Non-Agency RMBS Trading, Director or Managing Director, Global Markets

Bank of Montreal • New York, NY

7d

About The Position

BMO Capital Markets is hiring a senior trader for its Securitized Credit Trading desk within Global Markets, focused on secondary trading of Non-Agency Residential Mortgage-Backed Securities (RMBS). The role is part of the broader Mortgage and Securitized Products Sales and Trading platform and delivers client-focused trading solutions. Internally, the trader supports the firm's origination and securitization activities and collaborates with the distribution force. Externally, the role serves institutional clients by providing market insight, liquidity, and execution.

The successful candidate will manage the secondary trading effort, including inventory, hedging, profit and loss, risk limits, repo pricing, and distribution. They will facilitate client flow as agent and principal, support liquidity and transparency for BMO-led transactions, and work closely with sales colleagues to deliver market insight, product expertise, and liquidity. The trader will develop institutional client relationships, generate market commentary and trade ideas, and communicate with trading leadership and Risk Management to manage principal risk within firm limits and use capital efficiently. The role requires close attention to regulatory and firm compliance requirements.

The position is offered at Director or Managing Director level. The stated salary is $275,000 at Director level and $350,000 USD at Managing Director level, subject to the candidate meeting the role's requirements. BMO notes that salary may vary based on location, skills, experience, education, and qualifications, and the total compensation package may include performance-based incentives, discretionary bonuses, and other rewards.

Requirements

• Ideally 10 or more years of relevant experience in fixed-income trading, with the majority focused on the Non-Agency RMBS market.
• Demonstrated leadership and people-management experience, including the ability to lead, develop, and retain high-performing employees and teams.
• Deep knowledge of mortgage credit, including collateral analysis, prepayment, default and severity modeling, servicer behavior, and deal structure.
• Extensive knowledge of capital-markets-related activity.
• Strong understanding of trading procedures and regulatory rules and guidelines.
• SIE, Series 7, and Series 63 licenses required.
• Proficiency in Bloomberg, Intex, Yield Book, and Excel.
• Strong risk-management skills and focus on protecting the firm's balance sheet.
• Strong quantitative, communication, and leadership skills, with a collaborative, team-first mindset.
• Self-starter with creative idea-generation skills to drive business.

Nice To Haves

• 10 or more years of relevant fixed-income trading experience, with most of that experience focused on the Non-Agency RMBS market (described as ideal).

Responsibilities

• Manage all aspects of secondary trading for Non-Agency RMBS, including inventory management, hedging, P&L, risk limits, repo pricing, and distribution.
• Facilitate client flow and provide liquidity by trading as both agent and principal.
• Support the firm's origination and securitization platform by providing secondary-market liquidity and transparency for BMO-led transactions.
• Work with sales staff to provide market insight, product expertise, and liquidity to clients.
• Build and maintain relationships with institutional clients and expand the client base with prospective clients.
• Use knowledge of financial markets and macroeconomics, together with RMBS expertise, to provide market commentary and effective trade ideas.
• Communicate with the Head of Trading and Risk Management to manage principal risk within firm limits and ensure capital efficiency.
• Maintain strong awareness of and compliance with regulatory and firm rules and guidelines.

Benefits

• Health insurance
• Tuition reimbursement
• Accident and life insurance
• Retirement savings plans
• Performance-based incentives and discretionary bonuses may be included in total compensation.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: No Education Listed