Fixed Income Derivatives Trader
VanguardWe are seeking an experienced Interest Rate Derivatives Trader to join Vanguard’s Fixed Income Group. As a Derivatives Trader, you will play an instrumental role in the active taxable fixed income business, helping to determine and implement both hedging and alpha generating trading strategies. This position requires extensive knowledge of interest rate markets, with a focus on modeling and valuing US Treasuries, interest rate swaps, interest rate swaptions, futures and listed options. Through daily market analysis, supporting portfolio managers, or helping develop innovative tools, your contributions will be valued and visible.
This role:
Negotiates and executes derivatives trades and strategies in fixed income portfolios. Will trade US treasuries, bond futures, interest rate swaps, swaptions, listed options, and FX forwards.
Manages duration and curve risk across active portfolios, invests and hedges daily cashflows, and monitors FX exposure. Requires familiarity with performance attribution and risk-management frameworks.
Relays market insight to portfolio managers through monitoring and analysis of market trends. Provides investable alpha-oriented and hedging ideas through quantitative relative value and macro analysis.
Continually refines relative value frameworks, particularly in interest rate derivative and options pricing models, which requires an understanding of option greeks, basis risks and relationships across interest rate products.
Develops and implements new trading and hedging strategies, while also driving analytical and operational improvements to regular processes.
Fosters a collaborative environment internally by working closely with other sector teams within fixed income, and helping to develop and train less tenured traders. Builds and maintains relationships with security dealers.
Participates in special projects and research initiatives as assigned.
Qualifications:
Five years related work experience, including four years investment management experience. Derivatives and/or fixed income rates experience preferred.
Undergraduate degree in quantitative studies, economics or equivalent combination of training and experience required. Mathematics, statistics or financial engineering experience preferred.
CFA preferred.
This role is based in our Malvern, PA office and is a fully in-person position, with regular time spent working alongside the team onsite. If you’re not currently local, relocation assistance is available to help make the move as smooth as possible.
Special Factors
Sponsorship
Vanguard is not offering visa sponsorship for this position.About Vanguard
At Vanguard, we don't just have a mission—we're on a mission.
To work for the long-term financial wellbeing of our clients. To lead through product and services that transform our clients' lives. To learn and develop our skills as individuals and as a team. From Malvern to Melbourne, our mission drives us forward and inspires us to be our best.
How We Work
Vanguard has implemented a hybrid working model for the majority of our crew members, designed to capture the benefits of enhanced flexibility while enabling in-person learning, collaboration, and connection. We believe our mission-driven and highly collaborative culture is a critical enabler to support long-term client outcomes and enrich the employee experience.