Junior Fixed Income Trader - Global Rates

The International Rates team is part of Vanguard’s Global Rates Active Fixed Income franchise. The team is responsible for the management of global aggregate, governments, and FX strategies. Based in London, the desk invests in global opportunities across fixed income, derivatives, and currencies.

As the team continues to expand, we are looking for a driven individual with keen interest in global markets and current geopolitical developments. The role would suit someone with strong interest in fixed income public markets and demonstrated financial acumen and skills.

The Junior Fixed Income Trader supports day to day running of the desk and has opportunity to be part of the investment process. The role will have an initial focus on becoming an execution expert across multiple fixed income asset classes before evolving into part of day to day investment decisions.

During the application process, please upload a file in pdf titled "additional_questionnaire", answering :

• What do you find fascinating about markets today?
• Which trades do you currently favour and why?
• Please highlight how your experience matches the job criteria.

The use of LLMs will disqualify your application.

The International Rates team is part of Vanguard’s Global Rates Active Fixed Income franchise. The team is responsible for the management of global aggregate, governments, and FX strategies. Based in London, the desk invests in global opportunities across fixed income, derivatives, and currencies.

As the team continues to expand, we are looking for a driven individual with keen interest in global markets and current geopolitical developments. The role would suit someone with strong interest in fixed income public markets and demonstrated financial acumen and skills.

The Junior Fixed Income Trader supports day to day running of the desk and has opportunity to be part of the investment process. The role will have an initial focus on becoming an execution expert across multiple fixed income asset classes before evolving into part of day to day investment decisions.

During the application process, please upload a file in pdf titled "additional_questionnaire", answering:  
• What do you find fascinating about markets today?
• Which trades do you currently favour and why?
• Please highlight how your experience matches the job criteria.
The use of LLMs will disqualify your application.

Core Responsibilities

• Collects and distributes market information for the portfolio manager. Uses a variety of tools and databases to identify critical data for decision-making. Supports trading activity, improves upon negotiating skills. Involved in medium risk trading situations. Executes assigned trades across global markets and measures the impact of the trades on the relevant portfolios.
• Responds to telephone inquiries on the trading desk pertaining to fixed income trading information and pricing. Collects and relays relevant information for use by Portfolio Manager, Analyst, and more senior traders. Acts as a liaison with outside bond vendors.
• Assists with research under the guidance of senior traders. Supports development and operational knowledge of less tenured traders.
• Reconciles portfolio as needed, ensures activity is documented. Completes relevant administrative paperwork and tickets to process updates to the cash log, processing of cash reconciliation, and reports cash position to the portfolio manager. Researches variances as necessary to explain trends or unusual events impacting the cash position.
• Negotiates and executes trades as authorized by portfolio managers using market skills, knowledge, and experience in performing trade execution activities to achieve lower transaction costs. Generates risk management reports to determine trends in diversification, durations, and cash positions of assigned portfolio.
• Researches portfolio issues as assigned by the portfolio manager. Performs market analysis and assists in generating risk management, activity, and ad-hoc reports for senior staff.
• Responds to desk inquiries pertaining to trading information and pricing. Leverages data analysis to identify and recommend process improvement opportunities.
• Tracks assigned sector spreads and develops an understanding of relative value in assigned sector. Develops relationship with sector analyst. Gathers detailed trading activity information such as transaction cost analysis, and market impact analysis.
• Participates in special projects and performs other duties as assigned.

Qualifications

• Undergraduate degree.
• Working towards CFA preferred.
• Programming skills in VBA, Python and Tableau Preferred.

Special Factors 

• Vanguard is not offering visa sponsorship for this position. 
• This is a full-time in office role. 

Inclusion Statement 

Vanguard’s continued dedication to diversity and inclusion is firmly rooted in our culture. Every decision we make to best serve our clients, crew (internally employees are referred to as crew), and communities is guided by one simple statement: “Do the right thing.” 

We believe that a critical aspect of doing the right thing requires building diverse, inclusive, and highly effective teams of individuals who are as unique as the clients they serve. We empower our crew to contribute their distinct strengths to achieving Vanguard’s core purpose through our values. 

When all crew members feel valued and included, our ability to collaborate and innovate is amplified, and we are united in delivering on Vanguard's core purpose. 

Our core purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. 

We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation. 

How We Work

Vanguard has implemented a hybrid working model for the majority of our crew members, designed to capture the benefits of enhanced flexibility while enabling in-person learning, collaboration, and connection. We believe our mission-driven and highly collaborative culture is a critical enabler to support long-term client outcomes and enrich the employee experience.