Please do not join BNP Quant Research team
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Hey, which team you were working with ? What office ?
Congrats on BNP Paribas HR offer!
Is Automated Marketmaking at Bnp considered quants or traders? Their description/role name doesnt seem quite clear deom outsiders perspective
For the NYC office there is no automated market making for Equities. There is an equity execution desk which I think pays it’s researchers OKAY.
There is Automated Market making for fixed income (FX, rates, credit). There are quant traders and quant researcher positions for each. Quant Traders are paid OKAY. Quant Researchers are treated like shit. I have heard multiple traders calling quant research as IT and we are treated and paid like IT as well.
What difference between QR and QT in this team ? QR are kept away from the prod ?
Quant Traders (QT) are client-facing and run the book. They monitor that algos are working properly (good hedging, showing decent spreads, etc.), and if there is any issue with some trades, they will speak with sales, clients, or support to amend or cancel them. They will also work on improving the "platform/franchise," i.e., onboarding new clients, trying to get more volume from the existing ones, and improving the bank's rankings.
Quant Researchers (QR) design and develop (by interacting with the traders) algorithmic pricing, quoting, and execution tools for the desk. They do production, but they are not client-facing.
What matters to the bank is the "franchise" (good rankings, attracting clients), and unfortunately, the people who will get credit for that are not the quants but sales and traders. If you want your quantitative strategies to be rewarded, you should go to a hedge fund.
What's the difference between quant research & conventional equity / fixed income / investment research
Not totally surprised by this. The headquarters will always run the show in any global company.
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