Principal, Cash Markets - Credit Trading

otppb; Toronto; Hybrid; CAD 170,000 - 250,000; Full time

Benefits offered by this job

Growth opportunities

Benefits coverage

Defined benefit pension

Deferred Incentive Program

Hybrid work environment

Job summary

otppb in Toronto seeks a Principal, Cash Markets to lead execution across Cash Markets with emphasis on US High Yield and Loans. The role covers IG Corporate Bonds, CLOs, and CAT Bonds, with potential to back up derivatives trading as needed.

You will coach junior traders, build broker relationships, and collaborate with Credit Portfolio Management, Strategic Asset Allocation, and Modeling teams to optimize pre/post-trade analytics and cost efficiency.

Qualifications

• Bachelor's degree required; Master’s degree an asset.
• 5+ years of credit trading experience with deep US High Yield/Loans focus.
• Exposure to credit derivatives (CDS indices/names, TRS) or willingness to learn.

Responsibilities

• Own execution and market expertise across Cash Markets with core focus on US High Yield and Loans.
• Act as senior escalation point, provide coaching and complex-case support to junior traders.
• Mentor associates and foster a collaborative team culture built on open dialogue and constructive challenge.
• Transact orders with market analysis; identify liquidity sources and manage dealer access to minimize costs.
• Develop knowledge of Derivatives Markets and cross-train toward mutual backup capacity.

Skills

Credit trading

US High Yield

Loans trading

Market analysis

Pre/post-trade analytics

Coaching & mentoring

Ethics & compliance

Education

Bachelor's degree

Master's degree (asset)

Tools

Bloomberg

MarketAxess

Tradeweb

Liquidnet

Trumid

CharlesRiver

Job description

The Opportunity

Exciting opportunity to join our Global Trading team! We are seeking a Principal, Cash Markets to join the Credit Trading desk in our Toronto office. This role owns execution and senior judgement across the desk's Cash Markets mandate, with US High Yield and Loans as the primary focus, and coverage responsibility for Investment Grade Corporate Bonds, CLOs and CAT Bonds.

The mandate also extends to derivatives traded alongside cash risk - CDS Indices, CDS Single Names and TRS - with the ultimate goal of the successful candidate providing backup coverage to Credit Trading's derivatives side when needed. While the focus of the role is cash, candidates should either bring existing derivatives experience or demonstrate a strong, fast-learning aptitude to build it.

Who You'll Work With

The Global Trading team sits within Total Fund Management and is organized into several trading pods, including Credit. The Principal will report directly to the Head of Credit Trading and will maintain close collaboration with the Credit Portfolio Management Teams, the other Global Trading Pods, as well as our Strategic Asset Allocation and Modeling teams.

What You'll Do

• Own execution and market expertise across the Cash Markets mandate: US High Yield and Loans as the core, primary focus, with coverage responsibility for IG Corporate Bonds, CLOs and CAT Bonds (primary and secondary).
• Act as the senior escalation point for Cash Markets, providing coaching, trade validation and complex-case support to the Associate covering that market.
• Coach and mentor Associates and junior traders across the desk more broadly - not limited to Cash Markets - and help foster a team culture built on open dialogue, mutual respect, and the ability to both give and receive constructive challenge.
• Transact orders based on market analysis and market conditions; identify sources of liquidity and manage dealer access to minimize execution costs.
• Collaborate with Credit Portfolio Managers throughout the investment process, providing timely information on market flows.
• Build and maintain strong, professional broker/dealer relationships across the Cash Markets product set.
• Develop working knowledge of the Derivatives Markets mandate over time through structured cross‑training, building toward mutual backup capacity with the Derivatives Markets Principal.
• Support improvements in trading processes and new strategies.
• Work closely with the Strategic Asset Allocation & Modeling group to contribute to and improve pre/post-trade analytics - dealer selection, liquidity scoring, TCA.
• Evaluate and recommend venues, vendors and system/tool improvements, in coordination with Strategic Asset Allocation & Modeling's Trading Technology function.
• Assist in developing policies and procedures to ensure compliance with industry and regulatory requirements.
• Build close working relationships with Credit Trading's derivatives side, Strategic Asset Allocation & Modeling, IT, Operations, Legal/Compliance and Risk to ensure appropriate resolution of issues related to the Credit business.
• Partner and communicate with the broader team and other departments to keep relevant stakeholders informed and engaged on transactions or initiatives.

What You'll Need

• 5+ years of credit trading experience, with demonstrated depth in US High Yield and Loans as a primary focus.
• Working knowledge of, or demonstrated ability to quickly build expertise in, IG Corporate Bonds, CLOs and CAT Bonds.
• Exposure to credit derivatives - CDS Single Names, CDS Indices, TRS - is expected: candidates should either bring existing experience or demonstrate a strong, fast-learning aptitude to build it. Structured cross‑training toward eventual derivatives backup capacity will be provided on the job.
• Bachelor's degree required, in a related field preferred (Finance, Economics, Mathematics or other); Master's degree an asset.
• Good understanding of Fundamental strategies, Global Macro and Relative Value trading. Familiarity with systematic/model-driven strategies is an asset.
• Proficiency in trading tools (e.g., Bloomberg, MarketAxess, Tradeweb, Liquidnet, Trumid, CharlesRiver).
• Ability to work under pressure and manage multiple priorities while remaining detail-oriented.
• Experience with data analytics to participate in pre‑and post‑trade analysis and cost‑analysis projects.
• Demonstrated active listening, a proactive attitude, and the ability to coach junior traders while fostering a collaborative team environment built on open communication and constructive challenge.
• Strong ethics and regard for compliance and regulatory requirements.

#LI-JF1

What we're offering

• Numerous opportunities for professional growth and development
• Comprehensive employer paid benefits coverage
• Retirement income through a defined benefit pension plan
• The opportunity to invest back into the fund through our Deferred Incentive Program
• A flexible work environment combining in office collaboration and remote working