Senior Banknote Trader

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.

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