Physical Metals Trader

StoneX Group Inc.; Greater London; On-site; GBP 120,000 - 180,000; Full time

Job summary

StoneX Group Inc. is building a scaled, profitable physical metals book by leveraging its existing commodity infrastructure. The role is entrepreneurial within a mature, publicly traded framework.

You will lead a global platform combining trading, logistics and finance, with strong emphasis on risk controls and client service. The successful candidate will bring deep metals trading experience, a proven P&L track record and the ability to shape strategy, pricing, and position management across

Qualifications

• 10+ years in base and/or ferrous metals trading.
• Proven P&L generation in physical metals merchanting.
• Deep understanding of hedging with futures, OTC and options; LME mechanics.
• Strong knowledge of Incoterms, warehousing, warrants, and freight.
• Established industry relationships with producers, consumers, traders and financiers.
• Sound judgement on opportunities vs risk.

Responsibilities

• Build and scale a physical metals trading platform leveraging existing infrastructure.
• Manage bookings, risk, and capital across multiple metal classes.
• Structure hedges across futures, OTC, and options to control price risk.
• Lead day-to-day Metals team operations and stakeholder engagement.
• Ensure regulatory, KYC, and responsible sourcing standards.

Skills

Metals trading

P&L generation

Risk management

Hedging strategies

Leadership

Stakeholder engagement

Tools

Trading platforms

Job description

Overview

Connecting clients to markets – and talent to opportunity.

With 4,500+ employees and over 300,000 commercial, institutional, payments, and retail clients, we operate from more than 70 offices spread across six continents. As a Fortune 100, Nasdaq-listed provider, we connect clients to the global markets – focusing on innovation, human connection, and providing world‑class products and services to all types of investors.

Whether you want to forge a career connecting our retail clients to potential trading opportunities, or ingrain yourself in the world of institutional investing, StoneX Group is made up of four business segments that offer endless potential for progression and growth.

Position purpose

Build a physical metals trading and supply chain business, leveraging StoneX's existing commodity infrastructure. The mandate is entrepreneurial — this is a start‑up business — but it is not a start‑up from a standing start. StoneX Supply & Trading already operates a global physical merchanting platform spanning grains, coffee, cotton, cocoa, sugar, biofuels and fats & oils. Additionally, StoneX houses a leading global LME base metals and ferrous derivatives franchise. The successful candidate will leverage that infrastructure, balance sheet and market access into a scaled, profitable physical metals book.

Responsibilities

The platform you will build on

• Derivatives franchise: a global LME base metals and ferrous metals derivatives business, with established exchange, OTC, broker and client connectivity.
• Booking systems and processes: trade capture, booking and confirmation systems already proven across multiple physical commodity classes and geographies.
• Logistics: full capability across all modes of transport — bulk vessel, container, rail, barge and truck — together with warehousing, inspection and documentary trade execution.
• Capital and financing: funding through StoneX equity and established bank and trade finance relationships.
• Legal entity infrastructure: operating entities across Switzerland, the United States, Brazil, Colombia and Mexico.
• Middle and back office: contract administration, settlements, accounting and control functions already staffed and scaled.
• Control environment: enterprise market risk, credit, compliance, legal and technology functions supporting a regulated, publicly traded group.

Business build‑out and strategy

• Work with internal Supply & Trading resources to set up initial products in trade systems, working across internal Risk and trade support groups to define contract structures, pricing conventions, valuation, position keeping and P&L reporting.
• Work with existing LME brokers and consultants to identify trade flow opportunities, prioritising the enablement of embedded pricing and working capital opportunities.
• Bring new supply and customer trade counterparties into the StoneX system, partnering with Credit, Compliance and Client Onboarding to move them from introduction to executable limits.
• Identify strategic opportunities, including but not limited to off‑take agreements, asset optimisation, tolling and procurement agreements.
• Shape the business plan, budget and growth roadmap in partnership with the CEO of StoneX Supply & Trading, and sequence market entry by metal, region and structure.

Trading and execution

• Execute and manage the purchase and sale of commodities and related logistics in support of the metals business, within the operational and risk requirements of StoneX Supply & Trading.
• Structure and manage hedges across futures, OTC and options markets to manage outright price, basis, quotational period, currency and freight exposure.
• Analyse individual client operations to determine market exposure, price sensitivity and financial risks, and translate that analysis into commercial solutions that combine physical supply, hedging and financing.
• Optimise the deployment of working capital across inventory, in‑transit positions and financing structures.

Risk, control and operations

• Establish and work within Market Risk and counterparty credit limits.
• Assist in the monitoring and management of daily operations of the metals portfolio, including risk limits, delivery schedules, trade documentation and trade settlement.
• Assist in the collection of valuation data and supporting documentation for commodity inventory and forward contracts.
• Ensure all activity meets applicable regulatory, compliance, sanctions, KYC and responsible sourcing standards across every jurisdiction in which the business trades.

Leadership and stakeholder engagement

• Lead the management of day‑to‑day operations of the Metals team, including coordination of front office activities, business development, acquisitions and strategy development.
• Recruit, mentor and develop trading and commercial staff as the business scales.
• Communicate with necessary departments within the company, such as operations, credit, compliance and risk.
• Conduct meetings with personnel to discuss markets, clients, services, industry and other pertinent information.
• Represent StoneX credibly in the market with counterparties, exchanges, brokers, financiers and at industry events.

This list of responsibilities may not be all‑inclusive and can be expanded to include other duties or responsibilities as needed.

Qualifications

Required

• Minimum 10 years in relevant base and/or ferrous metals trading.
• Demonstrable track record of generating P&L in physical metals merchanting, with references the market will corroborate.
• Deep understanding of financial hedging and trading of futures, OTC and options, including fluency in LME contract mechanics.
• Working command of physical supply chain mechanics: Incoterms, warehousing and warrants, quotational periods, assay, weight and quality risk, freight, and trade finance instruments.
• Existing relationships and good reputation across producers, consumers, traders and financiers.
• Ability to exercise good judgement in assessing opportunities and risk.