Executive Director - Structured Credit Trader

Executive Director - Structured Credit Trader

Location: Paris, France

Department: Global Markets - Credit Trading / Structured Credit

Role Summary

We are seeking an experienced Structured Credit Trader to lead risk‑taking, pricing, and market‑making across Credit‑Linked Notes (CLNs), repacks, and tranches within our European platform. The role sits on the front‑office trading desk in Paris and will cover flow and bespoke transactions across investment‑grade and high‑yield corporates, financials, sovereigns, and indices (including iTraxx), working closely with Structuring, Sales, Syndicate, Risk, Legal, and Operations to deliver client‑centric solutions with disciplined risk management and strong commercial outcomes.

Key Responsibilities

• Run the risk on CLNs, repacks, tranche books (single‑name and index tranches), managing delta, credit spread, correlation, basis, convexity, optionalities, and XVA (CVA/DVA/FVA/MVA) impacts.
• Execute primary and secondary trading; provide two‑way markets, axes, and inventory management in line with risk appetite and limits.
• Own daily P&L attribution; monitor VaR, SVaR, sensitivities (CS01, vega/vol‑of‑vol for options embedded in structures), stress scenarios, and tail‑risk exposures.
• Optimize funding & liquidity (including repo, collateral, haircuts), manage hedging (CDS, indices, options, TRS, bonds), and drive capital efficiency (RWAs/Leverage).
• Price bespoke CLNs (single‑name, baskets, first‑to‑default, recovery locks), repack notes (structured/funded solutions), and index/single‑name tranches (including equity, mezzanine, and senior tranches).
• Partner with Structuring to design client solutions (yield enhancement, capital relief, risk transfer, ESG overlays, callable features).
• Lead end‑to‑end execution: term sheet negotiation, documentation (incl. repack SPV mechanics), hedging, booking, and post‑trade lifecycle.

Client Coverage & Commercials

• Drive revenues through proactive engagement with private banks, insurers, asset managers, pension funds, banks/treasury, and hedge funds.
• Provide market colour, trade ideas, and thematic strategies (carry trades, dislocation trades, correlation views, basis opportunities).
• Collaborate with Sales to grow wallet share, deliver RFQ responsiveness and pricing consistency, and manage key accounts.

Governance, Controls & Regulatory

• Ensure compliance with MiFID II, EMIR (including clearing obligations and margining for OTC derivatives), PRIIPs KID requirements, SFDR (where applicable), MAR (market abuse), Basel III/CRR capital and liquidity rules, and AMF/EU local regulatory expectations.
• Maintain robust model governance, price testing, IPV, Fair Value controls, and documentation standards.
• Champion conduct risk and best execution; adhere to trade capture integrity and post‑trade controls.
• Mentor junior traders/analysts; contribute to desk strategy, risk frameworks, and technology/tooling enhancements.
• Work closely with Quant, Risk, Legal, Compliance, Operations, Treasury, and Syndicate to deliver scalable, well‑controlled growth.

Required Qualifications & Experience

• 10+ years of front‑office experience in structured credit trading with direct P&L responsibility across CLNs, repacks, and tranches (sell‑side experience strongly preferred).
• Deep product knowledge of CDS, index tranches (iTraxx/CMBX/CDX), basket structures, repack SPVs, and embedded options (calls/puts/caps/floors).
• Proven track record in pricing, hedging, and risk‑managing complex credit structures, including correlation modelling, default/recovery dynamics, and basis risks (bond‑CDS, TRS‑bond, tranche‑index).
• Strong familiarity with XVA, CVA hedging, and capital optimization; comfort with VaR/ES, stress testing, and scenario analysis.
• Advanced quantitative skills: credit curve construction, copula/correlation frameworks, stochastic modelling, and Python/VBA or similar tooling for pricing/analytics (front‑office utility level).
• Bachelor's/Master's in Finance, Mathematics, Engineering, or related field; CFA/FRM an advantage.
• Commercial instinct & client orientation: ability to originate and close trades with risk discipline.
• Risk‑first mindset: clear articulation of risk drivers, hedging strategies, and P&L attribution.
• Execution excellence: speed, accuracy, and control across complex structures and multi‑leg hedges.
• Communication: concise, credible with clients and internal stakeholders; strong term sheet/documentation fluency.
• Team leadership: coach and upskill junior talent; collaborate across functions.
• Languages: English and French (professional proficiency). Additional European languages are a plus.
• Competitive base salary + discretionary bonus linked to desk and individual performance.
• Benefits include health coverage, pension, and relocation assistance (if applicable).
• Executive Director title with scope for leadership and platform‑wide impact.

Seniority level

Mid‑Senior level

Employment type

Full‑time

Job function

Finance