CMO Structurer - Trader I

About the role

The CMO Structurer - Trader I supports and develops the firm's Agency Collateralized Mortgage Obligation (CMO) new-issue structuring program, with secondary responsibilities in trading and market making alongside the Head of the CMO desk. This is a developmental, early-career position designed to build foundational CMO expertise across structuring and analytics, trading execution support, and sales and client dynamics, with the objective of supporting long-term talent development within the CMO business.

Responsibilities

• Assist in the creation and structuring of new-issue Agency CMOs based on client demand.
• Source appropriate MBS collateral pools in coordination with the Structured Products Group and the Head of the CMO desk.
• Prepare monthly reviews and performance reports on all issuance activity to track program growth and inform desk strategy.
• Serve as a market maker for Agency CMOs under the guidance of the desk head, providing liquidity and best execution for client orders in the secondary market.
• Execute buy and sell transactions in line with the firm's risk appetite, ensuring pricing is competitive and responsive to client needs.
• Work closely with institutional and retail sales teams across the organization to understand and address client demand for CMO products.
• Provide timely market color, liquidity insights, and product education to sales colleagues, and coordinate with sales on client needs to deliver best-in-class structured solutions.
• Contribute to cross-functional collaboration between trading, structuring, and sales to ensure well-priced product is built on client inquiries.
• Develop and maintain productive working relationships with external counterparties, including dealer trading desks and institutional clients.
• Cook up and share secondary market liquidity with these partners to expand the distribution network for the firm's CMO offerings.
• Continuously monitor Agency MBS and related fixed-income market developments to identify relative value opportunities and generate trade ideas.
• Proactively communicate structuring strategies and opportunistic trade ideas to sales teams and clients, contributing to the desk's proactive idea flow and overall franchise value.
• Prepare daily P&L reports, reconcile trade positions, and perform performance attribution to understand drivers of desk profitability.
• Execute and manage hedging strategies for the CMO pipeline and inventory and maintain trading book exposures within established risk parameters in coordination with the Head of the CMO desk.
• Ensure all trading and structuring activities comply with regulatory requirements and the firm's internal trading policies.

Requirements

• This level of knowledge is normally acquired through completion of a Bachelor's Degree in Finance, Economics, or a related field of study and 1+ years of related experience trading or structuring mortgage-backed securities (MBS) in a buy-side or sell-side environment, or an equivalent combination of education and experience.
• MBA or other relevant advanced degree, or a CFA designation, is preferred as evidence of strong analytical background and commitment to professional development.
• Experience preparing daily P&L, risk metrics, and reconciliations in a fixed-income trading environment.
• Securities Industry Essentials (SIE) Exam, FINRA Series 7, and Series 63 licenses, or the ability to obtain within 3–6 months after hire.