Securities Lending Trader, EMEA

HSBC Group; Greater London; On-site; GBP 120,000 - 180,000; Full time

Job summary

HSBC Agency Lending in London focuses on optimising an agency lending trading book across fixed income and cash, balancing liquidity, term risk and RoRWA within client mandates and HSBC governance.

You will deliver strong risk-adjusted returns, support portfolio evaluations, and provide market commentary while maintaining a premier client experience in a highly regulated environment.

Qualifications

• Experience in fixed income agency securities lending or related markets such as secured financing and repo.
• Experience identifying and executing revenue opportunities and implementing trading strategies across inventory, collateral and liquidity optimisation.
• Strong pricing capabilities in securities lending including methodologies and drivers of demand.
• Understanding cash reinvestment and cash management in securities lending.
• Ability to assess client profiles and investment strategies to optimise risk–return within mandates.
• Build and maintain counterparty relationships across European market participants.
• Operate with risk management and governance discipline, trading within limits and escalating issues as needed.
• Collaborate across custody functions including income, settlements and corporate actions to support end-to-end delivery.

Responsibilities

• Manage and optimise an agency lending trading book across fixed income and cash to maximise risk-adjusted returns.
• Deliver against business performance targets including counterparty and market revenue and balance targets using benchmarking and performance tools.
• Monitor performance versus plan and recommend tactical changes in response to market conditions.
• Identify opportunities to raise cash financing and deploy cash and liquidity within client mandates.
• Manage collateral and liquidity considerations and contribute to RoRWA outcomes.
• Provide input into portfolio evaluations and market commentary reflecting client profiles and investment strategies.
• Use trading systems including Bloomberg to support pricing and execution; maintain Excel-based analytics.
• Maintain premier-quality client experience through timely responses and end-to-end ownership of stakeholder queries.

Skills

Fixed income agency lending

Revenue opportunities

Securities lending pricing

Cash reinvestment & cash management

Client profiling & mandates

Counterparty relationships (Europe)

Risk management & governance

Custody coordination

Tools

Bloomberg

Global 1

GCS

GHSS

Job description

• Manage and optimise an agency lending trading book, allocating inventory predominantly across fixed income and cash to maximise risk-adjusted returns
• Deliver against business performance targets including counterparty and market revenue and balance targets using benchmarking and performance tools
• Monitor performance versus plan and recommend tactical changes in response to evolving market and business conditions
• Identify opportunities to raise cash financing, deploy cash and non-cash liquidity and manage term risk within agreed client mandates
• Manage collateral and liquidity considerations including short- and long-term cash liquidity requirements and contribution to target Return on Risk Weighted Assets (RoRWA) outcomes
• Provide input into portfolio evaluations and market commentary, reflecting client profiles and investment strategies
• Use securities lending and market systems effectively including trading applications, Global 1, custody platforms (GCS/GHSS) and Bloomberg alongside strong Excel capability
• Maintain a premier-quality client experience through timely responses and end-to-end ownership of stakeholder queries

What we're looking for:

• Bring strong experience in fixed income agency securities lending trading or closely related markets activity such as secured financing and repo ideally with EMEA market coverage
• Demonstrate proven experience identifying and executing revenue opportunities and implementing trading strategies across inventory, collateral and liquidity optimisation
• Apply strong capability in securities lending pricing including pricing methodologies and the drivers of demand and market dynamics
• Show strong understanding of cash reinvestment and cash management in the context of securities lending
• Assess client profiles and investment strategies to optimise risk-versus-return performance within agreed mandates
• Build and maintain counterparty relationships across European market participants such as prime brokers, broker-dealers and repo and funding desks
• Operate with strong risk management and governance discipline including trading within limits and frameworks and escalating issues appropriately
• Partner effectively across wider custody functions including income, settlements and corporate actions to support end-to-end delivery

Shaping Fixed Income Lending This role offers the opportunity to shape daily trading decisions that matter to clients and to the performance of the agency lending business. You'll work across fixed income and cash, with close links to clients, counterparties and internal partners while operating within a strong governance framework. If you want to focus on disciplined optimisation, liquidity outcomes and sustainable revenue generation for clients, this role provides clear scope to make an impact from 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

HSBC is one of the largest banking and financial services organisations in the world, with operations in 64 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

The Opportunity HSBC Agency Lending sits within HSBC Securities Services (SSv) as part of our Markets and Securities Services business, supporting leading asset managers, asset owners, banks and broker-dealers. This London-based role focuses on optimising client revenues through agency securities lending across fixed income and cash assets while operating strictly within agreed client mandates and HSBC's risk and governance framework. You'll manage day-to-day trading decisions that balance liquidity, term risk and risk-weighted returns in a regulated environment subject to FCA rules, bank guidelines and relevant licensing requirements. Success means delivering strong risk-adjusted outcomes, maintaining a premier-quality client experience and providing clear input into portfolio evaluations and market commentary.

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.