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About the Role
Northern Trust is seeking an experienced Equity Agency Securities Lending and Total Return Swap Trader for its London-based Global Securities Finance Trading team. This role involves managing and optimizing institutional client lending portfolios, executing equity securities lending transactions, and supporting the growth of the equity total return swap offering. The individual will collaborate with borrowers, broker-dealers, and internal teams, requiring a strong understanding of equity markets, securities lending, and risk management.
Responsibilities
- Manage day-to-day trading activity across an institutional equity securities lending portfolio, maximizing client revenue within approved guidelines.
- Develop and maintain strong relationships with borrowers to optimize lending demand and portfolio performance.
- Identify and monetize lending opportunities across various market events and demand drivers.
- Monitor portfolio metrics to ensure risk-adjusted optimization.
- Partner with sales and product teams to identify and build incremental lending opportunities.
- Prepare market commentary, trading color, and performance reporting for stakeholders.
- Ensure all trading activity meets best execution, fiduciary, and client guideline requirements.
- Support the build-out, execution, and management of an equity total return swap product offering.
- Price, book, monitor, and manage equity swap transactions according to client guidelines and risk limits.
- Monitor and manage financial risk within the equity swap trading book.
- Ensure accurate capture and reconciliation of swap and hedge bookings, with timely P&L and exception reporting.
- Coordinate with sales and relationship managers for client onboarding, trade execution, and lifecycle management.
- Collaborate with operations, technology, legal, risk, and compliance teams to enhance the equity swap platform and workflows.
- Contribute to product development, including new market access, financing structures, and operating model enhancements.
- Operate within a robust control framework covering client guidelines, counterparty credit limits, collateral, and regulatory obligations.
- Partner with risk management to monitor portfolio exposures, trading concentrations, and collateral quality.
- Ensure accurate trade booking, settlement, billing, reconciliation, and exception management for both securities lending and equity swap activities.
Requirements
- Extensive experience across securities lending, equity finance, prime brokerage, and/or synthetic financing.
- Demonstrated ability to generate revenue and improve portfolio performance within a controlled trading environment.
- Strong understanding of equity markets, borrow demand, specials, corporate actions, collateral mechanics, margining, trade lifecycle events, and securities finance economics.
- Experience engaging with broker-dealers, prime brokers, and other securities finance counterparties.
- Strong knowledge of trading controls, best execution, counterparty credit risk, client guidelines, and operational risk management.
- Strong analytical and quantitative skills to evaluate portfolio opportunities, pricing, borrow demand, financing spreads, collateral usage, and revenue attribution.
- Good Excel skills and comfort working with large datasets, portfolio analytics, trading dashboards, and performance reporting.
- Applicants must have the right to work in the United Kingdom.
- Northern Trust is unable to provide visa sponsorship for this role.
Skills
- Equity markets
- Agency securities lending
- Equity finance
- Collateral optimisation
- Corporate actions
- Total return swaps
- Risk management
- Commercial acumen
- Fiduciary mindset
- Excel
- Python (advantageous)
- SQL (advantageous)
- Power BI (advantageous)
Location
- London
Work Type
- Full-time
Experience Level
- Experienced
About the Company
- Northern Trust is a global leader in innovative wealth management, asset servicing, asset management, and banking services.
- Founded in 1889, the company operates under guiding principles of Service, Expertise, and Integrity.
- With over 135 years of financial experience and more than 24,000 partners, Northern Trust serves sophisticated clients using leading technology and exceptional service.
- Northern Trust fosters a flexible and collaborative work culture with a strong history of financial strength and stability.
- Movement within the organization is encouraged, senior leaders are accessible, and the company is committed to an inclusive workplace and community assistance.
- Philanthropy is deeply rooted in Northern Trust’s history and is an essential element of its culture.
Equal Opportunity
- Northern Trust is committed to working with and providing adjustments to individuals with health conditions and disabilities.