Rates Trading Associate

Natwest Group•Stamford, CT

About The Position

This job description is intended to describe the general requirements for the position. It is not a complete statement of duties, responsibilities or requirements of the role. Other duties not listed here may be assigned as necessary to ensure the proper operations of the department and the business. The US Rates Trading team is seeking a highly motivated Options Trading Associate to support the pricing, risk management, and execution of USD interest rate options. The role sits on the USD Options desk, partnering closely with senior traders, Sales, Strategy, Technology, and global trading teams. This is a fast paced, analytically demanding position requiring strong market intuition, attention to detail, and a disciplined approach to risk and controls in line with NatWest Markets’ robust supervision and operating standards.

Requirements

Experience in programming
A good understanding of quantitative finance
Excellent interpersonal and communication skills
Understanding of trading and hedging strategies along with specific market idiosyncrasies

Nice To Haves

Demonstrable an thorough understanding of the Regulatory environment affecting the trading business
Experience utilizing Python for data analysis, research, or model development

Responsibilities

Support senior traders in the pricing and execution of linear and non-linear USD interest rate derivatives, including vanilla and exotic options.
Maintain, enhance, and apply in house option pricing models and tools to produce accurate , timely valuations and risk metrics.
Monitor intraday positions, assess market drivers, and proactively communicate meaningful risk or market structure changes.
Manage daily P&L, Greeks, and scenario risk; investigate and explain drivers of P&L moves, volatility shifts, and hedge performance.
Operate within clearly defined risk frameworks and market risk limits, contributing to the desk’s culture of disciplined risk taking noted in US Rates Trading reviews
Escalate limit breaches, modelling anomalies, or market data issues in line with Front Office controls and supervisory expectations.
Maintain up to date knowledge of Fed policy, macro themes, Treasury market structure, dollar rates volatility surfaces, and cross market correlations (e.g., FX vol, credit drivers).
Contribute to desk discussions on market opportunities, customer flows, and strategy, leveraging insights from global teams.
Collaborate with US Rates Sales and cross product Sales partners to provide pricing, axes, colour, and trade ideas that improve customer engagement.
Support Sales in client meetings and respond to real time inquiries with accuracy and commercial awareness.
Adhere to all supervisory, operational, and regulatory requirements applicable to trading roles, including voice recording, personal account dealing, model governance, and conduct controls.
Ensure proper trade booking, life cycle management, and coordination with Middle Office to resolve breaks or exceptions.
Participate in internal audit, compliance reviews, and periodic control attestations.
Partner with Technology and Quant teams to test, enhance, and deploy trading tools, analytics, and automation workflows
Identify opportunities to improve pricing speed, risk visibility, or trade capture accuracy.