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Belvedere Trading

Market Structure Analyst

Sorry, this job was removed at 06:10 p.m. (CST) on Monday, Dec 22, 2025
Easy Apply
Hybrid
Chicago, IL, USA
85K-100K Annually
Easy Apply
Hybrid
Chicago, IL, USA
85K-100K Annually

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Belvedere Trading is a leading proprietary trading firm proudly headquartered in downtown Chicago. Our traders work hard to provide liquidity to the market through their market-making activities and are the masters of a diverse set of commodities, interest rates, exchange-traded funds (ETF), and equity index options. From the beginning, we began iteratively investing in our proprietary technology and committing to building our systems from the ground up. Our trading models and software systems are continually re-engineered, optimized, and maintained to stay on top of the industry.

Our Business department is comprised of several key teams who work to ensure that Belvedere is operating at the highest level.  We look for passionate team members that excel and their contribution is critical to our continued success. Our Business Teams build and manage processes that strive to improve all facets of the company. Whether it’s human or financial capital, our goal is to drive productivity while enhancing Team Belvedere’s experience.

The Market Structure Department is responsible for understanding the nuances between exchange trading venues and their impact on Belvedere’s market-making strategy, while also serving as the central hub for communication with all exchanges. 
 
As the Market Structure Analyst, you will report directly to the head of market structure and be responsible for ensuring trading, technology, and operations optimize these nuances. As a part of the Market Structure team, you will read, disseminate, and process exchange communication to the relevant teams. 

What you'll do

  • Work directly with the head of market structure to work with large datasets, analyze trading data against industry data 
  • Monitor changes in behavior across different exchange market structures 
  • Gain an understanding of exchange fee schedules and ensure all internal stakeholders input fee data accordingly 
  • Work with the trading teams to monitor and optimize exchange incentive programs 
  • Distinguish critical market structure issues and understand their impact 
  • Follow up with technology teams to ensure workflows, tickets, and system changes are implemented accurately and on time 
  • Responsible for organizing trader setup and market data across the different trading groups at Belvedere 
  • Coordinate with the Finance department on billing and cost allocation 
  • Manage a centralized system to optimize Belvedere’s exchange connectivity and market data footprint, including: MMIDs, MPIDs/EFIDs, GFIDs, and badges. Ports, sessions, and SMP IDs. Exchange portal access, user access to trading platforms (e.g., CME Direct, ICE Chat), market data footprint, and monthly entitlement reporting 

What you'll need

  • Proven technical experience or a demonstrated interest in electronic trading or finance supporting traders in a production environment 
  • Experience scripting and troubleshooting using PowerShell, Python, or similar languages  
  • Solid SQL and relational database experience 
  • GCP and Looker experience is a plus 
  • Understanding networking fundamentals 
  • Excellent critical thinking skills with the ability to understand, analyze, troubleshoot, and creatively solve problems 
  • The ability to work in a fast-paced dynamic environment with the skills to balance multiple tasks at the same time 

Women and underrepresented groups frequently apply to jobs only if they meet 100% of the qualifications. We encourage you to break that mold and apply. No candidate is perfect; all have a lot to offer. We welcome your application.

Core Values
The secret to our award-winning culture is our Core Values: Team Belvedere, Me In Team, Own It, Build Rockets, and Passionate Discourse. We live and breathe these values every day.

Our Stance
Belvedere is an Equal Opportunity Employer and is committed to providing a non-discriminatory employment environment for its employees. Discrimination against employees and applicants due to race, color, religion, sex, national origin, disability, age, military, and veteran status is prohibited. Belvedere encourages initiatives to increase diversity and provide equal opportunity to all applicants and employees. Belvedere is committed to providing a positive environment in which team members are treated with respect, dignity, and courtesy. Our firm believes in a dynamic culture of inclusion and diversity, where people thrive on individual and organizational characteristics, values, experiences, and backgrounds.
 
Please note that Belvedere Trading does not accept unsolicited resumes from search firms or employment agencies. Any unsolicited resumes will become the property of Team Belvedere. No phone calls, please.

Any questions regarding the virtual recruiting process, please reach out to [email protected].

Work Schedule: Regular and reliable attendance during standard business hours
Amount of Travel Required: None 
Sponsorship: Not available for this position 

HQ

Belvedere Trading Chicago, Illinois, USA Office

We are located in the Chicago Loop right next to Ogilvie and Union Train Station for easy access to all of Chicago's favorite neighborhoods. Our office is right on the Chicago River with great lunch places to eat and dining alfresco in the summer.

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