The Role
Lead design and operation of end-to-end liquidity framework, manage internal liquidity desk and external market-making partnerships, optimize capital flows and market quality metrics, enforce risk controls and regulatory compliance, and collaborate cross-functionally to ensure liquidity readiness and performance.
Summary Generated by Built In
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.
Skills Required
- At least 7 years of experience in market making, liquidity provision, or proprietary trading across crypto, FX, equities, or derivatives.
- Proven experience establishing and leading a trading desk with responsibility for people management, P&L, and operational risk.
- Hands-on experience working with external liquidity providers under partnership or contractual arrangements.
- Experience working in regulated environments with clear understanding of senior-level accountability in compliance-driven settings.
- 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 and maintain monitoring dashboards.
- Demonstrated end-to-end ownership of market quality or trading desk performance and decision-making under uncertainty.
- Experience building a liquidity framework from the ground up for a newly established exchange.
- 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.
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The Company
What We Do
Aloha Consulting Group (ACG) is a consulting firm specializing in digital transformation, technology, marketing, investment, and financial services. Its mission is to make finding rewarding jobs easier and to be a leading firm in Southeast Asia by leveraging human elements and technology.
