Senior Cross Commodity Options Trader - Client Derivatives & Market Making

We are looking for an experienced Cross Commodity Options Trader to join our growing commodities platform in Milan.
This role is ideally suited to an individual with a strong background in commodity options trading, a quantitative mindset, and a genuine entrepreneurial drive to help expand a client-centric derivatives business.
The successful candidate will play a central role in providing pricing, risk management, and hedging solutions to clients across commodity markets while actively managing proprietary risk and contributing to the growth of our options franchise. Deadline for application: 04th December 2026
Client Market Making & Structured Solutions

- Act as a key point of contact for clients seeking commodity options and volatility solutions.
- Price, quote, and execute options transactions across commodity markets, delivering liquidity and market-making services to institutional, corporate, and professional clients.
- Develop tailored hedging and structured option strategies addressing clients' risk management requirements.
- Work closely with sales teams to identify client opportunities and originate new business.
- Build long-term relationships with clients through consistent market intelligence, execution excellence, and innovative risk solutions.
- Contribute to the development and expansion of the firm's commodity derivatives offering.

Trading & Risk Management

- Manage option books across multiple commodity sectors including energy, environmental products, metals, and agricultural commodities.
- Actively manage delta, gamma, vega, correlation, and basis risks.
- Identify and capitalize on opportunities across volatility, relative value, term structure, and cross-commodity dislocations.
- Develop and enhance quantitative pricing and risk management frameworks.
- Monitor market developments, fundamental drivers, and volatility dynamics to support trading decisions.

Strategy & Franchise Development

- Contribute to the strategic growth of the commodities derivatives business.
- Help develop new products, market-making capabilities, and client solutions.
- Work alongside technology and quantitative teams to improve pricing, analytics, automation, and execution tools.
- Bring new ideas, challenge existing approaches, and help shape the future direction of the trading platform.

Experience

- Minimum 5 years of commodity options trading experience within a bank, commodity merchant, energy company, trading house, market maker, or hedge fund.
- Proven experience managing option risk and providing pricing and execution services to clients.
- Strong understanding of commodity volatility markets, option pricing models, Greeks, and hedging methodologies.
- Demonstrated ability to develop client relationships and contribute to franchise growth.

Technical Skills

- Strong quantitative background in Mathematics, Physics, Engineering, Quantitative Finance, Statistics, Economics, or a related discipline.
- Excellent analytical and modelling skills.
- Experience with quantitative tools such as Python, VBA, SQL, Matlab, or similar programming languages is highly desirable.
- Understanding of stochastic pricing models, volatility surfaces, and scenario-based risk management.

Personal Characteristics

- Entrepreneurial mindset with a desire to build and grow a business.
- Commercially driven with strong client-focus.
- Team-oriented with a strong communication and relationship-management skills.

The salary range indicated reflects the expected range for the role. The final offer will be defined based your experience, skills, and level of responsibility.
Exposure to a broad range of commodity markets and sophisticated client-driven solutions, working alongside experienced trading, quantitative, and sales professionals.
UniCredit is a pan-European leading commercial bank providing best-in-class solutions and services across Italy, Germany, Austria, and Central and Eastern Europe. Our Vision is to be the Bank for Europe's Future. Our Purpose is to Empower Communities to Progress, delivering the best-in-class products and services for all stakeholders, unleashing the potential of our people and our clients across Europe. We serve over 20 million clients, supported by three Group product factories — Corporate, Individual and Payment Solutions — that ensure best-in-class expertise and scalable solutions across all markets. Our integrated model combines local proximity, deep client understanding and Group-wide capabilities, enabling seamless service and outstanding client experience. Digitalisation, operational excellence and a strong commitment to ESG principles underpin our journey, helping us deliver sustainable long-term value for clients, communities, employees and shareholders. Our shared Culture unites our people across all countries, empowering teamwork, driven execution and ambition through Ownership, Integrity and Caring.