Equity Delta 1 Trader

Wells Fargo Bank•New York, NY

4h•Onsite

About The Position

Wells Fargo's Corporate & Investment Bank (CIB) offers a comprehensive suite of banking, capital markets, and advisory solutions, including sales, trading, and research capabilities, to corporate, government, and institutional clients. The Markets division provides solutions to manage client exposure through various derivatives, lending, and cash products across Structured Products Group, Rates, Equities, Foreign Exchange, Municipal Products Group, and Credit Sales & Trading. We are seeking an experienced Equity Swap Trader to assist in pricing, risk management, and trading of equity swap exposures, with a particular focus on ETF sponsors and related ecosystem counterparties. The successful candidate will demonstrate strong technical trading acumen across delta-one, a disciplined approach to market and counterparty risk, and the ability to deliver predictable risk outcomes through robust forecasting, hedging, and portfolio optimization. This role requires deep market understanding across single-name, index, and ETF underlyings, expertise in financing/borrowing dynamics, and the ability to partner effectively with Sales, Structuring, Risk, Operations, and Technology to scale a well-controlled, client-centric franchise.

Requirements

7+ years of Securities Trading experience, or equivalent demonstrated through one or a combination of the following: work experience, training, military experience, education.

Nice To Haves

BS/BA or higher
An active Chartered Financial Analyst (CFA) designation
Strong understanding of Equity swaps, SIMM, ISDA, hedge fund strategies, derivatives and financing structures.
Proficiency in risk analytics, margin methodologies (VaR, PFE, stress testing, scenario analysis) and capital usage metrics.
Strong ETF sponsor experience, including the ability to price and manage risk for ETF-linked exposures and understand creation/redemption dynamics and flow-driven dislocations.
Proven capability in risk forecasting (scenario analysis, stress testing, regime shifts) and disciplined hedging under normal and stressed market conditions.
Strong understanding of market microstructure, liquidity, transaction costs, and slippage in ETFs and underlying baskets.
Excellent communication skills with the ability to engage both internal stakeholders and external clients.
Familiarity with prime brokerage / equity finance linkages (stock borrow, funding, balance sheet constraints) impacting swap pricing and profitability.
Strong analytical skills with the ability to analyze raw data, draw conclusions, and develop actionable recommendations.
Proactively identifies, assesses, and mitigates client and market risks in a fast-paced environment by anticipating emerging exposures, escalating issues appropriately, and driving timely, practical risk actions aligned with established risk parameters.
Build strong, trusted partnerships with front office stakeholders and risk counterparts, balancing commercial objectives with disciplined risk management and control expectations to support sustainable business growth.
Consistently delivers competitive pricing with clear risk-adjusted profitability.
Demonstrates proficiency in hedging efficiency, forecast accuracy, and reduced drawdowns during volatile periods.
Builds strong credibility with ETF sponsor stakeholders through market insight, reliability, and controlled risk taking.
Maintains strong control discipline: minimal operational issues, accurate booking/valuation, and clean audit/regulatory posture.

Responsibilities

Price, execute, and manage risk for equity swaps (single-name, index, basket, and ETF-linked), including total return swaps, price return swaps, and related delta-one structures.
Provide real-time pricing and market color across ETFs and underlying constituents, with a strong understanding of primary vs. secondary liquidity, creation/redemption mechanics, and ETF-specific microstructure.
Develop and maintain pricing frameworks that incorporate: Underlying liquidity / impact costs, Financing (funding, balance sheet) and stock borrow dynamics, Dividend and corporate action impacts, Hedging slippage and basis risks (ETF vs. basket vs. futures).
Serve as a trading point of expertise for ETF sponsor-driven activity, including rebalances, index changes, custom baskets, and flows that can drive predictable market impact.
Partner with Sales/Structuring to design, model, and price solutions tied to ETF-linked exposures, ensuring clear articulation of embedded risks (tracking error, basket composition drift, liquidity gaps).
Provide insight on forecasting and hedging risks around ETF events (reconstitutions, corporate actions, dividend seasons, holiday calendars, large flow days).
Assist in day-to-day trading risk management for the equity swap book, including: delta exposure and hedging efficiency, basis risk (ETF vs. futures vs. basket/constituents), gap risk, correlation breakdowns, and event risk, Concentration and liquidity risk in stressed markets.
Develop models to predict ETF trading activity based off prior positioning and market conditions.
Design and execute hedging strategies using: Underlying cash equities and baskets, Index futures and ETF hedges, Listed & OTC options (where applicable) to manage tail/gap risks.
Optimize hedges for cost, liquidity, and stability, minimizing turnover and market impact while maintaining risk integrity.
Advise leadership to develop objectives, plans, resources, and long-term goals for highly complex business and technical needs.
Assist clients with financial goals.
Lead the strategy and resolution of high complex in-depth evaluation.
Deliver solutions that are long-term, and require vision, creativity, innovation, advanced analytical, and coordination of highly complex activities and guidance to others.
Provide vision, direction and expertise to leadership on implementing innovative and significant business solutions for client objectives.
Collaborate and consult with internal partners and managers and serve as an expert advisor to clients.