Trader (Convertible Bonds)

Headquartered in the historic Chicago Board of Trade, PEAK6 Capital Management is a proprietary options trading firm that has been defining the industry for more than 25 years. We thrive due to our firm’s special blend of financial acumen, ability to manage risk, and cutting-edge technology. Our success is driven by our team of technologists, engineers, and traders who leverage proprietary tech and a data-centric approach to maintain inventory and stay ahead of the markets.

About the role

We are seeking a Convertible Bonds Trader to join our convertibles desk, with a specific mandate around volatility-driven strategies. This is a hands-on trading seat — not a research or support role — for someone who understands convertible arbitrage mechanics and wants to build a career around trading the volatility component of converts (gamma, vega, skew) alongside credit and equity-linked risk.

Responsibilities

• Trade convertible bonds with an emphasis on the embedded optionality — managing gamma, vega, and volatility exposure across the book
• Identify and execute relative value opportunities between convertible bonds, their underlying equity, listed options, and credit
• Monitor and hedge delta, gamma, and vega exposures in real time; adjust hedges as underlying equity and implied vol shift
• Build and refine pricing/valuation views using derivatives pricing tools, challenging model outputs against market-observed levels
• Analyze issuer credit quality, capital structure, and fixed income terms (yield-to-worst, conversion premium, credit spread) as inputs to trade decisions
• Partner with senior traders on position sizing, risk limits, and book construction
• Stay current on primary issuance, calls/puts, corporate actions, and other events that affect convert valuations

Requirements

• 2–5 years of experience trading or supporting a trading function in convertible bonds, equity derivatives, or volatility products
• Strong grounding in options theory (Black-Scholes, Greeks, vol surfaces, skew/term structure dynamics)
• Solid fixed income math (yield curves, duration, credit spreads, YTW/YTM/YTC mechanics)
• Proficiency with Bloomberg (CBs, OMON, derivatives pricing functions) and other derivatives pricing/analytics platforms
• Demonstrated ability to think in terms of risk (Greeks) rather than just price
• Strong quantitative reasoning and comfort making decisions under uncertainty and time pressure
• Excel proficiency required; Python or other scripting ability a plus for automating analysis
• A competitive, self-directed mindset suited to a prop trading environment — you'll be given real risk and expected to earn more of it
• No specific degree required — track record and demonstrated market knowledge matter more than pedigree

Benefits

• Healthcare benefits (medical, dental and vision, EAP)
• Competitive PTO
• 401k match
• Parental leave
• HSA contribution match
• Paid subscription to the Calm app
• Generous external learning and tuition reimbursement benefits
• Hybrid work arrangement (remote up to two days a week)

Pay

Base Salary Range: $100,000–$125,000. This position may also be eligible for a discretionary annual bonus in addition to a range of health & wellness benefits.