Prime Finance - Delta One Flow Swaps Trader - Associate

JPMorganChase; New York (NY); On-site; USD 180,000 - 260,000; Full time

Job summary

JPMorganChase on the North America Delta 1 Flow Swaps Trading desk seeks an Associate or Vice President to own pricing, execution and day-to-day risk across delta-one derivatives including Total Return and Price Return Swaps. You will cover single names, indices/ETFs, and custom baskets for institutional clients.

You will manage hedging and key risk drivers, partner with Sales, Structuring and control functions, and contribute to analytics, tooling and process improvements to raise execution

Qualifications

• Relevant experience in delta-one products with execution and risk management capability.
• Strong understanding of vanilla derivative pricing, hedging and swap economics drivers.
• Advanced proficiency in Excel (VBA) and/or Python with desk analytics or risk tooling experience.
• Excellent communication and stakeholder management across Trading, Sales, Structuring, Technology and control partners.
• Active SIE, Series 7, Series 57, and Series 63 licenses are required.

Responsibilities

• Price and execute client flow in delta-one swaps; manage hedging and unwind strategy.
• Own delta hedging and oversee key risk drivers tied to client activity and market moves.
• Execute order flow in full accordance with governance, policies, limits and controls; ensure accurate lifecycle management.
• Lead pre- and post-trade analytics for institutional flow and communicate insights to senior stakeholders.
• Coordinate with Product Control, Middle Office, Operations and Risk on P&L explain, breaks and actions; drive control enhancements.
• Build and enhance tools and workflows to improve desk efficiency, scalability and risk controls, and mentor junior team members.

Skills

Delta-one experience

Communication

Licenses: SIE/Series 7/57/63

Quantitative analysis

Tools

Excel (VBA)

Python

Job description

Job Description
At JPMorganChase, the work you do moves markets.

Job Description
At JPMorganChase, the work you do moves markets.
As an Associate or Vice President on the North America Delta 1 Flow Swaps Trading desk, you will take ownership of pricing, execution, and day-to-day risk management across vanilla delta-one derivatives — including Total Return and Price Return Swaps — covering single names, indices/ETFs, and custom baskets for Institutional, Sovereign, and Hedge Fund clients. You will manage a dynamic risk book, partner closely with Sales, Structuring, and control functions, and contribute to improving analytics, tooling, and processes that enhance execution quality, scalability, and risk discipline across the franchise.
Job Responsibilities

• Price and execute client flow in delta-one swaps across single-name, index/ETF, and custom basket exposures; manage hedging and unwind strategy
• Own delta hedging and oversee key risk drivers (borrow, dividends, financing, basis/correlation, and concentration) tied to client activity and market moves
• Execute order flow in full accordance with swaps governance, policies, limits, and supervisory controls; ensure high standards of booking accuracy and lifecycle management
• Lead pre- and post-trade analytics for institutional flow (execution quality, slippage drivers, hedge effectiveness, P&L attribution) and communicate insights to senior stakeholders
• Coordinate closely with Product Control, Middle Office, Operations, and Risk on P&L explain, breaks resolution, corporate actions, rebalances/substitutions, and control enhancements
• Build and enhance tools and workflows (automation, monitoring, risk dashboards, analytics) to improve desk efficiency, scalability, and control environment, mentor junior team members as appropriate

Required Qualifications, Capabilities, And Skills

• Relevant experience in delta-one products (equity swaps / single stock swaps / prime delta-one) with demonstrated execution and risk management capability
• Strong understanding of vanilla derivative pricing, hedging, and the practical drivers of swap economics (financing, borrow, dividends, corporate actions, and basis)
• Advanced proficiency in Excel (including VBA) and/or Python, with a track record of delivering desk analytics, automation, or risk tooling
• Excellent communication and stakeholder management skills across Trading, Sales, Structuring, Technology, and control partners
• Active SIE, Series 7, Series 57, and Series 63 licenses required

ABOUT US
JPMorganChase, one of the oldest financial institutions, offers innovative financial solutions to millions of consumers, small businesses and many of the world's most prominent corporate, institutional and government clients under the J.P. Morgan and Chase brands. Our history spans over 200 years and today we are a leader in investment banking, consumer and small business banking, commercial banking, financial transaction processing and asset management.
We offer a competitive total rewards package including base salary determined based on the role, experience, skill set and location. Those in eligible roles may receive commission-based pay and/or discretionary incentive compensation, paid in the form of cash and/or forfeitable equity, awarded in recognition of individual achievements and contributions. We also offer a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Additional details about total compensation and benefits will be provided during the hiring process.
We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. We also make reasonable accommodations for applicants' and employees' religious practices and beliefs, as well as mental health or physical disability needs. Visit our FAQs for more information about requesting an accommodation.
JPMorgan Chase & Co. is an Equal Opportunity Employer, including Disability/Veterans
About The Team
J.P. Morgan's Commercial & Investment Bank is a global leader across banking, markets, securities services and payments. Corporations, governments and institutions throughout the world entrust us with their business in more than 100 countries. The Commercial & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.