StoneX Group
Senior Banknote Trader
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Overview
Company Overview:
Connecting clients to markets – and talent to opportunity.
With 5,400+ employees and over 80,000 institutional, commercial, and payments clients, we operate from more than 80 offices spread across six continents. As a Fortune 100, Nasdaq-listed provider, we connect clients to the global markets – focusing on innovation, human connection, and providing world-class products and services to all types of investors.
Whether you want to forge a career connecting our retail clients to potential trading opportunities, or ingrain yourself in the world of institutional investing, StoneX Group is made up of four business segments that offer endless potential for progression and growth.
Position Purpose:
The Senior Banknote Dealer is responsible for the commercial management of current-issue circulating and legacy but tradable banknotes, with a strong emphasis on FX-linked pricing, inventory risk, and hedging strategies.
The role combines physical banknote trading expertise with treasury-style risk management, ensuring profitability and capital protection across multi-currency positions. The position requires advanced knowledge of banknote markets, FX markets, spreads, liquidity, and counterparty risk, and close coordination with treasury, compliance, and operations teams.
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Responsibilities
Key Responsibilities
Banknote Trading & Inventory Management
- Trade high volumes of banknotes across major and emerging-market currencies
- Manage bid/offer spreads for wholesale and institutional clients
- Source notes from central banks, commercial banks, exchange houses, and international counterparties
- Optimise inventory turnover while balancing availability and carry costs
- Price banknotes dynamically using spot FX, forward points, and market premiums
FX Exposure & Hedging
- Actively manage FX exposure arising from physical banknote inventories
- Design and execute hedging strategies using:
- FX spot and forwards
- Swaps and rolling hedge structures
- Natural hedges between buy/sell flows
- Monitor open currency positions and Value at Risk (VaR)
- Work closely with Treasury to align hedges with group FX policy
- Assess basis risk between physical banknote pricing and interbank FX markets
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Qualifications
To land this role you will need:
- Extensive experience in banknote trading, FX trading, or treasury functions
- Proven experience managing multi-currency physical cash positions
- Strong understanding of FX markets, forwards, swaps, and hedging mechanics
- Demonstrated ability to price risk and manage margin in volatile markets
- Advanced numeracy and risk awareness
- Strong commercial judgement and decision-making capability
- Experience in wholesale banknote desks or central bank-appointed roles
- Treasury or FX trading background
- Familiarity with VaR, P&L attribution, and hedge effectiveness analysis
- Multilingual skills
- Professional qualifications (e.g. ACI, ACT, CFA, IBNS)
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