Fixed Income Division - Analyst, Municipal Markets

The Analyst for the Fixed Income Division will support a municipal bond market-making desk by applying quantitative strategies to financial trading. Key responsibilities include developing pricing and risk models while collaborating closely with traders and quantitative researchers. A Bachelor’s degree in mathematics is required, along with programming skills in Python and a strong interest in trading.

Join a quantitative team supporting a large municipal bond market-making desk. We work alongside traders across electronic and voice trading, bond origination, specialized lending, and bespoke derivative products.

Our team uses mathematics, statistics, machine learning, and software to solve practical trading problems. We analyze trading strategies, build electronic trading algorithms, model the financial risks associated with the desk’s inventory, and conduct detailed analysis of trading profits and losses.

Municipal markets offer particularly interesting quantitative challenges. Many securities trade infrequently, bonds differ across numerous structural features, and available market data can be incomplete. We develop mathematical models that connect observable market variables to bond prices, helping the trading desk estimate value, identify relative-value opportunities, manage risk, and make better trading decisions.

As a Quantitative Strategist, you will work directly with traders, quantitative researchers, and engineers. You will use data and statistical analysis to identify potential trading strategies, assist with complex trades and hedging decisions, and improve the models and systems used to price securities and monitor risk.

You will also help organize and maintain the team’s quantitative research environment, including its modeling software, research archive, Python packages, Linux environment, containers and testing. The role includes both immediate desk-facing analysis and longer-term research into trading strategies and market behavior.

• Research and test quantitative trading strategies.
• Help traders evaluate complex transactions, hedge selection, position sizing, and execution timing.
• Develop pricing and risk models for municipal bonds, bond derivatives, and related products.
• Analyze inventory risk, trading activity, and profit-and-loss performance.
• Apply statistics and machine learning to trading, pricing, and risk-management problems.
• Help move machine-learning and AI models into production.
• Organize and maintain quantitative models, research code, and development environments.
• Communicate analytical findings clearly to traders and other stakeholders.

• Bachelor’s degree in mathematics.
• Masters degree in STEM, preferably Applied Math, MFE, Operations Research, Statistics, Physics, Engineering.
• Strong knowledge of probability, statistics, numerical methods, and mathematical modeling.
• Good programming skills, preferably in Python.
• Familiarity with, or an interest in learning, Linux, Git, package management, containers, pandas, and Num Py.
• Strong interest in trading and financial markets.
• The ability to take ownership of software, models, and research processes.
• Excellent analytical, organizational, and communication skills.
• A collaborative personality and an interest in working closely with PEOPLE on trading desk.
• Ability to stay calm under pressure.
• Recent graduates and candidates with up to three years of relevant experience are encouraged to apply.

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