Resources to learn more about EMFX & EM Rates

Hey everyone - I’m a junior and will be an S&T intern at a BB in NY in their Fixed Income Division this summer. I’m very interested in the EMFX / EM Rates space and will be aiming to rotate on the relevant desks in this space. With that said, does anyone have any recommended resources to help further understand Fixed Income and FX (especially EM) on a deeper level? Want to learn more about structured products, trading the yield curve, EMFX (lacking knowledge here), and anything else that’s important / useful for EM. Resources regarding EM monetary policy would be helpful as well. Thanks.


Hey there, future S&T intern! It's great to see your enthusiasm for diving into the EMFX / EM Rates space. Here are some resources that might help you understand Fixed Income, FX, and particularly EM, on a deeper level:

  1. Piper Sandler's "Interns Guide To Macro": This guide provides a comprehensive overview of the business and liquidity cycle and how they impact asset classes.

  2. Variant Perceptions blog and YouTube channel: This resource offers insights into the thought process of a top-down investor and how they think about the business and liquidity cycle.

  3. Interest Rates Bible: This guide can help you understand the intricacies of interest rates, which is crucial for trading the yield curve.

  4. The Ultimate Guide to Bonds Trading: This guide can provide you with a solid foundation in bond trading.

  5. The Deutsche Bank Guide to Exchange-Rate Determination: This guide can help you understand the factors that influence exchange rates, which is particularly important for EMFX.

  6. JPM FX Guide: This guide can provide you with a deeper understanding of FX.

Remember, understanding the tradecraft and jargon used in FX and rates is one thing, but understanding the drivers of these markets is another. So, make sure to not only learn the technical aspects but also the macroeconomic factors that influence these markets. Good luck with your internship!

Sources: Macro: Rates and FX, Trading Vol in an IB - what are the good resources for Rates, Credit, FX, Equities? Market-makers' help greatly appreciated

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Hello there, in my opinion, you may start to build a solid foundation in Rates/FX products (the technicality behind and theory) before worrying about the “EM” aspect. There isn’t an astronomical difference between an EM and a DM interest rate swap mechanics - when I talk to EM traders currently, the main issue seems to be the difference in (1) liquidity and the (2) macro drivers. (1) When you work in larger banks that have a significant portion of market share within a certain business, liquidity is certainly becoming an issue, and you definitely should put more effort in understanding which counterparty holds what position. In DM markets, receiving/paying a swap rate, to some extent, is not very expensive, you may assume that it will cost you 0.2-0.3 bps from your mid. In EM countries, it is a case by case issue… which in my opinion you can’t learn in any book and it comes with experience sitting in an EM team. Some EM countries have 150bps wide bid-offer for example, with risk wise would be as little as $1k/bp, which might sound minuscule for a DM desk, but there are occasions when the underlying rate can move hundreds of bps on the day because of major events… That’s why I think you should focus on the fundamentals of Rates/FX products - you will learn the EM aspect on the job from your colleagues which I am sure will teach you things that you cannot find in books (I am not even talking about the fact that every bank has different ways of buildings systems which is also incredibly important to learn…) (2) Personally, I think that an EM trader should have a very broad understanding of the DM macro in addition to their own regions - FOMC/ECB/MPC/BOJ should be followed by the book, but the beauty of working in EM is that DM policies are not the sole drivers of an emerging market country’s rates and currency. If you don’t come from an EM country or had not any interest priorly, I think you need to put a lot of time and effort in understanding how that specific country is ran, how its people think and how the market reacts to certain news. Take Turkey as an example, in an environment where inflation was 80%, its president decided to cut rates (first of all, president have no say in a country’s base rate and secondly, it’s a very unorthodox decision) - I spent quite some time reading and understanding Turkey’s president mindset and the potential actions be may take to manipulate the country’s economy the way that benefits him, which is something you cannot find in a DM country where decision are definitely a lot more rationale and scientific. All of that to tell you that the macro drivers are definitely different in an EM country, perhaps we could say more political and sociological compared to a DM country. Happy to follow up if you have more questions.


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