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Global Equities – North America Delta 1 Flow Swaps Trading Desk – Executive Director
senior · Trading & Markets
Job summary
As Executive Director of the North America Delta 1 Flow Swaps trading desk, you will spend everyday pricing, executing, and managing risk across Custom Baskets, Sector, ETF, and Index swaps for institutional clients. If you are a proven leader with deep delta-one expertise and a passion for franchise growth, you may be the perfect fit for our team.
You will lead the North America Delta 1 Flow Swaps trading desk, with responsibility for pricing, execution, and risk management across Custom Baskets, Sector, ETF, and Index swaps for institutional clients. The role oversees a complex risk book spanning single-name, index, ETF-linked, and basket exposures, with an emphasis on high-quality execution, disciplined risk management, and franchise growth. You will partner closely with Sales, Structuring, Technology, and control functions to deliver tailored equity exposure, optimize hedging and financing, and enhance tools and infrastructure supporting swap and custom basket activity.
Job responsibilities
- Price, execute, and make markets in equity swaps, including single-name, index, ETF-linked, basket, and custom basket swaps, plus related delta-one products
- Lead execution and risk management of custom basket swaps, ensuring robust pricing, hedging, monitoring of correlation and concentration risks, and effective lifecycle management (rebalances, substitutions)
- Manage the desk's risk book across delta, borrow, dividend, financing, basis, and concentration risks, using cash equities, futures, ETFs, and options as hedging tools
- Trade around borrow, dividend, corporate actions, index events, ETF rebalances, and basket reconstitutions that affect pricing, hedging, and P&L
- Own end-to-end flow: trade execution, booking accuracy, lifecycle events, and P&L explanation in coordination with middle office, product control, and risk
- Partner with Sales and Structuring on client solutions and franchise development in swaps and custom baskets, providing market color, execution insight, and competitive pricing
- Drive desk strategy, risk analytics, and workflow automation for basket and swap execution in collaboration with Technology, Quants, and support teams
Required qualifications, capabilities, and skills
- 10+ years in equity derivatives/delta one trading, with substantial experience in equity swaps and custom basket or ETF/basket execution and risk management
- Deep understanding of equity swap mechanics, basket-level risk (correlation, concentration, basis), delta hedging, financing, and borrow/dividend dynamics across indices, ETFs, and custom baskets
- Proven track record of risk management and P&L delivery in flow franchises, including complex basket exposures through volatile markets and corporate action-heavy periods
- Strong leadership, communication, and stakeholder management skills, able to coordinate across Trading, Sales, Quant, Technology, and control functions and lead a high-performing team
- Robust analytical and technical skills; proficiency in Bloomberg and Excel, with experience or appetite for scripting/automation (e.g., Python, VBA) to enhance execution and risk tooling
- SIE, Series 7, 63, 57, and 24
Preferred qualifications, capabilities, and skills
- Prior desk leadership experience