PYRAMYD
Book a Demo
  1. Personas
  2. Global Markets
  3. Fixed Income Trading
  4. Corporates / Credits
  5. Credit Derivatives

Persona

Credit Derivatives.

Configures and manages credit derivative products, including CDS, CLNs, asset swaps and TRSs for corporate credits

Software spend $85,000 / seat / yr

What this role actually does

Responsibilities and pain points, sourced from the production graph.

Software pain points

  • Pricing still depends on manual triangulation across Bloomberg screens, dealer runs, TRACE prints, and electronic RFQs.
  • Traders lose time re-keying trades, axes, and client context between venues, order systems, spreadsheets, and CRM.
  • P&L explain is difficult when spread, rates, basis, inventory, and booking adjustments are split across systems.
  • Audit requests require reconstructing quote intent, communications, order amendments, and trade economics from multiple archives.
  • Electronic RFQ volume creates alert fatigue; traders need to know which inquiries are likely to trade and which are noise.
  • Less-liquid high-yield and distressed names have stale marks and thin comparables, which slows quote confidence.

Workflow

A day in the workflow.

Starts before the U.S. or European cash open by scanning Bloomberg Terminal, dealer runs, CDS indices, new-issue calendars, overnight rating actions, and sector news. The morning is split between marking axes, updating risk and inventory in the order or risk system, quoting RFQs on MarketAxess or Tradeweb, and speaking with sales on client inquiries. Midday work is fast context switching: price bonds against TRACE prints, CDS curves, sector comparables, index levels, and balance-sheet limits, then capture trades in systems such as Murex, ION, or Calypso. The close is dominated by P&L explain, hedging residual rates or index risk, booking clean-up, surveillance exceptions, and prep for the next day’s axes.

See PYRAMYD answer a live question for the Credit Derivatives role.

Book a DemoBrowse all personas