Associate, Interest Rates Trading

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers and small business, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.”

Duties: Work as a trader in the JP Morgan ATS (Automated Trading Strategies) group, primarily focused on interest rates derivatives. Monitor ATS interest swap trading business and hedge the risk associated with this activity. Operate and monitor pricing algorithms for interest rates swaps across multiple modes of distribution (Request for quotes, central-limit orderbook, streaming). Hedge the various risk dimensions of the electronic interest swap book using ATS hedging algorithms and by direct intervention in the interdealer-broker market. Suggest and implement trade ideas based on previous experience in Fixed income trading. Report profit-and-loss and risk to senior management. Operate and monitor the activity of JP Morgan execution platform "QMM" for US Treasuries and Treasury futures: management of client orders, interaction with clients, ad-hoc code development (C++ / Git / UNIX / Bash). Operate the market-making algorithms of the Raincoat electronic trading venture. Tweak algorithm parameters to reflect current market conditions (risk capacity, entry/exit levels, trading size, etc.). Work closely with technologists and quantitative researchers of the ATS group to improve the current implementations of the trading algorithms. Review and approve the changes made to the production code implementing ATS pricing and hedging algorithms in C++. Develop tools to help optimize performance and improve franchise across JP Morgan’s activities (Python/Bash). Perform statistical analysis in Python on client flow and market dynamics. Facilitate expansion to new products and new platforms, which requires cooperative work and product development discussions with third party vendors and trading exchanges. Ensure compliance with JP Morgan’s policies and procedures, in accordance to the rules regulating the trading of all transacted securities by the group (SEF rules, TRACE reporting, Reg-W).

Minimum education and experience required: Master’s degree or equivalent in Financial Engineering, Mathematics, Computer Science, Computational Finance, or related field plus 2 years of experience in algorithmic trading and fixed income trading, or related experience OR Bachelor’s degree or equivalent in Financial Engineering, Mathematics, Computer Science, Computational Finance, or related field plus 5 years of experience in algorithmic trading and fixed income trading, or related experience.

Skills required: Must have experience managing the risk of an interest rates trading book. Must have experience in fixed income trading and interest rates products (US Rates market structure, market drivers, risk metrics). Must have demonstrated understanding of algorithmic trading (exchange microstructure, order placement, heartbeat / kill-switches mechanisms). Must have demonstrated knowledge of US rates specific trading venues (BrokerTec, eSpeed, CME, Trad-X, iSwap, TrueEx) and their microstructure (order types, queue priority resolution). Must have demonstrated knowledge of object-oriented programming in C++. Must have experience with scripting languages (Python / Bash). Must have experience in statistical analysis. Must have experience with UNIX and software engineering tools (versioning-control like Git/Perforce). Must have demonstrated knowledge of the legal landscape for interest rates swaps, futures and US Treasuries (Dodd-Frank SEF regulation, TRACE reporting, Reg-W). Employer will accept any amount of professional experience with the required skills.