Trader, Delta One & Equity FinanceLocation: New York, NY
Position SummaryWe are seeking an experienced
Delta One / Equity Finance Trader to join a dynamic trading team focused on equity financing, hard-to-borrow markets, and event-driven opportunities. The successful candidate will bring strong knowledge of equity financing, reverse conversion trading, corporate actions, term financing, and special situations. This individual will price complex financing transactions, identify relative value opportunities, manage financing risk, and generate alpha through dislocations in equity finance and derivatives markets.
The role requires close collaboration with
Prime Brokerage, Equity Derivatives, Cash Trading, Risk Management, Legal & Compliance, and Technology to develop financing solutions, enhance trading strategies, and support complex transaction execution and special situations strategies.
Key ResponsibilitiesDelta One & Equity Finance Trading- Price and execute equity financing transactions across Delta One products, including equity swaps, forwards, reverse conversions, and synthetic financing structures.
- Identify relative value opportunities across cash equities, options, and financing markets.
- Manage financing, dividend, borrow, and basis risk across the trading portfolio.
- Structure financing solutions that support client activity and proprietary trading strategies.
Hard-to-Borrow & Financing- Price and manage hard-to-borrow financing opportunities, with a focus on optimizing funding economics.
- Evaluate borrow dynamics and financing costs associated with event-driven and special situations.
- Develop term financing strategies based on market supply and demand, expected utilization, and corporate events.
Corporate Actions & Special SituationsAnalyze and trade opportunities arising from corporate actions and special situations, including:
- Mergers & acquisitions
- Tender offers
- Spin-offs
- Rights offerings
- Dividend events
- Index rebalances
- Exchange offers
- Convertible arbitrage opportunities
Assess the impact of these events on financing costs, borrow availability, settlement risk, dividend exposure, and trading profitability.
Risk Management- Manage financing, dividend, corporate action, liquidity, settlement, and counterparty risks.
- Monitor portfolio exposures and implement hedging strategies to optimize risk-adjusted returns.
- Evaluate funding costs and capital usage across financing transactions.
Experience- 2-5 years of experience in Securities Lending, Delta One Trading, Equity Finance, Prime Brokerage, or a related equity derivatives trading environment.
- Strong understanding of Delta One products, equity financing, securities lending markets, hard-to-borrow markets, reverse conversions, term financing, and special situations.
- Experience analyzing financing opportunities, managing trading risk, and working across trading, risk, and technology teams in a fast-paced institutional environment.
- Experience developing pricing models and trading analytics.
- Knowledge of reverse conversions, synthetic financing strategies, term financing, and hard-to-borrow market dynamics.
- Familiarity with corporate actions and their impact on financing, borrow availability, and trading opportunities.
- Strong analytical and quantitative skills with the ability to evaluate complex trading opportunities.
- Ability to identify and capitalize on event-driven and special situations opportunities.
- Strong risk management and decision-making skills in a fast-paced trading environment
- Excellent communication and interpersonal skills, with the ability to collaborate across multiple business functions.
- Proficiency with Bloomberg Terminal and Microsoft Excel; experience with Python, SQL, VBA, or other data analytics tools is preferred.
- Bachelor's degree in Finance, Economics, Mathematics, Engineering, or a related quantitative discipline.
Expected base pay rates for Associate will be between $150,000 and $200,000 per year and for Vice President will be between $200,000 and $250,000 per year at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.
