Relative Value Trader - G10 Rates

Run a relative value book inside an established multi-manager, multi-strategy hedge fund pod. The seat trades G10 rates RV: government bonds, bond futures basis, asset swaps, and OIS/SOFR/SONIA/ESTR swap spreads and basis. The process is semi-systematic. Structures originate from curve, basis and flow dislocations, are sized and hedged under a codified framework, and are monitored through Python and SQL analytics.

This is not a directional duration or macro seat, and it is not a pure execution or flow-facilitation role. Risk is relative, sized by a framework, and owned end to end.

• How do you size and hold a swap spread or asset swap structure when balance sheet constraints, supply and quarter-end funding drive the spread more than fair value does?
• Where does your codified framework end and discretion begin? Which parts of sizing, hedging and exit are rules, which can you override, and what did the last override cost or save you?
• How do you hedge a futures basis, cash and swap structure so the residual is the CTD switch, repo specialness or curve basis you meant to own, and what caps it when the book thins at quarter-end?

• Capital:
  Allocation scales with risk-adjusted performance.
• Infrastructure:
  Production Python/SQL research and backtesting environment, with execution and risk tooling already built.
• Support: A dedicated quant, plus day-to-day collaboration with the other traders and the senior PM in the pod.

• 5+ years trading G10 rates RV at a multi-manager, systematic fund, prop firm or bank flow/RV desk.
• A positive track record judged on risk-adjusted terms:
  Sharpe, drawdown and capital used. Headline PnL without that context does not count.
• Direct experience with at least two of: government bond RV, futures basis, asset swaps, OIS/SOFR/SONIA/ESTR basis, swap spreads, curve and butterfly structures.
• Python and SQL used in the daily process: signal construction, analytics, backtesting, risk.

• Non-compete - client is willing to consider applicants available within 6-9 months.
• Base salary: £150,000 to £250,000 depending on experience and track record.
• Performance aligned bonus and sign on negotiable based on relevant experience.

This is not a guarantee of compensation or salary; a final offer amount may vary based on factors including but not limited to experience, domain expertise, and geographic location.