Senior Banknote Trader

StoneX Group Inc.; Greater London; On-site; GBP 70,000 - 90,000; Full time

Job summary

StoneX Group Inc. is looking for a Senior Banknote Dealer based in Greater London. In this full-time position, you will manage the commercial aspects of trading current-issue and legacy banknotes, focusing on FX-linked pricing and inventory risk.

Key responsibilities include trading high volumes of banknotes, managing bid/offer spreads, and designing hedging strategies. Strong experience in banknote or FX trading, along with significant commercial judgement, is essential.

Qualifications

• Extensive experience in banknote trading or FX trading.
• Strong understanding of FX markets, forwards, swaps, and hedging mechanics.
• Advanced numeracy and risk awareness.

Responsibilities

• Trade high volumes of banknotes across currencies.
• Manage bid/offer spreads for clients.
• Source notes from banks and exchange houses.
• Design and execute hedging strategies.

Skills

Banknote trading expertise

FX market understanding

Risk management

Multilingual skills

Education

Professional qualifications (e.g. ACI, ACT, CFA, IBNS)

Job description

Position Purpose

The Senior Banknote Dealer is responsible for the commercial management of current-issue circulating and legacy but tradable banknotes, with a strong emphasis on FX-linked pricing, inventory risk, and hedging strategies. The role combines physical banknote trading expertise with treasury-style risk management, ensuring profitability and capital protection across multi-currency positions. The position requires advanced knowledge of banknote markets, FX markets, spreads, liquidity, and counterparty risk, and close coordination with treasury, compliance, and operations teams.

Responsibilities

• Trade high volumes of banknotes across major and emerging-market currencies.
• Manage bid/offer spreads for wholesale and institutional clients.
• Source notes from central banks, commercial banks, exchange houses, and international counterparties.
• Optimise inventory turnover while balancing availability and carry costs.
• Price banknotes dynamically using spot FX, forward points, and market premiums.
• Actively manage FX exposure arising from physical banknote inventories.
• Design and execute hedging strategies using FX spot and forwards, swaps and rolling hedge structures, and natural hedges between buy/sell flows.
• Monitor open currency positions and Value at Risk (VaR).
• Work closely with Treasury to align hedges with group FX policy.
• Assess basis risk between physical banknote pricing and interbank FX markets.

Qualifications

• Extensive experience in banknote trading, FX trading, or treasury functions.
• Proven experience managing multi-currency physical cash positions.
• Strong understanding of FX markets, forwards, swaps, and hedging mechanics; demonstrated ability to price risk and manage margin in volatile markets.
• Advanced numeracy and risk awareness.
• Strong commercial judgement and decision-making capability.
• Experience in wholesale banknote desks or central bank-appointed roles.
• Treasury or FX trading background.
• Familiarity with VaR, P&L attribution, and hedge effectiveness analysis.
• Multilingual skills.
• Professional qualifications (e.g. ACI, ACT, CFA, IBNS).

Permanent, full-time.