Volatility-Driven Convertible Bond Trader

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

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