Company- iRage Capital
Website- https://irage.in/
Position - Chief Risk Officer (Full-time)
Location- Mumbai
Experience- 7+ Years
We're looking for the sharpest minds on the block…
About Us
iRage is one of India's leading high-frequency trading firms. We build and own everything
in-house, from ultra-low-latency execution to our entire trading infrastructure. Our systems
deliver some of the lowest latencies in the market, with order-send speeds under 100
nanoseconds - but the harder problem we've solved is keeping that latency low at scale.
We run thousands of independent portfolios in parallel, carrying overnight positions across
thousands of instruments, with tooling that coordinates state and information across
hundreds of servers spanning multiple data centres in real time.
The stack is ours end to end: custom FPGA pipelines - including PHY and MAC layers we built
on hardware firmware in-house - and a C++ codebase we control from market-data
ingestion through order entry and risk. We run experiments over days just to shave off a
single clock cycle.
But great technology alone doesn't move markets. Our quant and tech teams work side by
side, and the results speak for themselves: millions of trades a day. To put that in
perspective, we handle the equivalent of several Big Billion Days in a single day, every day,
at lightning speed. iRage is where deep technical expertise meets real market impact, in
one of the world's fastest-growing trading ecosystems.
Role Summary
iRage deploys a diverse range of proprietary strategies including market-making,
market-taking, and mid-frequency arbitrage, across India's cash equities, futures, and
options. The trading activity spans every active domestic segment, ranging from highly
liquid short-dated index options to less liquid, longer-dated contracts. In these illiquid
spaces, iRage frequently acts as the pioneering liquidity provider responsible for
establishing fair pricing while maintaining a significant open-interest position. Hundreds of
portfolios carry overnight positions across thousands of instruments simultaneously.
The Chief Risk Officer owns risk across this entire book, market, liquidity, technology, and
operational. The role will report directly to the CEO/Founders, working closely with trading,
quant, and engineering leadership.
Roles & Responsibilities
● Analyze historical and continual trading patterns of different strategies across
instruments of varying liquidity profiles, and set appropriate risk limits accordingly.
Design and own risk limit methodologies across the firm's strategies and instrument
categories.
● Monitor live- trading activity to:
○ detect anomalies, including trading risk (market and liquidity risk), technology
risk (hardware defects, network latency issues), and trading behaviour
imperfections (order/trade ratios, orders placed at prices far from market,
critical exchange rejects, etc),
○ strategy risk monitoring (flagging when a strategy behaves outside expected
market conditions),
○ operational risk monitoring (feed delays, stale quotes, exchange issues,
system-level alerts),
○ strategy misfire detection (abnormal fills, wrong-side quoting, sudden quote
instability, unexpected exposure build-up),
○ inventory and delta view (real-time inventory pressure, directional exposure, risk
concentration across symbols),
○ slippage and execution-quality monitoring (adverse selection, poor fills, spread
leakage, execution drift), and
○ a company-level risk view (across strategies, symbols, venues, and risk states).
● Work with trading teams to diagnose causes of trading downtime and partner with
other stakeholders to reduce it.
● Partner with senior management to identify macro risks - longer-term shifts in
market share and category exposure, and regulatory risk. Track external market and
regulatory developments and translate them into risks relevant to iRage's trading
activity.
● Improve risk processes and procedures, and partner with engineering on risk-related
data pipelines and dashboards. Identify and close process gaps that contribute to
operational risk incidents.
● Own and enhance the certification process for every new strategy instance against
operational benchmarks (e.g., trading behaviour while run against exchange
simulators), profitability benchmarks (performance relative to market conditions),
and market risk benchmarks (risk taken relative to profitability).
● Manage risks tied to holding positions under instrument-specific constraints (e.g.,
MWPL bans in the F&O segment, and similar regulatory/exchange-level triggers).
● Work with the data team to fine-tune APIs that respond to compliance queries from
the exchanges.
What we're looking for
● 7+ years of experience in market risk, trading risk, or quantitative risk management,
with meaningful exposure to high-frequency or algorithmic trading environments;
prior experience at a prop trading firm, HFT firm, or the risk desk of a broker/exchange
is strongly preferred.
● Strong quantitative background with a solid grasp of derivatives (futures and
options across index and stock products), market microstructure, and liquidity
dynamics across cash equity and F&O segments.
● Comfort working with data at scale: ability to partner with engineering on
dashboards and pipelines, and enough technical fluency (SQL/Python or similar) to
independently analyze trading data rather than relying solely on built tooling.
● Working knowledge of Indian market regulations relevant to proprietary trading and
F&O segments (SEBI, exchange circulars, position limits/MWPL, surveillance norms).
● Strong stakeholder management skills; this role sits at the intersection of trading,
technology, and senior management, and requires the judgment to translate
technical/market signals into clear risk decisions.
● High ownership mindset and comfort operating in a fast-paced, technically deep
environment where risk decisions have immediate P&L and operational
consequences.
Here’s what we offer:
● Compensation – competitive package, plus a meaningful performance bonus
● Generous paid time off – Recharge & come back sharper.
● Work with the best – Collaborate with top-tier global talent.
● Adventure together – Annual offsites (international & domestic) plus regular team
outings.
● Performance rewards – Attractive bonuses for those who go above & beyond.
● Health covered – Comprehensive insurance so you’re always protected.
● Fun, not just work – On-site sports, games, & a lively workspace.
● Learn & lead – Regular knowledge-sharing sessions led by your peers.
● Annual Education Allowance – Take any external course, or certification that makes
you better at your craft.
● Stay fit – Gym memberships with equal employer contribution to keep you at your
best.
● Relocation support – Smooth move? We’ve got your back.
● Friendly competition – Work challenges & extracurricular contests to keep things
exciting.
