Silver BananaTopic
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WSO Hall of Fame: Trading Forum The Wall Street Oasis Trading Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the trading industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate here. If you th...
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Is It a Bad Time to Own Stocks?MarketWatch posted an [article](http://www.marketwatch.com/story/7-signs-the-stock-market-is-ready-to-run-smack-into-a-wall-2017-08-18?link=MW_latest_news) stating 7 reasons that they think are indicating a market crash or tumble in the near future. There is a lo of uncertainty in the economy with a...
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2018 Summer Analyst Non-IB Recruiting Timeline Megathread Page (S&T, ER)This is for everyone interested in front office positions except Investment Banking. Please discuss interviews, decisions, and general questions. U.S focused Good Luck!...
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Q&A: Sales And Trading Internship Hi everyone, I recently finished up a sophomore summer internship in S&T at a BB, got the return offer and plan on going back next summer to then be considered for FT. The point of this post is to answer any questions anyone might have about S&T (the process, internship, networking, etc) and try t...
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Brain teaser bookCan anyone recommend a good book covering brainteaser interview questions?...
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Ronin Capital?Wondering if anyone has experience at this shop or knows someone that does. Not much info available online, seems to be a very small shop that does very well as far as I can tell. Thanks in advance....
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Goldman's 100mm wrong bet on Natural Gashttps://www.wsj.com/articles/wrong-way-gas-bet-fueled-goldmans-second-quarter-swoon-1503048600 I'm sure there is a better article, but still good nonetheless. Essentially states that GS was long DOM/Eastern nat gas basis that went from -.30 to -1.30 cents. This caused a 100mm trading loss. This is ...
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Akuna Capital Final RoundHello Wall Street Oasis folks, I recently passed the before-last-round of interviews at Akuna (a Chicago prop shop). Thought the interview went well (though I made some stupid minor mistakes), and the interviewer seemed very friendly. Overall good experience. Anyway after the interview I was told ...
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End of the Summer - Peace at lastIts almost September, school will be starting soon and many off you will be left with empty spaces where the plucky interns sat. Maybe it is just me but this years litter seemed particularly precious. They all just seemed so focused on being a "perfect" person, working (apparently, in some cases),...
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Top Sales & Trading desksDoes not seem to be a ton of updated info out there. Looking to know what the top banks are for each product (FX, Commodities, FI, etc) based upon flow, the street's opinion, Hf exit ops, culture Thanks...
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Rejection sucks but that's just the name of the GameI've been reading this forum for a while but today I thought I'd share my story on the numerous amounts of rejections I've received across the street and one in particular. **Background** I'm currently a second-semester junior at a target university. Towards the end of my sophomore year is when I ...
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Sales And Trading Internship Q&AHi everyone, I recently finished up a sophomore summer internship in S&T at a BB, got the return offer and plan on going back next summer to then be considered for FT. The point of this post is to answer any questions anyone might have about S&T (the process, internship, networking, etc) and try t...
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Equity Sales vs Research offersHi guys, I've been thinking about this decision for quite a while and would love to hear some feedback. I'm fortunate enough to have received offers from both divisions in GS, but here's the dilemma. I am leaning towards research due to the exit ops but as many may know, GS has a program that requ...
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Company Interview: Akuna Capital LLC - Intern Math / Logic Puzzle: You are forced to play a game of Russian Roulette by a mobster. The executioner hands you a revolver with 2 consecutive chambers loaded with bullets. You put the gun to your head and shoot, no bullet comes out, but the chambers rotate once in a clockwise direction. Do you choose...
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Is competition taking a toll on the retail sector?Of late, things don't seem to be quite well for [department store operators.](http://alph.st/b5a9eef4) Today, [Walmart ](http://alph.st/baeab348)reported a fall in second quarter earnings, despite higher sales. With the exception of Home Depot, all the other[ major players in the sector](http://alph...
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2018 Sales and Trading Recruiting (Intern)Hey guys, there's too much IB and not enough S&T. So lets get a thread going on the recruiting timeline for Sales and Trading. Comment below with any info that you have. Feel free to ask questions along the way!...
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MetLife Trading Desk ReputationCan anyone comment on the trading desk rep at MetLife? Group covers a wide range of derivatives primarily for hedging purposes but also some spec trading. Obviously they're no BB or Prop shop but seem to have good people. ...
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Company Interview: Trillium Trading - Trading InternThese following questions are regarding the mini exams in the first round. The most difficult interview questions include remembering what is the values on the stock market indices. Other questions include expected value questions and what is happening in the markets. The second rounds involve talki...
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Need mortgage dealer speed estimates from BloombergI'm looking for someone who can retrieve dealer speed estimates for agency MBS from Bloomberg. The function I believe is VALL, something like FNCL35 Mtge VALL. I would do it myself but unfortunately I do not have easy access to a terminal. I would be more than happy to compensate you for your time (...
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Company Interview: Belvedere Trading - Business Analyst InternDon't really remember to be completely honest. There were a lot of statistics questions which I was unprepared for. I am a finance major, not statistics, so I was pretty caught off guard. The time limit also made the test particularly difficult. I looked a few up afterwards and discovered that these...
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S&T Full Time 2018 MegathreadFigured I would start this, since I saw one for 2018 investment banking full time. Thanks guys!! ...
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Morgan Stanley Prime Brokerage Client Coverage Summer Analyst 2018 InterviewHi, I just got a email from someone at MS prime brokerage client coverage to setup a over the phone interview. This is my first time going through a summer internship recruiting, can someone shed some light on what I should expect and tips on how I can make it to next round. My background, now 21 y...
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Company Review: Bank of America Merrill Lynch - Bank of America Summer Intern ReviewVery large organization with a lot of room for career exploration / mentorship. Smart & worldly people, with a variety of experiences in finance. Great well-rounded culture, with an emphasis on work-life balance but brand excellence.. Large organization, can feel a sense of being "lost" in the cogs....
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S&T TechnicalsMy little brother is going through SA recruiting for S&T at some top firms (GS/JPM/MS), and he is studying for technicals and asked for my help. Thing is, I only know what IB technicals look like. Any of you guys who have done superdays for S&T know what type of questions they ask? Is it going to ...
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What are some boutique/regional/successful companies with an emphasis on energy/oil trading?Hi guys. Earth science and finance major at a semi-target. My gpa is in the low 3's so I'm looking for boutique/regional banks/companies that I could apply to for s&t 2018. My resume is alright but my GPA is a huge ding so I'm hoping my second major might be interesting enough.......
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How Are Traders Paid?I'm curious to know how are traders paid? I know that traders at hedge funds are paid more than a trader at Goldman's or whatever. But why is that? Is there some type of tier system based on how well they perform stating they will be paid x amount of dollars if the produce x return? I've Google se...
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Company Interview: Duncan-Williams, Inc. - Fixed Income SalesThere were a lot of weird question on the IQ test and the personality test. They were mostly scenario based questions where your actions in that scenario were your answer. Aside from that I remember a few of the weird or more difficult questions that were asked. The weirdest by far and not something...
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How does the US/North Korea tension affect S&T in the major IB's?How will the banks benefit from this? to my understanding, clients will want to trade (sell off risky assets + move towards safer investments) - which will help raise commissions through more trade volume?...
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Sales - Please educate meHey guys, I've read over this forum pretty thoroughly, and have gathered lots of great info about trading. I would like some more info about the Sales part of S & T, specifically: - What is a typical day in sales like? - How is your performance measured? - What skills do they value for S versus T?...
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Event Driven S&T - Please HelpI would like to learn more about an Event Driven Team for an Institutional S&T firm. From my research the team's main clients include HFs and MFs that use arbitrage strats focusing on M&A, spin-offs, activist situations, bankruptcy, distressed and special situations. My questions is: does this team...
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IMC Skype InterviewHas anyone interviewed with IMC? Specifically, what's the Skype interview like? Are there any things i should prepare for?...
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Belveder Trading LLC?Belvedere Trading recruits from my semi-target public school and I just received an invite to do a Hirevue. Does anyone have any insight into the firm and its recruiting process that can't be found on its website? I applied blindly as I am more interested in an IB role; I really don't know what to e...
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Change your mind set to transform your trading careerTraders in Forex are always in a rush to make money. It is not a market where you can make a fortune by trading one night. Trading and making money in Forex needs the traders to have years of experience Forex industry. Though it is very easy to trade the market, it is very hard to make your trade tu...
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Safe haven currenciesWhy have the JPY and CHF currencies been safe havens lately? Any explanation or elaboration would be much appreciated...
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When should you stop trading in Forex? Every trader has a very good knowledge when to trade the market. When the market is a good trend, the prices are moving in a pattern and you can predict where the price is going to be the next trend, it is the perfect time you should take your entry. The professional Aussie traders cautiously wait i...
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Telecom sector under pressure from rising data traffic and mounting competitionThe day is not too far when telecom companies come up with data plan that is absolutely free, if the ongoing price war is any indication!! Now, the leading players are expanding their unlimited data plans to woo customers....
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Siddhartha Jha's Interest Rate Markets TERRIBLE BOOKHas anyone else picked up Siddharta Jha's Interest Rate Markets? At a glance, the book seems pretty intuitive, covering practical concepts while glancing over the math. However, after a closer read of the first two chapters, I've found what appears to be some pretty egregious typos. The formula for ...
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Trading Activated CarbonI have a client who's brokering a deal to sell activated carbon to plants, but he wants to make sure he gets a good price for the commodity. Any idea where I can get a rough idea of what the going rate is for activated carbon on the commodity level? Can't find hardly anything about it online. Th...
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Company Interview: Trillium Trading - Tradera) "A successful trader reacts well under pressure and thinks independently. Give me an example of a time you exemplified those two attributes." Surprisingly enough, I was unprepared for this question. Definitely a must if you're going to have a successful trading career. b) "List as...
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Student Loans For Trading I was wondering if it's possible to take out a student loan to trade. Is it illegal if the loan is from a private institution? Is it illegal in general? I'm about to transfer to a real university from a community college and I have to take out a loan anyways so might as well throw in a few grand t...
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If government bonds in Europe go up/down, what happens to Treasury yields?What is the relationship between Treasuries and gov't bonds in Europe - say the gilt or bund yields go up, what is the effect on treasury yields?...
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What are my options?Hello Fellow Monkeys, So, as a rising senior SA unfortunately I did not get a return offer in my group. I was in credit research at a top BB and there were a limited number of spots and although I worked my ass off I didn't make it. Shit happens but, me working on the trading floor realized by skil...
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TRADERS: What is the most annoying thing interns do?Pretty much says it all--I'll be a summer analyst at a BB this summer and want to know what not to do! Thanks!...
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Full Time Offer - Pay during training?I interned this summer for a BB and received a full time offer! The base salary for the offer is what I expected for a sales analyst in NYC, but the pay for the training period is at an hourly rate based on a 70 hour work week. Is this typical? ...
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Starting out career in Sales-Trading Desk In my current internship, I rotated Equity Derivatives Sales desk (client-solutions, non-flow) and sales-trading. More likely to be recruited from my second rotation, but worried my career path will be somewhat limited moving forward. I am also concerned of the high turnover I am witnessing. Any tho...
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How much P&L does a strategy need to make to get interest from a trading firm?Let's say for example it's a systematic strategy with a realized Sharpe ratio over 2 that can generate over 1M dollars on an annual basis post trading-related expenses and it requires 5-10M dollars in assets (the strategy does not take on leverage and at times may hold over 50% in cash). Is this som...
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How does Sales & Trading make money for the bank?As title states, How does it generate revenue for the banks? is it mostly through commissions? plz explain...
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Thoughts on geopolitical risk?Title says it all. What do you guys think will be the outcome? And is it a good time to short volatility?...
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MS SA Prime Brokerage InterviewHey all-- I have a first-round in prime brokerage for MS tomorrow (2018 summer analyst). I am a rising junior at a semi target. There aren't too many threads that pertain to PB interviews, so any insight into particular questions or facts to know would be extremely helpful. Thanks....
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Company Interview: Jane Street Capital - Operations AnalystOne liner-Excel answers. I don't think they were so hard .. I just want to drop you one additional thank you e-mail, as I heavily relied on your preparation sources throughout my interviewing journey (and the corresponding case interview preparation). It's been a while now, but it is only now tha...
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Can't trade because of FINRA regulations?University student looking to get into algorithmic trading - wanted to just put in $100 or so and get a feel for it. Just tried to set up an individual account with Robinhood (other brokers have too high minimum deposits) but I checked that box that said "I (or an immediate family member) is affili...
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Networking with other desks as an intern I'm starting my S&T rotation in a few weeks, and I have a few questions with regards to networking. 1) Should I ask everyone on my desk out for coffee/lunch? Or is it okay to just casually speak with them in small talk. FYI, my first rotation has about 10 people. 2) I will be working at a sales d...
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Graduate Degrees Path - Entry level S&THaving just landed an entry level position out of undergrad within S&T I want to make a plan for graduate school. Most people I have spoken to in the standard S&T world seem to have an MBA and to a lesser degree a masters. If they are in strats or from a more quantitative shop then likely some mixtu...
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MORGAN STANLEY PANEL/DINNER SUMMER 2018 S&TGot invited to a private panel/dinner at MS at the end of August for Sales and Trading Summer 2018. Any ideas on how to prepare for this or what exactly this means in terms of recruitment and going through the interview process? Anybody who has been to this dinner before, any help would be greatly ...
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Travel sector looks unfettered by slowdownIn yet another indication of continuing momentum in [online travel bookings, leading travel agency Priceline Group today reported strong bookings for the second quarter, marked by a 12% growth in accommodation business....
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GS Securities vs GS IMDDebating between SA (junior year) offers from GS securities in NYC & GS IMD (Client Solutions) in another city out west. The people I have met in both divisions are great, and I'm interested in both divisions. I'm curious as to which division is seen as more prestigious/looks better on resume, which...
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Is commodity trading dying?I've been reading a lot about how commodity hedge funds and trading desks are dying out as oil and gas have lost so much value in recent years, coupled with more regulations for commodity trading. Most recently, there was a [WSJ article](https://www.wsj.com/articles/bill-perkins-is-the-last-cowboy-b...
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What is needed to start a financial advising firm?What is needed to start a financial advising firm? i want to go into business for myself. What are the regulations that I need to overcome, etc?...
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Trading Using Machine Learning In Python – SVM (Support Vector Machine)A detailed guide to help you learn how to implement a trading strategy using the regime predictions. To Know More: [http://ow.ly/VeO830efe2R](http://ow.ly/VeO830efe2R)...
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HELP *Strange*I accepted an offer on the trading floor at Morgan Stanley. Weeks passed after my fingerprinting and I never received a phone call so my friends were telling me this is one way of me knowing i didn't get the job. Although i have nothing to hide. I called Morgan Stanley and spoke with the woman who...
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Company Interview: JPMorgan Chase - JPMorgan S&T- Tell me about a time you did something quantitative and presented it? -What would you do with 10mn of my own money? - Why JPM - How many coins fit in this room? ...
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How to behave on a trading floorHi! To all the BSD's out there, how is someone supposed to act on a trading floor in order to not get mocked by colleagues? Do all rainmakers act the same way, or does the money leave a margin for acting like a freak and not be bothered? Thank you in advance!...
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How to get into the Sales side of S&T?Hi all, Long time reader first time poster. Cheers for the laughs over the last year or so. Looking for advice on how to get into the Sales side of sales & trading. Background: -Studying Finance @Top-target school in Aus (UNSW) with avg. marks -Interned at a fintech. investment fund(focus on th...
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Is working at a Canadian Prop trading company (without finance background) a good idea?The prop trading company I visited today call themselves market makers, should I risk and join them?...
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Breaking into the "Sales" Portion of S&T?I am very interested in sales. I consider myself very extroverted. I'd prefer to be in the sales position rather than the trader/trader-sales position. How do I go about breaking in? Also, does institutional equity sales = institutional sales?...
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Forex_tradingI am a beginner forex trader and having already lost a small fortune, and then some, within this week, I decided to stop and reflect before I blow out again. If any of you would be so kind, I need some answers and/or validations. As far as forex trading is concerned, I am still a novice and I concl...
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Investment Grade Relative Value AnalysisHi all, Quick question for the credit experts out there. I'm looking for a quick way to do a relative value bond analysis on the IG US Industrials market for example. What's the method you would use to do a relative value analysis on Bloomberg or Factset? I want to find which bonds are trading che...
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Profiting off stock movementsHi there, I am an industry outsider and recently over lunch someone brought up an interesting method - if you have say $50k in savings, and you decide to go and buy any blue chip reliable stock, in a maximum of 3 days you would have made 1% if you follow the market movements. That is $500. Looking ...
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Analyst hates meI'm more than halfway into my summer internship. I'm not a star intern, but I've had good feedback so far and click well with almost the entire team - apart from the analyst. As per the usual set-up, she's the one I'm supposed to work with for my everyday tasks. As much as I try to take initiative...
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Does commodity trading have a future? Take a look at these articles: https://www.bloomberg.com/view/articles/2017-07-12/why-commodity-traders-are-fleeing-the-business https://seekingalpha.com/article/4087527-commodity-trading-advisor-woes-continue-2017 http://www.theaustralian.com.au/business/wall-street-journal/commodity-traders-hit-...
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Company Interview: Morgan Stanley - Summer InternThere was a question about pitching a financial product (fixed income, equities, alternative investments, etc.) and there were follow up questions associated with the stock I pitched. There were some fit questions about experiencing setbacks in the past and how I dealt with them, and also what was i...
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BAML S&T Summer Analyst Superday TipsHola everyone. S&T superday is in 2 weeks. Any tips for people who have attended before? Thanks in advance...
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When to give up on entering the industry?----------------- ----------------- ----------------- ----------------- ----------------- ----------------- ...
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Buy Side VS Sell side tradingIs it better to be a sell side or buy side trader? I imagine this varies for different positions but lets say something basic like equities. With the huge reduction of prop trading for big banks, is the sell side limited to just market making and execution trading? What is the comp for execution tr...
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Power & Utility market monitoring new sourceAlright, any Power and Utility professionals on this forum? Curious as to what news sources you subscribe to stay up to date in the industry. I'm interested in all aspect of development within the industry, including M&A, regulatory development, and just generally anything to keep abreast of what is...
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Company Interview: Bank of America Merrill Lynch - Sales and Trading Summer AnalystI haven't yet attended the accelerated Superday, but the phone interview was 80/20 basic technical questions and a "walk me through your resume", "why sales and trading", etc. I was also asked about my interest in markets, whether I follow the news, I'm not a finance major, but a business major so I...
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Company Interview: Bank of China - InternDid not prepare very well for the competency questions and didn't do very good in the interview. First they asked about financial market news I have been following and some technical terms and why am I interested in the financial market and why BOC, then they ask me to pitch a stock and explain my ...
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Stock Market Undervalued?If you asked most people, they would say that the stock market is overvalued at the moment. We have historically high valuations and soaring price multiples. That being said, according to one metric, the S&P is still relatively undervalued. Here's from an article from CNBC: [quote]The "S&P 500 ......
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no return offer from s&t internshipI have a week and a half left at my S&T internship. Despite having good feedback, I had pretty bad luck with my desks -- my first desk gave only 2 offers across 10+ interns, second didn't hire, and the third had finished giving offers by the time I arrived. i reached out to another desk that i found...
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Equities Trading Citi vs BAMLHi guys - am considering offers between Citi and BAML for equities trading. Wanted some insight into which might be considered better....
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Working in NYC while attending west coast schoolHello, I am currently a sophomore at a target in the West Coast. I hope to pursue career in trading industry, but I want to work for NYC branch rather than SF counterpart. How should I network? Do I have to fly all the way to New York in order to effectively meet people and get referrals? Or is ther...

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