Municipal Bond Trader

Northern Trust; Chicago (IL); On-site; USD 160,000 - 272,000; Full time

Job summary

Northern Trust is seeking an experienced fixed income trader to execute municipal bond orders across client portfolios, with a focus on taxable and tax-exempt municipal bonds and opportunities to support electronic trading across other fixed income sectors.

The role will collaborate with portfolio managers and fellow traders to ensure best execution, maintain liquidity with broker-dealers, and contribute to process improvements and risk management while supporting client objectives and

Qualifications

• 3–5 years municipal bond trading experience.
• Experience with taxable and tax-exempt municipal bonds preferred.
• Experience with institutional accounts, SMAs, ETFs is a plus.

Responsibilities

• Execute municipal bond trades in primary and secondary markets per PM directions.
• Monitor bond valuations and market factors to support decisions.
• Build and maintain broker-dealer relationships to source liquidity.
• Coordinate tax-loss harvesting and portfolio transitions.
• Collaborate with PMs on trading strategy and cash deployment.
• Support electronic trading across other fixed income sectors as needed.

Skills

Electronic fixed income trading

Dealer relationship management

Communication & collaboration

Collaboration with PMs and traders

Tools

MarketAxess

Tradeweb

Bloomberg

Aladdin

Perform

Adroit

Job description

About Northern Trust

As a global leader in innovative wealth management, asset servicing, asset management and banking services, Northern Trust (Nasdaq: NTRS) is proud to guide the world’s most successful individuals, families, corporations and institutions.

Since 1889, we have aligned our efforts with our three guiding Principles That Endure: Service, Expertise, and Integrity. Together, they reflect the three cornerstones of business conduct which we strive to instill in our employees, whom we call partners, and to provide to our clients and the communities we serve worldwide.

With more than 135 years of financial experience and over 24,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

Position Summary

Northern Trust Asset Management is seeking an experienced fixed income trader responsible for the execution of buy and sell orders across client portfolios. The role is primarily focused on taxable and tax-exempt municipal bonds, with opportunities to support electronic trading across other fixed income sectors, including corporate credit and rates products. This role partners closely with Portfolio Managers and fellow traders to ensure efficient execution across a broad range of investment strategies including ETFs, active and index-based funds, institutional accounts, separately managed accounts (SMAs), and wealth management portfolios.

Duties And Responsibilities

• Execute primary and secondary market municipal bond transactions across all sectors in accordance with portfolio manager direction, client objectives, and investment guidelines.
• Maintain a thorough understanding of the factors influencing bond valuations, including market conditions, supply and demand dynamics, technical factors, relative value considerations, and sector fundamentals.
• Develop and maintain strong relationships with broker-dealers and trading counterparties to source liquidity, evaluate market opportunities, and achieve best execution.
• Coordinate tax-loss harvesting, account liquidations, invest-ups, cash deployment, and other portfolio-transition activities, including the receipt, execution, and settlement of related trading orders.
• Collaborate with portfolio managers on portfolio positioning, trading strategy, cash deployment strategies, and implementation decisions consistent with client objectives and prevailing market conditions.
• Maintain a strong understanding of fixed income investment vehicles, market structure, security characteristics, pricing methodologies, industry trends, and regulatory requirements.
• Provide portfolio and market analysis to support investment decisions, client communications, and business development efforts for current and prospective clients.
• Partner with technology, operations, compliance, and external vendors to test, troubleshoot, and improve municipal trading platforms, data flows, reporting, and system integrations.
• Identify and implement process improvements, automation, controls, and analytical tools that increase trading efficiency, reduce operational risk, and improve scalability.
• Contribute to electronic trading coverage across other fixed income sectors, including corporate credit, government securities, and rates products, as needed.

Competencies / Skills

• Expertise in electronic fixed income trading, with extensive proficiency across trading platforms including MarketAxess, Tradeweb, and Bloomberg.
• Preferred experience with OMS and EMS systems such as Aladdin, Perform, and Adroit.
• Comprehensive knowledge of fixed income markets, investment strategies, portfolio construction, risk management, and credit fundamentals.
• Strong dealer relationship management skills, with a demonstrated ability to source liquidity, negotiate effectively, and achieve best execution for client portfolios.
• Excellent communication, analytical, and collaboration skills, with the ability to partner effectively with portfolio managers, traders, research analysts, and operational teams.

Experience

• Preferred candidates will have a minimum of three-five years municipal bond trading experience. Candidates with investment-grade or corporate bond trading experience will also be considered, provided they have some exposure to or experience in municipal bond trading.

Salary Range

$160,100 - 272,300 USD

Salary range is a good faith estimate of base pay. Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits. Northern Trust also provides a discretionary bonus program that may include an equity component.

Work Authorization

Applicants must be authorized to work in the U.S. without the need for employment-based visa sponsorship now or in the future. Northern Trust will not sponsor applicants for U.S. work visa status for this opportunity (no sponsorship is available for H-1B, L-1, TN, O-1, E-3, H-1B1, F-1, J-1, OPT, CPT or any other employment-based visa).

Working with Us

As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to an inclusive workplace and assisting the communities we serve.

Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of our culture. Employees around the world give their time and talent to work for the greater good of their communities.

Reasonable Accommodation

Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at [e-mail], or alternatively you can discuss your individual requirements with the recruiter you are working with.