Deutsche Börse Group
Junior Securities Lending Trader
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We are seeking an ambitious and highly analytical Junior Securities Lending Trader to join our securities lending trading desk. In this role, you will transition quickly from supporting the desk to actively executing securities lending transactions, managing inventory, and pricing trades. You will play a key role in optimizing our lending book vs non-cash collateral. As a junior trader, you will also be expected to maintain and actively develop relationships with our borrowing counterparties, ensuring our positioning in the market.
This is an entry-level trading position (0–1 year of experience) designed for a high-potential candidate eager to develop a deep understanding of securities finance, market liquidity, and front-office execution.
Your Responsibilities
Trading & Execution
- Trade Execution: Actively execute and manage the lifecycle of securities lending transactions under the guidance of senior traders.
- Inventory & Pricing: Monitor daily inventory utilization and borrower requests. Price and negotiate lending fees for routine flow trades.
- Trade Optimization: Identify yield-enhancement opportunities within the portfolio and proactively pitch inventory to borrowers.
Relationship Management and Team Collaboration
- Counterparty Maintenance: Maintain daily contact with borrowing counterparties (prime brokers, banks, and other desks) to handle routine flow, locate requests, and trade queries.
- Relationship Development: Actively work to strengthen existing counterparty relationships and identify new avenues for flow, positioning our desk as a highly responsive and reliable partner.
- Market Feedback: Gather intelligence from counterparties regarding market demand, competitor pricing, and borrow needs to feed back to the desk.
- Internal Collaboration: Work closely with Trading, Operations, Product Management, and Technology teams to support efficient execution and resolve operational bottlenecks.
- Project Contribution: Contribute to cross-functional projects that enhance trading processes, analytics, and overall operational efficiency.
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Market & Inventory Analysis
- Market Monitoring: Analyse lending fees, utilization rates, and borrower demand across asset classes to identify market squeezes or specials.
- Market Intelligence: Keep abreast of macro market developments, central bank rate decisions, and funding market dynamics that influence lending spreads.
Data, Analytics & Pricing Models
- Desk Analytics: Help on maintaining and improving pricing models, tracking spreads.
- Performance Tracking: Help on producing daily trading reports, desk revenue metrics, and utilization dashboards.
- Automation: Support initiatives to automate routine trading workflows, borrow requests, and data feeds.
Risk, Controls & Operations
- Trade Reconciliation: Ensure all executed trades are accurately booked, matched, and reconciled.
- Settlement & Fails Management: Work closely with Operations to monitor settlement activity, minimize trade fails, and manage buy-ins or recalls.
- Compliance: Adhere strictly to internal risk limits, regulatory requirements, and trading controls.
- Issue Escalation: Escalate operational issues, settlement discrepancies, or risk exceptions promptly to senior traders when necessary.
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Your profile
Essential
- Education: Bachelor’s degree in Finance, Economics, Mathematics, Engineering, Computer Science, or a related discipline.
- Experience: 0 to 1 year of experience in financial markets (e.g., a relevant internship, placement, or graduate program in trading, treasury, repo, or prime brokerage).
- Financial Acumen: Strong foundational understanding of financial markets, interest rates, and the mechanics of securities lending/borrowing.
- Analytical Skills: Exceptional numerical and analytical skills; comfortable working with large datasets to drive trading decisions.
- Tech Skills: Advanced proficiency in Microsoft Excel and VBA coding.
- Soft Skills: High attention to detail, ability to work under pressure in a fast-paced environment, and excellent interpersonal skills to build, maintain, and develop strong relationships with counterparties.
Desirable
- Lending vs. cash experience: Basic understanding of repo markets, cash collateral reinvestment, or funding/liquidity management.
- Programming: Experience with Python, SQL, or Power BI to build trading tools and automate workflows.
- Certifications: Progress towards or interest in pursuing the CFA, CISI, or equivalent financial certifications.
- Language: Fluent English, working skills in French, German, or Italian would be a plus.
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