Overview In this role you will help Santander provide liquidity and revenue through market-making in Agency MBS products. You will work closely with Sales, Research, Structuring, and Risk to deliver ideas and insights to institutional clients while managing positions within risk limits. The role combines deep mortgage-market expertise with fast, disciplined decision-making in a dynamic environment. You will contribute to a broader fixed-income strategy and benefit from Santander's technology-driven, customer-centric transformation.
Compensation / Benefits- competitive rewards package
- benefits addressing well-being and family
- inclusive and accessible application process
Responsibilities- Make markets and trade Agency MBS products (To-Be-Announced, specified pools, pass-throughs)
- Manage positions and risk (P&L, market, basis, convexity, prepayment) within limits
- Price securities using mortgage analytics (prepayment, OAS, yield/spread)
- Develop and execute hedges using Treasuries, futures, swaps, options
- Monitor macroeconomic and regulatory factors affecting Agency MBS valuations
- Generate trade ideas and communicate market color to clients and Sales
- Support growth of the Agency MBS franchise through client relationships and revenue opportunities
- Collaborate with Research and Sales for client-facing content
- Maintain accurate risk/valuation/position records and escalate discrepancies
- Ensure compliance with laws, regulations, policies, and market conduct
- Contribute to pricing tools, trading analytics, and risk-management infrastructure
- Provide guidance to junior traders and analysts
- Demonstrate sound judgment and ethical conduct in line with firm values
Key requirements- deep knowledge of mortgage markets
- strong quantitative and analytical abilities
- ability to make timely trading decisions in a fast-paced, risk-controlled environment
- experience with risk management and regulatory considerations
- collaboration with cross-functional teams (Sales, Research, Operations, Risk, Compliance)
- ability to manage and articulate P&L and risk metrics
- cross-functional collaboration
- analytical communication
- discipline in risk management
- mortgage analytics (prepayment assumptions, OAS)
- pricing and valuation of MBS and related products
- hedging with U.S. Treasuries, futures, swaps, options
