Job Opportunities
Mortgage Repo Trader
Company: Dynex Capital, Inc.
Industry: Mortgage Real Estate Investment Trust (REIT)
Location: Glen Allen, VA
Overview
Dynex Capital, a leading mortgage REIT, is seeking a Mortgage Repo Trader to join our high-performing investment team. This individual will be responsible for executing repo financing transactions across our agency and non-agency MBS portfolio and Treasury hedge portfolio. The focus will be on optimizing funding strategies and managing counterparty relationships in consultation with senior members of the investment and operations teams. The ideal candidate will also support broader balance sheet management initiatives, leveraging advanced analytical tools and technologies to optimize performance and liquidity.
We strongly value candidates with 3–10 years of experience, as this role is tailored for professionals who are early to mid-career and ready to step into a high-impact position. Candidates with more than 10 years of experience are not being considered at this time.
Additionally, we seek applicants with a CFA designation, familiarity with Python (to enhance and use internally coded tools), and an interest in leveraging prompt engineering with large language models (LLMs) to improve efficiency. Extensive MS Office skills will be necessary.
Key Responsibilities
Repo Financing & Execution
- Execute repo financing transactions for agency and non-agency mortgage securities, ensuring optimal terms and counterparty diversification.
- Manage daily repo position rollover, rate negotiations, and haircut determinations.
- Develop and maintain existing and new relationships with repo counterparties to ensure competitive financing terms and reliable access to funding.
- Monitor and analyze repo market conditions, spreads, and liquidity trends.
Market Research & Reporting
- Contribute to team views on interest rates with a focus on 5-year and shorter maturities.
- Actively monitor swap spreads, asset swaps and invoice spreads.
- Assess relative value across the cash Treasury market.
- Stay updated on repo market trends, financing rates, collateral requirements, and regulatory developments.
- Generate reports and insights for internal strategy meetings, senior management, and Board-level reviews.
- Contribute to financing strategy discussions and quarterly funding plans.
- Analyze repo market trends, term structures, and collateral preferences to identify opportunities for funding optimization.
Risk, Liquidity & Balance Sheet Management
- Collaborate with senior portfolio managers, operations, and risk team to monitor and manage the firm's liquidity position, cash reserves, and funding availability.
- Support the development of contingency and risk management models.
- Monitor counterparty exposure and compliance with internal concentration limits.
- Produce periodic reports on repo financing activities, costs, and risks for senior management.
Technology & Efficiency
- Utilize Python to analyze data, improve existing and develop new internal models for repo financing optimization.
- Experiment with prompt engineering techniques to harness the power of LLMs for streamlining reporting, market analysis, and funding decision workflows.
- Support the implementation of automated repo trading and settlement systems.
Execution & Compliance
Ensure strict adherence to internal guidelines and regulatory requirements across all repo trading activities.
Maintain accurate documentation of all repo transactions and counterparty agreements.
Support regulatory reporting related to repo financing and leverage.
Qualifications
- 2–10 years of experience in repo trading, preferably with a focus on mortgage securities.
- Deep understanding of repo markets, term structures, and collateral requirements.
- Strong knowledge of mortgage securities and their characteristics as repo collateral.
- Familiarity with Python programming and experience using or enhancing analytical tools.
- Exposure to prompt engineering techniques and leveraging LLMs is highly desirable.
Education & Certifications
- CFA designation strongly preferred.
- Advanced degree (MBA, MS in Finance, Economics, or a related field) is highly desirable.
Technical Skills
- Proficiency with Bloomberg Terminal, repo trading platforms, and collateral management systems.
- Advanced Excel skills, with the ability to develop and use complex models.
- Knowledge of treasury management systems and funding risk management tools.
Personal Attributes
Detail-oriented, with excellent problem-solving and organizational skills.
Strong communication abilities and a collaborative approach.
Eagerness to explore and adopt new technologies for improved efficiency.