At a Glance
- Tasks: Trade banknotes and manage FX exposure while optimising inventory.
- Company: Join a Fortune 100 company connecting clients to global markets.
- Benefits: Competitive salary, career progression, and a dynamic work environment.
- Other info: Collaborate with treasury and compliance teams in a global setting.
- Why this job: Make an impact in the fast-paced world of banknote trading and FX management.
- Qualifications: Extensive experience in banknote or FX trading and strong analytical skills.
The predicted salary is between 59400 - 72600 £ per year.
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
- 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)
Senior Banknote Trader employer: StoneX
At StoneX Group, we pride ourselves on being an exceptional employer, offering a dynamic work environment that fosters innovation and collaboration. With a strong focus on employee growth, our EMEA office provides unique opportunities for professional development in the financial services sector, supported by a culture that values diversity and inclusion. Join us to be part of a forward-thinking team dedicated to making a meaningful impact in Financial Crime Prevention while enjoying the benefits of a Fortune 100 company.
