARKETS

Job Type:

Regular

Pay Type:

Salaried

Posted Date:

2026-05-25

Application Deadline:

2026-06-08

Note: Applications will be accepted until 11:59 PM on the day prior to the application deadline date above

Compensation for this position (including salary and discretionary/variable payments) will be determined by factors, including but not limited to candidate's experience, skills, registration status, performance, individual goals, market conditions, and business needs.

Pay Range

The expected pay range for this position is:

$90,000.00 - $135,000.00

The pay range provided is for the primary work location referenced in the Additional Job Details section of this job posting. Pay ranges may differ based on location. If the posting lists multiple job locations, a recruiter can confirm availability of the role and the relevant pay rage for the additional locations listed. RBC supports pay transparency and we strive to ensure all pay ranges are competitive, fair, and equitable.

You have the potential to earn RBC's discretionary variable compensation program which gives you an opportunity to increase your total compensation, provided that business meets its performance targets and you meet your individual goals.

Our Employment Opportunities

At RBC, we are guided by living shared values of Client First, Integrity, Collaboration, Respect and Excellence and winning together as One RBC. We believe an inclusive workplace that has diverse perspectives is core to our continued growth as one of the largest and most successful banks in the world. Maintaining a workplace where our employees feel supported to perform at their best, effectively collaborate, drive innovation, and grow professionally helps to bring our Purpose to life and create value for our clients and communities. RBC strives to deliver this through policies and programs intended to foster a workplace based on respect, belonging and opportunity for all.

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RBC is presently inviting candidates to apply for this existing vacancy. Applying to this posting allows you to express your interest in this current career opportunity at RBC. Qualified applicants may be contacted to review their resume in more detail.