Director - CDS Trader

About the Role

The Credit platform provides an added value service on Credit Markets to our institutional clients. Our global business offer includes vanilla flow products, emerging market expertise, and complex derivatives solutions. Our distribution franchise leverages our primary market leadership, global trading setup, and recognized research teams.

Candidates are measured on the following four performance drivers:

• Results and Impact: Able to influence peers and team. Demonstrates good judgement when making decisions of high complexity and impact. Exercises appropriate autonomy in the execution and delivery of work. Responsible for driving outcomes that have meaningful effect on team or department.
• Leadership and Collaboration: Creates trust with colleagues. Acts in a leadership capacity for projects, processes, or programs.
• Client, Customer and Stakeholder Focus: Able to build relationships with a mix of colleagues and clients. Interacts regularly with management and department leaders. Demonstrates the ability to influence stakeholders at the team level.
• Compliance Culture and Conduct: Takes full responsibility for personal actions and demonstrates courage in facing problems and conflicts. Perceived as a person of high moral character; upholds corporate values and displays high ethical standards.

Responsibilities

• Make markets to clients on flow credit products, focusing on Western European Credit Default Swaps.
• Send runs on these products throughout the day and maintain electronic pricing when possible.
• Generate daily trade ideas for sales to discuss with clients.
• Discuss opportunities directly with clients.
• Provide daily market comments to sales and clients (Morning meeting, Bloomberg, Voice).
• Partner with research in designing ideas, challenging positions, and developing new opportunities.
• Mark all CDS curves/bonds on a daily basis using best available information, including market consensus prices (MarkIT, Matrix, Reuters, etc.).
• Risk manage inventory positions by using hedges where appropriate.
• Buy and sell a defined range of credits for clients, and within defined limits, take trading positions on behalf of the Firm.
• Analyze, along with research, key credit/legal risk and quantify the impact on market making.
• Assist in building the BNP Paribas credit trading franchise by developing key client relationships, both internally and externally.
• Provide market liquidity through market making credits; put in place hedging if appropriate.
• Work collaboratively with Sales, Syndicate, and Research teams.
• Maintain open communication with team and direct line management to resolve risk and P&L discrepancies and fulfill notification requirements.
• Focus on trades with the right profitability and risk/reward balance.
• Monitor market news and events and evaluate the risk and opportunities for clients and the firm's positions and strategy.
• Contribute to and facilitate with trading middle office the confirmation of daily P&L at the close of the day.
• Attend relevant regulatory and product/skill training and keep up-to-date with market issues.
• Prepare a P&L explanation each day and escalate any unexplained elements to desk head for sign off.
• Direct contribution to BNP Paribas operational permanent control framework.
• Understand and value all business and transaction-related risks, including market, credit, operational, compliance, legal, regulatory, and reputation risks.
• Develop emerging trading talent.

Requirements

• Experience managing, pricing, and market-making credit derivatives.
• Works collaboratively with Sales, Syndicate, and Research teams.
• Applicants should have a consistent track record of profitability.
• Candidates with established relationships in Real Money, Banks, and Hedge Funds.
• Understands and values all business and transaction-related risks, including market, credit, operational, compliance, legal, regulatory, and reputation risks.
• Focuses on trades with the right profitability and risk/reward balance.
• Franchise builder with a proven track record of growing market share and profitability.
• Knowledge of corporate and/or financial credits.

Preferred Qualifications

• Strong understanding of credit fundamentals and macro influences on credit markets (rates, flow of funds, etc).
• FINRA Registrations Required: 7 & 63.
• CFTC Swap Dealer Associated Person: Yes (NFA Swaps Proficiency Program is required).
• SEC Security-Based Swap Dealer Associated Person: Yes.

Pay

The expected starting salary range for this position is between $220,000.00 to $325,000 annually. The actual salary may vary based upon several factors including, but not limited to, relevant skills/experience, time in role, base salary of internal peers, prior performance, business line, and geographic/office location.

Benefits

• Medical, dental, and vision coverage.
• 401(k) Savings Plan.
• Backup childcare.
• Life, accident, and disability insurance.
• Mental health support.
• Paid time off.
• Eligibility for a discretionary bonus.

About BNP Paribas

BNP Paribas is a leading bank in Europe with an international reach across the US, EMEA, and APAC. It has a presence in 65 countries, with nearly 190,000 employees. The bank employs over 3,500 people in offices in the US across 10 states including New York, Jersey City, Chesterbrook, PA, San Francisco, Boston, Chicago, Denver, Miami, and Washington, DC.

BNP Paribas has built a strong and diversified presence to support its client base. We continue to grow and strengthen our commitment to the US market through our Corporate & Institutional Banking activities. We are one of a few non-US banks to offer a full value chain for our clients, from trading to financing, and clearing and custody in the US with the international footprint and capacity to deliver both globally and locally.

We take pride in our expertise and our ability to adapt while constantly looking ahead to create a more sustainable world. As an international company with a global footprint, the unique cultures and viewpoints of our team members are an integral part of the fabric of BNP Paribas. We aim to create an environment where our employees feel empowered to drive change, make an impact, and be true to themselves.