Fixed Income Financing Trading – Associate

JP Morgan Chase; New York (NY); On-site; USD 150,000 - 230,000; Full time

Job summary

JP Morgan Chase's Specials Trading in North America operates within Fixed Income Financing and Rates Trading, providing liquidity in the US corporate bond repo space.

Traders source liquidity for a broad client base and internal desks, while contributing to market commentary and risk management across short-term rate and credit markets. The role includes collaboration with multiple teams and involvement in the desk's evolving e-trading agenda.

Qualifications

• Previous relevant experience in Banking Markets or similar trading environment.
• Interest in global financing markets, rates and credit products.

Responsibilities

• Market making in US corporate bonds in repo.
• Managing trading risk and hedging positions in USD short term interest rate curves.
• Maintaining strict compliance with regulatory and legal requirements.
• Working closely with sales to facilitate client trading strategies.
• Engaging directly with counterparties and interdealer brokers to build business through meetings, calls, and events.
• Writing trader commentaries on intra-day market analysis by investigating flow trends and macro news.
• Looking to streamline desk processes and advance desk automation and e-trading agenda.
• Assist with post-trade processes ensuring accuracy of bookings and internal controls.

Job description

Specials Trading in North America is a part of the Fixed Income Financing business which sits within Rates Trading. The Specials business interfaces with a broad range of clients across hedge funds, asset managers, central banks, other dealers and internal cash desks. It is a multi-asset business quoting repo pricing across both investment grade and high yield credit markets. Specials Trading delivers liquidity to the firm’s key strategic partners that operate in the North American Fixed Income Credit space via a team of dedicated repo traders and repo sales.

The desk belongs to the global FIF offering which includes Sovereign, Credit and Emerging Markets financing desks.

Opportunity

To work in a fast moving trading role in the heart of the Credit Repo market. The main objective is to manage positions and risk arising from demands of both internal and external clients by facilitating their trading strategies. This is done by sourcing liquidity from bond holders to match up and lend onwards to a diverse client base and internal trading desks. These flows are quoted by a dedicated repo sales team, as well as via direct interactions between trading and relevant counterparties.

The candidate would contribute ideas and operate in both short term interest rate markets and credit markets, using a variety of products to mitigate risks arising from trading positions. The hired trader would work closely with multiple teams and provide commentary and market analysis, as well as managing the day to day flow activity and risk in our combined trading book. The last few years has seen significant progress in the development of e-trading and electronification in our business, and there is opportunity to assist with further progress of the business in this direction. The candidate would also occasionally be expected to assist the Sovereign repo desk.

Job responsibilities:

• Market making in US corporate bonds in repo.
• Managing trading risk and hedging positions in USD short term interest rate curves.
• Maintaining strict compliance with regulatory and legal requirements.
• Working closely with sales to facilitate client trading strategies.
• Engaging directly with multiple counterparties and interdealer-brokers to build business through meetings, calls, dinners and events.
• Writing trader commentaries on intra-day market analysis by investigating flow trends, macro news and leveraging internal research.
• Look to streamline desk process where required and help advance the desk automation and e-trading agenda.
• Assist with the post trade process by ensuring the accuracy of all bookings and to ensure internal controls are followed.

Required qualifications, capabilities, and skills:

• Previous relevant experience gained within a similar Banking Markets role.
• An interest and a desire to learn more about global financing markets, rates and credit products.
• Attention to detail and the ability to manage multiple time sensitive processes in a pressured environment.
• Analytical mind and proactive attitude to problem solving.
• Ability to work as part of a close team with a strong focus on counterparty relationship management.