At a Glance
- Tasks: Trade high volumes of banknotes and manage FX exposure with innovative strategies.
- Company: Join a Fortune 100 company connecting clients to global markets.
- Benefits: Competitive salary, career progression, and a dynamic work environment.
- Other info: Opportunity for growth in a collaborative, global team.
- Why this job: Make an impact in the fast-paced world of banknote trading and FX management.
- Qualifications: Extensive experience in banknote trading and strong understanding of FX markets required.
The predicted salary is between 75600 - 92400 £ per year.
Overview
Company Overview: Connecting clients to markets – and talent to opportunity. With 5,400+ employees and over 80,000 institutional, commercial, and payments clients, we operate from more than 80 offices spread across six continents. As a Fortune 100, Nasdaq-listed provider, we connect clients to the global markets – focusing on innovation, human connection, and providing world-class products and services to all types of investors.
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.
Key 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
FX Exposure & Hedging
- Actively manage FX exposure arising from physical banknote inventories
- Design and execute hedging strategies using FX spot and forwards, swaps and rolling hedge structures, 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
To land this role you will need:
- 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 Trader (Permanent) in London employer: StoneX
At StoneX Group, we pride ourselves on being an exceptional employer, offering a dynamic work culture that fosters innovation and collaboration. With over 5,400 employees globally, we provide extensive growth opportunities within our diverse business segments, ensuring that every team member can thrive in their career. Our commitment to employee development, coupled with the chance to engage with a wide array of clients and markets, makes this an ideal environment for those seeking meaningful and rewarding employment in the financial sector.
