Delta One Index Arb Trader

Bohan; Hong Kong; On-site; HKD 1,200,000 - 3,000,000; Full time

Job summary

Bohan is seeking an experienced Delta-One Index Trader to join our Asia-focused hedge fund in Hong Kong. You will run and expand a profitable trading book across cash equities, index futures, ETFs, swaps and related instruments, with market-making, relative-value and catalyst-driven strategies.

The person will collaborate with research, quant and sales/trading teams to optimize fair-value models, liquidity, and execution costs, while managing intraday risk and capital usage.

Qualifications

• Minimum 5 years’ experience trading delta-one/index products in Asia at a hedge fund, proprietary trading firm, or major sell-side bank.
• Proven P&L track record in index arbitrage and/or index-linked event-driven strategies.
• Strong experience trading prop risk with capacity, risk, and drawdown management.
• Deep familiarity with Asia equity and derivatives markets (HK, China, Japan, Korea, Taiwan, India, ASEAN).
• Solid understanding of futures, ETFs, swaps and baskets pricing and risk.

Responsibilities

• Run a risk-managed delta-one trading book across Asia equity indices, single-stock baskets, ETFs and index futures.
• Risk trade and optimise index arbitrage strategies (cash–futures basis, ETF vs basket, ADR/local, sector and thematic baskets).
• Develop and trade event-driven opportunities around index rebalances (MSCI, FTSE, HSCEI, TOPIX, etc.), IPO inclusions, deletions, and corporate actions.
• Work closely with research and quant teams to refine models for fair-value, liquidity, slippage, and execution cost estimation.
• Manage intraday risk, inventory, and funding; monitor exposures across markets, sectors, factors and counterparties.
• Collaborate with sales/trading and prime brokers to source liquidity, locate inventory and improve execution quality.
• Contribute to the build-out of tools, signals and infrastructure for delta-one and index arbitrage strategies (screeners, backtests, analytics, monitoring).
• Ensure full adherence to internal risk limits, compliance, and relevant exchange and regulatory requirements across Asian markets.

Skills

Delta-One trading

Index arbitrage

P&L management

Risk management

Execution quality

Education

Finance/Economics/Math degree

Job description

We are seeking an experienced Delta‑One Index Trader to join Asia-focused hedge fund's Hong Kong office, focused on Asia index arbitrage and event‑driven trading. The successful candidate will run and further develop a profitable trading book across cash equities, index futures, ETFs, swaps and related instruments, with a mandate spanning market‑making, relative‑value and catalyst‑driven strategies.

Hedge fund deploys multi-strategy capital across equities and derivatives in developed and emerging Asia. The firm combines fundamental, quantitative, and trading expertise to generate consistent, risk‑adjusted returns for institutional and professional investors.

Key responsibilities

• Run a risk‑managed delta‑one trading book across Asia equity indices, single‑stock baskets, ETFs and index futures.
• Risk trade and optimise index arbitrage strategies (cash–futures basis, ETF vs basket, ADR/local, sector and thematic baskets).
• Develop and trade event‑driven opportunities around index rebalances (MSCI, FTSE, HSCEI, TOPIX, etc.), IPO inclusions, deletions, and corporate actions.
• Work closely with research and quant teams to refine models for fair‑value, liquidity, slippage, and execution cost estimation.
• Manage intraday risk, inventory, and funding; monitor exposures across markets, sectors, factors and counterparties.
• Collaborate with sales/trading and prime brokers to source liquidity, locate inventory and improve execution quality.
• Contribute to the build‑out of tools, signals and infrastructure for delta‑one and index arbitrage strategies (screeners, backtests, analytics, monitoring).
• Ensure full adherence to internal risk limits, compliance, and relevant exchange and regulatory requirements across Asian markets.

Candidate profile

• Minimum 5 years’ experience trading delta‑one/index products in Asia at a hedge fund, proprietary trading firm, or major sell‑side bank.
• Proven P&L track record in index arbitrage and/or index‑linked event‑driven strategies, with clear understanding of capacity, risk and drawdown management.
• Strong experience trading prop risk (principal trading), with demonstrated ability to size risk, manage drawdowns and adjust to changing market regimes.
• Deep familiarity with Asia equity and derivatives markets (e.g. Hong Kong, China, Japan, Korea, Taiwan, India, ASEAN), including trading hours, microstructure and market access constraints.
• Solid understanding of pricing and risk for futures, ETFs, swaps, and baskets; comfort with concepts such as basis, tracking error, funding, borrow costs and capital usage.
• Ability to operate in a fast‑paced, high‑pressure trading environment, making independent decisions within a disciplined risk framework.
• Excellent communication skills and strong teamwork mindset; able to work closely with PMs, risk, operations, and technology.

Education

Degree in Finance, Economics, Mathematics, Engineering, Computer Science or related discipline preferred.

Compensation: Highly competitive, performance‑driven package with upside linked to strategy P&L.