Prep for an Equity Derivatives desk?
Hi all! I have a pretty good idea of the two or three desks I have a chance of being placed on for my sales internship at a BB this summer and while I am comfortable with most of the possibilities, I cannot say the same for one of them - Equity Derivatives. At this point I have only taken introductory finance and I don't have the strongest quantitative background so I am not sure that with my current level of understanding I would be as prepared as I would like to be if I were placed on that desk. Therefore, I am reaching out to see if anyone who has taken a course/has a vested interest/works in Equity Derivatives might know of any good reading, "bibles," or online prep that I could get my hands on to wrap my head around what I may be expected to come in knowing this summer? Any pointers would be GREATLY appreciated as I am overwhelmed with the options Google and Amazon are giving me - if anyone has any knowledge of a good place to start, let me know! Thanks!
natenberg and hull's books are basically industry standard. don't stress too much, most will be explained to you by the guys on the desk...nobody expects you to come in and be an all star as an SA.
I'd recommend picking up a copy of Hulls book. You can get the latest edition (with CD) for like $35 if you get the international version. Its the same thing, just softcover, black & white and not as nice paper.
Something like this: http://tinyurl.com/cprgkh
If you are working on a sales desk, you wont be grilled on the quantitative aspects of options in my opinion. Id be more focused on trying to be as helpful as humanly possible to all the salespeople you will be working with, you arent gonna be expected to contribute much, especially right off the bat, i think Hull would be slightly overkill, natenburg would probably be a better option, the most important thing is to try and intuitively understand options and what drives them. i.e. the greeks, importance of vol, market convention, hedging delta etc
Don't F-up food orders. Other than that, just know a little bit about the greeks and what they represent. The more you know coming in, more badass you think you are and that's when you get smoked. Learn quickly.
Haha I interned on another sales desk last year so I definitely know about needing to get food and coffee orders right!
Revsly, thanks for the link! I will definitely look into it. PnL and FX, which Natenberg book are you referring to? Amazon brought up a few results.
Thanks again and keep any other insights coming!!
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