Principal, Cash Markets - Credit Trading

The Opportunity

Exciting opportunity to join our Global Trading team! We are seeking a Principal, Cash Markets to join the Credit Trading desk in our Toronto office. This role owns execution and senior judgement across the desk's Cash Markets mandate, with US High Yield and Loans as the primary focus, and coverage responsibility for Investment Grade Corporate Bonds, CLOs and CAT Bonds.

The mandate also extends to derivatives traded alongside cash risk – CDS Indices, CDS Single Names and TRS – with the ultimate goal of the successful candidate providing backup coverage to Credit Trading's derivatives side when needed. While the focus of the role is cash, candidates should either bring existing derivatives experience or demonstrate a strong, fast-learning aptitude to build it.

Who You'll Work With

The Global Trading team sits within Total Fund Management and is organized into several trading pods, including Credit. The Principal will report directly to the Head of Credit Trading and will maintain close collaboration with the Credit Portfolio Management Teams, the other Global Trading Pods, as well as our Strategic Asset Allocation and Modeling teams.

What You'll Do

• Own execution and market expertise across the Cash Markets mandate: US High Yield and Loans as the core, primary focus, with coverage responsibility for IG Corporate Bonds, CLOs and CAT Bonds (primary and secondary).
• Act as the senior escalation point for Cash Markets, providing coaching, trade validation and complex-case support to the Associate covering that market.

• Coach and mentor Associates and junior traders across the desk more broadly – not limited to Cash Markets – and help foster a team culture built on open dialogue, mutual respect, and the ability to both give and receive constructive challenge.

• Transact orders based on market analysis and market conditions; identify sources of liquidity and manage dealer access to minimize execution costs.

• Collaborate with Credit Portfolio Managers throughout the investment process, providing timely information on market flows.

• Build and maintain strong, professional broker/dealer relationships across the Cash Markets product set.

• Develop working knowledge of the Derivatives Markets mandate over time through structured cross-training, building toward mutual backup capacity with the Derivatives Markets Principal.

• Support improvements in trading processes and new strategies.
• Work closely with the Strategic Asset Allocation & Modeling group to contribute to and improve pre/post-trade analytics – dealer selection, liquidity scoring, TCA.
• Evaluate and recommend venues, vendors and system/tool improvements, in coordination with Strategic Asset Allocation & Modeling's Trading Technology function.
• Assist in developing policies and procedures to ensure compliance with industry and regulatory requirements.
• Build close working relationships with Credit Trading's derivatives side, Strategic Asset Allocation & Modeling, IT, Operations, Legal/Compliance and Risk to ensure appropriate resolution of issues related to the Credit business.

• Partner and communicate with the broader team and other departments to keep relevant stakeholders informed and engaged on transactions or initiatives.

What You'll Need

• 5+ years of credit trading experience, with demonstrated depth in US High Yield and Loans as a primary focus.

• Working knowledge of, or demonstrated ability to quickly build expertise in, IG Corporate Bonds, CLOs and CAT Bonds.

• Exposure to credit derivatives – CDS Single Names, CDS Indices, TRS – is expected: candidates should either bring existing experience or demonstrate a strong, fast-learning aptitude to build it. Structured cross-training toward eventual derivatives backup capacity will be provided on the job.

• Bachelor's degree required, in a related field preferred (Finance, Economics, Mathematics or other); Master's degree an asset.

• Good understanding of Fundamental strategies, Global Macro and Relative Value trading. Familiarity with systematic/model-driven strategies is an asset.

• Proficiency in trading tools (e.g., Bloomberg, MarketAxess, Tradeweb, Liquidnet, Trumid, CharlesRiver).

• Ability to work under pressure and manage multiple priorities while remaining detail-oriented.

• Experience with data analytics to participate in pre- and post-trade analysis and cost-analysis projects.

• Demonstrated active listening, a proactive attitude, and the ability to coach junior traders while fostering a collaborative team environment built on open communication and constructive challenge.

• Strong ethics and regard for compliance and regulatory requirements.

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What we’re offering

• Numerous opportunities for professional growth and development

• Comprehensive employer paid benefits coverage

• Retirement income through a defined benefit pension plan

• The opportunity to invest back into the fund through our Deferred Incentive Program

• A flexible work environment combining in office collaboration and remote working

• Competitive time off

• Our Flexible Travel Program gives you the option to work abroad in another region/country for up to a month each year

• Employee discount programs including Edvantage and Perkopolis

At Ontario Teachers', diversity is one of our core strengths. We take pride in ensuring that the people we hire and the culture we create, reflect and embrace diversity of thought, background and experience. Through our Diversity, Equity and Inclusion strategy and our Employee Resource Groups (ERGs), we celebrate diversity and foster inclusion through events for colleagues to connect for professional development, networking & mentoring.  We are building an inclusive and equitable workplace where our talent is respected, accepted and empowered to be themselves.  To learn more about our commitment to Diversity, Equity and Inclusion, check out Life at Teachers'.

How to apply

Are you ready to pursue new challenges and take your career to the next level? Apply today! You may be invited to complete a pre-recorded digital interview as part of your application.

Accommodations are available upon request ([email protected]) for candidates with a disability taking part in the recruitment process and once hired.

Candidates must be legally entitled to work in the country where this role is located.

Ontario Teachers’ may use AI-based tools to assist in screening and assessing applicants for this position. These tools may help us identify candidates whose skills and experience align with Ontario Teachers’ objectives by analyzing information provided in resumes and applications. Our use of AI does not replace human decision-making.

To learn more about how Teachers’ uses AI with your personal information, please visit our Privacy Centre. 

Functional Areas:

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