Trader (Convertible Bonds)

PEAK6; Chicago (IL); Hybrid; USD 100,000 - 125,000; Full time

Benefits offered by this job

Healthcare benefits (medical, dental,视

PTO

401k match

Parental leave

HSA contribution match

Calm app subscription

Learning & tuition reimbursement

Hybrid work flexibility

Job summary

PEAK6 Capital Management seeks a Convertible Bonds Trader to join the convertibles desk in Chicago, focusing on volatility-driven strategies and embedded optionability. This is a hands-on trading seat, not research, requiring tolerance for risk and a strong grasp of gamma, vega, and skew dynamics.

You will hedge in real time and collaborate with senior traders on sizing and limits. The role emphasizes convertible arbitrage mechanics, with exposure to credit and equity-linked risk, plus a path

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 (CBs, OMON, derivatives pricing functions) 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
• A competitive, self-directed mindset suited to a prop trading environment — you’ll be given real risk and expected to earn more of it
• No specific degree required — track record and demonstrated market knowledge matter more than pedigree

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

Quantitative reasoning

Risk management

Time-pressure decision making

Excel

Python scripting

Tools

Bloomberg

Derivatives pricing platforms

Job description

WHO WE ARE

Headquartered in the historic Chicago Board of Trade, PEAK6 Capital Management is a proprietary options trading firm that has been defining the industry for more than 25 years. While many firms have come and gone, PEAK6 Capital Management has consistently delivered liquidity to the options market. We thrive due to our firm’s special blend of financial acumen, ability to manage risk, and cutting-edge technology.

Our success is driven by our team of technologists, engineers, and traders who leverage proprietary tech and a data-centric approach to maintain inventory and stay ahead of the markets, so customers can, too.

We are committed to providing dependable liquidity, which is crucial for market stability, investor confidence, and efficient trading across asset classes.

ABOUT THIS ROLE

We are seeking a Convertible Bonds Trader to join our convertibles desk, with a specific mandate around volatility-driven strategies. This is a hands‑on trading seat — not a research or support role — for someone who understands convertible arbitrage mechanics and wants to build a career around trading the volatility component of converts (gamma, vega, skew) alongside credit and equity‑linked risk.

YOU’ll be Responsible for:

• 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

YOUR EXPERIENCE:

• 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 (CBs, OMON, derivatives pricing functions) 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
• A competitive, self‑directed mindset suited to a prop trading environment — you’ll be given real risk and expected to earn more of it
• No specific degree required — track record and demonstrated market knowledge matter more than pedigree

What We Offer

• Direct access to senior traders and firm capital — no lengthy rotational program
• Performance-based compensation structure
• A focused, specialized seat (convertibles/vol) rather than a generalist rotation
• A merit-driven culture where trading results, not tenure, dictate advancement

OUR REWARDS

We offer a robust package of employee perks and benefits, including healthcare benefits (medical, dental and vision, EAP), competitive PTO, 401k match, parental leave, and HSA contribution match. We also provide our employees with a paid subscription to the Calm app and offer generous external learning and tuition reimbursement benefits. As a hybrid workforce, we offer our employees the ability to work remotely up to two days a week.

Base pay offered may vary depending on job‑related knowledge, skills, experience, and office location. This position also may be eligible for discretionary annual bonus in addition to a range of health & wellness benefits, enhancing your overall compensation package.

Base Salary Range

$100,000-$125,000

PEAK6 is proud to be an equal opportunity employer that does not discriminate on the basis of race, color, religion, sex (including pregnancy, sexual orientation, and gender identity), national origin, age, disability, veteran status, marital status, or any other protected characteristic. Our hiring practices ensure that all qualified applicants receive fair consideration without regard to these characteristics.

PEAK6 is committed to creating an inclusive and accessible workplace for all candidates, including those with disabilities. We are dedicated to ensuring equal employment opportunities and providing reasonable accommodations to qualified individuals with disabilities. If you require reasonable accommodations to participate in the application or interview process, please contact our HR department at [e-mail]. We will work with you to provide the necessary accommodations to ensure your full participation in our hiring process.

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