Why are sales and trading combined?
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?
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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