The Investment team seeks a Volatility Trading Specialist to report directly to a Portfolio Manager and liaise with quantitative researchers. The Volatility Trading Specialist will apply his/her expertise across various volatility strategies developed at the firm and be primarily responsible for ensuring optimal execution of option trades on equity indexes, futures and ETFs, on commodity futures, and on FX futures and forwards. For the avoidance of doubt, the firm has generally not traded single name positions.
A Leading Multi-Billion Dollar Investment Advisory Fund in Manhattan is looking for a full-time, permanent, employee for a Volatility Trading Specialist.
Position
The Investment team seeks a Volatility Trading Specialist to report directly to a Portfolio Manager and liaise with quantitative researchers. The Volatility Trading Specialist will apply his/her expertise across various volatility strategies developed at the firm and be primarily responsible for ensuring optimal execution of option trades on equity indexes, futures and ETFs, on commodity futures, and on FX futures and forwards. For the avoidance of doubt, the firm has generally not traded single name positions. The successful candidate will be energetic, detail-oriented, and proactive in trading and research tasks (optimization, data monitoring, automation). This individual will be expected to work on-site at our New York office at least 2-3 days/week.Â
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Primary responsibilitiesÂ
· Ensure optimal execution of volatility strategies by leveraging both technology platforms (SpiderRock) and voice executionÂ
• Constantly adjust optimal mix of taking vs providing liquidity to the market, in alignment with the objectives of the strategies
• Exploit market structure to minimize fees and earn rebates and other incentivesÂ
• Implement efficient delta hedging process (and other Greeks as needed)
· Work closely with portfolio managers and quantitative researchers to propose optimizations that would make strategies more efficient, and provide market insights that may improve strategies (e.g., map main flows in the market and how they affect the vol surface, support building a dealer positioning model)
· Cultivate and maintain strong relationships with trading counterparties to improve execution terms and gather market insights
· Manage both trading-related and research process projects and tasks; analyze, propose, and implement improvements; these may include:
• Optimizing the process of sourcing and maintaining new and existing data
• Continuously monitoring critical data to identify and address potential issues
• Expanding the set of instruments / markets traded
• Suggestions for automation and simplification of trading and portfolio management systems
·   To the extent possible and necessary, support other investment team efforts including Execute option trades for other books Â
• Optimizing the process of sourcing and maintaining new and existing data and cross-functional projects/efforts
Desired background
The most important qualities for the Volatility Trading Specialist role will be superior execution skills via OMS/EMS and voice, knowledge of the volatility markets, an openness to new ideas, and an affinity for a values-oriented environment, focused on long term value generation for investors, rather than on short-term profit maximization for the asset manager. We aspire to place the best interests of our investors above personal objectives.
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The ideal candidate will have the following characteristics:Â
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·   Significant experience in trading the volatility markets
• 3-5Â years trading volatility markets (e.g., listed options on equity indexes and commodity futures) as a market maker or in a specialized vol fund / pod
• Experience with generating âtrade execution alphaâ using SpiderRock and other technology platforms; deep, multi-year familiarity with SpiderRock is required
• Good relationship with vol trading counterparties; knowledge of the main flows in the market and ability to track them
• Experience in trading out of the money options as âtail hedgesâ
• Deep understanding of options (e.g., Greeks hedging, risk management, PnL attribution), volatility market dynamics (dealer positioning, spot-vol dynamics) and market structure (e.g., exchange characteristics and fee models)
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·   Distinctive research & trading skillset
• Strong attention to detail, operational accuracy, and a dedication to producing error-free work
• Strong quantitative skills, ability to perform complex data analytics, including proficiency in Excel modeling; some Python experience a plus
• Strong communication/interpersonal skills to build and maintain internal/external relationships and negotiate favorable trade terms for MIO
• Ability to assess, prioritize, and execute multiple tasks under pressure
• Ability to learn and navigate new technologies quickly (e.g., portfolio management systems and other MIO internal systems)
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·   Affinity with the Firmâs values and prioritiesÂ
• Focus on long term value generation for investors, rather than on short-term profit maximization for the asset manager
• Placing best interests of our investors above personal objectives
• Emphasis on risk management (both of market risk and operational risk)Â
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