Hersh Chaudhari
Schaumburg,IL
Summary
Senior Product Manager with over 8 years of experience driving exchange products from concept to market. Expertise in launching innovative products and fostering collaboration with industry stakeholders. Specialization in derivatives and centralized exchange market products, complemented by strong adaptability to diverse market environments. Committed to continuous learning and leveraging insights to enhance product offerings and meet evolving customer needs.
Overview
10
10
years of professional experience
Work History
Sr. Product Manager
COINBASE
02.2022 - Current
- Leader of the Coinbase Derivatives product, growing it from the ground up to $2.5b in daily volume and $1.0b in Open Interest
- Spearheaded the 0 to 1 launch of the first Perpetual Futures in the US after extensive collaboration with the CFTC and industry stakeholders. The launch has grown Coinbase Derivatives volume and revenue 600%. The design and execution of this product have resulted in 99% market share vs similar offerings in the US.
- Supported the launch of the first 24x7 derivatives markets in the US, laying foundational steps for the industry to move to a model that enables exchanges, clearing firms, and clients better risk management of US derivatives.
- Built the Fee systems and tooling for Coinbase Derivatives Exchange and Coinbase International exchange, allowing for more flexible operations and pricing strategies of different customer segments.
- Leading Pricing, Liquidity, Volume and Open Interest programs across Coinbase Spot Exchange, Coinbase Derivatives Exchange, and Coinbase International Exchange and serving as the key collaborator with market makers to incentivize exchange growth.
Manager, FairX Command Center
FAIR EXCHANGE
05.2021 - 02.2022
- Launched retail sized Equity Index futures and produced consecutive months of exponential growth, leading to an acquisition by Coinbase
- Worked alongside operations and development teams by performing stress tests, identifying issues, and suggesting solutions to continually implement enhancements to internal and external facing trading admin tools
- Leading the internal strategy on Cryptocurrency, Equity, and Commodity futures products by collaborating with index providers and designing product specifications that are tailored to retail participants
Sr. Analyst, Interest Rate Products and Services
CHICAGO MERCANTILE EXCHANGE
07.2019 - 05.2021
- Monitored the entire Interest Rate product suite for marketing and growth opportunities in Short Term and Long Term Interest Rates Futures such as potential improvements in cost to trade and opportunities to grow volume and open interest
- Collaborated with liquidity providers, buyside firms, sell side firms and other market participants in facilitating the Eurodollar – SOFR transition.
- Lead annual budgeting for Interest Rate derivatives, factoring in impact of macroeconomic variables on volume and revenue
I. Rotational Analyst, 2-yr Program Comprised of Four Rotations
CHICAGO MERCANTILE EXCHANGE
07.2017 - 07.2019
- Data Science: Leveraged basic SQL and Python skills to support the creation of new options liquidity tools allowing clients to view liquidity changes over time across varying order book levels and strikes
- Corporate Strategy: Investigated unknown client organizational structures and trading approaches to further identify a segmentation strategy for Retail Energy customers in Asia
- Interest Rate Products and Services: Managed Interest Rate derivative incentive programs, conducted in-depth data analysis, promoted liquidity and growth of new products such as SOFR and SONIA futures
- Global Operations: Provided trade assistance while monitoring market protection controls, matching algorithms, and P&L error trade policies. Participated in the settlement process for various Metals and Interest Rate options.
II. Summer Trading Assistant
CHICAGO TRADING COMPANY
06.2016 - 08.2016
- Supported traders in the SPX CBOE pit when seeing opportunities with potential to alter Theoretical Values of options or cut down risk positions of previous trades
- Completed a full Options Course and a Mock Trading program comprised of pit trading competitions evaluated based on management of risk parameters such as Volatility, Skew, and Mean Volatility
- Constructed proposals on trading Bitcoin as a product, highlighting its relation to Gold, and utilizing Blockchain technology to alter back office trade processes by implementing ‘smart contracts’ into trade clearing systems
Education
Bachelor of Arts - Economics, Business Institutions Program
NORTHWESTERN UNIVERSITY
Evanston, IL06.2017
Skills
- Exchange Market Structure
- Cross functional leadership
- Industry first product offerings
- Taking products 0 - 1
- Go-to-market product strategies
- Product marketing and brand building
Timeline
Sr. Product Manager
COINBASE
02.2022 - Current
Manager, FairX Command Center
FAIR EXCHANGE
05.2021 - 02.2022
Sr. Analyst, Interest Rate Products and Services
CHICAGO MERCANTILE EXCHANGE
07.2019 - 05.2021
I. Rotational Analyst, 2-yr Program Comprised of Four Rotations
CHICAGO MERCANTILE EXCHANGE
07.2017 - 07.2019
II. Summer Trading Assistant
CHICAGO TRADING COMPANY
06.2016 - 08.2016
Bachelor of Arts - Economics, Business Institutions Program
NORTHWESTERN UNIVERSITY