G10 Non-USD Rates and FX Trader

Job Description

We are seeking a Non-USD Rates Trader with a primary focus on G10 FX swaps pricing and risk management, alongside the ability to risk-manage cross-currency basis swaps. This role sits at the intersection of rates, FX, and balance sheet, requiring a strong understanding of funding markets, central bank regimes, and cross-currency liquidity dynamics. The trader will be responsible for pricing client flow, managing funding risk, and contributing to balance sheet‑efficient trade structures across major currencies.

• FX Swaps Trading & Pricing
  • Make two‑way markets in G10 FX swaps (spot/forwards, short‑dated and out the curve)
  • Manage forward points, funding spreads, and liquidity risk across currencies
  • Price in line with:
    • Money market curves (OIS, IBOR where relevant)
    • Cross‑currency basis dynamics
    • Balance sheet constraints
  • Risk‑manage G10 cross‑currency basis risk (e.g., EURUSD, USDJPY, GBPUSD)
  • Monitor and trade basis dislocations driven by issuance, hedging flows, and funding pressures
• Client & Sales Interaction
  • Support FX and rates sales teams with pricing, market color, and structuring ideas
  • Assist clients in understanding:
    • FX hedging costs
    • Cross‑currency funding alternatives
  • Communicate clearly around market drivers (central banks, issuance, flows)
• Electronic Trading & Infrastructure
  • Work with eFX and platform teams to improve:
    • FX swaps pricing engines
    • Liquidity distribution and skewing
  • Monitor electronic flow (RFQ, streaming) and adjust pricing accordingly
  • Contribute to automation and workflow improvements

• 5+ years experience in
  • FX swaps trading / Non‑USD rates / funding / basis trading
• Strong understanding of
  • FX forward pricing mechanics
  • OIS and money market curves
  • Cross‑currency basis drivers

• Deep grasp of market microstructure across FX and rates
• Ability to translate macro and flow into pricing decisions
• Strong numerical intuition around funding and carry
• Excellent communication across trading, sales, and treasury
• High attention to risk, liquidity, and balance sheet usage
• Experience with corporate, institutional and issuance‑related flows
• Familiarity with xccy basis curve trading and relative value
• Experience bridging voice flow and electronic execution

• Healthcare (medical, dental, vision)
• Basic term and optional term life insurance
• Short‑term and long‑term disability
• Pregnancy disability and parental leave
• 401(k) and employer‑funded retirement plan
• Paid vacation (from two to five weeks depending on salary grade and tenure)
• Up to 11 paid holiday opportunities
• Adoption assistance
• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law

Pay range: $ - $

U.S. Bank is an equal opportunity employer. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, and other factors protected under applicable law.

U.S. Bank participates in the U.S. Department of Homeland Security E‑Verify program in all facilities located in the United States and certain U.S. territories. The E‑Verify program is an Internet‑based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E‑Verify program.

Applicants must be able to comply with U.S. Bank policies and procedures including the Code of Ethics and Business Conduct and related workplace conduct and safety policies.