Trader (Convertible Bonds)

PEAK6•Chicago, IL

2d•$100,000 - $125,000•Hybrid

About The Position

We are seeking a Convertible Bonds Trader to join our convertibles desk, with a specific mandate around volatility-driven strategies. This is a hands-on trading seat — not a research or support role — for someone who understands convertible arbitrage mechanics and wants to build a career around trading the volatility component of converts (gamma, vega, skew) alongside credit and equity-linked risk.

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 — you'll be given real risk and expected to earn more of it

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