Job description
ACG_3716_JOB Our client, a leading company in financial services sector in Vietnam, is looking for a qualified candidate to join their firm. Liquidity Architecture and Capital Flow Management Design and operate the Company’s end-to-end liquidity framework, covering internal market-making activities, external liquidity sourcing, and capital flow coordination.
Define and optimize the allocation of liquidity activities between the internal desk and external market makers across different trading pairs and market conditions. Work closely with the Treasury function to plan and manage capital flows, particularly USD flows used to support liquidity operations. Develop operating mechanisms that address constraints affecting cryptocurrency transfers and foreign exchange flows, ensuring stable and resilient liquidity provision.
Monitor and continuously improve capital efficiency throughout the liquidity ecosystem. External Market Making and Liquidity Partnerships Establish and manage relationships with external market makers and liquidity providers, covering partner sourcing, onboarding, and ongoing performance monitoring. Negotiate and structure partnership arrangements, including fee structures, rebates, volume commitments, and service-level agreements relating to spreads, market depth, and uptime.
Define and monitor market-quality KPIs for each trading pair, including bid-ask spreads, order-book depth at ±1% and ±2%, slippage for standard transaction sizes such as USD 10,000 and USD 100,000, and fill ratios. Develop coordination mechanisms with external market makers under foreign exchange flow constraints, particularly those involving USD, to support effective position balancing.
Coordinate with the Listing team to ensure that adequate liquidity is available before new tokens are listed. Determine when the internal desk should supplement external liquidity where external market makers fail to meet the required performance standards. Internal Liquidity Desk Establish and lead the Internal Liquidity Desk, including recruitment, team structure development, and oversight of daily operations.
Take full responsibility for inventory management, including capital allocation, capital efficiency optimization, cross-venue hedging, and portfolio rebalancing. Implement delta-neutral and spread-capture strategies while maintaining directional exposure within approved limits, and monitor and optimize profit and loss generated from market-making activities.
Establish and maintain robust operational risk controls, including position limits, inventory-based exposure limits, daily loss thresholds, and risk mitigation measures for volatile market conditions. Develop and maintain stress-testing scenarios, including flash crashes, liquidity withdrawals, and counterparty defaults, and ensure that the desk is adequately prepared to respond effectively.
Market Quality Strategy and Standards Define liquidity standards for different asset tiers, including Tier 1 assets such as BTC and ETH, mid-cap assets, and newly listed tokens, covering minimum market depth, maximum spreads, and slippage targets. Analyze order flows, user trading behavior, and market microstructure to continuously improve execution quality.
Develop and maintain real-time dashboards to monitor market-quality indicators across all trading pairs. Drive the Company’s market-quality-led competitive strategy by positioning market quality as a core strategic consideration rather than solely an operational function. Risk Management and Regulatory Compliance Establish and operate robust risk-control frameworks, including inventory limits, exposure limits, and loss thresholds.
Manage key risk exposures, including inventory imbalances, dependence on foreign exchange flows, and risks associated with external market makers. Ensure that operations are conducted within Vietnam’s regulatory sandbox for digital assets and work closely with the Risk and Compliance functions to maintain full compliance with all applicable regulations.
Ensure that the activities of the internal desk do not create concerns relating to market manipulation, and work with the Compliance function to develop and implement market-surveillance policies. Contribute to the development of internal policies and procedures within a continuously evolving regulatory environment. Serve as the subject-matter expert in engagements with regulators and auditors, particularly on matters relating to the Company’s liquidity management and market quality.
Cross-Functional Collaboration Work with the Product and Matching Engine teams on decisions relating to order types, latency requirements, and execution logic that directly affect market quality. Collaborate with the Technology and Engineering teams to develop market-making tools and optimize latency and order routing.
Coordinate with the Treasury function on the allocation of capital for the Internal Liquidity Desk’s inventory. Work with the Risk, Security, and Compliance functions on market surveillance, wash-trading detection, and regulatory reporting. Coordinate with the Listing team to ensure liquidity readiness before each new token listing.
Key Performance Indicators Average bid-ask spread across all active trading pairs. Order-book depth at ±1% and ±2% levels. Slippage for standard transaction sizes, including USD 10,000 and USD 100,000 in notional value. Liquidity coverage ratio, measured as the proportion of listed trading pairs that meet the defined market-quality standards.
Capital efficiency of the Internal Liquidity Desk, measured by profit and loss relative to the inventory capital deployed. Uptime and compliance with service-level agreements by external market makers.
Requirements
Experience At least 7 years of experience in market making, liquidity provision, or proprietary trading across cryptocurrency, foreign exchange, equities, or derivatives. Proven experience establishing and leading a trading desk, with full responsibility for people management, profit and loss, and operational risk. Candidates who have demonstrated the ability to build and scale a team from an early stage are strongly preferred.
Hands-on experience working with external liquidity providers under partnership or contractual arrangements, together with a strong understanding of how such relationships operate from both the provider and client perspectives. Experience working in regulated environments, with a clear understanding of senior-level accountability within a compliance-driven setting.
Technical Expertise In-depth understanding of order book dynamics, market microstructure, and matching engine mechanisms. Practical experience in API-based trading and algorithmic execution. Strong expertise in delta-neutral strategies, inventory management, and cross-venue hedging. Ability to design, interpret, and clearly explain market quality metrics without relying solely on preconfigured dashboards.
Leadership and Behavioral Competencies Demonstrated end-to-end ownership of results, with direct accountability for market quality or trading desk performance and the resulting business impact. Strong ability to make prompt and well-informed decisions under uncertainty, in line with the demands of real-time market environments.
Proven ability to operate effectively in ambiguous and continuously evolving environments, particularly within emerging regulatory frameworks where established precedents and standard operating models remain limited. Ability to influence and align cross-functional stakeholders without direct reporting authority, working effectively with teams such as Listing, Product, and Compliance to achieve shared market quality objectives.
Clear and effective communication skills across diverse stakeholder groups, including senior management, regulators, and other non-trading audiences, with the ability to explain objectives, execution approaches, and supporting rationale transparently.
Preferred Qualifications
Experience building a liquidity framework from the ground up for a newly established exchange rather than taking over an existing operating model. An established network of leading market makers operating in Southeast Asia or international markets. Experience working within a regulated exchange or regulatory sandbox environment.
Academic or professional background in a quantitative discipline or engineering. Contact: Thao Phan Due to the immense number of applicants, only shortlisted candidates will be contacted.