Natixis EqD Secondary Market Trading - Legit Seat or Glorified MO?

Based on the most helpful WSO content, here's a breakdown of your situation and concerns:

1. Is this a "real" trading seat?

• The role you described leans more toward a Trading Assistant or Middle Office (MO) function rather than a pure trading seat. Tasks like "booking," "monitoring operations," and "pricing buybacks" are indicative of support roles rather than direct risk-taking or market-making responsibilities.
• However, the exposure to pricing, valuation, and hedging support could provide you with a solid foundation in understanding structured products and the mechanics of equity derivatives. While you may not be managing risk directly, you’ll likely gain insight into how traders think about the Greeks and risk management.

2. The Brand: Natixis and its Secondary Market Desk

• Natixis has a strong reputation in Equity Derivatives (EqD), particularly in structured products. While the Secondary Market desk may not carry the same prestige as a primary trading desk, it’s still part of a well-regarded EqD ecosystem. This means you’ll likely be working with sophisticated products and learning from experienced professionals.
• That said, the "Secondary Market" label often implies a focus on managing existing positions, buybacks, and lifecycle events rather than originating new trades or taking significant risk. It’s not a front-line trading seat, but it’s not purely operational either.

3. Career Trajectory: Is this a step up or a pigeonhole?

• Pros:
  • Coming from a Sales background, this role could be a technical step up, as it exposes you to pricing, valuation, and the lifecycle of structured products. These are valuable skills if you aim to pivot into trading or structuring in the future.
  • The VBA and tool development aspect could also enhance your technical skill set, which is increasingly important in trading roles.
• Cons:
  • If your ultimate goal is to become a trader, this role might not provide the direct risk-taking experience you need. It could pigeonhole you into a support or operational track if you stay too long without transitioning.
  • The "Trading Assistant" title may not carry the same weight as a pure trading role on your resume, which could make it harder to lateral into a front-office trading seat later.

4. Should you stay or keep looking?

• Stay and Learn: If you don’t have other offers on the table, this role is still a valuable opportunity to build technical skills and gain exposure to structured products. Use this time to network internally, learn as much as possible, and position yourself for a lateral move to a more front-office role in the future.
• Keep Looking: If you’re deeply concerned about being pigeonholed, you could continue networking and applying discreetly while in the role. However, reneging on an offer should be a last resort, as it can damage your reputation in the industry.

Final Thoughts:

This role isn’t a "glorified MO" position, but it’s also not a pure trading seat. It’s more of a hybrid role that offers exposure to technical aspects of EqD without direct risk-taking. If you approach it strategically, it can be a stepping stone to a more front-office role in trading or structuring. Focus on building your technical skills, networking within Natixis, and positioning yourself for future opportunities.

Sources: Preparing for a Jr. Trader/Desk Assistant Role, 2nd year S&T to IBD Associate -- ask me about S&T, Q&A: Credit hedge fund analyst at MF, former BB trader, Different Desks on the trading floor, Traders lose money