J.P. Morgan’s public finance trading team is Wall Street’s premier municipal institutional trading desk. Our trading team focuses on all facets of municipal trading including high-grade tax-exempt and taxable trading, high-yield trading, short-term/financing of municipal bonds, digital platform, and credit analysis. The high-grade long term trading team is primarily responsible for cash trading of both tax-exempt and taxable municipal bonds, portfolio trading of municipal securities, creating and redeeming municipal ETF equity shares, executing various hedging strategies, and utilizing/developing our algo / automated tools. Our issuer clients include a wide range of prominent tax-exempt and taxable borrowers, including the nation’s largest hospital systems, infrastructure entities (airports, toll roads, transit, bridges, etc), utilities (water/sewer and electric), not-for-profit universities, States, and municipalities as well as a range of project finance transactions. Investor clients include domestic and overseas based mutual funds, asset managers, banks, hedge funds and insurance companies.

As an Associate on the team, you would be primarily responsible for market making and risk management of the MMD Rate Lock product, portfolio trading and creation/redemptions of municipal ETFs equity shares. You will be expected to present trading ideas, two sided markets, market color, and work with the broader cash trading desk to facilitate risk management across the team. This requires fast-paced critical thinking based on analysis of financial positions and trends, news and events and relative value. You will regularly interact with various types of investor clients – providing insight on macro and municipal trends. Developing and maintaining strong relationships with sales, syndicate, and investor clients is key. Some limited domestic travel may be required. The group is entirely based in New York City.

Job responsibilities:

Provide investors, issuers, and internal stakeholders bid and offer levels on MMD Rate Locks. Grow the portfolio trading business by marketing JPM’s capabilities, bidding and offering large group of bonds at once and determining a reoffering strategy. Create and redeem ETF equity shares. Work with the ETF Managers to assemble portfolios to agree upon eligible bonds for the ETF. Determine macro hedging strategies including the use of interest rate derivatives. Determine trading instruments for Public Finance to mitigate risk which includes use of derivatives, options, ETF shares and bonds. Conduct detailed pricing analysis on municipal borrowers. Price competitive auctions from sellers and distribute the risk to the investor base when auctions are won by JPM. Manage risk, liquidity and exposure across products, conduct pre- and post-trade analysis.

Required qualifications, capabilities, and skills:

3+ years of experience in municipal bonds and knowledge of cash and derivative products and markets. Communication Skills: Strong verbal, written and active listening skills. Ability to interact professionally and confidently in client-facing situations. Analytical Skills: Focus on data analysis and ability to identify impactful optimization and technology solutions. Interpersonal Skills: Exceptional work ethic and self-motivated. Ability to multi-task. Must exhibit flexibility, assertiveness, a positive attitude, and most importantly be a strong team player. Ability to process multiple sets of information quickly and effectively, and work in a high volume fast paced trading floor environment. Must be able to start immediately.