Techno-Functional Business Analyst – FO eTrading

Phi Partners; Greater London; On-site; GBP 80,000 - 120,000; Full time

Job summary

Phi Partners is seeking a hands-on Business Analyst to translate trading desk needs into a production-ready platform for a front-office development team. The role is based on-site in London and requires close collaboration with Traders, Quants and partner tech teams.

You will work on RFQs, trade capture and workflows across Bonds, Swaps, CDS and/or FX, with deep knowledge of Rates or Credit products and pricing metrics. Strong requirement gathering and SQL/Data modelling skills are essential.

Qualifications

• Proven hands-on BA in a front-office development team within an investment bank.
• Experience on electronic trading platforms and eTrading development teams: RFQs, trade capture, and trading workflows across Bonds, Swaps, CDS and/or FX.
• Expert knowledge of Rates or Credit products and how they are priced and valued.
• Strong ability to work directly with traders and quants to translate needs into clear technical requirements.
• Experience defining and gathering requirements from end-users and stakeholders in a formal IT delivery setting.
• Proficiency in data modelling and SQL, with ability to query relational databases.
• Working awareness of a C#/.NET backend to discuss constraints with engineering teams.
• Clear written and spoken English; proactive, collaborative, and quick to learn.

Responsibilities

• Run requirements discovery with business sponsors and traders and translate them into deliverable milestones.
• Capture requirements in Jira as epics, user stories and tasks aligned to the roadmap.
• Split large stories into sprint-sized pieces for planning.
• Brief developers and work with them through the build; explain details to architects and non-technical stakeholders.
• Run user acceptance testing on new features.
• Report progress to stakeholders and senior management.
• Partner with neighbouring technology teams.
• Possibly line-manage developers, DevOps and QA, and assist with hiring and onboarding.

Skills

Front-office BA

Electronic trading knowledge

RFQs and trade capture

Rates or Credit products

Data modelling

SQL

Stakeholder management

English communication

Understanding of end-to-end IT deliver

Education

Bachelor's degree in computer science / information technology or related field

Tools

Jira

Relational databases

C#/.NET awareness

Job description

Phi Partners has been a trusted capital markets consultancy for more than 20 years, providing quantitative and technology expertise across front office, pricing and risk. We support more than 80 financial institutions across the buy-side and sell-side through niche capabilities spanning quant, engineering, vendor platforms and cloud infrastructure.

Our teams work on complex, real-world problems across models, analytics, applications, data and cloud infrastructure, within an international delivery organisation built around regional hubs and specialist centres of excellence. For people who enjoy technically demanding work in capital markets, Phi offers the opportunity to work closely with expert colleagues and major financial institutions on high-value, business-critical initiatives.

About the Client

Our client is a well-known global banking group with operations across Europe and the Americas. Its Global Markets Technology division builds the technology behind some of the bank's most strategic businesses, including Front Office trading, risk management and portfolio optimisation.

The division is expanding, with sustained revenue growth and rising headcount. The eTrading build sits within the Fixed Income business and is delivered in close partnership with the trading desks. It is a strategic programme with senior-level sponsorship.

The Programme

The client is building a new electronic trading system for its Fixed Income business, replacing legacy systems. It is a greenfield build with firm delivery milestones at the end of 2026 and throughout 2027. The platform supports RFQs and trade capture across bonds, swaps and CDS, within the Rates and Credit division. The current phase focuses on European bonds: extending coverage across government and corporate issues with functionality built for the European market. Delivery is Agile, using the Spotify model (Squads, Chapters and Tribes). Further programmes are already planned once this phase goes live, so this is a long-term engagement rather than a single delivery push.

Roles and Responsibilities

You will be the analyst who turns the trading desk’s needs into a platform that works for them, covering what the system must do and how the workflow runs end to end. Embedded in a front-office development team, you will work day to day with Traders, Quants and partner technology teams. We want someone with solid Fixed Income electronic trading knowledge and a track record as a senior, hands‑on BA in front‑office delivery. This is an on‑site role in London.

Responsibilities

• Run requirements discovery with business sponsors and traders, and turn it into deliverable milestones
• Capture requirements in Jira as epics, user stories and tasks, aligned to the roadmap
• Split large stories into smaller, sprint‑sized pieces for sprint planning
• Brief the developers and work alongside them through the build; explain the detail to the architectural lead and to non‑technical stakeholders
• Run user acceptance testing on new features
• Report progress to stakeholders, senior management and the Rates/Credit Programme Manager
• Partner with neighbouring technology teams
• Potentially line manage developers, DevOps and QA, and help with hiring and onboarding

Key Skills

The ideal candidate will be an experienced Business Analyst with the following skills and qualifications:

Mandatory Skills

• Proven track record as a hands‑on BA within a front‑office development team at an investment bank
• Experience on electronic trading platforms and with eTrading development teams: RFQs, trade capture and trading workflows across Bonds, Swaps, CDS and/or FX
• Expert knowledge of Rates or Credit products, ideally both
• Strong grasp of how Rates products are priced and valued, and of the metrics traders rely on
• Confident working directly with traders and quants, and able to turn what they tell you into clear requirements for technical teams
• Experience defining and gathering requirements from end‑users, technical teams and stakeholders in a formal, structured IT delivery setting
• Proficiency in data modelling and SQL, with the ability to query relational databases at a functional level
• Working awareness of a C#/.NET backend, enough to discuss requirements and constraints with the engineering team
• Clear written and spoken English; diplomatic, collaborative and quick to pick up new information
• Bachelor's degree in computer science, information technology or a related field

Nice to have Skills

• Experience working in an Agile development team
• Experience managing IT projects, including tracking and communicating progress to senior stakeholders
• Understanding of high-throughput, low-latency trading systems and of European government and corporate bond market structure
• Understanding of P&L valuation methods, including clean vs. dirty P&L, realised vs. unrealised P&L, and carry/funding
• Knowledge of risk calculation methods, including PV01/DV01, Value at Risk (VaR), duration/convexity, and collateral haircut and counterparty exposure calculations
• Familiarity with collateral management platforms such as FIS Apex Collateral (or equivalent), covering repo and securities

Next steps

This is a long‑term engagement on a multi‑year greenfield programme, working alongside traders, quants and engineers on one of the client’s most critical businesses. The right person can grow their managerial and leadership abilities, including line management and hiring, while staying hands‑on.