For current economic conditions, it has definitely gotta be the commodities desk (think oil & metals) and the equity derivatives desk. Lots of money to be made from all the volatility in pricing.

Personally, I am very much inclined towards the FX desk. Most liquid ever market, with 24 hours trading opportunities. Helps that the central banks of the world are all contributing to uncertainties/volatilities in FX movements (especially the Feds, ECB and BoJ).

 

In equities - derivatives are hot, the market will explode if the ECN's ever get their sh't together but the spreads will collapse. Structured products are hot and lucrative for the firms (and therefore for the traders)

 

Credit Derivatives of all stripes. Very hard to lose money in credit over the past 5 years.

Equity markets are rather dead at the moment. Equity derivatives business is pretty small (relatively speaking). Cash debt is a joke. FX is decent, but no spread. Commodities are white-hot, but traders getted burned daily by the crazy volatility. Wheras credit derivatives have been more steady, but may have more iceberg risk.

 

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