Job highlights

- Minimum 2 years hands-on experience on Mutual Fund ETF Market Making Desk with expertise in ETF liquidity provision, two-way quoting, algo-based order execution, intraday scalping, and cash market basket execution
- Manage ETF market making activities including two-way quoting, spread management, algo trade execution, scalping, basket execution, risk monitoring, and coordination with Mutual Fund dealers

Reporting To: Head Trading / Market Making Desk

Role Overview

ULJK Financial Services Pvt. Ltd. is looking for an experienced and result-oriented ETF Market Making Dealer with prior hands-on experience working on a Mutual Fund ETF Market Making Desk.

The candidate will be responsible for providing liquidity in ETFs through active two-way quoting, managing buy and sell spreads, executing trades through algorithmic trading systems, and coordinating with Mutual Fund dealers, brokers and other market participants.

The role requires strong practical knowledge of ETF market making, cash market trading, basket execution, scalping strategies and intraday position management.

Key skills:

- ETF two-way quoting and spread management
- Algo-based order execution
- Intraday scalping
- Cash market basket execution
- Coordination with Mutual Fund dealing desks

Key Roles & Responsibilities ETF Market Making & Liquidity Management

- Actively manage market making activities in various Mutual Fund ETFs across NSE and BSE.
- Provide continuous two-way quotes (Buy/Sell) and maintain competitive bid-ask spreads.
- Monitor market depth, liquidity, traded volumes, iNAV and underlying NAV.
- Manage spreads dynamically based on market conditions, volatility, liquidity and inventory positions.
- Ensure efficient liquidity provision and minimise tracking deviations between ETF market prices and underlying NAV.
- Monitor ETF price movements and identify market making and arbitrage opportunities.

Coordination with Mutual Fund Dealers

- Actively coordinate and communicate with dealers at various Mutual Fund houses.
- Liaise with Mutual Fund dealers for ETF creation/redemption, underlying basket execution and liquidity-related activities.
- Coordinate for purchase and sale of ETF units and underlying securities as required.
- Maintain strong working relationships with Mutual Fund dealing desks and market participants.




- Monitor market developments and communicate relevant trading information to the internal team.

Algorithmic Trading & Order Execution

- Execute buy and sell orders using algorithmic trading platforms and execution strategies.
- Monitor algo performance, order placement, execution quality and market impact.
- Manage automated and manual orders depending on market conditions.
- Adjust order parameters and spreads based on real-time market movements.
- Ensure timely execution while maintaining prescribed trading limits and risk parameters.

Scalping & Spread Management

- Undertake intraday scalping activities in ETFs and underlying cash market securities.
- Identify and capture spread-based trading opportunities.
- Actively manage buy-sell spreads and intraday trading positions.
- Monitor market depth, order book dynamics and price movements to optimise execution.
- Manage inventory exposure and ensure timely squaring-off or hedging of positions.

Cash Market Basket Execution

- Execute underlying cash market baskets corresponding to ETF requirements.
- Handle simultaneous execution of multiple securities with efficient order management.
- Execute buy/sell baskets while minimising slippage and market impact.
- Coordinate basket execution with ETF market making and creation/redemption activities.
- Monitor individual security liquidity, price movements and execution efficiency.

Risk Management & Reporting

- Monitor intraday positions, inventory, exposure and trading limits.
- Ensure adherence to internal risk management policies and exchange regulations.
- Maintain accurate trade records and execution reports.
- Monitor profit and loss, spreads captured and transaction costs.
- Escalate unusual market movements, trading discrepancies and risk exposures.

Mandatory Experience & Qualifications

- Minimum 2 years of relevant experience in the capital markets, preferably 27 years.
- Prior hands-on experience on a Mutual Fund ETF Market Making Desk is mandatory.
- Candidates with experience in ETF liquidity provision,



two-way quoting and spread management will be strongly preferred.
- Practical experience in Algos-based order execution.
- Experience in intraday scalping and cash market basket execution.
- Good understanding of ETF creation/redemption mechanisms and underlying securities baskets.
- Graduate in Commerce, Finance, Economics or a related discipline, MBA Finance.
- NISM certification is compulsory.

Technical Skills & Competencies

- Strong understanding of ETF market making and liquidity management.
- Hands-on knowledge of NSE and BSE trading platforms.
- Experience with algorithmic trading terminals and execution tools.
- Understanding of bid-ask spreads, market depth, iNAV, NAV and ETF pricing.
- Good understanding of equity cash market and basket trading.
- Strong analytical skills and ability to take quick trading decisions.
- Advanced working knowledge of MS Excel.
- Ability to work under pressure in a fast-paced trading environment.

Key Performance Parameters (KPIs)

- Effective liquidity provision and competitive two-way quoting.
- Efficient management of bid-ask spreads.
- Quality and efficiency of algorithmic execution.
- Minimisation of slippage and transaction costs.
- Profitability and efficiency of scalping and spread capture activities.
- Accuracy and efficiency in cash market basket execution.
- Effective inventory, exposure and risk management.
- Strong coordination with Mutual Fund dealing desks.

Ideal Candidate Profile The ideal candidate should be currently working or have previously worked with:

- Mutual Fund ETF Market Making Desks.
- ETF liquidity provision and trading desks.
- Institutional ETF dealing and execution teams.
- Market making operations involving ETF and underlying cash market baskets.
- Know how to operate Greek / Odin software.

Important Hiring Requirement: Candidates without actual hands-on experience in Mutual Fund ETF market making should not be considered, even if they have general equity dealing, proprietary trading or stockbroking experience.

About the Position

This is a specialised front-office trading role requiring practical market making experience, robust execution capabilities and an understanding of ETF liquidity dynamics. The candidate will be an integral part of the Market Making Desk at ULJK Financial Services Pvt. Ltd.

📌 ETF Market Making Dealer (Mumbai)
🏢 ULJK Financial Services
📍 Mumbai