Securitized Products Group - MBS Trading - Analyst at JPMorgan Chase

Be part of a high-performance MBS TBA trading franchise supporting flow execution and building the analytics and infrastructure that power real-time decision-making. This role offers direct exposure to pricing, risk management, and client flow across FN30, FN15, and G230, with a clear path to develop into a front-line trading seat.

Job summary:

The MBS TBA Trading Analyst supports the flow trading desk across three product lines (FN30, FN15, G230), focusing on execution support, market/risk awareness, and the development of analytics, dashboards, and scalable tools. The role is designed to build strong product and trading fundamentals with increasing responsibility over time.

Job responsibilities

• Assist in pricing, quoting, and executing TBA trades across FN30, FN15, and G230
• Maintain real-time awareness of positioning, risk, and P&L drivers; support balance sheet allocation processes across sectors
• Build and refine analytics to track relative value in mortgage basis, coupon stack, and cross-sector relationships (e.g., G2/FN, 15/30)
• Expand tools for dollar roll analysis (roll-cycle dynamics, specialness, float analytics) across all three sectors
• Enhance internal dashboards/platforms to improve speed and accuracy of trade decisioning
• Optimize auto-quoting capabilities and response logic; identify opportunities to automate repetitive trading and operational workflows
• Develop deep understanding of TBA market structure and liquidity; progressively take on greater responsibility in risk-taking, position management, and independent execution

Required qualifications, capabilities, and skills

• Knowledge of (or strong interest in) MBS/TBA products, market structure, and trading mechanics
• Strong analytical skills with ability to build/refine tools for relative value, basis, coupon stack, and roll analysis
• Ability to operate in a fast-paced environment with real-time risk/P&L awareness and attention to detail
• Experience improving or building dashboards, workflows, or trading infrastructure to support decision-making
• Aptitude for automation/systemization, including streamlining data aggregation and repetitive workflows
• Strong communication and teamwork skills to support traders and collaborate across functions

Preferred qualifications, capabilities, and skills

• Prior exposure to trading, sales & trading, or electronic market making environments
• Experience with systematic quoting, execution logic, and performance metrics (e.g., hit ratio, distance-to-cover)
• Strong technical skills for building scalable analytics and tooling (e.g., scripting, data pipelines, or dashboarding)
• Demonstrated ability to take increasing ownership toward risk-taking and independent trade execution over time