Best Sales & Trading Desks for my criteria?
Hello everyone,This summer I will be rotating in S&T at JPM/GS/MS. I'm trying to choose between desks but having quite a difficult time. I am focused on the complexity of the desks on the sell-side (so that I can enjoy my work every day), the amount of risk you are allowed to take on the desk, and finally which desks have strong exits. I've narrowed it down to a few, if anyone can give insight please let me know: All rates desks (linear, rates options, short end rates/financing/repo), FX/G10 options, Equity derivatives. Basically really interested in the derivatives desks, not so much underlying. Please let me know what your thoughts are on these, thanks! Very comfortable with data, math, and overall market trends/macro policies. Don’t like hanging out with ultra quant nerds that don’t know how to laugh however.
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Do not go into FX
Why not FX options? If you are going to write something at least put some color on the subject.
Based on what you said I don't think EDG is probably for you. I also wouldn't listen to that guy about FX. You aren't talking about spot you're talking about vol so you'll have good exits and can take on risk. I know some guys that went over to (Millenium, Citadel, Bluecrest) for FX PM. You can also have good exits and take on risk with rates vol.Both of these products are less automated than EDG so seems like that's the road you want to go down. Rates vol is very quantitative, macro trends, very technical. FX vol is the same thing. Rates vol I'd say you have a little more exit opps but to be quite honest with you FX and Rates vol are both extremely good desks with a lot of opportunities both for risk taking and exit opps. EDG is the best group within equities you'd probably want to go into SSV or exotics rather than index though if deciding to go into equities.
Thank you so much for the writeup, appreciate it immensely. What are your thoughts on linear rates desk (basically vanilla swaps) or short end rates? I know rates vol is amazing, but seems hyper competitive for placements. Thanks again!
Linear rates is alright. You kind of get stuck within swaps from what I’ve heard so take that with a grain of salt because I can’t speak on it too much. Any derivs desk will be competitive to get and for good reason. To be more clear when I was an intern I rotated through STIRT, FX Vol, Rates Vol, and Rates exotics so I got to see those desks. STIRT is a good desk it’s actually pretty interesting stuff and from what I’ve heard the exit opps aren’t bad. Also, to add onto FX vol, you’ll work with rates too.
SSV is single stock vol right? If so any particular reason why SSV as opposed to index vol??
Yeah SSV is single stock vol. from what I've seen index is heavily automated compared to SSV
how come you don't think equity derivs fits OP's criteria? thoughts on ability to take risk (ssv/index/exo) and exits? cheers
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Just based on what he wants and he said he’s good with overall macro concepts. I’m not saying ED is a bad choice because it’s not. I am saying though that there are reasons that hedge funds on the equity side tend to take people in IB/Research over S&T. The reason being it’s harder to take on a lot of risk.
If you go macro since it’s mostly OTC it becomes harder to define what exactly is a “hedge”. You have more room to take on risk and many macro funds higher from macro S&T. In equities your L/S equity funds hiring from equity S&T has a lower probability. Not saying it’s not possible but it’s more normal for macro seats to hop over to macro funds than it is for someone within equities sell-side seat to go over to a buy-side L/S role.
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equities was more 7:30-5:30 or 6 from what i saw
FX is correct but will have teams in Lon/US/Asia so that you have a book 'hand over' at the start and end of the day, so there is flexibility. But also means you may occasionally do strange hours like midday-11pm to cover for a different time zone.
This has to be GS because MS splits it up between Equities and FICC and JPM doesn't do rotations at all
Bro is the desk detective 💀💀💀
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Would choose Institutional Rates at JPM if these are your choices.
Feel free to PM me if you want
Linear G10 rates is probably your best bet.
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