Gilt Analyst / Dealer

UK Debt Management Office
London, United Kingdom
£40k - £50k
11 Mar 2023
10 Apr 2023
Job Function
Industry Sector
Finance - General
Employment Type
Full Time

Dealing Desk

Reporting to:

Senior Dealer

Closing Date:

17th March 2023

Contract Type:


About the UK Debt Management Office

The DMO is an Executive Agency of Her Majesty's Treasury. We are responsible for debt and cash management for the UK Government, lending to local authorities and managing certain public sector funds.

About the Role

The core role is working as a team member of the DMO dealing desk, focusing on carrying out key operational activities, such as the accurate and timely conduct of UK government bond and bill sales, cash management and forecasting, and leading on or supporting other dealing desk areas of responsibility. Duties will include the administration and analysis of data and reports collected and collated by the DMO for both internal and external publication and the production and presentation of market commentaries and more detailed analysis of market issues for the benefit of internal and external stakeholders; representing the DMO in areas of inter-departmental initiatives, such as ESG, DLT and other Government initiatives, and engaging with external counterparties, trading platform providers and other market participants.

About the Team

The successful candidate will be joining a respected team of (currently) eight other dealers and analysts, who are responsible for DMO's market-facing issuance, trading and associated relationship management activities in the wholesale sterling bond and money markets. The team conducts auction and syndication operations to ensure that the Government's annual borrowing requirement is met in full, and is active in the money market on a day-to-day basis to lend/borrow any surplus/deficit funds to meet a daily end-of-day target balance at the Bank of England. All activities are conducted with a view to achieving DMO's operational targets and best value for money for government, within pre-agreed risk tolerance limits.

Key Responsibilities/Accountabilities

The role will encompass the (shared) responsibilities described below: specific responsibilities may be allocated as part of the team rota and may vary over time.
  • As part of the team rota, to carry out all basic operational activities required of the DMO dealing desk - cash and gilt dealing, auction administration - acquiring knowledge of all the systems and processes used in these key tasks. With sufficient training and experience, to take a lead role in the conduct of gilt auctions and syndications.
  • Quoting prices, transacting and building business relationships with DMO counterparties and market platform providers or other participants on the gilt market, including the booking of transactions executed, margin trades and other similar activities, and the monitoring of cash and securities positions and any associated limits.
  • Execution of twice-a-day rate-setting procedures, plus recording of closing prices and execution of other procedures, including the updating of generated yield curves.
  • Delivery of daily oral and written market commentaries on a rota basis, and the production and presentation of analytical work on market developments, new initiatives and other relevant topics.
  • The collation, production and distribution of daily transactions, position and weekly turnover data, internally (to other dealers, senior management and management committees) and externally (to reporting counterparties). Similarly, to collate pre- and post-auction and syndication data submitted by Primary Dealers. Maintenance of all relevant databases, ensuring accuracy, timeliness and completeness, and contributing to the Desk's ability to respond to ad hoc queries for such data and analysis as and when necessary.
  • Making DMO colleagues aware of significant market or other developments in a proactive manner.
  • Developing and maintaining good working relationships with reporting contacts at counterparty firms.
  • Co-ordination of, and active participation in, business continuity cover for auction operations and other activities. Maintenance of up-to-date procedures, documentation and filing systems.
  • To assist in any project work, user acceptance testing or disaster recovery planning, where relevant to these roles and responsibilities.

Sift Criteria

In selecting interview candidates for this vacancy, we will use the Civil Service Success Profiles to assess you against the following:

Qualifications - (Preferred) Degree-level education in any subject, but preferably in a Finance, Economics, Business, Computing or Mathematics discipline.

Technical - (Essential) Advanced knowledge and skills with Excel and other Microsoft Office applications.

Experience - (Essential) Previous experience in relevant financial markets and knowledge of fixed-income markets and instruments.

Experience - (Preferred) Advanced knowledge and skills with market data and analytical systems commonly in use in fixed income markets.

Skills - (Essential) Ability to deliver a professional service at pace and to fixed deadlines, plus evidence (e.g. cover letter) of written and grammatical competence and ability to communicate technical matters fluently to a non-technical audience.

Candidates - Please note, you will be asked to give evidence in your application of how you meet these criteria.

Interview Process

At interview stage, we will use the Civil Service Success Profiles to assess your behaviours, strengths, technical skills, experience and ability as part of the interview.

  • Seeing the big picture
  • changing and improving
  • make effective decisions
  • leadership
  • communicating and influencing
  • working togehter
  • developing self and others
  • manageing a quality service
  • delivering at pace

Interview - Information for candidates

Depending on the number of applications received from suitable candidates, there may be a two stage interview process for this vacancy.

Applicants for this post will be assessed against the elements of Success Profiles listed above. Candidate guidance on Success Profiles, and how you will be assessed, is available here.
  • Stage 1: Applicants for this post will be assessed against the elements of the Success Profiles recruitment framework listed above
  • Stage 2: Candidates will be asked to undertake a test/presentation/ psychometric test and will be assessed against the elements of the Success Profiles listed above.

Application deadline: 23:55 on 17/03/2023
Shortlisting: Week commencing 20/03/2023
Interviews: Week commencing 27/03/2023

These dates are indicative and may change

Application details

To apply, please send a CV and covering letter to Candidates not submitting a tailored covered letter are unlikely to be considered for interview.

The candidates who are assessed, from the information provided as best meeting the requirements of the role will be invited to interview. Please note that only candidates shortlisted for interview will be informed of the progress of their application. Feedback will only be provided to those invited to attend an interview.

As part of our pre-employment security checks, if you are invited to interview, you will need to bring:
  • Proof of identity, e.g. your passport or driver's license. Documents must be in date and valid.
  • Proof of your National Insurance (NI) number, e.g. letter from DWP confirming your NI number, or P60

If you do not bring a UK or EU passport, you will need to bring other documentation of your right to work in the UK, e.g. your visa, biometric residence permit or birth certificate.

Further details regarding acceptable documents will be provided in the invitation to interview.

For more information on the DMO visit:

Working arrangements

  • The post will be based at in the DMO's office in the City of London.

Hours of work
  • The working hours of this post are 36 hours per week excluding lunch breaks. It is likely to include early starts (c7:00am) and/or late finishes (c6.00pm) on a rotational basis.
  • This post is available on a full-time basis although part time/job share/flexible working hours may be considered.
  • We do expect the job holder to participate in our rota wirth some early starts (7am) and some late finishes (6 pm).

Annual Leave - You will have an annual leave allowance of 27.5 days (pro-rata, dependent on start date) plus paid bank holidays.
  • Civil Service Pension
  • Subsidised gym membership
  • Interest free season ticket loan
  • Family friendly HR policies including paid maternity, paternity and adoption leave

A working culture which encourages inclusion and diversity

Probationary Period

You will normally be subject to a period of probation for the first six months of the appointment. The DMO may exercise its discretion in extending the probationary period by a further three months where considered necessary.

Eligibility Statement

Individuals appointed to the DMO will be subject to National Security Vetting. To allow for meaningful checks to be carried out applicants will normally need to have lived in the UK for at least 3 out of the past 5 years. A lack of UK residency in itself is not always a bar to security clearance but the Department will need to consider eligibility on a case by case basis using all information that can be obtained following a successful application.


DMO has a strong commitment to equality and diversity. Our aim is to be a department which is open and accessible, recruiting and retaining a diverse, talented and high-performing people who support and develop one another.

We are a Disability Confident Employer. This means we've been recognised as an employer which is confident and leading the way in recruiting and retaining staff with disabilities. We will offer an interview to any applicants with a disability who have indicated they wish to take part in the disability confident scheme, provided they meet the sift criteria set out for this post.

If you need any reasonable adjustments to take part in the selection process, please tell us about this in your application form. If you would like to speak to the DMO recruitment team regarding this, you can contact them via email at

Civil Service Code

The Civil Service Code sets out the standards of behaviour expected of civil servants. The Civil Service Commission has two important roles in relation to the Civil Service Code. The Commission hears complaints under the Code from civil servants. The Commission also works with Departments to help them with their promotion of the Code.

The Civil Service Code outlines the core values of the Civil Service:
  • Honesty
  • Integrity
  • Impartiality
  • Objectivity

It describes the standards of behaviour expected of individual civil servants against each of these four values.

For full details see the DMO website