Trader

About the role

Serve as a member of the Flow Credit Derivatives desk, making markets in a variety of synthetic credit instruments, including single-name credit default swaps, index credit default swaps, and European-style swaptions on index credit default swaps.

Responsibilities

• Negotiate and execute trades in single-name credit default swaps, index credit default swaps, and European-style swaptions on index credit default swaps.
• Perform and advise on risk management activities related to current and potential future exposure from trades in single-name credit default swaps, index credit default swaps, and European-style swaptions on index credit default swaps, and potentially other assets.
• Analyze macro and micro risk factors, including monetary policy, macroeconomic stimuli, company-specific risks, and credit-market-specific technical and flows.
• Generate trade ideas and perform research and analysis using backtesting, single variable and multi-variable regression, and studentized residual screening to find outliers and potential dislocations across single-name credit default swaps, index credit default swaps, European-style credit default swaps, pairs between those instruments, and occasionally other asset classes.
• Design and build tools to assist in managing the desk’s credit derivative and cross-asset risk and to help clients identify positively convex positional trades or efficiently accomplish their objectives.
• Monitor trends to produce research on macroeconomic events with potential impact to individual companies, the credit derivatives market, and the desk’s positions, as well as credit-specific flows that may affect broader global capital market flows and risk pricing.

Requirements

• Bachelor’s degree, or foreign equivalent, in Economics, Econometrics, Business, Finance, or related field.
• 2 years of experience as an Analyst, Credit Derivatives Strategist, Credit Derivatives Trader, Credit Trader, or related position involving market-making for credit derivatives index in a global financial services institution.
• 2 years of experience must include:
  • Market-making for credit derivative index and credit derivative index option including CDX;
  • Credit derivative index trade negotiation and execution;
  • Risk assessment using options greeks and scenario analysis, and pricing based on anticipated risk;
  • Managing a book of risk, including optimizing its positioning and current and future exposures;
  • Performing scenario and historical price analysis;
  • Regression and statistical techniques and charting;
  • Macroeconomic changes research and analysis including interest rate, foreign exchange, and federal monetary, fiscal and economic policies;
  • Microeconomic research and analysis into company-level stimuli and trends;
  • Using statistics to design and build analytical tools for large data screening, dislocations monitoring, and causal inference drawing;
  • Direct interaction with corporate clients across a wide variety of sectors.