Collateral Management - Credit Portfolio Group – Trader – Associate

Do you enjoy solving complex pricing problems at the intersection of derivatives, funding, and risk? In this role, you will help shape how collateralised derivatives are priced and risk-managed, working closely with trading, sales, structuring, and risk partners. You will build deep expertise in collateral, discounting, and documentation-driven pricing. You will join a collaborative desk where your analytical skills and judgement will be valued. You will also have opportunities to improve tools and infrastructure that are used across the business.

Job Summary:
As an Associate in the Differential Discounting Trading Desk within Collateral Management, you will price client derivatives under collateral agreements and manage valuation and economic risks driven by collateral and discounting. You will work with partners across rates and other markets businesses, as well as support and control functions, to optimise outcomes and uphold strong risk and control practices. You will contribute to the development of pricing tools and to governance around discounting infrastructure and methodology changes. You will combine quantitative thinking with clear communication to support client engagement and internal decision-making.

Job responsibilities

• Price client derivatives under Credit Support Annex documentation
• Structure and negotiate new or amended collateral agreements, including direct client engagement
• Develop and maintain pricing tools and analytics to support the desk and partner teams
• Analyse portfolio exposures to identify valuation drivers, risks, and optimisation opportunities
• Execute hedging activity to manage discounting and funding-related risks
• Lead infrastructure governance activities to improve efficiency, transparency, and control
• Drive delivery of discounting framework changes by coordinating across stakeholders and support teams
• Produce clear analyses and recommendations to support risk, business, and client discussions

Required qualifications, capabilities, and skills

• Demonstrated experience pricing fixed income derivatives
• Proven technical and quantitative capability, including advanced Excel and data manipulation skills
• Working knowledge of collateralised derivatives and the practical impact of documentation on pricing and risk
• Strong understanding of funding and rates market concepts, or clear evidence of rapidly building this expertise
• Ability to exercise sound judgement, prioritise effectively, and deliver under time constraints
• Clear written and verbal communication skills, including the ability to present views and explain drivers
• Collaborative approach and ability to work effectively across functions and stakeholders

Preferred qualifications, capabilities, and skills

• Experience structuring, negotiating, or advising on collateral terms within derivatives documentation
• Experience building or supporting pricing libraries, analytics, or workflow tools used by front office teams
• Familiarity with valuation adjustments and the drivers of collateral-related economics
• Experience contributing to change agendas involving methodology, infrastructure, or control enhancements
• Ability to lead workstreams or small project teams through delivery in a matrix environment

This role encompasses the performance of UK regulated activity. The successful candidate will therefore be subject to meeting UK regulatory requirements in the assessment of fitness, propriety, knowledge and competence as assessed by the Firm and, where appropriate, approval by the UK Financial Conduct Authority and/or the Prudential Regulation Authority to carry out such activities.

About UsJ.P. Morgan is a global leader in financial services, providing strategic advice and products to the world’s most prominent corporations, governments, wealthy individuals and institutional investors. Our first-class business in a first-class way approach to serving clients drives everything we do. We strive to build trusted, long-term partnerships to help our clients achieve their business objectives.
About the TeamJ.P. Morgan’s Commercial & Investment Bank is a global leader across banking, markets, securities services and payments. Corporations, governments and institutions throughout the world entrust us with their business in more than 100 countries. The Commercial & Investment Bank provides strategic advice, raises capital, manages risk and extends liquidity in markets around the world.