Salary: $95,000 - $125,000
Our Canadian operations are currently looking for a motivated team player to join us as a Government Trader on our Fixed Income team in Toronto. This role will be responsible for market-making, risk management, and client execution across Government of Canada securities, including nominal bonds, treasury bills, and related derivatives. This role requires strong knowledge of Canadian rates markets, relative value trading, and regulatory frameworks.
Responsibilities:- Provide competitive two-way pricing in Government of Canada bonds and T-bills;
- Execute client trades across institutional accounts, such as asset managers, pensions and hedge funds;
- Manage dealer-to-dealer flows and electronic trading platforms (e.g. CanDeal, BrokerTec);
- Manage inventory and risk across the Government of Canada curve;
- Monitor and control DV01, curve risk and basis exposures;
- Actively hedge positions using cash, futures, and repo markets;
- Identify and execute relative value trading opportunities, including curve trades, asset swap spreads, cash vs. future basis, switches and butterfly trades;
- Coordinate with the repo desk to optimize funding of positions;
- Understand specials, fails, and collateral dynamics on the Canadian repo market;
- Stay current on macroeconomic developments, Bank of Canada policy, and auction cycles;
- Contribute to trade ideas and market colour for sales and clients;
- Support sales coverage with pricing, liquidity, and trade ideas;
- Maintain strong relationships with institutional clients;
- Ensure adherence to CIRO rules and internal risk limits;
- Maintain proper trade documentation and reporting standards.
Skills & Qualifications: - 3 - 7 years experience in fixed income trading, preferably in Canadian government bonds.
- Completion of or progress towards the Canadian Securities Course (CSC), Canadian Practices Handbook (CPH) and Derivatives Fundamentals Course (DFC) preferred.
- Strong understanding of Government of Canada bond market structure, interest rate derivatives (futures, swaps), repo and funding mechanics.
- Experience with electronic trading platforms such as CanDeal and BrokerTec.
- Demonstrated risk management discipline.
- Strong quantitative and analytical skills.
- Familiarity with pricing models, yield curve construction, and relative value analytics.
#LI-MM1 #LI-Onsite #INDHP
All applications will be held in strict confidence.
In order to be considered for employment, candidates selected for interviews will be required to show proof of citizenship, permanent residence or eligibility to work in Canada with no restrictions.
