ETF Capital Markets Specialist

About Waystone

Waystone is a leading asset-servicing solutions provider of institutional governance, administration, risk and compliance services to financial institutions. With over 25 years’ experience and a comprehensive range of specialist services to its name, Waystone helps our clients structure, operate and grow through our expertise, innovation and digitisation, backed by the operational scale to support global expansion. 

Summary

Reporting to the Head of ETF Capital Markets and Distribution, your key mission would be to ensure every product on the platform trades as well as it can. You will take ownership of the authorised participant, market maker and exchange relationships that support a rapidly expanding range. Bringing each new launch to market with credible liquidity from day one, and shape the processes, analytics and oversight this function will run on as we scale.

DUTIES AND RESPONSIBILITIES

• Own day-to-day dealing relationships with authorised participants across the ETF range, handling creation and redemption enquiries and resolving settlement fails with Operations and the administrator.


• Onboard new APs, manage AP agreements alongside Legal and maintain settlement arrangements across the ICSD including preparation for the European move to T+1.


• Support the launch of new ETFs from multiple issuers, owning the capital markets workstream from initial product build through to seed and listing – coordinating seed capital arrangements, AP and market maker appointment, exchange listing and first-day trading readiness.


• Work with each issuer on the design of new products from a trading perspective, advising on basket construction, listing venues, currency lines and liquidity arrangements so every product is built to trade well before it reaches the market.


• Review portfolio composition files and basket construction with each partner investment manager and the dealing spreads and fees applied at fund level.


• Monitor spreads, depth, premium and discount, and on-exchange versus off-exchange volume across the range and intervene when a product's trading profile deteriorates.


• Manage market maker and liquidity provider coverage on every listing, including designated market maker arrangements and build relationships across the European market making community and RFQ venues.


• Act as the capital markets point of contact for partner investment managers, supporting their sales effort, and delivering trading education to partners, clients and internal teams.


• Produce pre-trade liquidity and cost analysis for institutional clients and platforms, support large and complex trades end to end.


• Develop the analytics and reporting the function runs on – spread and premium/discount monitoring, iNAV quality, primary market activity and AP performance – so oversight scales with the platform.


• Contribute capital markets input to prospective partner pitches, due diligence questionnaires and platform RFPs, and maintain competitive intelligence on European ETP trading practices and rival issuers' liquidity arrangements.

Experience & Education

• 3–7 years in ETF capital markets, ETF trading, ETF market making, or a closely adjacent seat such as an exchange ETF team, index provider, or bank ETF sales and trading desk.


• A sound understanding of how European exchange-traded products are priced and traded across both the primary and secondary markets, and the ability to explain it clearly to people who are new to it.


• A keen interest in markets, with a genuine understanding of investments and the product strategy behind ETFs – what makes a product succeed, how it is positioned, and how liquidity supports distribution.


• An excellent communicator who builds trusted relationships and manages authorised participant, market maker and exchange relationships effectively, including through busy launch periods.


• The ability to think on your feet – creative problem solving under time pressure is a key attribute of this role.


• Willingness to operate without a large support structure. Judgement, initiative and follow-through matter more here than process familiarity.


• A relevant third-level qualification. A professional qualification such as the CFA is welcome but not a requirement.


• Exposure to a range of asset classes and wrapper types is an advantage, as is familiarity with Irish fund governance or with European regulatory change affecting ETP trading.


• Strong project management and problem solving, with the adaptability to work in a fast-growing business


• Comfort working with data and analytical tools (Excel and Bloomberg as a minimum; Python or similar an advantage) to build the monitoring and reporting this function will depend on.