Associate Flow Trader – ABS Desk

Permanent contract|London|Corporate and Investment Banking

Associate Flow Trader – ABS Desk

London, United Kingdom Permanent contract Corporate and Investment Banking

Responsibilities

Description of the Business Line or Department

ABP is the centre of expertise and single entry point for engineering, distribution and trading of ABS type securitised products, trade receivables, and structured loans. ABP's activity is exclusively focused on clients (corporates, financial institutions, insurance companies, and investors in a wide sense, such as private equity, fund managers, specialised funds, hedge funds).

While linking issuers and investors, ABP also enables SG to ensure there is a fully consistent and consolidated credit and market risk approach across all segments in this context, and enables to optimize the use of scarce resources.

Summary of the key purposes of the role

Trading ABS products and manage the desk exposure through hedging the various risks in the market
Strengthen ABP platform trough clients meetings: regular meetings with client to build up ABP franchise
Represent ABP, in particular TRD, in internal dialogues with colleagues to provide best-in-class advisory to the client base
Monitoring and optimization of desk Scare Resources: Funding, LCR, CMB, NSFR and RWA.

Summary of responsibilities

To support the team’s efforts in effectively covering ABP desk by trading and modeling relevant securities structures

Maintenance tradable universe of securities, and their key characteristics (rating, subordination, equity IRR, etc)
Market making in ABS / RMBS / CMBS / CLO securities, and selective activity outside this universe (CLO 1.0, non investment grade securities)
Send out daily runs, market comments and inventory to clients

To support the team’s efforts in managing the desk position and support securities financing desk through pricing/marking

Monitoring of broker runs / third party data to benchmark SG prices
Provide prices for the financing activity
Monitoring the IPV process/end of month

To support the team’s efforts in the development of the franchise ABP securities business

Use runs and trade ideas to generate “out of competition” client requests
Start Participating to client meetings
Monitoring of hit ratios and pass ratios
Close interactions with FIC sales in addition to ABP sales

To manage the desk position through hedging the various risks (spreads, recovery, correlation etc.)

Hedging inventory book versus market moves using liquid indexes
Common hedging strategy with the US platform

To support the development of the ABP client base in line with GLBA’s and SG Group’s strategy and priorities

Connectivity with sales and clients
Monitoring of clients active in securitization (ABS, CLO, RMBS, CMBS, etc.), across the capital structure
Develop in depth relationships with the more active / professional investors

To support ABP, in particular TRD, in internal dialogues with colleagues to provide best-in-class advisory to the client base

Connect with financing team to develop a common approach with clients
Connect with leverage loans team to strengthen ABP offer

To monitor risk metrics and limits and optimize the Scare Resources of the desk

Monitoring all Risk Metrics and limits related to the Trading desk
Connect with all internal production teams
Optimization of Funding and regulatory gap (LCR, CMB and NSFR)
Monitor and provide simulation of New Regulation impact on the Trading desk (CRR, RWA, etc.)

Level of autonomy and authority

Pricing and position taking should be done in agreement with his manager heading the trading desk

Profile required

Competencies

Technical:
1. 1. Ability to gather an understanding of complex credit structures, their dynamics and the related instruments, including credit and rates derivatives to trade relevant capital markets products, with a particular focus on asset-backed products, markets, and regulations
  2. Ability to model exotic credit derivatives in a trading floor environment
  3. Responsibility – awareness and understanding of risks (conduct, reputational, financial, etc.) for ABP, GLBA, and SG Group, and ability to act responsibly in line with SG Group Values, Code of Conduct, and other applicable rules & regulations

Behavioural:
1. 1. Client orientation – ability to contribute to the team’s efforts to build and maintain trusted client relationships
  2. Client orientation – consistency and rigour in following up on clients’ needs
  3. Client orientation – demonstrate discipline and team collaboration to develop business adapted to clients’ and markets’ needs
  4. Innovation – commitment to contribute to the team’s efforts to the development of new client base, advisory, and products
  5. Team spirit – ability to work with people with diverse, international backgrounds
  6. Commitment – ability to prioritise tasks and to manage competing deadlines, and to deliver on team’s priorities
  7. Communication skills – including language skills (as relevant)

Why join us

People join for the impact they can have on us. They stay for the impact we have on them. A flatter structure offers visibility and exposure beyond that of our competitors, so you know our names, and we know yours. It's personable, human, and inspires success through passion. By encouraging open mindedness and a willingness to share ideas, we have adapted to market changes and thrived through innovation. Bringing words like “hard work” and “dedication” together with “community” and “respect” has enabled us to work collaboratively and build our future together. We call this Team Spirit and it's what makes us different. It's what makes you different.

Business insight

If you feel you have the required experience and qualifications, then please apply to the SG Resourcing Team, and we will manage your application. At Société Générale, we believe our people are our strength and are core to the success of our business. As such, we search for, recruit and appoint the best available person on the basis of aptitude and ability, regardless of sex, marital or civil partnership status, race, colour, nationality, ethnic or national origins, pregnancy, disability, age, sexual orientation, religion, belief or gender reassignment.