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Agency Lending Equity Trading is ultimately responsible for all trading activities and decisions around discretionary lending programs including owning the borrower relationship, client revenue maximization and performance optimization.
The Trader represents Company Securities Lending within the borrower community and owns the borrower agenda within Company; ensuring they translate & deliver the client lending mandate into meaningful borrower derived revenue opportunities and wider JPM strategic securities lending agenda.
The Associate on the US Equities and Corporate Bond trading desk is the person that will work with the trading team to generate reports, analyse data and trends apply technical skills and gain experience in securities lending. Ultimately, the role is expected to develop away from the traditional agency lending trader towards a research-sales trader with goal of making JPM Agency the preferred lender of choice to the borrower community.
In addition to the Role Overview, the trading Associate will:
Generate reports for traders, clients, client facing teams and management as needed. These reports are used to identify trade opportunities, identify trends, provide oversight and supervision and quantify results. The associate will bring a fresh approach to using data to increasing P&L.
Partner with client coverage teams to provide meaningful analysis.
Be assigned a participation role in projects ranging from technology changes and upgrades to new product testing and implementation.
Partner with the traders to learn the role, initially backfilling where needed and eventually transitioning to a “full-time” trader.
The overview of the “full-time” Trader Role:
Act as an SME and “go to person” for their market / cluster of equity lending markets
Be responsible for all trading aspects relating to their market(s)
Contribute to and exceed YoY revenue for their markets (revenue as outlined in yearly plan)
◦ Maximize risk-adjusted revenues by negotiating most favorable rates; analyzing client’s portfolios to drive revenue opportunities
◦ Work with Desk heads , Product Control & Senior Management to own the revenue / plan and forecasting for their markets
◦ Articulation of revenue variances (WoW / MoM) and any meaningful market events that could result in deviations to plan (+/-)
◦ “Week / Month Ahead”; feed into desk head / weekly meeting on revenue focus areas for the Month
◦ Provide insight / Commentary/ thought leadership on around re-rates opportunities, trading strategy & JPM positioning for all specials / warm stock
◦ Frequent review of market / individual stock buffers / collateral expansion opportunities; working with stakeholders to monetise
◦ Analyse any cross market / sector driven opportunities; work in partnership with other traders; especially Corp Bond trading
◦ Work in close collaboration with Desk Head / Cash Reinvestment desk to spot term reinvestment opportunities (bullet, evergreen, extendables) and market liquidity conditions
◦ Work with Pricing / QR to look at look at new benchmarking platforms / data sources; refine offer rate methodology to maximize return to lendable
Communicate potential market and regulatory developments, identifying potential revenue opportunities and acting in a market facing consultancy/advisory capacity to wider JPM stakeholders
Maintain close partnerships and communication flows with Borrowers, Product, RM’s, IS Sales, Legal and Tax
◦ Frequent meetings with borrowers; internal/external & ad-hoc.
◦ Maintain a detailed awareness of the borrower requirements and their binding constraints; translating these into actionable revenue opportunities
◦ Input into borrower quarterly borrower / client reviews; being accountable for any follow up items assigned to them
◦ Regular interaction with sales / relationship teams to better understand client dynamics, upcoming opportunities & provide timely market / competitive insights
◦ Regular updates with tax & legal to keep abreast of wider macro changes that could affect their market(s)
Produce call memos and reports in a timely manner; emailing to the Agent Lending Call Reports distribution after key meetings and discussions with counterparties; being accountable for any follow up items assigned
Provide timely commentary on any deals/trade opportunities happening/ upcoming in their markets. Depending on type of deal opportunity this should include, but not limited to:
◦ One pager commentary on opportunity – communicated across all RM and wider IS Sales partners
◦ Arrange and lead “teach-in” sessions for any deals / trade opportunities
◦ “Own the opportunity”; coordinate & drive accountability across JPM stakeholders to deliver client (lending / non lending) revenues
As part of wider counterparty connectivity endeavours; own the NGT flows for their markets:
◦ Articulation of % of balance / revenue booked on NGT (including YoY targets for STP)
◦ Accountability for review of rejection reasons & necessary follow ups
As part of wider desk strategy, develop and execute an annual market strategy plan with focus on revenue maximisation & product extensions
Act as desk lead / SME for product development / enhancement; accountable for desk deliverables / and articulation of implementation date
Work with operations stakeholders to assist in clearing any operational noise with borrowers - fails monitoring; billing issues; outstanding payments; corporate actions – feed these into borrower quarterly reviews
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