Can someone better help me understand what sales and trading does?
Been reading around online and would love some help better understanding S&T and my understanding of the roles.
Sales: Manages the client (buyside) relationship and may pitch thoughts
Trading: seems to be primarily flow and agency trading, seems like prop trading isn't allowed anymore?
Specific questions:
1. Is this generally right in terms of type of work?
2. Having difficulty understanding why flow trading exists from both the client and banks side. If the client wants to buy/sell why wouldn't they just trade on an exchange rather than going through the bank? is this typically only for very illiquid products? Why would the bank act as a principal? are they generally getting better than market/exchange rates on the trade? if so, wouldn't the client be getting a bad trade compared to market and if not goes back to the first question of why wouldn't the client just go to an exchange.
3. Why does agency trading exist? shouldn't it be really easy for the client to execute the trade themselves on an exchange platform?
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