Silver BananaTopicReplies
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Blue Point Trading WorldwideHi WSO, I have received an invitation from Blue Point Trading. Anyone else work with or have had experience with Blue Point Trading. They do not require a license and with a $250 enrollment fee for education and administration you become a Trader Trainee. You get Paid per PIP. I do not know how muc...
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What to expect as Sales and Trading Intern (GS)Hi all, I'm a college junior interning at GS Securities this summer and hoping to land on some of the more fundamental/principal desks for my rotations. What should I expect in terms of the networking process to get onto desks, and what are some tips for success as an intern. The rotation is only ...
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Anton Kreil - Institute of Trading and Portfolio Management MENTORING PROGRAM. Scam. Rip off. Overpriced and Undervalue.A) Totally disappointed with the overpriced and undervalue 3 month Mentoring Program (USD7001) I am totally disappointed with Anton Kreil’s Institute of Trading and portfolio management’s 3 month Mentoring Program. This is because the mentoring program is overpriced and undervalue. I have reg...
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Why doesn't everyone invest in index funds? Can someone explain to me why every non finance professional doesn't just invest in low cost index funds? how can you beat the market when there are institutional/hedge fund investors that have more info about companies than you've ever dreamed about? The S&P has beat the majority of hedge funds, ...
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Drug Testing?Do prop trading firms drug test? For example, answer for Jane St, DRW, SIG, IMC. Urine or hair? Any help is appreciated thanks...
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HY/Distressed Credit Trading - Top Firms?Do you guys know which banks have the best desks for distressed debt/special sits/HY? If so, what is the best way for someone at a target to get a job/internship at those places? I currently only know of JPM who does this so interested in hearing more opinions, ...
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Is Micron a short?I am starting to analyze MU, and I think it looks better as a short than a long, but I have just begun the research process: 1. China wants to quickly ramp up its own memory chip industry, and is going to invest around $150B to do so. nearly half of MU's sales are to China. 2. DRAM is a commodity....
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Help, my career has got off to an awful start!Hey WSO, Looking for some advice, please. I graduated from university in the UK last July and have spent the past seven months working as a freight trader at a niche firm in Switzerland. Before taking the role, I did the usual internships expected of any undergrad keen for a role in markets: spri...
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Central Risk Book - the worst front office jobCentral risk book is probably the worst desk on trading floor search “Is this the best trading job in banking? Or the worst? - eFinancialCareers” and it explains why. it is essentially a glorified IT and risk job if you already stuck in “central risk book”, try to make a move soon...
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Koch Supply and Trading - Interview - Energy1. Tell us about yourself 2. Why are you interested in Koch Industries, and specifically Koch S&T? 3. Why the Trade Analyst position? 4. What is your greatest strength? 5. Give us an example of when you added value 6. What would others say about you? 7. Describe a time when others on a project dis...
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CDO/CLO Industry in 2018?Wondering if anyone can comment on the current CDO/CLO industry. Current market trends, amount of new issuance, regulation post crisis. Is this still a dead market? Do you see it ever making a comeback? ...
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Commerzbank AG - Interview - Sales and TradingTechnical questions related to trade flow of spot, forward, swap transactions. Also, things like bid-ask spreads of certain currency pairs, warehousing of risks, how do certain market players react to economic data / news flow / changes in government policies. Macro news flow and its impact on indiv...
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S&T Pre-Internship Training WeekTo all ex S&T summer analysts: I was wondering what does the training week at the outset of S&T SA programmes entail? I'm considering using that as an indicator of what pre-internship prep I should do and even regardless of that, it'd be nice to know beforehand. I've also heard "Zoologic modules" p...
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Leerink Partners - Interview - HealthcareWas standard behavioral questions. Why do you want to work here? What is your biggest weakness? Why Sales and Trading? Technical questions were not generally asked over the phone (seemed more like an initial screening). However, they will ask to pitch a stock and make sure you have interest i...
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Five Rings Capital LLC - Interview - TradingThere were quite a few pretty difficult and unexpected questions because it seemed like the main aim of the interview was to put you under extremely pressurised conditions and see how you would react - for the questions they gave you 10 seconds to answer and started counting down with 5 seconds left...
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Differences Between Exotics DesksAre there any differences in the type of person that works and the type of work on a credit exotics vs interest rate exotics vs equity exotics trading vs fx exotics desks??...
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Morgan Stanley - Review - Quantitative ResearchGreat mentorship, great people, feels like you're making an impact, great location and great compensation. Work life balance compared to technology industry is obviously worse, very structured, can get tedious...
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Top Sales & Trading desksDoes not seem to be a ton of updated info out there. Looking to know what the top banks are for each product (FX, Commodities, FI, etc) based upon flow, the street's opinion, Hf exit ops, culture Thanks...
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SyntheticsI know that a synthetic is used to stimulate the return of an initial investment, but how is the return created? Is it just by using a combination of financial instruments? I do not quite understand how synthetics work. Please help. Thanks....
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Any Insights on GS vs Citi vs JP for 2019 SA S&T?Trying to decide between GS, JP, Citi for 2019 SA S&T, would appreciate any insight on the three firms! Culture, internship program, long term growth, specific products, compensation, importance of alum network etc. Thanks!...
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JPMorgan Chase - Interview - Sales and TradingMost difficult for me personally was asking about the current state of the gold index. I did not prep for that and did not expect it to be one of the indices asked for. I was not very familiar with bonds and got questions about the inverse relationship between yield and price. I got a question wrong...
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Deutsche Bank - Global Markets AnalystHey all, just got a full-time offer, Global Markets Analyst from Deutsche Bank, NY. A rotation program under Global Equities. I think it a precious opportunity for juniors since the quant-track role will be rotating across different trading/quant desks. But recently kept posted about some news that ...
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Goldman Sachs: Securities Division Management & Strategy Function?I am currently looking at an ED/VP position in GS' Securities division (cross-divisional) in their Management & Strategy function. From extensive Googling, this appears to be an internal consultative function/group present in most (all?) GS divisions, but I cannot find a definitive description of t...
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Offer And Scholarship From LSE MSc Finance, 1yr ETF Sales, looking for adviceHi all, Looking for some careers advice, happy to help others with UK queries etc. A quick background: Undergraduate degree in Economics, Top 10 Uni, Grade: 1st (British grades: 3rd, 2:2, 2:1, 1st). Fairly quantitative degree, advanced calculus, linear algebra, stats, lots of econometrics, bit o...
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Commodity Trading Documentary Great documentary in English on commodity trading. It was produced in French but have finally found a good English version of it. Hope it helps! https://www.youtube.com/watch?v=94s7sE7-vZg...
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Precious Metals Trading?Does anyone here know much about precious metals trading? I work in physical base metals and I am somewhat mystified as to what precious metal traders do. There are a bunch of articles on how banks at the London gold and silver fixes are rigging the market but I'm not entirely sure why anyone shoul...
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Self Education: Foundations for understanding markets/investing/trading?I don't know if WSO is the right place for this question. I've very new to investing and my friend recommended WSO. Lately I read an article about how a flattening yield curve can impact the market. After reading the article, through mimicry, I can feign understanding, but it would not be understan...
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Bank of America Merrill Lynch - Interview - Sales and TradingWhat would be the most difficult part about my job?, If given $10 where would I invest it in right now?, What inspires me about the individuals in my town that work in banking, to pursue a career in sales and trading? The coin brain teaser. Basically asked my resume. What makes me better than other ...
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Société Générale - Interview - Debt Capital Marketstechnical questions on interest rates and current treasury yield. technical questions also on bond price and yield relationship. Not much behavioral questions/exercise was asked but quick calculations on yield to maturity and yield to call exercises were done during the second interview with the mem...
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Akuna Capital LLC - Interview - Quantitative ResearchProbability of having uncolored dice when you dip a cube of 8*8*8 in red paint and then separate it. Unexpected questions: if you had one week to do anything in the world what would you do? I answered something about travelling to Iceland, and he seemed pretty pleased by that. Then conditional proba...
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Trader Documentary - Paul Tudor Jones (Must See)Below is a link to the Paul Tudor Jones documentary video that shows him predicting the 1987 Crash (he tripled his money during it). This is a must see for any trader and shows the legendary trader in action before he became a billionaire. Although the video was shown on public television in Novem...
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Calgary Power TradingFor those with experience in power trading within Canada would you mind sharing: 1) What are the top firms to trade power in BC, AB, ON? 2) What are the best hubs to trade at a Canadian firm? What are the major differences in trading the major hubs (that Canadian firms trade)? 3) What do you think ...
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Bank of America Merrill Lynch - Review - FICC - Fixed Income Currency and CommoditiesA lot of exposure to market, currently working with almost all products possible. A lot of learning in how global markets works.. Too much monkey work and bureaucracy. A lot of time wasted with failures in the operations systems......
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Bank of America Merrill Lynch - Review - FICC - Fixed Income Currency and CommoditiesSexist workplace culture at times but generally fine. Really depends on which desk you are involved with!. N/A. I never felt sad during this internship... tired maybe, but being around energetic people was always a plus....
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How to Start Trading (Compliments of Bondarb)There have been a few requests to find the classic post by Bondarb, so it made sense to sticky it. This is what he wrote: Here is how you learn about trading: Have at least 5k. If you dont have that then get it somehow, use your imagination. Set up an account on Interactive Brokers that allows...
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UK - Seeking Careers Advice - Offer and scholarship from LSE MSc Finance, 1yr ETF Sales WkExpHi all, Looking for some careers advice, happy to help others with UK queries etc. A quick background: Undergraduate degree in Economics, Top 10 Uni, Grade: 1st (British grades: 3rd, 2:2, 2:1, 1st). Fairly quantitative degree, advanced calculus, linear algebra, stats, lots of econometrics, bit o...
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Shell Trading and development Programee -2018This forum is for discussion regarding Shell Trading and development programme -2018. Here you can suggest and drop your view and help others. For London Office:- Application Status - Under Review. Received mail from HR stating that if resume was selected then only got a mail on 9th april from cu...
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Susquehanna International Group - Interview - GeneralistThe most difficult interview question asked was a game where I would start with $1 and the interviewer would start with $2. Each round that was won by a biased coin flip where $1 would go to the winner. The coin flip was biased 2/3 towards me. What's the probability that you win the game by winning ...
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JP Morgan Securities - Review - Sales and TradingBeen great I feel like everything is very straighforward and quality teaching with great management. . They might have a little bit of favoritism but other than that it is pretty chill. I feel it was pretty easy. ...
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Deutsche Bank - Review - FICC - Fixed Income Currency and CommoditiesVery relaxed culture in the office. Tons of junior employees. Frequent social work functions. Solid pay adjusted for the cost of living.. Not the best relationship with the NY teams, due to low costs harder to get to travel to NY frequently. Limited growth potential....
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Deutsche Bank - Review - Fixed Incomeflat structure, opportunity to grow. there are few vps left of any quality so junior people get a lot of time. . terrible group organization and communication from desk heads. huge organizational changes are made with little to no communication. ...
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JPMorgan Private Bank Client Advisor PayCurious if anyone has any insight on the Client Advisor role with JPM PB and what the pay range is? NYC area...
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Deutsche Bank - Interview - Global Marketshonestly no questions were too difficult, but I would say to know all the lines on your resume, however relevant or irrelevant they seem for the job you are applying for. I was asked about trends within the industry that my major covers, and what they are looking for are how confident/nervous you ar...
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Physical Trading - Energy Commodity PreferencesSaw some threads on this but most were a few years old. Wanted to revisit which energy commodities are the preferred commodities to trade among the experts here. There seemed to be a strong preference for NGL / LPGs relative to others such as crude or refined products. Do you still feel the same way...
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If you could be any stock/bond/derivative etc., which would you be and why?If you could be any stock/bond/derivative etc., which would you be and why? I would be the NYSE FANG+ Index (obviously)...
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Morgan Stanley - Interview - Debt Capital MarketsHow would you price a product that has huge exposure to interest rate. Is AR(1) model a good fit? Machine Learning: Random Forest, CNN roll 3 dices together, what is the expected rolls you need to have all of them get a number over 3 what if you are rolling one by one? what is the expected number o...
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Traders screwed?!?I'm often concerned about my peers in the Sales & Trading career track. While many of them seem to think they will be the next big HF PM and such (and I am certain that a few of them will be) I have a hunch that the vast majority of them will be either unemployed within a couple of years or cut at a...
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Why are bonds traders considered the smartest ones on the street?I ALWAYS hear this when it comes to traders. Apparently the bonds traders are the Gorillas of the street and the smartest ones hands down. What methods do they use to trade bonds that makes it insanely difficult? I hear it so much but can never point the finger to it....
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Citigroup - Review - FICC - Fixed Income Currency and CommoditiesRotational program across trade desks, employees are collegial and down to earth, solid quality of life, Citi velocity. Bureaucratic firm structure, somewhat frustrating firm infrastructure- poor communication across desks, Arial is the standard font ...
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Trading futures on a personal account while working at BBIs anyone doing this? I will be starting at JP Morgan as an analyst this June and I would definitely like to keep trading. I understand the PAD (personal account dealing) policy requires me to pre-clear all trades, but I wanted to hear from anyone actually doing this (if the whole pre-clearing proce...
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Switching from Equity to FICC and vice-versa!Hey all, I was wondering how often can a person switch from Equity to FICC in S&T-and vice-versa? Or are you stuck in one area and you just have to switch to different roles? Any input would be appreciated! Thanks!...
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Percentage of Electronification in Various Asset ClassesDoes anyone have any feeling to what the percentages in this graphic would be in 2018 (split by each asset class)? See the image from a Mckinsey report on electronification below... So in 2015: Cash Equities: 80% Futures: 90% CDS Index: 80% FX Spot: 70% UST: 70% EGB: 60% Precious Metals: 60% FX Fo...
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Bank of America Merrill Lynch - Interview - Sales and TradingWhy is wage inflation stagnating despite the economy reaching full employment? How would you invest 1mm dollars for yourself, your parents, and your grand parents? Explain to me what you know about the efficient market hypothesis? What is the relationship between bond price and yield? What is the 10...
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Nomura Holdings - Interview - Sales and TradingSo there aren't many unexpected questions. HR interviews are very behavioral based e.g. Why Nomura, why this division and so on. Business interviews are harder. Market questions such as recent big events, recent asset class trends. Technical questions include BS model of pricing, what is CDO, what ...
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Barclays Capital - Review - Sales and Trading* Great people, very friendly. I was set in between 2 directors on my first day and they talked to me as if I was a co-worker, not an intern * Encouraged to speak with MDs frequently * Rotational internship (2 rotations) . * Work was occasionally a bit dull, but that's fair enough for an inter...
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Prop trading in SydneyHi guys, Recently got an offer from a relatively small prop trading firm and I am not sure how to negotiate salary, both bonus and the base. What is the general level of salary for a graduate in Sydney? How are bonuses usually paid? (in terms of x% of pay). I know bonuses are tied to your PnL bu...
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Susquehanna International Group - Interview - Prop TradingThe interviewer asked me if she were to draw 5 cards off the top of a deck, what was the probability that they are in ascending order. I began to answer the question using calculus but this was apparently wrong. They also asked various brainteasers and probability questions. The entire process wa...
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Junior Salesperson in Repo Exit OpsSo, I'm a junior salesperson in repo at a BB. I've been doing the job for about 6 months and am really enjoying it, but my firm hasn't been doing so well - in fact, even my VPs have a gloom and doom attitude about the direction the firm is taking (you can guess which BB I'm talking about...). Anyway...
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Credit Suisse - Review - FICC - Fixed Income Currency and CommoditiesTrading management had high expectations for P&L...and encouraged junior traders with ideas to take risk. Firm was willing to spend money to improve technology. Traders who lost money were quickly cut loose. Very little tolerance for losing money. Drawdown of 5mm was actually only 2mm....so expect...
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HSBC - Review - Foreign Exchange FXGood team. Nice working environment. Enjoyed working on various projects, but mostly got coffee/breakfast.. None - fairly relaxed atmosphere but that is better than most other banks. No access to BBG which was needed....
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Citigroup - Review - Sales and TradingGlobal connectivity from seat in New York was amazing. Interesting and challenging work. Several great friendships from analyst class.. Can be tough team culture. Lack of mentorship. ...
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Why the Professionals’ Trade with Best BrokersThere are many things that you need to consider to master the art of trading. You might have precise knowledge about the trading industry, but if you trade this market with a low-class breakage firm you are not going to make any real progress. Some novice traders say the fees charged by the professi...
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Wells Fargo and Company - Interview - Structured ProductsQuestions were specific to prior work experience, especially with regards to product knowledge and various technical skills. So in my case questions were about the structure of various LIBOR products, etc. It will vary based on the candidate I imagine as they clearly made an attempt to specifically ...
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Analyst at a BB going back to study a MSc at a TargetHi. I am currently a 2nd year Analyst at a BB on a Technology graduate scheme. I have decided that I am going back to do an MSc in a finance related subject at a target university in the UK. The reason for going back to studying is: (a) Found that technology really wasn't the right career path fo...
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INTL FCStone - Interview - FICC - Fixed Income Currency and CommoditiesThere wasn't really anything too difficult. They really just wanted to see if you had a baseline understanding of how the company made money. If I had to pinpoint one tough question, it would be one our cmo trader asked me. He wanted to know what my 6 month and 1 year macro outlook was. I had very l...
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Python for TradingI am currently a junior and am interested in S&T. I recently spoke with a few traders and one of the biggest takeaways I had was to focus on learning Python, VBA, and/or R. So far, I have a taken a class in Python and am currently enrolled in a Java class. However, my skills are still very rudimenta...
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UNIGE Master of arts in international trading, Commodity finance & shippingHey all! Current undergrad student at a target in my country with internship experience in commodities trading. I am looking at my options for when I finish my degree, and am considering various different routes especially seeing as graduate programs (and there are very few openings across the indu...
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Recruiter wants personal info to submit to a bank?Recruiter says they need part of my SSN + DoB to submit to a bank. The recruiting firm is a legit player, but I've never heard of anything like this. Has anyone ever experienced this? ...
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Moyer Distressed PDF copyDoes anyone have a PDF copy of Moyer Distressed Debt Analysis? Just started FT in FI S&T and need a copy to reference for research.....
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Has anyone taken the Series 57 yetI am about to start a new job equity trading and originally thought I would need to take the Series 55. As of January 2016, the Series 55 is no longer the Securities Trader Exam, it is now called the Series 57. Have any of you taken the exam and if so, which service did you use for exam prep/pract...
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Trader named 'Morgan Stanley' leaves Morgan StanleyGot a good laugh out of this. I'm sure Mr. Stanley is a WSO monkey, so will the real Morgan Stanley please standup? https://www.bloomberg.com/news/articles/2018-04-17/morgan-stanley-leaves-morgan-stanley-yes-you-read-that-right...
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is day-trading and technical analysis a load of BS?I'd like to get some more experienced opinion on this. I was never taught technical analysis as finance major. The only thing I learned is that all three forms of EMH reject it and my Equity Valuation professor compared it to astrology. I had a couple of friends who day and swing trade and they ...
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IMC Financial Markets - Interview - Prop TradingPhone screening included questions about background, motivation, why trading, why this company, basic questions. The math test was of medium difficulty, but doable with a bit of preparation. Before the test, you go through the model of the questions, be sure you adapt easily. The 1-on-1 interview in...
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Answering why market making?How would market makers answer the question "Why market making?" or "What attracts you to market making in particular?" (and maybe this links to why not principal trading/investing?) CORRECTION: When I mean market maker, I actually mean dealer in an OTC market in a bank....
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Better Growth over next 5 years: FICC or Equities?If you were starting your career today, and didn't have a major predetermined preference towards FICC or Equities, which would you choose to go into based on revenue growth for each desk? Over the past year, equities revenues have grown at a much faster rate than FICC revenues across the board. W...
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credit electronic trading is developing but not so fast There are some concerns on credit trader being replaced by computer. My conclusion is : not so soon Unlike on the run treasury and TBA, credit is hard to get automated. But I do see some trends to help automation: 1) more electronic platforms: used to just marketaxes but now TradeWeb, LiquidNet ...
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Bank of America Merrill Lynch - Interview - Sales and TradingI was asked brain teaser questions which I had not prepared for so these were quite difficult. Also questions around Black Scholes option pricing model - these were more technical than expected. Initial question was around what the Black scholes model is, when it is used, difference between call and...
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Jane Street Capital - Interview - TradingExpected value of a dice roll, Expected value of a dice roll when able to roll three times each time deciding whether or not it was worth it. You are 1/3 across a bridge and a train is coming you have just enough time to run 1/3 backwards as the train just makes it on the bridge and you can run fo...
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Take the offer, or not?I was offered a S&T internship and a bulge bracket bank, and am unsure about whether to take it or not. I would really appreciate any advice, both positive and negative aspects of the job....
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Valuation control groupsThe valuation control groups within investment banks that review the valuation on trades ie. structured products, derivatives or illiquid investments - where does that usually lead you in terms of career path? Many seem to co-mingle with product control with one price testing but I'm trying to get ...
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FX Forwards - HelpHi guys, I was wondering if someone could help me clarify if my maths is correct in calculating hedge costs for foreign bonds. Scenario: I want to invest £100,000 into US 1yr Treasury Bills. I want to hedge my FX risk using a 1yr Forward. GBP/USD spot rate = 1.4131 GBP/USD 1yr FWD = +226 = 1.435...
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Scotiabank - Review - GeneralistCompensation is relatively high, Work/Life balance is excellent for the industry and opportunities for global mobility are abundant. . Lack of deal flow creates a slower career progression and culture. There aren't many resources devoted to development and training for juniors....
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Should I invest my mother's retirement funds in ETFs or trade derivatives and crypto with it?I'm a believer of the EMH and I don't think you can beat the market through value or growth investing unless you get really lucky or get tips. I watched some crypto/derivatives/penny stock traders on YouTube (see Tim Sykes) and I believe if I can just get a couple of good trades and get 15% return...
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Any help welcomed! Struggling with internal move to Trading SideHey monkeys, Was hoping some people on the S&T side could give me a hand or any advice here because I'm at wits' end trying to figure this out after several years in the industry. I have posted before on various other subjects but created a burner just for this post so I don't out myself. My goal i...
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