Benefits/Drawbacks of Trading Cash vs Derivs

Can someone shed light on the benefits and drawbacks of cash treasuries vs. rates options as trading desks both in terms of skillset development, comp, and feasibility for a buy-side move? There is a lot of coverage on how rates options or any derivs product in fixed income help develop a more quant skillset and vol trading acumen in general, but I would be curious to know some of the advantages in specializing the cash bonds trading. Cus I would assume cash bond traders can be more specialized in basis trading and relative value strategies. Would love to hear some perspective of those on the buy-side on whether treasury desks can be strong starting points for juniors. 

 

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