ETF Capital Markets - Associate

DWS Group; Greater London; Hybrid; GBP 70,000 - 110,000; Full time

Benefits offered by this job

30 days holiday

Pension up to 10%

Health & Well-Being benefits

Parental leave

CSR volunteering

Job summary

DWS Group in London is seeking a Capital Markets Analyst to support Xtrackers/ETFs across primary and secondary markets. You will work with trading, operations and product teams to optimize market structures and client solutions.

Candidate should have ETF/ETP capital markets experience, strong data skills (Python/SQL) and be adept at stakeholder management in a fast-paced environment.

Hybrid working in the UK and opportunity to contribute to market data analyses and product development.

Qualifications

• Experience in ETF/ETP Capital Markets or related trading environment.
• Strong understanding of financial markets and market structure.
• Advanced data analysis skills and programming (Python/SQL).

Responsibilities

• Manage Xtrackers ETP primary market processes and drive efficiency.
• Identify operational risks and governance procedures.
• Collaborate with Trading, Operations, Product, and Legal teams.
• Develop market mechanisms for creation/redemption and liquidity.

Skills

ETF/ETP Capital Markets

Delta One

Python/SQL

Communication

Project management

Regulatory knowledge

Education

Bachelor's in Finance/Economics/Math/Engineering

Tools

Bloomberg

Reuters

Job description

Title: Capital Markets Analyst, Xtrackers/ ETFs

Location: London

About DWS:

Today, markets face a whole new set of pressures – but also a whole lot of opportunity too. Opportunity to innovate differently. Opportunity to invest responsibly. And opportunity to make change.

Join us at DWS, and you can be part of an industry-leading firm with a global presence. You can lead ambitious opportunities and shape the future of investing. You can support our clients, local communities, and the environment.

We're looking for creative thinkers and innovators to join us as the world continues to transform. As whole markets change, one thing remains clear; our people always work together to capture the opportunities of tomorrow. That's why we are 'Investors for a new now'.

As investors on behalf of our clients, it is our role to find investment solutions. Ensuring the best possible foundation for our clients' financial future. And in return, we'll give you the support and platform to develop new skills, make an impact and work alongside some of the industry's greatest thought leaders. This is your chance to achieve your goals and lead an extraordinary career.

This is your chance to invest in your future.

Team / division overview

DWS Xtrackers covers a full range Exchange Traded Funds across Equity, Commodities and Fixed Income, as well as Segregated mandates, covering a wide range of index providers and array of benchmark types from multiple ESG flavours to Thematics. DWS has an integrated investment platform with a strong footprint globally.

You'll be joining the ETP Capital Markets team, which is responsible for managing primary and secondary market activities along with broker dealer relationships , as well as driving strategic initiatives and process improvements across other key external partners' relationships.

As a Capital Markets Analyst you will (be):

• Perform the day-to-day management of Xtrackers ETP primary market processes, focusing on operational efficiency, scalability, and continuous process improvement.
• Identify and manage operational risks, ensuring robust governance, escalation, and resolution procedures.
• Partner with internal stakeholders across Trading, Operations, Product, Portfolio Management, Legal, Compliance, and Sales to support new product launches, cross-listings, and platform developments.
• Develop and enhance primary market mechanisms that support efficient creation and redemption activity, enabling tight spreads, strong liquidity, and depth in secondary markets.
• Act as a Capital Markets Specialist within Xtrackers, providing strategic, operational, and market expertise to colleagues across Sales, Portfolio Management, Marketing, Operations, and Product teams.
• Oversee and analyse secondary market activity across exchanges, including spreads, liquidity, trading volumes, market depth, premiums/discounts, and market maker performance.
• Build and maintain relationships with authorised participants, market makers, broker-dealers, exchanges, and other market infrastructure providers to enhance primary and secondary market efficiency.
• Engage with exchanges regarding market structure, trading platform requirements, market maker programmes, fees, and regulatory developments.
• Serve as a key point of contact for internal and external clients, responding to technical product enquiries and supporting capital markets-related initiatives.
• Produce market intelligence, competitor analysis, and trading analytics to support product development, business strategy, and client engagement.
• Utilise high-frequency market data to develop and enhance analytical tools, reporting capabilities, and trading insights.
• Maintain responsibility for the quality and accuracy of European Xtrackers ETP market data, ensuring robust, timely, and scalable data management processes.
• Collaborate with Sales, Marketing, Product Development, and external partners to maximise the value delivered to clients through market data, research, and analytics.
• Support product development and delivery through analysis of competitor products, secondary market dynamics, broker requirements, and market structure considerations, including new product launches and listings.
• Contribute to the ongoing development of the Xtrackers capital markets platform and broader business strategy.

We are looking for:

• Experience within ETF/ETP Capital Markets, Delta One, Synthetic Products, Equity Derivatives, or a related trading environment.
• Strong understanding of financial markets, exchange-traded products, and market structure.
• Knowledge of Total Return Swaps (TRS), synthetic replication, and associated trading and operational processes.
• Strong analytical and problem-solving skills with a high degree of attention to detail.
• Experience managing projects and coordinating multiple stakeholders across complex initiatives.
• Strong risk awareness, with the ability to identify issues and implement effective controls and mitigation measures.
• Advanced data analysis skills, including experience with Python, SQL, or similar analytical tools.
• Experience using Bloomberg, Reuters, or equivalent market data platforms.
• Strong communication and interpersonal skills, with the ability to engage effectively with senior stakeholders, clients, and external partners.
• Self-motivated team player with a proactive approach to delivering results in a fast-paced environment.
• Experience working with ETF market makers, authorised participants, exchanges, or liquidity providers.
• Knowledge of regulatory, operational, and trading considerations relevant to European ETF markets.
• Fluency in an additional European language.
• CFA Charterholder or CFA candidate.
• Degree in Mathematics, Finance, Economics, Engineering, Computer Science, Physics, or another quantitative discipline.

What we’ll offer you:

At DWS we’re serious about diversity, equity and creating an inclusive culture where colleagues can be themselves and it's important to us that you enjoy coming to work - feeling healthy, happy and rewarded. At DWS, you'll have access to a range of benefits which you can choose from to create a personalised plan unique to your lifestyle. Whether you're interested in healthcare, company perks, or are thinking about your retirement plan, there's something for everyone.

Some of our core benefits:

• 30 days' holiday + bank holidays, with the option to purchase additional days
• A non-contributory pension scheme, up to 10%
• Physical and Mental Health Well-Being benefits including (but not limited to) Private Medical Cover, a complimentary GP service and the support of Mental Health First Aiders
• Family friendly benefits including generous parental leave packages (supporting all variations of family set-ups), to healthcare plans and travel insurance
• The opportunity to support our CSR strategy which is focused on combatting climate change and achieving greater social justice. You can make donations to our partner organisations or take part in corporate volunteering opportunities in your local communities by providing on hand support.

DWS' Hybrid Working model in the UK is designed to find the right balance between in-person collaboration and engagement in the office, which is core to our working culture, and working from home. Employees who wish to sign-up to our Hybrid Working model are required to work in the office two days a week, and given the flexibility to work from home for the remaining three.

Some business groups may need you to spend more time in the office, but this will be discussed and made clear as part of your application and interview process. We will continue to review and evolve our working environments and methods to ensure that we are working in the best way possible for our people.

If you require any adjustments or changes to be made to the interview process for any reason including, or related to a disability or long-term health condition, then please contact your recruiter and let them know what assistance you may need. Examples of adjustments include providing a change to the format of the interview, or providing assistance when at the DWS office. This will not affect your application and your recruitment team will discuss options with you.

Our commitment to equal employment opportunity

Our values define the working environment we strive to create – diverse, supportive and welcoming of different views.

We embrace a culture reflecting a variety of perspectives, insights and backgrounds to drive innovation. We build talented and diverse teams to drive business results and encourage our people to develop to their full potential. Talk to us about flexible work arrangements and other initiatives we offer.

We promote good working relationships and encourage high standards of conduct and work performance. DWS is an equal opportunities employer and we welcome applications from talented people from all cultures, countries, races, genders, sexual orientations, disabilities, beliefs and generations. We are committed to providing a working environment free from harassment, discrimination and retaliation.