Electronic FX (eFX) or Electronic Sales (FICC, Equity) - What are they?
Hi all,
I have just recently heard about Electronic FX/Electronic Sales positions on the sell-side. I would like to find out more detail about what they are doing on a day to day basis. Is this business basically just selling the bank's electronic platform? Is the role market-related at all? Or is this more of an IT focused role which generate revenue to the bank?
I was wondering if any of you WSO monkeys know more about this area! I would like to hear more from you all.
It's either platform sales (e.g. persuade institutional clients to use autobahn, barx, etc... it's basically up-selling, hence you dont have a client base) or it's just execution (Electronic-Ticket: sell 1.000 AAPL vwap 30min ; You: klick, confirm, done,45 hours a week). Platform sales sucks because Bloomberg and BlackRock (aladdin) are pushing hard. Execution sucks because, well... figure it yourself out. Somehow the agency/execution guys can't break into a risk-taking role, it's proably their fate...
would it be a viable route to go eSales to break into PB collateral/repo trading role and then into more risk-taking role?
What are exit opportunities like for execution/agency guys? Or you are pretty much stuck there for life ? lol
Execution doesn't offer any (read not a single one) exit opportunities. Execution is a exit opportunity (for failed market makers). However, I'd still choose execution over big4 accountig/tax/etc. These guys are doing well, have a stable cash flow, and don't work 70 hours a week. And if you are on the trading floor, smart, and hungry like central africa, you will definitely (read 99%) get the opportunity to switch to a market making/"real" sales role. It happens rarely, but if it happens; IT support and execution sales traders are the sly non-target monkeys who somehow manage to land on the hottest desk. Most however lack the necessary social skills, eagerness, and shrewdness to make the jump or don't want to jump at all because as mentioned the job can be cushy.
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