Mortgage-Backed Securities Trader

Job Description:

Trade and help manage Agency MBS and Agency CMBS positions for company’s actively managed Fixed Income Portfolios. Negotiate and execute trades for fixed income managed portfolios; measure the impact of derivative trades on the relevant portfolios; identify and research relative value opportunities; recommend trades and strategies to capitalize on the ideas; execute trades, manage risks and track performance; contribute to the team’s outlook for the MBS markets; suggest positions and strategies to express these views; run various sensitivity and scenario analyses using prepayment models and effectively communicate the model output to portfolio managers and senior managers; perform market and risk analysis for senior staff to identify critical data for decision-making; analyze the funds’ performance relative to the benchmark; interpret and report on the performance attribution for the MBS positions; track the Agency MBS sector and keep portfolio managers and senior staff updated on key developments; analyze value within the sector and determine what is being priced into the market; understand and anticipate the drivers of value in the MBS markets; generate complex performance attribution reports, identify and resolve issues to produce accurate analyses; respond to fixed income desk inquiries pertaining to bond trading information and bond pricing; identify, recommend, and develop process improvements; recommend ways to better measure, understand and manage risks; act as a liaison with outside bond vendors, develop and maintain strategic relationships with security dealers; collect color, ideas and research from the street and filter this information to the portfolio managers and senior managers; act as a back-up in investment decision-making function when the portfolio manager is off the desk; invest cash flows across markets and act as portfolio manager with a lower level of discretion; develop strategies to add value through efficient execution and quantitative research; analyze data and develop trading and portfolio strategies with oversight.

**Requirements: **

Requires Master’s in Mathematical Finance, Economics, or Finance and six months of experience in job offered or as Associate, Applications Development and/or Intern. Background in education, training or experience must include Quantitative Finance as well as SQL coding skills and databases for large data (SQL queries); demonstrated ability to use coding skills R and Python; background and expertise in financial markets, macroeconomic backdrop of financial markets as well as familiarity with Federal Reserve and monetary policy; background in economic theory and bond mathematics (discounted cashflows, callability and optionality of financial instruments, term structure modeling and Monte Carlo simulations).

About Vanguard

We are Vanguard. Together, we’re changing the way the world invests.

For us, investing doesn’t just end in value. It starts with values. Because when you invest with courage, when you invest with clarity, and when you invest with care, you can get so much more in return. We invest with purpose – and that’s how we’ve become a global market leader. Here, we grow by doing the right thing for the people we serve. And so can you.

We want to make success accessible to everyone. This is our opportunity. Let’s make it count.

Inclusion Statement

Vanguard’s continued commitment to diversity and inclusion is firmly rooted in our culture. Every decision we make to best serve our clients, crew (internally employees are referred to as crew), and communities is guided by one simple statement: “Do the right thing.”

We believe that a critical aspect of doing the right thing requires building diverse, inclusive, and highly effective teams of individuals who are as unique as the clients they serve. We empower our crew to contribute their distinct strengths to achieving Vanguard’s core purpose through our values.

When all crew members feel valued and included, our ability to collaborate and innovate is amplified, and we are united in delivering on Vanguard's core purpose.

Our core purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success.

How We Work

Vanguard has implemented a hybrid working model for the majority of our crew members, designed to capture the benefits of enhanced flexibility while enabling in-person learning, collaboration, and connection. We believe our mission-driven and highly collaborative culture is a critical enabler to support long-term client outcomes and enrich the employee experience.