Trader (Convertible Bonds)

PEAK6•New York City, NY

21h•Hybrid

About The Position

PEAK6 Capital Management is seeking a Convertible Bonds Trader to join their convertibles desk, focusing on volatility-driven strategies. This is a hands-on trading role for an individual with a strong understanding of convertible arbitrage mechanics, aiming to build a career trading the volatility component of convertible bonds (gamma, vega, skew) alongside credit and equity-linked risk. The role involves managing gamma, vega, and volatility exposure, identifying relative value opportunities, monitoring and hedging exposures, building valuation views, analyzing issuer credit quality, and collaborating with senior traders on risk management.

Requirements

2–5 years of experience trading or supporting a trading function in convertible bonds, equity derivatives, or volatility products
Strong grounding in options theory (Black-Scholes, Greeks, vol surfaces, skew/term structure dynamics)
Solid fixed income math (yield curves, duration, credit spreads, YTW/YTM/YTC mechanics)
Proficiency with Bloomberg (CBs, OMON, derivatives pricing functions) and other derivatives pricing/analytics platforms
Demonstrated ability to think in terms of risk (Greeks) rather than just price
Strong quantitative reasoning and comfort making decisions under uncertainty and time pressure
Excel proficiency required
A competitive, self-directed mindset suited to a prop trading environment

Nice To Haves

Python or other scripting ability a plus for automating analysis

Responsibilities

Trade convertible bonds with an emphasis on the embedded optionality — managing gamma, vega, and volatility exposure across the book
Identify and execute relative value opportunities between convertible bonds, their underlying equity, listed options, and credit
Monitor and hedge delta, gamma, and vega exposures in real time; adjust hedges as underlying equity and implied vol shift
Build and refine pricing/valuation views using derivatives pricing tools, challenging model outputs against market-observed levels
Analyze issuer credit quality, capital structure, and fixed income terms (yield-to-worst, conversion premium, credit spread) as inputs to trade decisions
Partner with senior traders on position sizing, risk limits, and book construction
Stay current on primary issuance, calls/puts, corporate actions, and other events that affect convert valuations