Hybrid Convertible Bonds Trader — Volatility Focus

PEAK6; New York (NY); Hybrid; USD 100,000 - 125,000; Full time

Benefits offered by this job

Healthcare benefits

PTO

401k match

Parental leave

HSA contribution"

Remote-friendly (hybrid)

Discretionary annual bonus

Job summary

PEAK6 is seeking a Convertible Bonds Trader on the Equity Capital Markets team to trade volatility-driven strategies around convertibles. The role focuses on gamma, vega, skew, and hedging across the book, while evaluating credit and equity-linked risk.

You will identify relative value opportunities between convertible bonds, underlying equity, listed options and credit, monitor real-time Greeks, and collaborate with senior traders on position sizing and risk limits.

Qualifications

• 2–5 years of experience trading or supporting a trading function in convertible bonds, equity derivatives, or volatility products.
• Strong grounding in options theory (Black–Scholes, Greeks, vol surfaces, skew/term structure dynamics).
• Solid fixed income math (yield curves, duration, credit spreads, YTW/YTM/YTC mechanics).
• Proficiency with Bloomberg and other derivatives pricing/analytics platforms.
• Demonstrated ability to think in terms of risk (Greeks) rather than just price.
• Strong quantitative reasoning and comfort making decisions under uncertainty and time pressure.
• Excel proficiency required; Python or other scripting ability a plus for automating analysis.
• No specific degree required — but a track record and demonstrated market knowledge matter.

Responsibilities

• Trade convertible bonds with an emphasis on the embedded optionality — managing gamma, vega, and volatility exposure across the book
• Identify and execute relative value opportunities between convertible bonds, their underlying equity, listed options, and credit
• Monitor and hedge delta, gamma, and vega exposures in real time; adjust hedges as underlying equity and implied vol shift
• Build and refine pricing/valuation views using derivatives pricing tools, challenging model outputs against market‑observed levels
• Analyze issuer credit quality, capital structure, and fixed income terms (yield‑to‑worst, conversion premium, credit spread) as inputs to trade decisions
• Partner with senior traders on position sizing, risk limits, and book construction
• Stay current on primary issuance, calls/puts, corporate actions, and other events that affect convert valuations

Skills

Options theory

Greeks (risk management)

Quantitative reasoning

Excel

Python scripting

Market knowledge

Tools

Bloomberg

Job description

PEAK6 is seeking a Convertible Bonds Trader on the Equity Capital Markets team to trade volatility-driven strategies around convertibles. The role focuses on gamma, vega, skew, and hedging across the book, while evaluating credit and equity-linked risk.

You will identify relative value opportunities between convertible bonds, underlying equity, listed options and credit, monitor real-time Greeks, and collaborate with senior traders on position sizing and risk limits.