Delta One Index Arb Trader

Bohan; Hong Kong; On-site; HKD 1,800,000 - 3,200,000; Full time

Benefits offered by this job

Performance-based pay

Upside linked to strategy P&L

Job summary

Bohan seeks an experienced Delta-One Index Trader for its Asia-focused hedge fund's Hong Kong office, handling a profitable trading book across cash equities, index futures, ETFs, swaps and related instruments.

The role emphasizes market-making, relative-value and catalyst-driven strategies, with collaboration across research, quant and trading teams to optimize models and execution across Asia.

Qualifications

• Minimum 5 years of delta-one/index trading experience in Asia.
• Proven P&L track record in index arbitrage or index‑linked event strategies.
• Strong risk management, drawdown control, and capacity planning.
• Deep familiarity with Asia equity and derivatives markets (HK, CN, JP, KR, TW, IN, ASEAN).
• Understanding of futures, ETFs, swaps, basis, tracking error, funding and capital usage.
• Ability to operate in a fast-paced, disciplined trading environment.
• Excellent communication and teamwork with PMs, risk, ops and tech.

Responsibilities

• Run a risk-managed delta-one book across Asia equity indices, ETFs and index futures.
• Risk trade and optimise index arbitrage strategies (cash–futures basis, ETF vs basket).
• Develop and trade event-driven opportunities around index rebalances and corporate actions.
• Collaborate with research and quant teams to refine fair-value, liquidity, slippage and execution cost models.
• Manage intraday risk, inventory, and funding; monitor exposures across markets and sectors.
• Coordinate with sales/trading and prime brokers to source liquidity and improve execution quality.
• Contribute to tools, signals and infrastructure for delta-one and index arbitrage.

Skills

Delta-one trading

P&L track record

Risk management

Asia markets knowledge

Futures/ETFs/Baskets pricing & risk

Decision making under pressure

Communication & teamwork

Education

Finance/Economics/Mathematics/Engineering/CS 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.