Summary
Overview
Work History
Education
Skills
Affiliations
Timeline
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DAVID M. RICE

Summary

Driven problem solver with 15+ year experience trading every sector of the US interest rate complex. Consistently generated high RoC by efficiently constructing trading portfolios to optimize exchange liquidity and regulatory capital outlay. Frequently called upon to act as “fixer” in negotiations with exchanges, clearing banks, brokers, balance sheet providers and trading counterparties due to my knowledge of nuanced regulatory drivers and limitations of different counterparties. Comfortable discussing VaR measurements, liquidity risk, and trade construction mechanics, while also navigating Basel and RWA considerations.

Overview

16
16
years of professional experience

Work History

Head of Repo Trading and Arbitrage

Gelber Group
Chicago
08.2024 - Current
  • Lead Repo Trading team to finance and cover proprietary UST and T-Bill long and short open positions.
  • Book primarily consists of non-GC issues trading 10bp-300bps 'special' below the Fed corridor.
  • Responsible for repo and basis trading alpha generation.
  • Provide continuous issue specific repo color to outright traders to guide RV trading decision-making.
  • Opened new relationships with both brokers and bank financing desks.
  • Front Office lead person for transition from bilateral to FICC central clearing.
  • Constantly engaged with FICC, settlement bank, and management throughout FICC onboarding.
  • Extensively collaborated with developers and back-office to develop in-house repo position risk, trade management and reporting tool.
  • Understand and monitor business unit's CME SPAN, FICC VaR margin, and FINRA 15c3-1 capital.
  • Collaborated with CFO to streamline reconciliation of repo trade accounting and cross margining.

Head of Fixed Income Relative Value Trading

Gelber Group
Chicago
12.2016 - Current
  • Manage multi-billion dollar notional US rates relative value portfolio consisting of government bonds and their associated cleared and non-cleared derivatives.
  • Utilize both internal and external relative value models based upon convexity, carry and roll, forward rates, and swap curve construction and interpolation.
  • Actively trade custom maturity USD interest rate swaps to complement relative value strategies.
  • Tapped sell-side network to expand list of repo financing counter parties which brought vastly more beneficial financing rates, larger credit lines, and lower haircuts for Gelber's entire fixed income division.
  • Gained elementary yet extremely valuable insight on various post-crisis regulations and how they impact balance sheet extension and RoC for various different market participants.
  • Negotiated various clearing, financing, and third party platform agreements that benefit all of Gelber Group.
  • Heavily involved in recruiting and training junior members toward becoming future traders.

Fixed Income Relative Value Trader

HTG Capital Partners
Chicago
04.2012 - 11.2016
  • Personally met with Paul Tudor Jones to help facilitate his investment in our group’s core business through the firm.
  • Jones experienced a life-to-date RoC of 20% over a 9-month period before the firm decided to return outside capital and and initiate a private credit-line to increase internal share of profit.
  • Co-managed a multi-billion dollar leveraged book of US government bonds and their associated derivatives.
  • Specialize in finding relative value and trading less liquid off-the-run bonds and non-cheapest-to-deliver basis.
  • Incorporated eurodollar futures into our existing short and mid-duration off-the-run strategies to trade Ted 'spread of spreads' as well as synthetically construct forward starting swaps to trade TU, FV and TY spreads.

Fixed Income Trading Assistant

DRW Trading Group, LLC
Chicago
07.2009 - 12.2011
  • Utilized proprietary software to analyze coupon adjusted asset swap levels, convexity and yield curve steepness to present team lead’s $3.5mm DV01 relative value trade to senior partners that generated $20mm of PnL.
  • Identified and modeled the payout structure for an imbedded straddle option resulting from the negative convexity exposure of the ‘When Issue’ 10yr and 30yr government bond rolls.

Education

Bachelor of Business Administration -

Stephen M. Ross School of Business
Ann Arbor, MI

Skills

  • Repo and basis trading
  • Risk management and regulatory compliance
  • Relative value analysis
  • Portfolio management
  • Relationship building
  • Trade structuring and execution
  • Training and mentoring
  • Team leadership

Affiliations

  • Krav Maga and self-defense training
  • Fitness and distance running
  • Huge history documentary nerd

Timeline

Head of Repo Trading and Arbitrage

Gelber Group
08.2024 - Current

Head of Fixed Income Relative Value Trading

Gelber Group
12.2016 - Current

Fixed Income Relative Value Trader

HTG Capital Partners
04.2012 - 11.2016

Fixed Income Trading Assistant

DRW Trading Group, LLC
07.2009 - 12.2011

Bachelor of Business Administration -

Stephen M. Ross School of Business

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DAVID M. RICE