EM Sales Trader

This is a fully remote position, open to applicants in United Kingdom.

📋 Description

• Execute FX transactions across emerging market corridors by sourcing and carrying out spot, forward, and swap trades involving African and other EM currency pairs, such as XAF, XOF, NGN, and related corridors; continuously monitoring fair value across the liquidity provider set.

• Manage relationships with liquidity providers by engaging in real-time discussions starting at 7 am UK time; nurturing these relationships to facilitate pricing and flow even under pressure; considering the network as a valuable institutional asset for Kappa.

• Analyze market intelligence and desk analytics by transforming corridor data, customer flow, and liquidity provider behavior into actionable insights; creating and maintaining analytical tools to monitor spreads, regime shifts, and counterparty positioning.

• Navigate regulatory and capital control frameworks by comprehending the practical implications of capital controls, central bank interventions, and jurisdiction-specific settlement requirements; staying informed about regulatory signals in the corridors you oversee.

• Manage risk and counterparties by considering exposure at the desk level rather than solely at the trade level; evaluating counterparties based on their financial health, regulatory compliance, and behavior in stressful conditions; addressing concerns proactively before they escalate.

• Oversee post-trade activities including reconciliation and hygiene, viewing these as crucial tasks rather than mere back-office functions; escalating unusual signals promptly with sound judgment.

⛳️ Requirements

• Proven experience in emerging markets or frontier FX, with two to five years of working in African or other EM corridors within a market role; familiarity with market intricacies, capital controls, and counterparty dynamics is essential.

• Proficiency in multiple asset classes, including a working knowledge of FX spot, forwards, swaps, and options; understanding of bond pricing and money-market instruments in EM markets; ability to reason from fundamental principles regarding instruments not personally traded.

• Strong quantitative skills, with comfort in statistics and time-series analysis applied to live trading; adept at manipulating data using Python, R, or VBA to create charts, conduct back-tests, or calculate metrics without requiring extensive project time.

• In-depth corridor-level market knowledge, treating XAF, XOF, NGN, and other EM currencies as unique markets; understanding the EUR peg mechanics for CFA currencies, the CBN-managed float for NGN, and the regulatory frameworks governing each currency.

• An instinct for risk management, focusing on exposure at the desk level; comprehending settlement-window credit risk, counterparty concentration, and the inherent risks associated with own-account trading.

• A relational approach to desk operations, viewing liquidity provider and counterparty relationships as vital assets for the firm’s commercial success; documenting and sharing network insights rather than keeping them to oneself.

• Demonstrated operational discipline, being present on the desk when the market opens; taking ownership of reconciliation and post-trade hygiene without prompting; escalating meaningful signals rather than trivial noise.

• Maintaining integrity under pressure, balancing honesty and stakeholder management when faced with challenging positions.

🏝️ Benefits

• A truly unique trading position, where engaging in EM and frontier FX is not an ancillary task but the core of the role; the corridors you manage are integral to the firm’s competitive advantage.

• Equity participation in the role, with an expectation for the postholder to adopt a long-term perspective on their contributions to the business.

• Direct access to experienced professionals in a streamlined desk environment, allowing for interaction with senior team members and advisors who have developed and led trading operations in relevant markets.

• Purpose-driven work at Kappa, contributing to a market where enhanced financial infrastructure has a significant and tangible impact on the businesses and communities served.

• An opportunity to create and contribute to something meaningful.