Municipal Bond Trader

This trading position is on the Active Municipal Bond Desk. It's an exciting opportunity to be part of the trading team that works with the portfolio managers to invest the largest municipal bond funds in the industry.

Duties and Responsibilities:

  • Collects and distributes market information for the portfolio manager. Uses a variety of tools and databases such as Bloomberg, Access databases and Excel spreadsheet files to identify critical data for decision-making. Involved in price taking trading, guided price setting trading and is developing more accomplished negotiating skills. Involved in medium risk situations such as trading spread product.
  • Answers telephone inquiries on the trading desk pertaining to fixed income (e.g., bond, money market, municipal money markets) trading information and fixed income pricing. Based on knowledge of bond market, collects and relays relevant information for use by Portfolio Manager, Analyst, and more senior traders. Acts as a liaison with outside bond vendors.
  • Assists with research under the guidance of more tenured traders. Helps develop operational knowledge of less tenured traders.
  • Reconciles as may be required, (with middle office and RMG) the assigned portfolio(s) cash position on a daily basis ensuring all activity is accompanied by the appropriate documentation, i.e. trade tickets. Completes relevant administrative paperwork and tickets to process updates to the cash log, reconcile cash processed through all appropriate areas, and reports cash position to the portfolio manager within established daily time frames. Researches variances as necessary to explain trends or unusual events impacting the cash position.
  • Generates a variety of risk management reports on the portfolios including detailed information on the diversification, durations, and cash positions of the assigned portfolios. Runs quarterly Lipper reports to review portfolio characteristics from month to month and resolves/highlights trends. Familiarity with fund compliance, regulatory rules and investment guidelines.
  • Researches issues involving the fixed income portfolios as assigned by the portfolio manager. Performs market analysis for senior staff.
  • Tracks assigned sector spreads and develops an understanding of relative value in assigned sector. Stays abreast of relevant news events. Develops relationship with sector analyst and may participate on Satellite (SAT) team.
  • Identifies and recommends process improvements through data analysis.
  • Develops knowledge of fixed income markets, assigned sector, and bond market transactions. Develops an understanding of market forces impacting bond performance and portfolio indices through reading and research. Develops an understanding of relative value and creates trade recommendations.
  • Executes security trades as authorized by portfolio managers. Maintains and develops relationships with securities dealers.
  • Participates in ad-hoc and FIG projects including reporting responsibilities, special projects and performs other duties as assigned.


  • Undergraduate degree (preferably in accounting, finance or economics) or equivalent combination of training and experience. Progress towards MBA or CFA preferred.
  • 1 - 3 years of general trading experience.
  • Strong PC skills including a broad knowledge of spreadsheet, database and other applicable software packages.
  • Detail oriented.
  • Ability to work in a fast paced environment.
  • Excellent communications and mathematical skills.
  • Strong analytical and problem solving skills.
  • Ability to work independently.

Special Factors:

  • Relocation assistance may be provided to the selected qualified candidate.

Vanguard is not offering visa sponsorship for this position.

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