Trader

Citi • New York, NY

1d • $150,000 - $175,000 • Hybrid

About The Position

Citigroup Global Markets Inc. seeks a Trader, AVP in New York, New York. The role trades and manages repurchase agreements used to finance the firm’s broker-dealer unit and provides liquidity to clients by making markets in Treasury repurchase agreements. It develops specialness-driven trading strategies, models specialness events, analyzes Treasury futures implied repo rates and cash-futures mispricing, and manages settlement fails and related funding arbitrage opportunities. The role also expresses relative-value views across USD rates markets, conducts quantitative and discretionary interest-rate research, publishes Treasury market-structure research, and manages repo relationships with market participants. It monitors secured and unsecured funding benchmarks, builds and validates pricing models, and manages Treasury positions to optimize carry, roll-down, and financing efficiency within defined risk limits. A telecommuting or hybrid schedule may be permitted within a commutable distance of the worksite, subject to Citi policies and protocols.

The position requires a relevant master’s degree and two years of specified experience, or a relevant bachelor’s degree and five years of specified progressively responsible, post-baccalaureate experience. The full span of experience must include programming with Python and SQL; mathematical optimization; use of Bloomberg Terminal; quantitative portfolio optimization and funding-stress signals; financial data analysis and market research; and knowledge of interest rate derivatives, FX, fixed income markets, and macroeconomic themes in short-term funding strategies and yield-curve positioning.

Requirements

• Master’s degree or foreign equivalent in Finance, Economics, Mathematics, or a related quantitative field, plus two years of experience as a Trader, Analyst, Quantitative Analysis Program Analyst, or related position involving quantitative markets research, trading revenue generation, and risk management, particularly for repo products; alternatively, a bachelor’s degree in the stated fields plus five years of specified progressively responsible, post-baccalaureate experience.
• Experience coding with Python and SQL to monitor real-time positions, P&L, and funding gaps across counterparties and collateral types.
• Experience using mathematical optimization algorithms to manage real-time positions, minimize funding costs, close funding gaps across counterparties, and make collateral-allocation decisions.
• Experience using Bloomberg Terminal to monitor collateral valuations and retrieve yield curves, security-level analytics, and counterparty credit data.
• Experience with quantitative portfolio optimization and quantitative signals to forecast funding stress, adjust collateral composition, and express macro views.
• Experience in financial data analysis and market research to identify funding trends, seasonal liquidity patterns, and rate dislocations across short-term money markets.
• Experience with interest rate derivatives, FX, and fixed income markets, and integrating macro themes into short-term funding strategies and sophisticated yield-curve positioning.

Responsibilities

• Trade and manage repurchase agreements to finance the broker-dealer unit and provide liquidity to clients in Treasury repo markets.
• Develop specialness-driven strategies and identify Treasury securities trading at a premium around auctions, settlement windows, cheapest-to-deliver switches, supply shortages, and settlement failures.
• Build and maintain proprietary models forecasting specialness events using auction data, open interest, and settlement-failure analytics.
• Track implied repo rates across Treasury futures and trade cash-futures mispricing, accounting for delivery optionality and collateral financing.
• Manage settlement fails in primary and secondary markets; assess impacts on repo yields and General Collateral rates and structure trades to capture funding arbitrage.
• Express relative-value views across USD rates markets and adjust exposures in response to Treasury supply, hedging flows, and fiscal events while managing duration and spread risk.
• Conduct quantitative and discretionary interest-rate market research, develop and backtest ideas across term structure, repo basis, and collateral scarcity, and present findings in formal research memoranda.
• Publish research on Treasury market structure for internal stakeholders and select external clients.
• Manage repo relationships with money market funds, hedge funds, prime brokers, and custodians.
• Monitor the Secured Overnight Financing Rate and Effective Federal Funds Rate to track changes in secured and unsecured funding markets.
• Build and validate quantitative pricing models for Treasury securities and repo rates, and stress-test model assumptions.
• Manage Treasury positions to optimize carry, roll-down, and financing efficiency within defined risk limits.

Benefits

• Medical, dental, and vision coverage
• 401(k)
• Life, accident, and disability insurance
• Wellness programs
• Paid time off, including vacation, sick leave, and paid holidays
• Eligible employees may receive discretionary and formulaic incentive and retention awards

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level