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Director HG CDS Trading
Barclays Capital
New York, NY, United States
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Description
Barclays Capital Inc. seeks a Director HG CDS Trading for its New York, New York location.
Duties:
Direct and coordinate HG (High Grade) CDS (Credit Default Swaps) trading desk, make markets in credit derivative products, and provide liquidity to clients who buy and sell products in credit markets. Responsible for facilitating trades by matching buyers with sellers and desk inventory.
Provide market color to clients by advising on fundamentals, technical, and flows in products to support functionality of credit markets and allow participants to transact efficiently.
Manage risk on a principal basis in a set universe of credit, analyze and price risks and outcomes, CDS splits/mergers, and trigger events, using knowledge of credit markets and ISDA definitions, and interact and conduct transactions directly with clients.
Manage financial risks within trading inventory, ensure desk does not take unwanted or outsized positions, and mitigate unwanted risks. Create customized reports and filters for the CDS desk risks using Bloomberg, showing exposure to credits and impact of changes and aging on risk and revenues, as well as impact of changes in recover assumption in the case of credit default.
Mark credits and send price quotes to clients prior to trade execution, and build index skew, index arbitrage, and cash basis trading for trading skew packages.
Calculate correct price for securities traded for maturities, calculate default probabilities, roll down and carry, forwards, duration, and leveraged balance sheet to efficiently structure trading book’s capital.
Determine curve shape of a credit over term structure, and analyze free cash flow and debt maturity profile, growth and changes year on year, potential special payments of events, probability for takeover, supply of new bonds or bonds called early, client buy and sell demand, positioning and momentum.
Send regular price updates and provide live prices in less liquid off-the-run maturities.
Manage client relationships and junior team members to develop cross-selling opportunities for credit products, and liaise with Sales, Research, and Trading.
Set and conduct regular meetings with clients, and provide reliable liquidity, innovative trade ideas, and market analysis to clients.
Requirements:
Master’s degree or foreign equivalent in Business Administration, Finance, or related field, and three (3) years of experience in CDS or related for financial services.
Will accept at least a Bachelor’s degree or foreign equivalent in specified fields, and five (5) years of progressive, post-baccalaureate experience in the specified roles as alterative.
Must have at least 3 years of experience with the following:
Analyzing Credit Default Swaps, making markets in credit markets, and providing liquidity to clients.
Providing market color and analysis by advising on fundamentals of credit markets.
Analyzing live curve markets shape, client buy and sell demand, positioning, and momentum, and providing prices for off-the-run maturities.
Evaluating growth opportunities and revenues, and developing cross-selling opportunities for credit products.
Managing financial risks within trading inventory, mitigating unwanted risks, and creating reports and filters for the CDS risks.
Analyzing and pricing risks and outcomes, CDS splits/mergers, and trigger events, using knowledge of credit markets and ISDA definitions. Building index skew for trading skew packages.
Requires FINRA Series 7 and 63. 40 hrs/wk.
Barclays is an EEO/AA employer.