Who we are looking for
State Street's award winning Agency Lending team is a market leader in Securities Finance and a flagship product within our Global Markets business. We offer innovative financing solutions to clients in a $3.97 trillion industry providing liquidity to global financial markets. We generate over $1.2bn annualised revenue for over 225 active customers including many of the largest sovereign wealth funds, asset managers and pension funds who entrust State Street with over $5 trillion in lendable inventory. We trade with over 150 banks, brokers and investment managers across 37 lending markets from trading desks in 6 global locations.
Our trading team generates revenue for clients by lending their securities to borrowers in return for fees which accrue over the duration of the loan. Each asset has unique intrinsic value and traders utilise a variety of sources to determine the loan fee for each security. This includes macro- and microeconomic factors, global, sector or company specific news, corporate events, as well as supply and demand dynamics. All datapoints enable us to maximise revenue through pricing and distribution of assets both at the point of execution and throughout the lifecycle of the trade.
This role resides within the agency lending trading team in London, responsible for trading International equities with banks and broker dealer counterparts. The trading team is responsible for maximizing returns for global clients through the pricing and distribution of assets as well as maintaining optimum trade rates throughout the lifecycle of the loan.
You will be part of the broader Securities Finance ecosystem that is composed of three products - Agency Lending (AL), Enhanced Custody (EC) and Alternative Financing Solutions (AFS).
Securities Finance places a strong emphasis on collaboration and talent development and there will be many opportunities to work closely with our Business Development, Client Management, Algorithmic Trading, Technology, Operations, Risk and cash re-investment teams. You will be required to build relationships across these teams to maximise successful outcomes. You will also have daily exposure to our Agency lending Fixed Income traders who form part of the broader agency lending trading team in London. Why this role is important to us
The team you will be joining is a part of State Street Global Markets (SSGM). When owners and managers of institutional assets need research, trading, securities lending and innovative portfolio strategies, they turn to SSGM business unit. As our investment research and trading arm, SSGM's number one goal is to enhance and preserve our clients' portfolio values by applying technology, optimizing trading, and linking asset classes and markets across the world.
Join us if making your mark in the capital markets industry from day one is a challenge you are up for. What you will be responsible for
The successful candidate will:
What we value
- Evaluate lending opportunities by assessing supply and demand dynamics for lendable assets in your allocated markets
- Drive revenue and optimise return on capital for clients and for the bank whilst managing our financial resources within allocated risk parameters
- Develop and maintain strong and diverse borrower relationships to ensure State Street is their primary lending agent
- Provide quantitative analysis of the lending program identifying themes to discuss with clients, business development and relationship management teams internally
- Collaborate with our Algorithmic Trading team responsible for controlling automated electronic order flow and distribution
- Proactively engage with subject matter experts to continually advance knowledge in areas which directly impact our trading strategies, including cost of capital, changes in tax and regulatory requirements and market trends
- Innovate and explore ways to improve current systems and processes. You will actively participate in ideation to build our new proprietary trading platform which will go-live in 2023 - your experience, ideas and skillset will contribute to creating a highly efficient low-touch suite of trading and post-trade functionality to minimize legacy inefficient manual workflows
- Engage with third party vendors and triparty agents to develop a highly efficient post-trade operating model
- You will be continuously challenged to innovate and explore ways to improve current Agency Lending and vendor platforms and processes, including utilising programming skills to create tactical solutions where required
- You will be challenged to explore new trade structures, develop bespoke collateral types and pursue opportunities in emerging markets to ensure State Street Agency Lending remains an industry leader
- You will share responsibility for certain high-risk post-execution activities such as resolving rate breaks, dividend breaks approaching record date, trades at risk of buy-in or facing market penalties.
You will work with our trader assistants to solve for themes to minimize their future occurrence
These skills will help you succeed in this role
Are you the right candidate? Yes!
- Minimum 5-8 years' experience as a Securities Finance Trader from an Agency Lending or Principal background
- Strong existing relationships across trading desks as well as with third-party vendor and platform providers
- Corporate actions trading expertise, able to coach and train junior traders
- Excellent interpersonal and communication skills (written and verbal)
- Ability to interact professionally with business leaders and peers across multiple levels both within and outside the organisation
- Proven leadership skills - enjoys driving new initiatives forward with energy and enthusiasm
- Excellent problem solving, analytical and technical skills
- Quantitative skills to manipulate large datasets
- Ability in Qlikview, VBA, Python (Pandas / Numpy etc) or equivalent programming language is an advantage, although not a requirement
- Willing to participate in State Street's inclusion, diversity and social responsibility programs, including acting as a mentor and guide to junior staff members
- Broad outside interests and a well-rounded personality
We truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them. Although each vacancy details what we are looking for, we don't necessarily need you to fulfil all of them when applying. If you like change and innovation, seek to see the bigger picture, make data driven decisions and are a good team player, you could be a great fit. About State Street What we do.
State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we're making our mark on the financial services industry. For more than two centuries, we've been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients. Work, Live and Grow.
We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You'll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential. Inclusion, Diversity and Social Responsibility.
We truly believe our employees' diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.
State Street is an equal opportunity and affirmative action employer.