Execution & Market Structure Lead

What you’ll do: Own execution quality end-to-end: pricing, fills, slippage, spreads, liquidity, and “best outcome” metrics Build and monitor market health metrics: depth, volatility, toxicity/adverse selection, maker/taker behavior, and concentration risk Own the market’s unit economics: take rates, fees, rebates, liquidity incentives, inventory/risk costs, and cost-to-serve Design quoting / market making partnerships and liquidity programs (and potentially run internal liquidity where appropriate) Work closely with product + engineering on matching, pricing logic, controls, and measurement Partner with legal/compliance on private-securities constraints: transfer limits, eligibility, disclosures, approvals Coordinate with custody/transfer agent/cap-table workflows so trades settle cleanly and ownership stays correct

Required skills: Deep understanding of market microstructure: spreads, order books, auctions, RFQ, liquidity, and adverse selection Experience building or running markets in at least one of: Equities/options execution, market making, or HFT Exchanges / ATS / dark pools / RFQ venues Private markets / secondaries / structured products Strong grasp of private-securities realities: transfer restrictions, eligibility, accredited/qualified checks (as relevant) issuer approvals / ROFR processes (when they exist) cap table / transfer agent concepts (who updates what, when) Strong data + modeling skills (SQL + Python preferred; strong spreadsheets acceptable) Clear communicator who can explain fills, pricing, and risk in plain English

Nice to have: Experience with pre-IPO secondaries (employee liquidity, tender offers, brokered blocks) Familiarity with broker-dealer / ATS operations and surveillance expectations Settlement/custody workflows for private assets (even if not “DTCC-style”) Experience working on Wall Street Master's or PHD in Financial Engineering (Or self taught on a high level) Backgrounds that fit well Market maker / execution trader / quant (equities, options, or similar) Exchange / ATS / electronic trading product or market ops Capital markets fintech with real execution + revenue ownership Location Strong preference for in-person, San Francisco, CA, but open to remote for very strong candidates