Head of Financial Derivatives

We connect the present. We transform the future.

Have you ever wondered what makes it possible for millions of people to be connected at the same time, from anywhere in the world, without anything failing?

At Telefónica, we make it possible.

We are a global telecommunications and technology company that connects people, businesses, and communities through next-generation networks and advanced digital solutions such as cloud, artificial intelligence, IoT, and cybersecurity.

With over 100 years of history, we work every day to ensure that innovation serves society, driving a digital transformation that is responsible, sustainable, and has real impact.

Here, we don't just design infrastructure—we design the future. We are looking for people who are curious, enthusiastic, and passionate about what they do, who never settle, and who want to build the Telefónica of tomorrow.

If you are passionate about technology that transforms lives, this is your place.

The Financial Derivatives Management executes cost and financial risk management decisions, through (i) the trading of financial derivatives, with a live portfolio of 78,000 million € and more than 2,700 transactions per year, (ii) It carries out continuous monitoring of the Group's aggregate risk in FX/IR that may affect FCF, the income statement and debt ratios, with the aim of protecting the Group's solvency, (iii) It contributes to the design of actions in financial markets, based on the outlook for the future evolution of interest and exchange rates, and (iv) It manages liquidity to cover daily financial needs.

The objectives pursued by the area are the following:

• Mastering the different financial hedging instruments (interest rate swaps, currency swaps, forwards, options, etc.) to define the most appropriate structure that optimizes the return/risk ratio. Being able to build a market view to assess risks and provide recommendations.
• Negotiating transactions, after valuing them, to secure the best conditions by putting banks in competition.
• Compiling the Inputs and Market Data used for the correct valuation of the Group's Derivatives portfolio.
• Carrying out, in coordination with the Position area, exhaustive monitoring of the assigned positions.
• Preparing the IFRS16 curves for the correct valuation of the Group's lease contracts (~EUR 8,000M).
• Monitoring limits, ratings and internal counterparty risk metrics (CDS).
• Calculating CVA/DVA (counterparty risk).
• Actively participating in the preparation of the annual Financial Expenses budget.

In the future, could manage (analysis, contracting and monitoring) the delegated positions according to the guidelines established by the Derivatives Director.

• Negotiation skills with financial institutions.
• Proactivity in proposing financial efficiencies that may be detected.
• Coordination and communication with other financial areas of the Group.
• Ability to prioritize when several urgent requests overlap.
• Adaptation to new needs that may arise in a changing environment.
• Ability to perform effectively in highly demanding, fast-paced environments.
• Advanced Excel, as well as other Office tools.
• Advanced English

How will you contribute with your skills to the purpose of the role? 💼

• Communication and collaboration with different teams in the area: Back Office, Middle Office, Treasury, Systems, Group subsidiaries, etc.
• Recording transactions in transaction capture systems and position files.
• Preparing Control Files for monitoring the assigned positions.
• Updating and validating daily market data, which are incorporated daily into the corporate valuation, risk and accounting systems.
• Support in the correct valuation of the contracted derivatives.

• Education in: Financial Mathematics, Economics, Engineering or equivalent.
• Knowledge of financial applications, Bloomberg, Reuters will be valued.
• Office skills: familiarity with MS Office package, programming and ease of learning IT systems.
• LANGUAGES: Fluent English, spoken and written.
• EXPERIENCE of at least 4 years in a Corporate, Fund, or Bank financial department.

• Transformative projects. At Telefónica you will be part of high-impact projects that set trends and respond to the challenges of digital connectivity in our society.
• Professional development. You will have a long career path and learning opportunities on a global scale, thanks to our presence in different geographies. We will share with you opportunities for development, training and mobility options. We want to grow and build a future with you!
• Flexibility. We are committed to the balance between professional and personal life. At Telefónica, we care about flexibility, positioning ourselves as a benchmark in new ways of working and work-life balance measures.
• 27 working days of vacation to enjoy.
• Social benefits. You will be able to enjoy a comprehensive package of social benefits, including:
• Life and accident insurance
• Health insurance for you and your immediate family (spouse and children)
• Meal voucher card
• Flexible compensation plan with numerous options to choose from.
• Pension plan

And much more!