Associate, XVA & Discounting Trader

If you’re looking for a career that will help you stand out, join HSBC, and fulfil your potential - whether you want a career that could take you to the top, or an exciting new direction, we offer opportunities, support and rewards that will take you further.

We’re one of the largest banking and financial services organisations in the world, with a network that covers more than 50 countries and territories. We aim to be where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people fulfil their hopes and realise their ambitions.

We are currently seeking an experienced professional to join our team in the role of Associate, XVA & Discounting Trader

This role sits within the XVA Trading desk, managing EM Rates discounting and basis risk across CEEMEA and LATAM as part of Global Macro. You’ll execute trades that protect the bank’s risk position while supporting revenue, hit ratio and return targets set by management. The role includes clear accountability for discounting-related P&L and high-quality, consistent P&L attribution across curve and basis moves, carry and roll and market events.

You’ll partner closely with XVA and Discounting traders globally including structured handovers and alignment on risk ownership across time zones. You’ll also support pricing to sales and clients in line with HSBC policies including consistent discounting assumptions and appropriate risk transfer with XVA. Success means disciplined risk management within appetite and limits, strong execution standards and fair outcomes for customers while supporting orderly and transparent financial markets.

As an HSBC employee in the UK, you’ll have access to tailored professional development opportunities and a competitive pay and benefits package. This includes private healthcare for all UK-based employees, enhanced maternity and adoption pay and support when you return to work, and a contributory pension scheme with a generous employer contribution.

In this role you’ll:

• Execute trades to manage EM derivatives discounting risks across CEEMEA and LATAM within the XVA Trading desk
• Maintain discounting and basis risk positions within risk appetite and desk limits
• Coordinate global EM discounting risk and P&L management with Hong Kong and Americas trading teams including robust time-zone handovers
• Support delivery of revenue, hit ratio and return targets with accountability for discounting-related P&L
• Provide clear, consistent P&L attribution across curve and basis moves, carry and roll and market events
• Price trades for sales and clients in line with bank policies ensuring consistent discounting assumptions and appropriate risk transfer with XVA
• Book trades accurately in front office systems in line with internal policy and regulatory requirements
• Perform lifecycle and risk-reduction activities within remit including supporting or executing FX compression and optimisation exercises

To be successful in this role you’ll meet the following requirements:

• Bring relevant experience in Rates and/or XVA trading or risk management with strong knowledge of derivatives discounting and basis dynamics
• Apply working familiarity with broader XVA drivers and explain day-to-day P&L drivers clearly and credibly
• Demonstrate understanding of EM market structure and liquidity across CEEMEA and LATAM including practical hedging considerations
• Show capability in managing complex instruments relevant to discounting and basis risk management
• Communicate effectively in writing and verbally including clear risk management and P&L explanations
• Partner effectively across time zones including with Hong Kong and Americas stakeholders
• Apply structured problem-solving and decision-making in a front-office risk environment
• Demonstrate experience supporting risk reduction or optimisation initiatives such as compression, tear-ups or back-to-back risk transfers

Opening up a world of opportunity.

Being open to different points of view is important for our business and the communities we serve. At HSBC, we’re dedicated to creating diverse and inclusive workplaces - no matter their gender, ethnicity, disability, religion, sexual orientation, socio-economic background or age. We are committed to removing barriers and ensuring careers at HSBC are inclusive and accessible for everyone to be at their best. We take pride in being a Disability Confident Leader and will offer an interview to people with disabilities, long term conditions or neurodivergent candidates who meet the minimum criteria for the role.

If you have a need that requires accommodations or changes during the recruitment process, please get in touch with our Recruitment Helpdesk via hsbc.recruitment@hsbc.com.