EM Credit/FX/Rates Trading

Hi, I wanted to learn more about the EM side of macro trading, at most banks. I had a few questions:

  1. Generally, which one of EM Credit/Rates/FX has the most traders/is the biggest business at Bulge Brackets? (or is this totally bank dependent)
  2. What are the pros/cons of choosing to intern/start full time on EM desks?
  3. Compared to DM rates- especially at the junior level, is there less coding involved/more news/trade pitching? How about generally compared to other desks?
  4. Within EM, main differences between EM Credit, Rates and FX? In terms of skillset and also just generally in terms of what you trade etc.

Thanks

5 Comments
 
  1. bank dependent. Although, I will say FX and rates will have majority of their seats based on their home currency (USD in NY, GBP in London, etc). London is a much better hub for EM macro in my opinion.
  2. It's about the same as any other macro desk. It won't hurt you.
  3. Not sure.
  4. Credit, rates, and FX pretty much covers everything in EM besides equities lol. The instruments are the same as what you see in the US market albeit less liquid in some cases. Skills carry over. 
 

Would note that some EM desks have ~soft language requirements. If you're trading latam you might find the team switching to Portugese, which would make it tricky if you don't speak it.

 
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