At a Glance
- Tasks: Trade banknotes and manage FX-linked pricing and inventory risk.
- Company: Leading financial institution with a focus on innovation and growth.
- Benefits: Competitive salary, comprehensive benefits, and opportunities for professional development.
- Other info: Permanent, full-time role with excellent career advancement potential.
- Why this job: Join a dynamic team and make an impact in the global currency market.
- Qualifications: Extensive experience in banknote trading and strong understanding of FX markets.
The predicted salary is between 60000 - 80000 £ per year.
Position Purpose
The Senior Banknote Dealer is responsible for the commercial management of current-issue circulating and legacy but tradable banknotes, with a strong emphasis on FX-linked pricing, inventory risk, and hedging strategies. The role combines physical banknote trading expertise with treasury-style risk management, ensuring profitability and capital protection across multi-currency positions. The position requires advanced knowledge of banknote markets, FX markets, spreads, liquidity, and counterparty risk, and close coordination with treasury, compliance, and operations teams.
Responsibilities
- Trade high volumes of banknotes across major and emerging-market currencies.
- Manage bid/offer spreads for wholesale and institutional clients.
- Source notes from central banks, commercial banks, exchange houses, and international counterparties.
- Optimise inventory turnover while balancing availability and carry costs.
- Price banknotes dynamically using spot FX, forward points, and market premiums.
- Actively manage FX exposure arising from physical banknote inventories.
- Design and execute hedging strategies using FX spot and forwards, swaps and rolling hedge structures, and natural hedges between buy/sell flows.
- Monitor open currency positions and Value at Risk (VaR).
- Work closely with Treasury to align hedges with group FX policy.
- Assess basis risk between physical banknote pricing and interbank FX markets.
Qualifications
- Extensive experience in banknote trading, FX trading, or treasury functions.
- Proven experience managing multi-currency physical cash positions.
- Strong understanding of FX markets, forwards, swaps, and hedging mechanics; demonstrated ability to price risk and manage margin in volatile markets.
- Advanced numeracy and risk awareness.
- Strong commercial judgement and decision-making capability.
- Experience in wholesale banknote desks or central bank-appointed roles.
- Treasury or FX trading background.
- Familiarity with VaR, P&L attribution, and hedge effectiveness analysis.
- Multilingual skills.
- Professional qualifications (e.g. ACI, ACT, CFA, IBNS).
Permanent, full-time.
Senior Banknote Trader employer: StoneX Group Inc.
As a Senior Banknote Trader, you will thrive in a dynamic and innovative environment that prioritises professional growth and collaboration. Our company offers competitive benefits, a supportive work culture, and opportunities to develop your expertise in banknote and FX markets, all while being part of a team that values integrity and excellence. Located in a vibrant financial hub, we provide unique advantages such as access to leading industry resources and a network of global partners, making it an exceptional place for meaningful and rewarding employment.
