Junior Rates Options Trader — Market Making & Client Business

Wells Fargo & Company•New York, NY

1d•$143,000 - $224,000•Onsite

About The Position

Wells Fargo is seeking a Junior Trader to join its USD Rates Options Desk within Corporate & Investment Banking Markets. The role focuses on making markets in swaptions, caps and floors, and Treasury options; pricing and executing client hedging business alongside sales; and managing the book’s day-to-day risk. The position is based at 500 West 33rd St., New York, New York 10001, with expected in-office presence aligned to market hours and occasional early coverage for global sessions. Travel may be up to 10%.

Requirements

At least 2 years of Securities Trading experience, or equivalent demonstrated through work experience, training, military experience, education, or a combination.
Obtain and/or maintain appropriate FINRA license(s) for ongoing employment. FINRA Series 7, 57, and 63 examinations, or recognized equivalents, must be completed within 90 or 180 days after employment begins, depending on the licenses needed, if not transferable upon hire. The SIE co-requisite applies to specified FINRA qualification exams obtained after September 30, 2018.
Meet applicable state law registration and licensing requirements and any applicable product or SAFE licensing requirements.
Successfully complete and pass a background check before hire and meet enhanced financial fitness and criminal background standards. Ongoing regulatory screening and reporting obligations apply.

Nice To Haves

Master’s degree in Financial Engineering, Mathematics, Statistics, Physics, Economics, or a related quantitative discipline, or equivalent quantitative experience.
Demonstrated experience pricing and executing interest rate derivatives, including interest rate swaps, swaptions, caps/floors, bond options, and structured rates products.
Proficiency in Python and advanced Excel for pricing, analysis, and tool building, with experience developing pricing tools or analytics used by a trading desk.
Working knowledge of Bloomberg for rates pricing and execution, such as SWPM and VCON, and exposure to front-office booking, risk, and lifecycle platforms such as Murex, Calypso, Summit, or an equivalent OMS/trading system.
Experience managing institutional client RFQ flow, including quoting, following up on option expiries, and post-trade client communication.
Understanding of volatility modeling, including implied versus realized volatility, volatility smile/skew, SABR-type and Black/Bachelier frameworks, and swaption cube construction.
Experience collaborating across repo, cash Treasury, flow rates, and structured rates desks, including across regions.
Familiarity with capital and funding implications of a rates options book, including clearing versus bilateral, initial margin, SA-CCR, FRTB, and XVA.
Experience producing written market commentary or trade ideas and conducting relative value, macro, or systematic strategy research, including scenario and P&L analysis.

Responsibilities

Quote and execute two-way markets in vanilla and structured rates options, including swaptions, caps/floors/collars/seagulls, cancellable swaps, and Treasury options, within assigned risk, size, and product limits.
Respond to client RFQs across voice and electronic venues with accurate, timely pricing; maintain axes, runs, and current volatility marks.
Partner with rates sales to structure client hedges, prepare scenario and P&L analysis, and manage expiries, exercises, and resets through maturity.
Hedge and monitor delta, gamma, vega, and theta across the grid using swaps, futures, and cash Treasuries.
Own daily P&L explain and attribution, reconcile risk to P&L, resolve breaks with Product Control, and support IPV and month-end mark reviews.
Book and validate trades accurately in front-office systems and ensure clean confirmation, clearing, and settlement.
Build and maintain pricing and analytics tools; work with quants and technology on curve, volatility-surface, and workflow improvements.
Operate within the desk’s supervisory and control framework, including risk limits, communications policy, best execution, and regulatory reporting obligations.
Produce and distribute U.S. rates market updates and trade ideas.
Meet applicable FINRA licensing, state registration, and licensing requirements and ongoing regulatory obligations.
Follow applicable Wells Fargo risk, compliance, and personal-account-dealing policies and requirements.