Relative Value Trader - G10 Rates

Onyx Alpha Partners; Greater London; On-site; GBP 150,000 - 250,000; Full time

Benefits offered by this job

Sign-on bonus negotiable

Job summary

Onyx Alpha Partners in London seeks a senior quant trader to run a relative value book in G10 rates. The role emphasizes end-to-end ownership of sizing, hedging and risk within a codified framework.

You'll leverage Python and SQL for signal construction, analytics and backtesting, collaborating with the trading desk and senior PM to generate sustainable PnL.

Qualifications

• 5+ years trading G10 rates RV at a multi-manager or similar venues.
• Proven track record with risk-adjusted performance metrics.
• Proficient in Python and SQL for signal construction, analytics and risk.

Responsibilities

• Size and hedge swap/curve structures within a codified framework.
• Own end-to-end risk, sizing, hedging and exit decisions.
• Develop and backtest strategies using Python/SQL in daily workflow.

Skills

G10 rates RV

Python

SQL

Backtesting

Tools

Backtesting framework

Job description

Run a relative value book inside an established multi-manager, multi-strategy hedge fund pod. The seat trades G10 rates RV: government bonds, bond futures basis, asset swaps, and OIS/SOFR/SONIA/ESTR swap spreads and basis. The process is semi-systematic. Structures originate from curve, basis and flow dislocations, are sized and hedged under a codified framework, and are monitored through Python and SQL analytics.

What this is not

This is not a directional duration or macro seat, and it is not a pure execution or flow-facilitation role. Risk is relative, sized by a framework, and owned end to end.

The Hard Questions (What You Will Solve)

• How do you size and hold a swap spread or asset swap structure when balance sheet constraints, supply and quarter-end funding drive the spread more than fair value does?
• Where does your codified framework end and discretion begin? Which parts of sizing, hedging and exit are rules, which can you override, and what did the last override cost or save you?
• How do you hedge a futures basis, cash and swap structure so the residual is the CTD switch, repo specialness or curve basis you meant to own, and what caps it when the book thins at quarter-end?

The Structural Edge

• Capital: Allocation scales with risk-adjusted performance.
• Infrastructure: Production Python/SQL research and backtesting environment, with execution and risk tooling already built.
• Support: A dedicated quant, plus day-to-day collaboration with the other traders and the senior PM in the pod.

Ideal Profile

• 5+ years trading G10 rates RV at a multi-manager, systematic fund, prop firm or bank flow/RV desk.
• A positive track record judged on risk-adjusted terms: Sharpe, drawdown and capital used. Headline PnL without that context does not count.
• Direct experience with at least two of: government bond RV, futures basis, asset swaps, OIS/SOFR/SONIA/ESTR basis, swap spreads, curve and butterfly structures.
• Python and SQL used in the daily process: signal construction, analytics, backtesting, risk.

Compensation & Preferences

• Non-compete - client is willing to consider applicants available within 6-9 months.
• Base salary: £150,000 to £250,000 depending on experience and track record.
• Performance aligned bonus and sign on negotiable based on relevant experience.

This is not a guarantee of compensation or salary; a final offer amount may vary based on factors including but not limited to experience, domain expertise, and geographic location.