Britni Ihle, Head of Credit Quant Trading at Citi, won Excellence in Fixed Income Trading at Markets Media Group’s 2024 Women in Finance Awards.

What type of trading did you start with, and how did it shape your career?

Early in my career, before I knew much about trading, I developed a strong interest in front-end rates trading. I met great people working in the area, and the models they used intrigued me. Despite my enthusiasm, many people questioned my choice, telling me it was a quiet and stagnant part of the market. But I stuck with it and joined the desk, and six months later, the Fed began hiking rates for the first time in seven years. This transformed the front end into one of the most active and dynamic areas in the market. The biggest lesson I took from that experience is to choose something you genuinely love or feel a connection to, even if others don’t see its potential. Your career path will likely take some unexpected turns, and sometimes the best opportunities come from the most surprising places.

What excites you most about working in fixed income trading?

Fixed income markets have lagged behind equities in terms of market structure and efficiency, but I’ve always seen that as an opportunity rather than a challenge. I’ve had the privilege to shape how these markets evolve and contribute to meaningful, positive change.  In rates, I led the front-end swaps desk and was part of a Fed committee that shaped the LIBOR to SOFR transition, a change that affected everything from mortgage rates to trillions of dollars of swap agreements. Now I work in credit, where I’ve once again had the opportunity to shape the development of the market. I’ve focused on modernizing the space: building algorithms, models, and systems to improve efficiency and transparency in an area that had gone largely unchanged for decades. This transformation has led to lower transaction costs, more accurate and transparent pricing, and greater liquidity in the market, all benefiting the end investor. It’s exciting to drive innovation and change in markets, ultimately making them better for the people who rely on them.

What role do relationships play in achieving success in trading?

Markets are changing fast—electronifying and becoming more efficient every day. Some people think that relationships matter less now because everything is on screens, but I believe it’s the opposite. For example, ironing out the details of new electronic trading proposals with clients can be challenging and often requires significant back-and-forth to get it right—far more effort than simply trading a bond over the phone. Without trust and strong relationships, these types of collaborations would be impossible. As the market grows more sophisticated, these relationships are becoming even more critical to success.

What’s your advice to the next generation of women in finance?

My advice to women entering the industry is to lead with your individuality. Early in my career, I worked on an all-female trading desk—an anomaly in a male-dominated field. In watching those women succeed, I saw firsthand that success doesn’t come from conforming to how others around you look, act, or approach their work. The women on my team brought their own styles and perspectives to the table, and it showed me that being authentic—not imitating others—is what leads to real success. To the next generation of women: embrace who you are, don’t be afraid to stand out, and let your authenticity drive your success.