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About the Role
We are seeking a Convertible Bonds Trader to join our convertibles desk, with a specific mandate around volatility-driven strategies. This is a hands-on trading seat focused on trading the volatility component of converts (gamma, vega, skew) alongside credit and equity-linked risk.
Responsibilities
- Trade convertible bonds with an emphasis on the embedded optionality — managing gamma, vega, and volatility exposure across the book
- Identify and execute relative value opportunities between convertible bonds, their underlying equity, listed options, and credit
- Monitor and hedge delta, gamma, and vega exposures in real time; adjust hedges as underlying equity and implied vol shift
- Build and refine pricing/valuation views using derivatives pricing tools, challenging model outputs against market-observed levels
- Analyze issuer credit quality, capital structure, and fixed income terms (yield-to-worst, conversion premium, credit spread) as inputs to trade decisions
- Partner with senior traders on position sizing, risk limits, and book construction
- Stay current on primary issuance, calls/puts, corporate actions, and other events that affect convert valuations
Requirements
- 2–5 years of experience trading or supporting a trading function in convertible bonds, equity derivatives, or volatility products
- Strong grounding in options theory (Black-Scholes, Greeks, vol surfaces, skew/term structure dynamics)
- Solid fixed income math (yield curves, duration, credit spreads, YTW/YTM/YTC mechanics)
- Proficiency with Bloomberg (CBs, OMON, derivatives pricing functions) and other derivatives pricing/analytics platforms
- Demonstrated ability to think in terms of risk (Greeks) rather than just price
- Strong quantitative reasoning and comfort making decisions under uncertainty and time pressure
- Excel proficiency required
- A competitive, self-directed mindset suited to a prop trading environment
- No specific degree required — track record and demonstrated market knowledge matter more than pedigree
Skills
- Python or other scripting ability a plus for automating analysis
Location
- Chicago
Work Type
- Hybrid
- Remote up to two days a week
Experience Level
- 2-5 years
Education Level
- No specific degree required
Salary/Compensations
- $100,000-$125,000
Benefits
- Healthcare benefits (medical, dental and vision, EAP)
- Competitive PTO
- 401k match
- Parental leave
- HSA contribution match
- Paid subscription to the Calm app
- Generous external learning and tuition reimbursement benefits
- Direct access to senior traders and firm capital
- Performance-based compensation structure
- A focused, specialized seat (convertibles/vol) rather than a generalist rotation
- A merit-driven culture where trading results, not tenure, dictate advancement
- Discretionary annual bonus
About the Company
- Headquartered in the historic Chicago Board of Trade, PEAK6 Capital Management is a proprietary options trading firm that has been defining the industry for more than 25 years.
- PEAK6 Capital Management has consistently delivered liquidity to the options market.
- We thrive due to our firm’s special blend of financial acumen, ability to manage risk, and cutting-edge technology.
- Our success is driven by our team of technologists, engineers, and traders who leverage proprietary tech and a data-centric approach to maintain inventory and stay ahead of the markets, so customers can, too.
- We are committed to providing dependable liquidity, which is crucial for market stability, investor confidence, and efficient trading across asset classes.
Equal Opportunity
- PEAK6 is proud to be an equal opportunity employer that does not discriminate on the basis of race, color, religion, sex (including pregnancy, sexual orientation, and gender identity), national origin, age, disability, veteran status, marital status, or any other protected characteristic.
- Our hiring practices ensure that all qualified applicants receive fair consideration without regard to these characteristics.
- PEAK6 is committed to creating an inclusive and accessible workplace for all candidates, including those with disabilities.
- We are dedicated to ensuring equal employment opportunities and providing reasonable accommodations to qualified individuals with disabilities.
- If you require reasonable accommodations to participate in the application or interview process, please contact our HR department at hr@peak6.com.
- We will work with you to provide the necessary accommodations to ensure your full participation in our hiring process.