Associate - Macro Trader

AQR•Greenwich, CT

15h•$150,000 - $180,000

About The Position

AQR is a global investment management firm built at the intersection of financial theory and practical application. We strive to deliver superior, long-term results for our clients by looking past market noise to identify and isolate what matters most, and by developing ideas that stand up to rigorous testing. Our focus on practical insights and analysis has made us leaders in alternative and traditional strategies since 1998. At AQR, our employees share a common spirit of academic excellence, intellectual honesty and an unwavering commitment to seeking the truth. We’re determined to know what makes financial markets tick – and we’ll ask every question and challenge every assumption. We recognize and respect the power of collaboration, and we believe transparency and openness to new ideas leads to innovation. We are seeking an exceptionally talented individual to join our Global Trading Strategies team as a Macro Trader with a focus on Commodities. Candidates should be ambitious, enthusiastic about implementing new ideas, and able to work both independently and collaboratively. The trader will lead our commodities trading efforts, taking primary responsibility for execution, strategy, and market engagement in this space. In addition, the role will provide cross-coverage and serve as a backup across other products, including Interest Rate Swaps, inflation-linked bonds, currencies, TBAs, repo, and volatility. The trader will also partner closely with researchers and portfolio management teams to support market and liquidity analysis, navigate evolving market structure, and periodically review execution quality and costs. Finally, the role will contribute to building and enhancing pricing, automation, and analytics tools.

Requirements

2 to 5 years of experience trading or directly supporting trading in Rates, Commodities (energy, metals, agriculture, alternative commodities), and/or Volatility markets.
Strong understanding of how macro markets actually function in practice — not just directionally, but structurally:
Market microstructure and liquidity regimes
Exchange-traded vs. OTC differences
Positioning and flow dynamics
Stress behavior and dislocations
Demonstrated ability to assess execution quality and transaction costs across venues and instruments.
Commercial judgment and risk awareness — you instinctively consider liquidity, crowding, downside asymmetry, and second-order effects before putting risk on.
Experience evaluating new products or markets with a disciplined approach to structural risk and operational considerations.
Clear, direct communicator who can challenge assumptions constructively and articulate risk trade-offs.

Responsibilities

Execute trades across global Commodities (developed and alternative), Fixed Income, and Volatility markets in line with PM intent, with strong discipline around liquidity, sizing, and risk.
Apply deep understanding of market structure and liquidity dynamics across futures and OTC markets to optimize trade implementation and minimize market impact.
Assess positioning, flows, and thematic drivers to inform execution timing and risk management decisions.
Understand the full ecosystem of market participants — dealers, producers, consumers, CTAs, macro funds, real money, retail — and how their incentives shape price action.
Evaluate and monitor risk across instruments, including basis, carry, convexity, funding, and cross-asset linkages.
Identify and assess new markets or instruments with a disciplined framework for liquidity, structural risk, and execution quality.
Continuously track macro developments (policy, inflation, growth, geopolitics, supply/demand dynamics) and translate them into actionable trading implications.
Act as a thoughtful partner to PMs — asking the right risk questions before, during, and after trades.

Benefits

We offer comprehensive package of benefits including paid time off, medical/dental/vision insurance, 401(k), and any other benefits to eligible employees.
This job is also eligible for an annual discretionary bonus.

Stand Out From the Crowd

Upload your resume and get instant feedback on how well it matches this job.

Upload and Match Resume