J.P. Morgan’s public finance trading team is Wall Street’s premier municipal institutional trading desk. Our trading team focuses on all facets of municipal trading including high-grade tax-exempt and taxable trading, high-yield trading, short-term/financing of municipal bonds, digital platform, and credit analysis. The high-grade long term trading team is primarily responsible for cash trading of both tax-exempt and taxable municipal bonds, portfolio trading of municipal securities, creating and redeeming municipal ETF equity shares, executing various hedging strategies, and utilizing/developing our algo / automated tools. Our issuer clients include a wide range of prominent tax-exempt and taxable borrowers, including the nation’s largest hospital systems, infrastructure entities (airports, toll roads, transit, bridges, etc), utilities (water/sewer and electric), not-for-profit universities, States, and municipalities as well as a range of project finance transactions. Investor clients include domestic and overseas based mutual funds, asset managers, banks, hedge funds and insurance companies.
As an Associate on the team, you would be primarily responsible for market making and risk management of the MMD Rate Lock product, portfolio trading and creation/redemptions of municipal ETFs equity shares. You will be expected to present trading ideas, two sided markets, market color, and work with the broader cash trading desk to facilitate risk management across the team. This requires fast-paced critical thinking based on analysis of financial positions and trends, news and events and relative value. You will regularly interact with various types of investor clients – providing insight on macro and municipal trends. Developing and maintaining strong relationships with sales, syndicate, and investor clients is key. Some limited domestic travel may be required. The group is entirely based in New York City.
Job responsibilities:
- Provide investors, issuers, and internal stakeholders bid and offer levels on MMD Rate Locks.
- Grow the portfolio trading business by marketing JPM’s capabilities, bidding and offering large group of bonds at once and determining a reoffering strategy.
- Create and redeem ETF equity shares. Work with the ETF Managers to assemble portfolios to agree upon eligible bonds for the ETF.
- Determine macro hedging strategies including the use of interest rate derivatives. Determine trading instruments for Public Finance to mitigate risk which includes use of derivatives, options, ETF shares and bonds.
- Conduct detailed pricing analysis on municipal borrowers. Price competitive auctions from sellers and distribute the risk to the investor base when auctions are won by JPM.
- Manage risk, liquidity and exposure across products, conduct pre- and post-trade analysis.
Required qualifications, capabilities, and skills:
- 3+ years of experience in municipal bonds and knowledge of cash and derivative products and markets.
- Communication Skills: Strong verbal, written and active listening skills. Ability to interact professionally and confidently in client-facing situations.
- Analytical Skills: Focus on data analysis and ability to identify impactful optimization and technology solutions.
- Interpersonal Skills: Exceptional work ethic and self-motivated. Ability to multi-task. Must exhibit flexibility, assertiveness, a positive attitude, and most importantly be a strong team player.
- Ability to process multiple sets of information quickly and effectively, and work in a high volume fast paced trading floor environment.
- Must be able to start immediately.
We offer a competitive total rewards package including base salary determined based on the role, experience, skill set and location. Those in eligible roles may receive commission-based pay and/or discretionary incentive compensation, paid in the form of cash and/or forfeitable equity, awarded in recognition of individual achievements and contributions. We also offer a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Additional details about total compensation and benefits will be provided during the hiring process.
We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. We also make reasonable accommodations for applicants’ and employees’ religious practices and beliefs, as well as mental health or physical disability needs. Visit our FAQs for more information about requesting an accommodation.
JPMorgan Chase & Co. is an Equal Opportunity Employer, including Disability/Veterans
ABOUT THE TEAM
J.P. Morgan’s Commercial & Investment Bank is a global leader across banking, markets, securities services and payments. Corporations, governments and institutions throughout the world entrust us with their business in more than 100 countries. The Commercial & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.
