ETF Trader – Fixed Income ETF Market Making

Overview

In this role you will trade and manage risk in fixed-income ETFs from a London desk. You’ll work closely with developers and quants to refine pricing and execution tools in a tech-driven, non-traditional market-making environment. You will quote, hedge and optimize liquidity across European venues, focusing on disciplined risk management. You’ll contribute to growing a specialist ETF market-making business with high visibility and impact. This is a hands-on position for a trader who thrives at the intersection of trading, technology and risk.

Responsibilities

• Make markets in fixed-income ETFs across European venues
• Manage live quoting across price, size, spread and skew
• Run intraday risk, inventory and hedging
• Price ETF risk using futures, credit indices, rates products and other liquid hedges
• Collaborate with developers and quants to improve pricing models, quoting logic and trading tools
• Identify opportunities in less efficient areas of the fixed-income ETF market
• Analyze liquidity, volatility, hedge cost, basis risk and adverse selection
• Support growth of the specialist ETF market-making business

Key requirements

• 2+ years of direct ETF market-making experience
• Exposure to fixed-income ETFs, ideally credit ETFs
• Experience quoting on-screen markets
• Strong understanding of ETF pricing, fair value, spread, skew and hedging
• Background from a specialist market maker, prop firm, liquidity provider or ETF trading desk
• Good knowledge of fixed-income ETF risk: duration, credit spread, liquidity and basis risk
• Comfortable working in a systematic or semi-automated trading environment
• Strong commercial judgement and risk discipline

• commercial judgement
• risk discipline
• analytical mindset
• systematic or semi-automated trading
• pricing models
• trading tools

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