Delta One Swaps Trader

Citi; Greater London; Hybrid; GBP 130,000 - 180,000; Full time

Benefits offered by this job

Hybrid working model

Private Medical Care

Life Insurance

Pension Plan

Learning resources

Job summary

Citi London seeks a senior Delta One Swaps Trader to oversee ETF Swap Provision pricing, risk management, and lifecycle optimization. This role drives synthetic exposure strategies, collaborates with Sales and Desk analysts, and aims to scale profitable Delta One activities across index and collateral baskets.

The candidate will leverage Bloomberg, Python/SQL analytics, and strong communication to support client demands while ensuring governance and regulatory compliance within Citi's global

Qualifications

• Direct experience in Delta One or Prime Finance trading roles with focus on Total Return Swaps.
• Deep knowledge of funding & borrow mechanics, dividends, cross-currency basis.
• Advanced analytical skills, with Python/SQL for data analysis and trade workflow optimization.
• Master's degree preferred in Finance/Financial Engineering/Math/Economics/CS.

Responsibilities

• Central pricing for new trades, coordinating value across teams.
• Manage and optimize inventory and collateral baskets; oversee hedges and lifecycle.
• Coordinate with Sales to build relationships with issuers and expand offerings.
• Consider funding footprint and intersection with Prime & D1 funding needs.
• Collaborate with desk analysts and strategists to improve execution and STP.
• Uphold governance and regulatory compliance with Legal, Risk, Audit, and Finance.

Skills

Delta One trading

Total Return Swaps

Python

SQL

Bloomberg Terminal

Communication

Education

Master's degree preferred

Tools

Booking systems

Bloomberg Terminal

Job description

Citi Markets operates at the intersection of innovation and scale. Our operation is uniquely global. Our client list is remarkably varied. Our product range is incredibly broad. But we're not the finished article. We have big ambitions for the future and all the resources we need to reach them, including some of the smartest people in the industry. As a critical component of our global franchise, our Delta One desks provide clients access to cost-effective solutions for gaining their desired exposure, driving Citi’s competitiveness while maintaining prudent risk management and regulatory compliance.

The Delta One Swaps Trader is a senior, revenue-generating position responsible for overseeing trading activity for our ETF Swap Provision product. This role sits within Citi's Delta One trading unit and includes pricing, risk management & lifecycle optimization where we provide synthetic exposure to ETF issuers, with scope to expand the activity into other index + collateral basket pairs. You will deliver on budgeted revenues, anticipate client demand, focus on sustainable scalability, develop solutions for new product offerings and co-ordinate closely with partners across the franchise. This market remains a fast growing space in which Citi is strategically well positioned to continue expanding, where this role is pivotal to driving in that direction.

Primary Responsibilities

• Central point of pricing for new trades, coordinating between multiple teams to aggregate the overall value of the relevant structures to balance competitiveness, balance growth and ensuring appropriate returns on resource consumption
• Effectively manage and optimize inventory, coordinating the use of index inventory to extract maximum value before constructing the collateral baskets. Manage the lifecycle of the basket swaps and their hedges to ensure optimization, compliance with relevant constraints and operational pragmatism.
• Co-ordination with Sales to build & maintain strategic relationships with new & existing issuers. Ensuring Citi are at the forefront of new product offerings, day 1 providers and growing existing balances
• Consider the financial resource footprint and intersection with wider funding needs of the Prime & D1 business, leveraging the structures where possible to provide capacity for the Funding team
• Coordinate closely with desk analysts, quantitative strategists, and Sales teams to enhance execution capabilities, build out monitoring and rebalance tools while improving STP workflows
• Uphold rigorous governance, controls, and ethical standards by partnering with Legal, Compliance, Market Risk, Credit Risk, Audit, and Finance to ensure adherence to Citi's Code of Conduct, regulatory requirements, and the Plan of Supervision for Global Markets and Securities Services.

What We Need from You

• Direct experience in Delta One or Prime Finance trading roles with a particular focus on Total Return Swaps and their use as a funding/collateral management tool. Strong understanding of Index trading dynamics also required, while a direct background in management of ETF swap provision facilities is preferred
• Deep technical knowledge of funding & borrow mechanics - how Delta One & Prime businesses extract maximum value from the inventory they hold & how they manage term risks. Furthermore an understand of dividend treatments, corporate actions, cross currency basis and other adjacent products is required
• Advanced analytical and numerical competency, including proficiency in Bloomberg Terminal functionality, booking systems and working knowledge of Python or SQL for data analysis and trade workflow optimization.
• Proven ability to co-ordinate projects & initiatives, with specific examples of driving business growth and development beyond just maintaining an existing operating model.
• Consistently demonstrates clear and concise written and verbal communication with the ability to articulate trading rationale, market dynamics, and risk exposures to senior stakeholders, Sales teams, and control functions.
• Master's degree preferred in Finance, Financial Engineering, Mathematics, Economics, Computer Science, or a related quantitative discipline; relevant licensing and registrations as applicable (FCA Approved Person status, CISI, CFA preferred).

What Citi Can Offer You

By joining Citi London, you will not only be part of a business casual workplace with a hybrid working model (up to 2 days working at home per week), but also receive a competitive base salary (which is annually reviewed), and enjoy a whole host of additional benefits such as:

• 27 days annual leave (plus bank holidays)
• A discretional annual performance related bonus
• Private Medical Care & Life Insurance
• Employee Assistance Program
• Pension Plan
• Paid Parental Leave
• Special discounts for employees, family, and friends
• Access to an array of learning and development resources

Alongside these benefits Citi is committed to ensuring our workplace is where everyone feels comfortable coming to work as their whole self, every day.

We want the best talent around the world to be energized to join us, motivated to stay, and empowered to thrive. If you are actively working with clients, have a passion for relationships and want to be part of a successful global franchise - then apply today.

This job description provides a high-level review of the types of work performed. Other job-related duties may be assigned as required.

Candidates applying for this role must be aware that it is a Certified Role, subject to the FCA and PRA Certification Regime.

The Certification Regime is one element of the Individual Accountability Regime which came into effect on 7 March 2016.

Under the Certification Regime, Citi UK regulated entities (Citi entities) must ensure that employees working in certain roles categorised as specified significant harm functions (Certified Roles) are assessed as fit and proper to carry out their role.

Under the guidance provided by the FCA and PRA, firms should have regard to the following when assessing fitness and propriety:

• Honesty, integrity and reputation
• Financial soundness
• Competence and capability

In order to comply with the requirements of the Certification Regime, Citi entities must take reasonable care to ensure that an employee does not perform a Certified Role without first being certified as Fit and Proper. For this reason, you will be assessed for this role against the Fit and Proper requirements, as described above.

This assessment will be carried out through extensive interviews, self-disclosures, permitted criminal record checks, regulated reference checks, credit checks and other background screening checks.

Citi is an equal opportunity employer, and qualified candidates will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, status as a protected veteran, or any other characteristic protected by law.

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