Job Overview

We are looking for an analytical and technically proficient FX Derivatives Pricing Analyst to support the valuation, pricing, and risk analysis of foreign exchange derivatives. This position focuses on developing reliable pricing methodologies, validating market inputs, analysing model performance, and supporting accurate valuations across currency forwards, swaps, vanilla options, and related derivative instruments.

Based in Estonia, the successful candidate will work closely with trading, quantitative research, risk management, and technology teams to strengthen pricing accuracy and improve the reliability of derivatives analytics. This role is suited to a professional who combines quantitative reasoning with an understanding of financial markets and a commitment to robust model governance.

Key Responsibilities

• Calculate and validate prices for FX derivatives, including currency forwards, swaps, vanilla options, and other relevant instruments.

• Analyse market inputs such as spot rates, forward points, interest-rate curves, discount factors, and implied volatility surfaces.

• Support the development, implementation, and maintenance of quantitative pricing models and valuation tools.

• Validate pricing outputs against independent market data, established benchmarks, and alternative valuation methods.

• Investigate pricing discrepancies arising from market-data issues, model assumptions, numerical methods, or instrument configurations.

• Conduct sensitivity analysis to measure the impact of market movements on derivative valuations.

• Calculate and interpret key risk measures, including delta, gamma, vega, theta, and relevant interest-rate sensitivities.

• Assist with model testing, calibration, backtesting, and performance monitoring across different market conditions.

• Collaborate with software engineers to automate pricing workflows and integrate analytics into trading and risk platforms.

• Support valuation control processes, independent price verification, and documentation of pricing methodologies.

• Prepare analytical reports explaining valuation movements, model limitations, and material pricing differences.

• Maintain appropriate technical documentation and contribute to model validation and governance procedures.

Qualifications and Experience

• Bachelor’s or Master’s degree in Quantitative Finance, Mathematics, Physics, Statistics, Financial Engineering, or a related field.

• Experience in derivatives pricing, quantitative analysis, financial risk, valuation control, or a similar analytical role.

• Strong understanding of FX forwards, swaps, options, and the market conventions used to value these instruments.

• Knowledge of quantitative finance concepts, including discounting, forward-rate calculations, volatility modelling, and derivative valuation.

• Familiarity with options pricing methodologies, including Black–Scholes-based models and relevant FX adaptations.

• Proficiency in Python for quantitative analysis, data processing, or model implementation; experience with C++ is an advantage.

• Working knowledge of SQL, Excel, numerical methods, and financial market-data systems.

• Ability to assess data quality, identify model inconsistencies, and explain complex analytical findings clearly.

• Understanding of model risk, valuation adjustments, and independent price verification is beneficial.

• Strong problem-solving skills, precision, and a structured approach to technical documentation.

Technical Environment

The role may involve Python, NumPy, pandas, SciPy, SQL, quantitative pricing libraries, market-data terminals, volatility-surface tools, and derivatives risk systems. Experience with automated testing, version control, and production analytics pipelines will be valuable.

What We Offer

• The opportunity to work on quantitative problems within foreign exchange and derivatives markets.

• Direct collaboration with trading, risk, and financial technology teams.

• Professional development in derivatives valuation, quantitative modelling, and pricing infrastructure.

• An environment focused on model accuracy, analytical integrity, and continuous technical improvement.

• Competitive remuneration reflecting qualifications, relevant experience, and technical capability.

Ideal Candidate: A quantitatively strong finance professional who can translate derivatives theory into reliable pricing analysis, validate complex valuation outputs, and communicate model behaviour effectively to trading and risk stakeholders.

Are you interested in this position?

Apply by clicking on the “Apply Now” Button below!

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