Why are "Sales and Trading" combined? It seems like they are very, very different things. As a trader, I sit at a desk and look at numbers whereas sales are (presumably) making calls / placing orders for clients. Is it just a historical artifact?
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Sell side traders rely on their institutional sales group extensively. In any underwriting, institutional will always have priority on orders and sell side traders expect institutional to sell quite a bit of inventory in a new issue. That’s why S&T is lumped together, both groups rely on each other. Traders need institutional to sell their bonds, and institutional needs new inventory to sell.
Makes sense. Seems like prop trading is a huge step away from classical trading then.
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