Emerging Markets Fixed Income Trader

Role Summary

The Emerging Markets Fixed Income Trader executes sovereign and corporate credit, local currency rates, and foreign exchange transactions for dedicated emerging markets strategies and for the emerging markets allocations within global and multi-sector portfolios. The trader will build counterparty relationships and contributes market insight to portfolio construction discussions. Traders here work as members of the investment team. Liquidity in emerging markets is uneven across countries and instruments, and market access rules vary by jurisdiction, so implementation decisions carry more weight than in developed markets.

Responsibilities

Execution:

• Execute across the emerging markets instrument set, including hard currency sovereign and quasi-sovereign bonds, emerging markets corporate credit in investment grade and high yield, local currency government bonds and bills, foreign exchange in spot, forwards and non-deliverable forwards, interest rate and cross-currency swaps, and credit default swaps in single name and index form.
• Select the execution approach for each order from voice negotiation, request for quote, all-to-all protocols, and list or portfolio trades, based on size, liquidity conditions, and the portfolio manager’s urgency and price constraints.
• Manage execution across time zones and local market hours, including onshore and offshore access routes, restricted market documentation, holiday calendars, and settlement conventions that differ by market.
• Exercise judgment on when to work an order over time, when to source risk in size, and when to advise the portfolio manager that the intended trade is not achievable at an acceptable cost.

 

Portfolio implementation:

• Partner with portfolio managers and research analysts to translate country, curve, and issuer views into implementable trade structures across rates, credit, and currency.
• Manage cash and currency positioning for emerging markets strategies, including subscription and redemption flows, coupon and maturity proceeds, currency hedges, and settlement mismatches between local bond markets and fund-level cash.
• Allocate trades across accounts in line with firm policy, maintain target exposures consistent with portfolio guidelines, and resolve settlement and documentation issues with operations and counterparties.

 

Market intelligence and counterparty coverage:

• Provide portfolio managers and analysts with market color on positioning, dealer inventory, new issue supply and concessions, index events, and shifts in liquidity by country and instrument.
• Identify relative value across curves, currencies, and capital structures where execution conditions create opportunity, and participate in country, sector, and strategy discussions.
• Own dealer relationships across a defined set of counterparties, including regional and local banks, and hold them accountable for pricing, axe quality, and responsiveness.
• Monitor execution outcomes using transaction cost analysis, completion rates, dealer response quality, and the cost of orders left unworked or partially executed, and direct order flow accordingly.

 

Technology and workflow:

• Use the desk’s execution and analytics platforms as a core part of daily workflow and improve the efficiency with which orders move from portfolio manager instruction to completed trade.
• Define and refine the rules governing low touch and automated execution in emerging markets, including the size, liquidity, and volatility conditions under which an order should be handled without trader intervention.
• Represent emerging markets requirements to the firm’s trading technology and data teams, specify what the tools need to do, test them before release, and assess new capabilities including AI-assisted tools for research synthesis and market monitoring.

 

Qualifications

Required:

• At least 3 years of experience in emerging markets fixed income trading, portfolio implementation, or a closely related investment role at an asset manager.

• Demonstrated ability to execute in less liquid and fast-moving markets and to make decisions under time and price pressure without escalating routine matters.

• Sound understanding of fixed income, trading mechanics, liquidity formation, market structure, and counterparty risk.

• Routine use of electronic execution platforms and execution analytics in day-to-day trading to improve efficiency in trading higher touch flows.

• Undergraduate degree, preferably in finance, economics, mathematics, engineering, or another analytical discipline.

 

Preferred:

• Direct emerging markets experience across hard currency sovereign debt, local rates, emerging markets corporate credit, or emerging markets foreign exchange.

• Familiarity with local market access requirements, including registration and documentation regimes, capital controls, tax treatment, and restricted currency settlement.

• Experience specifying requirements for trading tools, testing them ahead of release, or building analytics used by a trading desk.

• Interest in the mechanics behind market moves, including the country, issuer, and market access factors that drive emerging markets pricing.

• A collaborative working style, a willingness to share information across trading, portfolio management, and research, and initiative in identifying and addressing gaps in coverage or analytics.

• CFA charter or progress toward the designation

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility

This role is eligible for hybrid work, with up to one day per week from home.

Base Salary Ranges

Please review the job posting for the location of this specific opportunity.

$120,000.00-$205,000.00 for the location of: Maryland, Colorado, Washington and remote workers
$120,000.00-$205,000.00 for the location of: Washington, D.C.
$120,000.00-$205,000.00 for the location of: New York, California

Placement within the range provided above is based on the individual’s relevant experience and skills for the role.  Base salary is only one component of our total compensation package.  Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.

Commitment to Diversity, Equity, and Inclusion

At T. Rowe Price, our associates are our greatest asset. We thrive because our company culture is built on inclusion and because we sustain a work environment where associates can bring their best selves to work every day. The backgrounds, talents, and experiences of our global associates allow us to embrace new ideas and perspectives that move our business priorities forward and enable us to deliver strong client outcomes. Here, you can expect equal opportunity and fair and consistent treatment for all. 

Benefits

T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment without discrimination on the basis of race, religion, creed, color, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by country, federal, state, or local law.