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Flow or Exotic?
Either way I guess approximately 6:30-7:00 AM until 6-7 PM, give or take.
Pretty accurate.
I've heard some places have there FX guys start VERY early like 5, but the length of the day should be about the same
Sales Desk or Trading? and if trading, what product, spot, forwards, options?
It will be on the sales desk. Not sure whether or not it will be product specific. I hope to get a little experience with all of them.
on the FX desk at one of the BBs. Most of the traders were on the desk BY 6:30am. Analysts came it at around 6am-6:15am. See how it is the first day, or ask an analyst on the first day. I think Sales people came in at just about the same time, if not slightly later.
Things get slow towards 3pm, most traders and sales people left by 6pm.
For those who have interned at FX Sales/Trading, would you guys mind sharing the features that distinguish this department from Equities S&T / Fixed-income S&T? Are products simpler in FX or otherwise? Would client-types be different compared to Equities/FI?
Do appreciate any help! Will be having an interview for summer position in FX sales and keen to know as much as possible.
Liquidity is much greater in FX than any other asset class in my opinion. Spreads are a touch wider now but still very tight as it is a very commoditized market. FX can be very simple from a regular spot transaction which is the cash product element of this asset class. Also forwards are very common and are fairly liquid for the G7 currency pairs. However, FX is a very mature market and as a result the universe of vanilla/structured options products is pretty wide. FX has a strong rates component to it as well and its not uncommon to have people move from rates to FX and vice versa.
Agree with all the above written by FX. Obviously a very international perspective. Spot is very liquid, but very few traders focus only on spot. Most trade swaps (currency and interest rate swaps), forwards and options. There are some FX traders who are more fundamental based - i.e. looking at a country's fundamentals and economic data, and some are more technical based and analyze charts. I will second the VERY strong rates component in FX. Some traders also trade EM currencies like MXN, or ZAR - so there will be a lot of overlap with the EM desk.
Also - majority of FX desks at banks are seeing RECORD results (both towards end of last year and continuing this year as well) - due to MUCH higher volatility and wider spreads than usual. But I expect that once economies and credit start improving - vol and spreads will come down, and with that - profitability.
I will be starting FT on EM desk in a BB. I read the above posts and noted some overlap between FX and EM. During my interviews, the manager repeatedly emphasized that the EM desk interacts with FX desk very often. My question is, by working on the EM desk for a couple of years, would it be possible for me to move around the FX and rates desk? Also, by working on the EM desk, what type of clients would I interact with? Would it help building buyside relationships?
Depends EM desks service both corporates and institutional clients so it depends on what desk you get placed on. If you are on the trading desk you will interact with the whole range of clients, in sales usually those two groups of clients are seperated, very different worlds in terms of sales and relationship building
Those of you that work in FX (lifestyle question). (Originally Posted: 11/12/2011)
I have a sort of informational interview coming up this week about a potential job in an FX shop. After a period of training I would have to share a 24 hour clock with a few other guys. Is this typical in FX that you have to work strange hours considering the 24 hour market? Is it a rough life style?
Usually you have other offices take over the book. For example, when I get in, I take the book from Singapore, and when I leave I pass it to New York (who passes to Singapore).
That being said there are time when FX guys leave a dinner because something (big) happens in the market that needs to be looked at.. not very common I would argue, though. Revsly has the right idea.
True I'm aware of the passing the book along thing but for some reason this firm does not do so (I'll be sure to ask). I'm guessing this is somewhat of a unique situation then?
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