Our client is a well-established financial institution with a growing footprint in the Asian Global Markets space. They are currently looking to strengthen their Flow Trading desk by adding a seasoned Rates Trader who specializes in the Hong Kong Dollar (HKD) and Offshore Renminbi (CNH) markets. This is a pure client-flow role (non-proprietary) ideal for a market maker who thrives on serving institutional clients.
Role OverviewReporting to the Head of Trading, you will be the primary market maker for HKD and CNH Interest Rate products. Your core mandate is to drive revenue through efficient pricing and risk management of client flows, rather than taking directional proprietary positions. You will work side-by-side with the Sales team to monetize client relationships and provide sharp market intelligence to internal and external stakeholders.
Key Responsibilities1. Market Making & Execution
Pricing & Liquidity: Act as the primary market maker for HKD and CNH interest rate products (specifically Interest Rate Swaps and Cross Currency Swaps), ensuring competitive pricing for the bank’s corporate and institutional clients.
Revenue Generation: Drive P&L growth by capturing bid-offer spreads and managing flow-based positions, with a clear focus on optimizing revenue from the client segment.
Book Management: Manage the daily trading book positions, ensuring accurate booking and accounting of all trades in accordance with the firm’s guidelines.
2. Risk Management & Hedging
Hedging Strategy: Implement robust hedging strategies to mitigate risks arising from client flows. Continuously monitor sensitivities (PV01, Delta, Gamma) to keep the book within approved risk limits.
Compliance: Adhere strictly to market-making obligations and internal risk control parameters.
3. Sales Collaboration & Market Intelligence
Trade Ideas: Produce high-quality "market colour" and trade ideas. Articulate complex market dynamics into actionable strategies for the Sales team to pitch to clients.
Client Engagement: Partner with Sales to expand client coverage. Join client meetings to provide technical market updates and strengthen institutional relationships.
Cross-Functional Liaison: Work closely with Risk, Back Office, and IT to resolve any operational issues and ensure seamless business continuity.
Experience: Minimum 5 years of hands-on trading experience in Emerging Markets (EM) Rates, with a mandatory track record in the HKD and CNH markets.
Product Expertise: Deep technical knowledge of Fixed Income products, with a specific specialization in Interest Rate Swaps (IRS) and Cross Currency Swaps (CCS).
Trading Style: Proven experience in Flow Trading / Market Making. You must demonstrate the ability to build strategies for managing risk and hedging client flows (candidates with only Prop Trading experience will not be suitable).
Analytical Skills: Ability to write comprehensive market commentary and present trading strategies clearly to non-traders.
Soft Skills: Strong interpersonal skills with the ability to network effectively. You should be a collaborative team player who can communicate complex ideas to Sales, Management, and Clients.
