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Trader / Jr. PM

Employer
Dynex Capital
Location
Glen Allen, Virginia
Salary
competitive
Closing date
Feb 23, 2025

Seeking a Trader / Junior Portfolio Manager to join our high-performing investment team

This individual will be responsible for executing trades in the agency Mortgage-Backed Securities (MBS) markets, including TBA and specified pass-through pools, while assisting with financing and hedging strategies involving futures, interest rate swaps, and repos. The ideal candidate will also support broader portfolio management initiatives, leveraging advanced analytical tools and technologies to optimize performance.


We strongly value candidates with 2–7 years of experience, as this role is tailored for professionals who are early to mid-career and ready to step into a high-impact position. Candidates with more than 7 years of experience are not being considered at this time.


Additionally, we seek applicants with a CFA designation, familiarity with Python (to enhance and use internally coded tools), and an interest in leveraging prompt engineering with large language models (LLMs) to improve efficiency. Extensive MS Office skills will be necessary.


Key Responsibilities:
Trading & Execution
Execute trades in the agency Mortgage TBA market, ensuring optimal pricing and liquidity management.
• Actively trade specified pass-through pools, focusing on pool-level characteristics such as prepayment risk, convexity, and cash flow dynamics.
• Assist in executing and managing hedging strategies, including interest rate futures, interest rate swaps, and repo transactions.
Portfolio Management & Analysis
Collaborate with senior portfolio managers and Chief Investment Officer to analyze market conditions and develop investment strategies.
• Monitor portfolio performance metrics, conduct scenario analyses, and recommend adjustments based on market shifts.
• Provide in-depth analysis of prepayment behavior, spread movements, and risk/reward trade-offs in the MBS market.
Technology & Efficiency
Utilize Python to analyze data, improve existing and develop new internal models.
• Experiment with prompt engineering techniques to harness the power of LLMs for streamlining reporting, market analysis, and decision-making workflows.
Market Research & Reporting
• Stay updated on market trends, pricing, liquidity, and macroeconomic factors impacting MBS and hedging instruments.
• Generate reports and insights for internal strategy meetings, senior management, and Board-level reviews.
Execution & Compliance
Build and maintain strong relationships with broker-dealers to ensure efficient trade execution and access to market intelligence.
• Assist in the implementation of electronic trading initiatives.
• Ensure strict adherence to internal guidelines and regulatory requirements across all trading activities.
 

Qualifications:
Experience & Skills
• 2–7 years of trading experience in agency MBS markets, with demonstrated expertise in TBA and specified pool trading.
• Deep understanding of prepayment behavior, pool selection, and relative value analysis in MBS.
• Strong knowledge of hedging instruments (futures, interest rate swaps, and repos).
• Familiarity with Python programming and experience using or enhancing analytical tools.
• Exposure to prompt engineering techniques and leveraging LLMs is highly desirable.


Education & Certifications
• CFA designation strongly preferred.
• Advanced degree (MBA, MS in Finance, Economics, or a related field) is highly desirable.
Technical Skills
• Proficiency with Bloomberg Terminal, MBS analytics platforms, and trading systems.
• Advanced Excel skills, with the ability to develop and use complex models.
• Knowledge of portfolio management systems and risk management tools.
Personal Attributes
• Detail-oriented, with excellent problem-solving and organizational skills.
• Strong communication abilities and a collaborative approach.
• Eagerness to explore and adopt new technologies for improved efficiency.


Why Join Dynex Capital?
• Innovative Environment: Utilize cutting-edge tools and technologies, including Python and LLMs, to drive portfolio performance.
• Growth Opportunities: Transition to senior portfolio management roles is possible as expertise and impact grow.
• Competitive Compensation: Attractive salary, performance-based bonuses, and comprehensive benefits package.

Supporting Documents for Trader / Jr. PM

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