Associate Director, Rates Repo Trader

HSBC Global Services Limited; London; On-site; GBP 50,000 - 80,000; Full time

Job summary

HSBC is seeking an experienced Repo Trader in London to manage fixed income transactions and employ effective hedging strategies. The role requires strong trading skills, an understanding of market dynamics, and a collaborative approach to work closely with various stakeholders. This opportunity offers a competitive pay package and professional development.

Benefits

Private healthcare for UK-based employees

Enhanced maternity and adoption pay

Contributory pension scheme

Qualifications

• Proven experience in a Repo Trading role.
• Demonstrated revenue generation in market making.
• Strong interpersonal skills.

Responsibilities

• Price and risk manage fixed income transactions.
• Employ cost-effective hedging strategies.
• Manage counterparty and market risks.

Skills

Trading skills in Repo

Revenue generation

Market understanding

Teamwork

Communication

Job description

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Client:

HSBC Global Services Limited

Location:

London, United Kingdom

Job Category:

Other

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EU work permit required:

Yes

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Job Reference:

bdd05e7df412

Job Views:

5

Posted:

02.06.2025

Expiry Date:

17.07.2025

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Job Description:

Some careers open more doors than others.

If you’re looking for a career that will give you plenty of opportunities to develop, join HSBC and your future will be rich with potential. Whether you want a career that could take you to the top, or simply take you in an exciting new direction, HSBC offers opportunities, support and rewards that will take you further.

HSBC Global Banking and Markets is an emerging markets-led, financing-focused business that provides investment and financial solutions. Through our international network, we connect emerging and mature markets, covering key growth areas. We partner with our corporate, government and institutional clients to help them achieve consistent, long-term performance. Our products and services include advisory, financing, prime services, research and analysis, securities services, trading and sales and transaction banking.

HSBC Market & Securities Services (MSS) provides comprehensive global, regional and domestic fund services including fund administration, global custody and sub-custody settlement and services. Securities Lending Operations is a dynamic department that works with partners across the HSBC Global Banking and Markets business to deliver Securities Lending solutions to clients.

We are looking for a high calibre candidate to join the fast growing Repo Trading team based in London, servicing our clients across the whole region and globally.

As an HSBC employee in the UK, you will have access to tailored professional development opportunities and a competitive pay and benefits package. This includes private healthcare for all UK-based employees, enhanced maternity and adoption pay and support when you return to work, and a contributory pension scheme with a generous employer contribution.

In this role you will:

- Price and risk manage fixed income financing transactions. The transactions are predominately flow in nature but also do span less vanilla structures and markets as well.
- Employing cost effective hedging strategies across markets in Money Markets, Rates, Credit and Foreign Exchange. Typical products traded will include repos, stock borrow/lending, loans/deposits, cash bonds, FX swaps, futures, interest rate/cross-currency and security based swaps.
- The primary focus of this role is UK Gilt repo and short-end asset swap trading. However, because the team size is smaller, the candidate will need to be able to provide cover for traders in financing of Credit securities from Global issuers across investment grade and high yield markets.
- Generating trade ideas, discussing these with Sales and also directly with clients. Be willing to establish strong connections with our clients and work will all our stakeholders in pursuit of the best outcomes. Develop direct trading relationships with other market participants.
- Manage the counterparty and market risks that are generated in the portfolio. Understand how these exposures evolve overtime and be responsible for dynamically controlling them as market conditions change.
- Work closely with all our internal Stakeholders including Senior Management, other Trading/Sales Desks, BSM, ALCM, Risk, Operations, Finance, Legal, Technology and all other Functions. To understand the financial resources available to the desk and how to optimise those against a backdrop of smooth front-to-back deal processing.

To be successful you should meet the following requirements:

- Proven experience in a Repo Trading role, supplemented by trading skills in other short-term Interest Rates products.
- Demonstrated track record of revenue generation in a market making role.
- Keen interest in and a good understanding of the wider markets.
- An interest to improve existing and create new products, tools and processes for the desk.
- Have strong skills in team working and a passion to continue to work as part of a team for most tasks throughout the working day. Also needing a high degree of self-motivation.
- Strong communication and interpersonal skills. The role requires the trader to work closely and develop new relationships with Sales, clients, brokers, other market counterparties and all Functions.

This role is based in London.

Opening up a world of opportunity.

Being open to different points of view is important for our business and the communities we serve. At HSBC, we’re dedicated to creating diverse and inclusive workplaces - no matter their gender, ethnicity, disability, religion, sexual orientation, or age. We are committed to removing barriers and ensuring careers at HSBC are inclusive and accessible for everyone to be at their best. We take pride in being a Disability Confident Leader and will offer an interview to people with disabilities, long term conditions or neurodivergent candidates who meet the minimum criteria for the role.

If you have a need that requires accommodations or changes during the recruitment process, please get in touch with our Recruitment Helpdesk: