So Im gonna be an FT analyst on the US treasuries trading desk at a BB JPM/DB/BAML and was just wondering what everyone though about these desks. At first I was kinda pissed cause I wanted something more quantitative, but from what I can gather it's like spot FX where spreads are so tiny that the majority of trading is prop, and since Treasuries are exempt from Volcker it may be a great spot for jumping to a macro fund. Any insights?
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Do you have a variety of choices available to you, other than the UST desk? If not, then it's as good a place to start as any, as far as you're concerned. In general, yes, it's a bit suboptimal, but what you make of this opportunity is really up to you...
What is the optimal placement in your opinion?
Well, money mkt desks are good to start with, as I've mentioned before. In general, the choice of a desk to start on is one of the least important considerations. Your own motivation, as well as the willingness of your seniors to mentor you (explicitly or otherwise) is much more crucial.
Well, given all the talk in this thread about where to start, what about switching desks after starting. Would OP be able to switch to swaps or swaptions down the road? Does switching desks even happen very often?
OP here, so I spoke to the desk and they confirmed that it's like 95% prop trading, feeling a lot better about my placement since they're all math/engineering majors from targets. We'll see how the cards fall but the idea of being able to trade prop is definitely enticing
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