Delta One Swaps Trader

Citi; New York (NY); Hybrid; USD 180,000 - 240,000; Full time

Benefits offered by this job

27 days annual leave

Discretional annual bonus

Private medical care & life insurance

Pension plan

Paid parental leave

Employee discounts

Learning and development resources

Job summary

Citi is seeking a Delta One Swaps Trader to join our global Markets team. You will price new trades, manage index inventory, and optimize collateral baskets while coordinating with Sales and control functions.

Strong knowledge of Delta One, Total Return Swaps, and ETF swap facilities is essential. Proficiency in Bloomberg, Python or SQL, and a track record of cross-team collaboration are required.

Qualifications

• Master's degree preferred in Finance, Financial Engineering, Mathematics, Economics, Computer Science, or a related quantitative discipline.
• Direct Delta One or Prime Finance trading experience with focus on Total Return Swaps and ETF swap provision facilities preferred.
• Advanced analytical and numerical competency with Bloomberg Terminal, booking systems; Python or SQL for data analysis.

Responsibilities

• Central point of pricing for new trades, coordinating between multiple teams to balance competitiveness and returns.
• Manage and optimize inventory and collateral baskets, ensuring compliance and operational pragmatism.
• Coordinate with Sales to build and maintain relationships; grow existing balances and offer new products.
• Assess funding needs and optimize resource footprint for Prime and D1 businesses.
• Collaborate with desk analysts, strategists, and Sales to enhance execution and STP workflows.
• Uphold governance and ethics in partnership with Legal, Compliance, Risk, Audit, and Finance.

Skills

Analytical thinking

Communication with stakeholders

Project coordination

Education

Master's degree in Finance/Financial Engineering/Mathematics/ Economics/ Computer Science

Tools

Bloomberg Terminal

Python

SQL

Job description

Delta One Swaps Trader

Working at Citi is far more than just a job. A career with us means joining a team of approximately 219,000 dedicated people from around the globe. At Citi, you’ll have the opportunity to grow your career, give back to your community and make a real impact.

Job Overview

Citi Markets operates at the intersection of innovation and scale. Our operation is uniquely global. Our client list is remarkably varied. Our product range is incredibly broad. But we're not the finished article. We have big ambitions for the future and all the resources we need to reach them, including some of the smartest people in the industry. As a critical component of our global franchise, our Delta One desks provide clients access to cost-effective solutions for gaining their desired exposure, driving Citi's competitiveness while maintaining prudent risk management and regulatory compliance.

Primary Responsibilities

• Central point of pricing for new trades, coordinating between multiple teams to aggregate the overall value of the relevant structures to balance competitiveness, balance growth and ensuring appropriate returns on resource consumption
• Effectively manage and optimize inventory, coordinating the use of index inventory to extract maximum value before constructing the collateral baskets. Manage the lifecycle of the basket swaps and their hedges to ensure optimization, compliance with relevant constraints and operational pragmatism.
• Co-ordination with Sales to build & maintain strategic relationships with new & existing issuers. Ensuring Citi are at the forefront of new product offerings, day 1 providers and growing existing balances
• Consider the financial resource footprint and intersection with wider funding needs of the Prime & D1 business, leveraging the structures where possible to provide capacity for the Funding team
• Coordinate closely with desk analysts, quantitative strategists, and Sales teams to enhance execution capabilities, build out monitoring and rebalance tools while improving STP workflows
• Uphold rigorous governance, controls, and ethical standards by partnering with Legal, Compliance, Market Risk, Credit Risk, Audit, and Finance to ensure adherence to Citi's Code of Conduct, regulatory requirements, and the Plan of Supervision for Global Markets and Securities Services.

What We Need from You

• Direct experience in Delta One or Prime Finance trading roles with a particular focus on Total Return Swaps and their use as a funding/collateral management tool. Strong understanding of Index trading dynamics also required, while a direct background in management of ETF swap provision facilities is preferred
• Deep technical knowledge of funding & borrow mechanics – how Delta One & Prime businesses extract maximum value from the inventory they hold & how they manage term risks. Furthermore an understand of dividend treatments, corporate actions, cross currency basis and other adjacent products is required
• Advanced analytical and numerical competency, including proficiency in Bloomberg Terminal functionality, booking systems and working knowledge of Python or SQL for data analysis and trade workflow optimization.
• Proven ability to co-ordinate projects & initiatives, with specific examples of driving business growth and development beyond just maintaining an existing operating model.
• Consistently demonstrates clear and concise written and verbal communication with the ability to articulate trading rationale, market dynamics, and risk exposures to senior stakeholders, Sales teams, and control functions.
• Master's degree preferred in Finance, Financial Engineering, Mathematics, Economics, Computer Science, or a related quantitative discipline; relevant licensing and registrations as applicable (FCA Approved Person status, CISI, CFA preferred).

What Citi Can Offer You

By joining Citi London, you will not only be part of a business casual workplace with a hybrid working model (up to 2 days working at home per week), but also receive a competitive base salary (which is annually reviewed), and enjoy a whole host of additional benefits such as:

• 27 days annual leave (plus bank holidays)
• A discretional annual performance related bonus
• Private Medical Care & Life Insurance
• Employee Assistance Program
• Pension Plan
• Paid Parental Leave
• Special discounts for employees, family, and friends
• Access to an array of learning and development resources

Alongside these benefits Citi is committed to ensuring our workplace is where everyone feels comfortable coming to work as their whole self, every day.

We want the best talent around the world to be energized to join us, motivated to stay, and empowered to thrive. If you are actively working with clients, have a passion for relationships and want to be part of a successful global franchise.

This job description provides a high-level review of the types of work performed. Other job-related duties may be assigned as required.

Candidates applying for this role must be aware that it is a Certified Role, subject to the FCA and PRA Certification Regime.

The Certification Regime is one element of the Individual Accountability Regime which came into effect on 7 March 2016.

Under the Certification Regime, Citi UK regulated entities (Citi entities) must ensure that employees working in certain roles categorised as specified significant harm functions (Certified Roles) are assessed as fit and proper to carry out their role.

Under the guidance provided by the FCA and PRA, firms should have regard to the following when assessing fitness and propriety:

• Honesty, integrity and reputation
• Financial soundness
• Competence and capability

In order to comply with the requirements of the Certification Regime, Citi entities must take reasonable care to ensure that an employee does not perform a Certified Role without first being certified as Fit and Proper. For this reason, you will be assessed for this role against the Fit and Proper requirements, as described above.

This assessment will be carried out through extensive interviews, self-disclosures, permitted criminal record checks, regulated reference checks, credit checks and other background screening checks.

Job Family Group:

Institutional Trading

Job Family:

Trading

Time Type:

Full time

Most Relevant Skills

Please see the requirements listed above.

Other Relevant Skills

For complementary skills, please see above and/or contact the recruiter.

Citi is an equal opportunity employer, and qualified candidates will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, status as a protected veteran, or any other characteristic protected by law. If you are a person with a disability and need a reasonable accommodation to use our search tools and/or apply for a career opportunity review Accessibility at Citi.

View Citi's EEO Policy Statement and the Know Your Rights poster.