What's the most exciting desk to be a salesperson in S&T?
Interpret it as you wish, but pls give your reasoning. I was thinking along the lines of deks where salespeople have the potential to become real experts in their market and generate clever trade ideas. Something with less emphasis on client onboarding and more on providing market color.
Emerging Markets Credit, so much going on globally, very macro product despite being in credit. Gives you the best of both worlds really, impacted by US rates, very event driven and high beta product too. Much more breadth you cover than say DM rates, or Equity sales imo. Its a less complex than say Equity Derivs sales, its much more relative value and macro view than speaking about more structured and complex trades.
rates sales -
Not only is it very macro but you cover a ton of products. Bonds (US treasuries), some credit, some mortgage products (TBAs, Spec pools), derivatives (interest rate swaps), vol products (swaptions, FVA), inflation markets (TIPS, CPI swaps), some vol on credit (Options on High yield), primary market issuance (SSAs, credit), Cross currency swaps.
On top of this you also spend a lot of time giving color to clients, providing research and your thoughts on the market. So you necessarily have to be on top of flows, econ data, be aware of what’s driving equities market, what is the fed doing, where are is OIS curve and how many hikes are being priced in the market at any given time, so on and so forth.
I personally think it is very interesting, fast paced and gives you a ton of exposure which you can later leverage for other roles.
That's super interesting, are you in that seat? Also, how would the product breadth compare with someone in rates trading?
Super flow-y rates sales (i.e. my bank's rate sales mostly covered linear rates derivs + sovereign/semi sov cash products) seems especially exciting (twitchy/fast-paced), there's always something happening both in a macro sense and in terms of product moved across the desk. Although you might not get too much in the way of more interesting complex structures, the recent macro vol uptick will hopefully compensate for that hahaha.
As mentioned above EM macro/credit - especially if you're covering hedge funds. easily the most exciting from a learning/adrenaline/entertainment perspective
Prime
Heard CS and Nomura are really making inroads in this space hahaha.
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