Executive Director - Structured Credit Trader

Executive Director - Structured Credit Trader (CLNs, Repacks & Tranches)

Location: Paris, France
Department: Global Markets - Credit Trading / Structured Credit

Role Summary

We are seeking an experienced Structured Credit Trader to lead risk-taking, pricing, and market-making across Credit-Linked Notes (CLNs), repacks, and tranches within our European platform. The role sits on the front office trading desk in Paris and will cover flow and bespoke transactions across investment-grade and high-yield corporates, financials, sovereigns, and indices (including iTraxx), working closely with Structuring, Sales, Syndicate, Risk, Legal, and Operations to deliver client-centric solutions with disciplined risk management and strong commercial outcomes.

Key Responsibilities

Trading & Risk Management

• Run the risk on CLNs, repacks, tranche books (single-name and index tranches), managing delta, credit spread, correlation, basis, convexity, optionalities, and XVA (CVA/DVA/FVA/MVA) impacts.
• Execute primary and secondary trading; provide two-way markets, axes, and inventory management in line with risk appetite and limits.
• Own daily P&L attribution; monitor VaR, SVaR, sensitivities (CS01, vega/vol-of-vol for options embedded in structures), stress scenarios, and tail-risk exposures.
• Optimize funding & liquidity (including repo, collateral, haircuts), manage hedging (CDS, indices, options, TRS, bonds), and drive capital efficiency (RWAs/Leverage).

Pricing, Origination & Execution

• Price bespoke CLNs (single-name, baskets, first-to-default, recovery locks), repack notes (structured/funded solutions), and index/single-name tranches (including equity, mezzanine, and senior tranches).
• Partner with Structuring to design client solutions (yield enhancement, capital relief, risk transfer, ESG overlays, callable features).
• Lead end-to-end execution: term sheet negotiation, documentation (incl. repack SPV mechanics), hedging, booking, and post-trade lifecycle.

Client Coverage & Commercials

• Drive revenues through proactive engagement with private banks, insurers, asset managers, pension funds, banks/treasury, and hedge funds.
• Provide market colour, trade ideas, and thematic strategies (carry trades, dislocation trades, correlation views, basis opportunities).
• Collaborate with Sales to grow wallet share, deliver RFQ responsiveness and pricing consistency, and manage key accounts.

Governance, Controls & Regulatory

• Ensure compliance with MiFID II, EMIR (including clearing obligations and margining for OTC derivatives), PRIIPs KID requirements, SFDR (where applicable), MAR (market abuse), Basel III/CRR capital and liquidity rules, and AMF/EU local regulatory expectations.
• Maintain robust model governance, price testing, IPV, Fair Value controls, and documentation standards.
• Champion conduct risk and best execution; adhere to trade capture integrity and post-trade controls.

Leadership & Collaboration

• Mentor junior traders/analysts; contribute to desk strategy, risk frameworks, and technology/tooling enhancements.
• Work closely with Quant, Risk, Legal, Compliance, Operations, Treasury, and Syndicate to deliver scalable, well-controlled growth.

Required Qualifications & Experience

• 10+ years of front-office experience in structured credit trading with direct P&L responsibility across CLNs, repacks, and tranches (sell-side experience strongly preferred).
• Deep product knowledge of CDS, index tranches (iTraxx/CMBX/CDX), basket structures, repack SPVs, and embedded options (calls/puts/caps/floors).
• Proven track record in pricing, hedging, and risk-managing complex credit structures, including correlation modelling, default/recovery dynamics, and basis risks (bond-CDS, TRS-bond, tranche-index).
• Strong familiarity with XVA, CVA hedging, and capital optimization; comfort with VaR/ES, stress testing, and scenario analysis.
• Advanced quantitative skills: credit curve construction, copula/correlation frameworks, stochastic modelling, and Python/VBA or similar tooling for pricing/analytics (front-office utility level).
• Bachelor's/Master's in Finance, Mathematics, Engineering, or related field; CFA/FRM an advantage.

Skills & Competencies

• Commercial instinct & client orientation: ability to originate and close trades with risk discipline.
• Risk-first mindset: clear articulation of risk drivers, hedging strategies, and P&L attribution.
• Execution excellence: speed, accuracy, and control across complex structures and multi-leg hedges.
• Communication: concise, credible with clients and internal stakeholders; strong term sheet/documentation fluency.
• Team leadership: coach and upskill junior talent; collaborate across functions.
• Languages: English and French (professional proficiency). Additional European languages are a plus.

Compensation & Benefits

• Competitive base salary + discretionary bonus linked to desk and individual performance.
• Benefits include health coverage, pension, and relocation assistance (if applicable).
• Executive Director title with scope for leadership and platform-wide impact.