Silver BananaTopicReplies
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Thoughts on Trillium/Interview Process?Thought this was kind of odd. Received an in-person interview at Trillium for my first interview. All of this was arranged over email and have never spoken to anyone from the firm on the phone yet. Is this typical for them? Any thoughts on their program for new hires? I've done some searching but mo...
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Goldman Sachs - Interview - SecuritiesInterview was for the securities team. Unlike other places they did not ask for a stock pitch or ask any behavioural questions. All of the questions were brain teasers. For example, how far is the sun from pluto? Several questions on probability and expected value for a dice game. Follow up question...
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Safe haven currencies.......................................................................................................
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Trading game strategyHi everyone, my first post here. Apparently there is a trading game that many prop shop like to play to test their candidates all together when interviewing and I just want to find more details about it and see what you guys think is the best strategy here: Suppose that there are 5 people and eac...
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Sales and Trading Interview: Why Sales?Hi all, I have an interview tomorrow for an Equity Sales Intern position. I wonder what I should answer to the question "Why sales?" I guess one part of the answer should be "because I like to sell things", but what else do they usually want to hear ? Thanks a lot for your answers. Why do you wan...
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Sales - debunking 8 MYTHS (From a veteran)I read a lot of misleading information regarding sales jobs in banks on this forum recently (I am lumping sales/sales traders and all products here). I won't mention any particular users, but it got me angry. Given I have not contributed to WSO in a meaningful way in more than a year (apart from my ...
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Optiver - Interview - Prop TradingA technical question in the final round about a tournament where you had to identify risk-free arbitrage opportunities. There are basically 4 groups of 4 teams. And they progress through a knock-out style tournament that goes on to quarter-finals, semi-finals, and finals. Each stage has a pay-out an...
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Good Commodity Trading Firms?Does anyone have a list of the better commodity trading shops? I'm trying to live in Houston, but am okay with another city, and know the big names (BP, Shell, GS, Noble, etc), but are there any smaller shops that are doing a good job? ...
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Series 7 - STC Scores Vs Actual OneHello, I am working on my Series 7. I did some of the 130 Questions Exams (12 are available in total) by not looking at the book. I didn't start yet the big exams (which are a repetition of the 130q ones). What were you score on the preliminary exams? I don't really feel that the big exams reflec...
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Why does sell side trading prepare you for being a buyside PM?Why does being a sell side trader seem to be a natural step to being a buyside PM in some asset classes (like rates) and not in others (like equities). How do the nature of these jobs differ?...
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JP Morgan Securities - Interview - Debt Capital MarketsI was asked a few specifics about my product type but nothing too challenging. If you fall under a specific product or industry, you should def be able to discuss the product type including key metrics, what's going on in the industry etc. There was no "how many people smoke" in China type question....
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J.P Morgan S&T full time Hi, I was wondering if anybody had any insight for what percent of J.P Morgan S&T SA typically get full time offers at the end of the summer? Thank you!...
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Looking at internships............................................................................................................................
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Trading at Nomura?Anyone have experience at Nomura? What are their best desks? Do they have a strong presence across exchanges or a specific asset class? Is this a place where you'd want to trade? Why/why not?...
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ON-HOLD/Waitlist at BB after SuperdayHey- I had a superday about four weeks ago. It was for S/T at a top BB (MS, GS, JP). Two weeks ago, I received a call from HR that basically said "We don't have an offer decision for you yet, but we hope to have one for you within the next two weeks". Essentially- waitlisted. I have iterated my i...
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Are any bulge brackets still recruiting? Hi guys, Does anyone know if any banks are still recruiting for front office positions? I know many of them have closed down but curious if there are still any open positions. If not, does anyone know any bank that recruits in the spring as well? ...
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Internship at the Chicago Board of TradeHello guys, I am new here and found this site doing a few searches Anyways, I am a Junior at a non-target with a 3.9GPA and a triple major in Finance, Econ, and Accounting. This summer, I have an options trading internship with a "big" trader who has a seat on the exchange. One of my goals is to ev...
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William Blair S&THi, could you provide some insight into their taxable fixed income analyst program? I’ve got an interview coming up and any info would be helpful. Thanks...
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Incoming SA, yet very depressedHi guys, it's my first time writing a post on WSO (forgive my grammar since I am not a native speaker haha). I recently received an S&T SA offer from one of the top BB (GS/MS/JPM) and I wanna share my story with you guys while also see if you could offer me some advice. Getting a SA offer has alwa...
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Government Bond question.................................................................................................................................................. ...
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BB PWM to Institutional Sales?As the title suggests, I am looking for any ideas on breaking into institutional sales from PWM. Currently I am an analyst on one of the largest PWM teams in Chicago, but S&T is where I want to be. I'm open to any product really just want a foot in the door to S&T. I've been pounding the pavement tr...
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BP Integrated Supply and Trading I graduated from Industrial and Systems Engineering this past December and will be starting my Masters of Science in Finance starting Fall 2018. I just accepted the internship role at BP in their IST department. I am currently taking the semester off, which basically gives me plenty of time to prepa...
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BB summer analyst role in eq derivatives tradingHi WSO, am looking to gain an understanding of what a summer analyst will be doing at equity derivatives trading desk as this is somewhat unclear to me. Will be interning this summer in Europe but US folk please feel free to bump in with your experience From what I understood during the interviews,...
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Wolverine Superday InterviewI have a superday interview coming up with Wolverine and I do not know what to prepare for. I am reading Heard on the Street to go over possible questions. I head it is fairly technical throughout the day. Can anyone go into detail about what kind of questions and they will ask me? Should I expect t...
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market risk VP bonus in Wells 60-70%?deleted for whatever reason ...
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Equity derivatives sales/structuring dying on wall street? Thought eqt and S&T in general were dying? Long term pro/con of biz @ BB. Sr. Lvl Feedback pls....
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Commoditization of S&Thttps://www.bloomberg.com/view/articles/2018-03-14/goldman-sachs-succession-battle-is-drama-free In this article it talks about the commoditization of S&T. What does this mean exactly? How and why has this happened?...
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Career Prospects: Trading, Sales, StructuringMarkets have changed a lot in recent years (as everyone knows). Most threads on this are quite old. Breaking it down in terms of Fixed Income and Equities, how do career prospects look for someone starting out in Trading, Sales, or Structuring?...
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Telling S&T Recruiter of Grad School Plan before starting S&T SAHey everyone. I'm a second bachelor's students who secured a S&T SA analyst position. During that time I also applied and was admitted to two top-tier MFE programs. Should I finish the second bachelors at my current non-target school, tell them about the Master's and hope that I can extend my FT ...
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Living in LondonI will probably get a ton of critics for this but what do you think about living in Canary Wharf? Yes I am aware it's not the best place for nightlife, restaurants and shopping, however you can get pretty good deals for high floors brand new flats/penthouses and you are 10min away from the city... a...
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The future of quant industryHow do you see the future of the quant industry? Do you think S&T will be taken over by quants and machine learning?...
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HOU/MID/Cushing Oil Triangle FundamentalsWould love to get a discussion going among physical (and financial) oil traders about the current trading environment around the Texas/Oklahoma Triangle. Spreads are beginning to blow out on the production forecasts and fundamentals in the Permian as Cushing drew through the first quarter. Looking...
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Books/Research/Anything to help prepare me for Proprietary Trading job in New York?Hi all, I am a senior in college and I graduate in May. I am thinking of starting a position this summer at a few different reputable prop trading shop in New York. Does anyone recommend any books/research/articles/advice to read and prepare for before I start that have been in the prop trading care...
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Seeking a trading job in TorontoHey Gang, would appreciate some honest advice about this career choice. I started offering trading advice on the SiliconInvestor site and became the most bookmarked there. I now post to FB: facebook 64628410663 SharckSoup com (Stock Traders) With over 10 years and not a single losing trade, I am ...
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S&T Recruiting Summer 2019Recruiting is underway for S&T summer 2019. Looking to start a discussion about when applications open for each firm and how everyone's process is going. glta...
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How to prepare for a S&T summer internship?Hey fellow monkeys, I hope you're all doing well! I know that there's already a lot of discussions about that, but what is the best way to prepare for a S&T summer internship (which is in 2 months)? Of course, the goal is to make the best impression and to learn a ton to get the FT offer at the en...
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WTF is going on with the Markets???Hey Guys, Just was wondering if you had any insight into the recent selloffs in the market and why they're occurring? Also, any investing advice? I'm pretty new to investing in the market, and don't have much in, but any advice/insight?...
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Gelber Group - Interview - Prop TradingThe most difficult question was whether you would play a game where you flip a coin, and if the coin is headed then you get $100, tails you owe $100. You get to decide when the game ends and when it begins. Would you play this game, and if so, how would you decide when the game should be ended or st...
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Gelber Group - Review - Prop TradingThe best part about working here was the ability to trade a live book. As an intern, they give you a $100,000 book to spot trade foreign currencies.. The worst part about the internship was the lack of hands-on training. The trainers for the traders seemed to be more interested in how you feel, rath...
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Power Market Analyst Exit OppsHello, I have an offer as a power market analyst at a generation firm in the US. The role involves fundamental analysis of power prices and some electricity market modelling. Does anybody have some insight into where this could potentially lead in the future i.e consulting/trading roles? Thanks a lo...
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Luna Trim usage and digestion **Luna Trim** usage and digestion . Diminished fat stockpiling Some examination recommends ketogenic eating regimens may lessen lipogenesis the way toward changing over sugar into fat . Expanded fat consuming Ketogenic eating regimens ...
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Risk Management vs Investment StrategyHi, so right now I got offered a role in Allianz Investment Management to do investment strategy in equities and derivatives (3 months), as well as a bulge bracket bank industrial attachment (1 year) doing fixed income risk. I am wondering if you guys have any advice for me as to which I should take...
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GLENCORE PdV sues oil traders for conspiracy The lawsuit filed on behalf of PdV US Litigation Trust by New York-based law firm Boies Schiller Flexner accuses Lukoil, Trafigura, Colonial, Glencore, Vitol and other oil trading firms and individuals of paying bribes since 2004 to secure rigged oil sales and procurement contracts. The lawsuit nam...
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Citigroup - Interview - N/AThe hardest part was knowing how to apply concepts to real life situations, and the interviewer will keep on drilling for more until you can't answer the question anymore. For example, if there were to be an earthquake in San Francisco/Los Angeles tomorrow, how would a company hedge against the pote...
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Transition TA to Trader - Time to Switch Shops?General question for those who may have been in similar situations. Been at a buy side shop for about 5 years, past 3.5 as a trader's assistant. Handle a good variety of responsibilities for senior traders - aside from booking trades also price discovery, market analysis, implementation analysis, pr...
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Best commodity career paths?Hello WSO'ers, First time posting here, wanted some career path advice. Currently a sophomore in university (finance undergrad), very interested in commodities (specifically energy but open to learning anything). Was curious if anyone knows some possible career paths that combine huge interest in co...
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JPMorgan partnered with Amazon to get Alexa some of the action on Wall Street*“Alexa, ask JPMorgan what the price target for Apple is.”* Surprise! Amazon is back. [JPMorgan has partnered with Amazon to get Alexa some of the action on Wall Street](https://www.bloomberg.com/news/articles/2018-03-26/jpmorgan-brings-amazon-s-alexa-to-wall-street-trading-floors): [quote] Th...
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TotalBank - Interview - CommoditiesNot really hard. Total likes to hire from IFP (French Petroleum Institute) and it was more of a conversation than a real interview. The phone call is more of a formality to get a second interview with a manager, who will take the real decision. Among the questions I had: 1/ Why Totsa? 2/ Why this p...
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JPMorgan Chase - Interview - FX SalesWhat is the definition of EBITDA? Why is EBITDA used in finance? Pitch me a stock. What is a market event that you have been following? If you owned a small business, how would you raise additional capital? What is the expected probability of a roll of a die? What will the tax plan do to the markets...
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How do bonuses work at the likes of Trafigura, Glencore, Vitol etc Out of interest, was wondering how bonuses for traders at physical trading houses such as Trafigura and Vitol are structured? Is it earned on a per trade or deal basis and how exactly is it calculated? Not much info about this online...
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HighTech CBD the enzyme answerable**HighTech CBD** the enzyme answerable for constricting blood vessels. Kills dangerous micro organism and viruses Vinegar has been proven to fight bacteria that can cause meals poisoning consisting of E. coli. One take a look at located that vinegar reduced...
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JP Morgan Securities - Review - Sales and TradingHours are reasonable for most desks They really try to place you in a team of "best fit" People are willing to teach & help if you reach out. Compensation - no overtime hours. This may just be the case in HK. Some people (inevitably) are A$$holes...
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Credit Suisse - Interview - Information Technology (IT)They asked some detailed question on exchange rule which I did not expected. One question was about throttle management of Hong Kong stock exchange. Basically throttle is the concept of message transaction throughput limit set by each exchange. This is a concept which I never heard of. Other than th...
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JPMorgan Chase - Review - EquitiesHigh comp, laid back culture (trading floor), pro-mobility, corporate culture changing to support diversity candidates. No required 360 degree evaluations. As a result, successful sales people / traders who make it to ED based on strong performance are ill-equipped to be managers, resulting in signi...
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Goldman Sachs - Review - Sales and TradingHonestly the internship was a very good way to get a feel for the industry as well as network with people who could help me in the future.. The hours were long and a lot of the traders weren’t particularly friendly especially not towards interns...
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Belvedere Trading - Interview - Sales and Trading- A lot of mental math questions, i.e. what is 8 cubed? - Asked many questions about expected values and market making. During a 1 on 1 in person interview they asked me to answer a few problem solving questions using a custom deck of cards that each had a number assigned to it. The interviewer woul...
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Advice on BB macro research exit oppsHey guys, So i've searched through the forums and i've managed to find bits of information sprawled across. However, nothing too concrete has come up. So I've just started a position at a BB in their macro research division and i'm really enjoying the work. However i'm just wondering what sort of e...
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The decline of Chicago prop tradingIt's sad to see how far Chicago prop trading has declined in recent years. Not too long ago, I envied my classmates and friends who were working at the top Chicago prop shops and making more money than me, while dealing with less bullshit and better hours. Now they hate their jobs, gloomy about th...
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What does an itraxx trader do?What does an itraxx trader in a bank do? What sort of products do they trade and would they need both macro and micro knowledge?...
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Barclays Capital - Review - N/AA super deep learning curve Being allowed to shadow other teams For example, if you are placed at the equities team, you can shadow other teams each week for a day. . People are nice indeed. But if you make any mistakes, you would be condemned hard. And ofc pretty long working hours ...
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Starting a career at an interdealer brokerage firm?What do you guys think about starting out a career at an interdealer brokerage firm like BGC, Tullett Prebon, or Tradition as a broker? Is it ever possible to move to an investment bank after a few years of experience as a broker? ...
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Bank of America Merrill Lynch - Interview - N/AI was asked to explain the greeks of trading. Delta Vega Gamma Theta and Rho are the 5 greeks I was asked to explain. Other questions I was asked were the difference between active & passive investing. Brain teasers such as explain what a pencil is to somebody who has never seen one before. Lots of ...
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Bank of America Merrill Lynch - Interview - Quantitative ResearchWhat's the Vanna in option greeks. Basically it's about the option pricing questions but they skipped the easy question for delta, gamma and vega. Vanna actually is the 2nd order derivative greeks, which is d delta d vol or d vega d spot. I heard the name of this uncommon higher order greeks before ...
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Macquarie Group Limited ABN - Interview - N/AYour client asks you a long a stock but gives very unclear instructions right before the market opens. You try to call back and ask but your client is not reachable. You have waited for 10 minutes already and the stock price has already gone up a bit, and you expect that it will continue to move up....
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Nomura S&T InternshipHi all - I'm a math and econ major from a top-20 US school, just got an offer for Nomura S&T which I'm very excited about. Had a few questions - 1) What is Nomura's reputation, especially in terms of S&T, 2) What kind of activities do summer analysts do (I don't know if I'll actually be trading or ...
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HSBC - Review - Sales and Trading-nice people, easy interview, not too bureaucratic, small team...plenty of resources,...can always ask questions. -uncertainty about ft....not too many important tasks...low street pay....have to get coffee once in a while..not to many complaints...
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Electrical Power/Energy Engineer to Power/Energy TraderI am currently a thesis masters student in electrical engineering specializing in energy and power. My research entails risk management in energy trading, focusing on price risk, when energy storage systems are incorporated into the electricity market. I was hoping to see if I can get some guidance...
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Optiver - Interview - Prop TradingThe hard questions begin from the in person interview. The technical aspect involved doing answering numerous probability/EV based questions based on card games. One example question involved calculating the expected value of a card drawn from a deck of 52 cards (J = 11, etc.), which was quite easy....
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Courses to Trade Physical Commodities Hi Can anyone recommend Courses for leaning to trade physical commodities in London or online. Thank you Martin ...
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Goldman Sachs - Interview - Prime BrokerageTell me what your impression of Goldman Sach's culture is, and why you think you might have trouble adjusting to it? I gave a basic intro into what Goldman Culture seemed like - competitive, and very much about winning, but also mentioned that I thought S&T probably had a more collaborative culture...
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BNP Paribas - Review - Sales and TradingVery good corporate environment including the infrastructure. Seniors more than happy to share their time with juniors for hands-on lessons. . Rapid cut down on employees....although mostly due to the nature of shrinking domestic market. Compensation could be a little more par with the market. ...
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Optiver - Interview - Prop TradingFirst round was an in house numerical test, first was 8 minutes 80 questions on simple arithmetic, passing mark was 56 with negative marking for wrong or skipped questions. Second test was 30 questions on sequences with no negative marking and 30 minutes to complete, one of the questions had 3 answe...
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Koch Industries - Review - Oil and GasGood team, good working environment (colleagues from other departments are very friendly and sociable), global team (you get to work with people all over the globe). Takes a while to get used to the job, so the first 2-3 months might be very tough on you. Expect to work up to 12 hours for the 1st mo...
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CIBC Canadian Imperial Bank of Commerce - Review - Sales and Tradinggreat things about the company... the compensation was really good and made it somewhat okay to go to work everyday. sales and trading is a pretty bad environment.. people dont give a shit about their interns and you're basically a coffee boy for the summer...
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Citadel Investment Group - Interview - TradingQuestion provided two sequences of heads and tails, and asked about the probability that the first sequence will be seen before the second sequence when one flips a coin, halting if and only if one of the sequences is seen. Another question provided n independent normal distributions with mean u_i...
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BlueRiver Petcare - Interview - GeneralistThey asked me some brain teasers and what made me interested in the company. They also asked me about some quantitative analytical questions, and some of the them required math while others didn't. I ended up finishing those easily. But they also asked about personality questions like behavioral que...
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Getting into the game... (finding a commodities trading internship/job) Hey guys, long time lurker, first time poster. I am a rising economics and political science (double major, not that it matters) senior, and I am super interested in commodities trading. Physical commodities seems particularly interesting, however, I'm still 'new' so it all seems great. I have b...
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SunTrust Robinson Humphrey STRH - Interview - Fixed IncomeThe most difficult question to answer was about derivatives. I was asked to walk the interviewer through a black scholes model and how to set up greek neutral positions. I was tested on trade ideas, future positions, as well as modeling. I was the only kid in the entire process from a state school s...
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How to Make Most out of Trading MoneyI need some basic help, I like to trade Equities, but I would like more leverage (capital) to increase my P/L. Specifically, I like to buy Lockheed Martin (Defense Sector) stocks. Is there another equity product I can trade that will use my capital more effectively (Options, ETF's, etc)? ...
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Can you explain me market making strategies?So I was reading a book on markets and there I came across market making strategies. The author mentioned Ratio Trades and Flipping. Though I have gone over them I am still unable to understand. Can someone explain these strategies with examples? Thanks...
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typical career path for a traderif i am going to be S&T at an equities desk next year, what is the typical career path? for the sake of the argument lets assume that i am not phenomenal and have avg. abilities. what will I be doing until I transition into a trading assistant? how long does it usually take before they let you tra...
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HFT developer pay questionHi all, I'm a n00b here and have started lately as a software engineer at a top HFT firm (think the first 4 names or so to come up in that category). I had years of experience outside HFT and am a bit worried my starting base is too low. I didn't have very high expectations, basically just asked f...
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Difference b/w trader and brokerHi, I have an interview with this commodity brokerage firm that focuses on OTC markets and especially crude oils. The job title is junior broker. I have a few questions. 1) What's the difference between a commodity broker at a brokerage firm and a commodity trader at, say, an investment bank commo...
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Prop trading vs. quant development Hi everyone! I'm stuck between 2 career path options, and any advice would be appreciated: As a background, I went to a non-target, and have been in the business for about 3 years. 2 spent at a prop trading shop, 1 at an exchange. 1) Stay on the current track. I'm doing quantitative development o...
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What are the important tools that a trader should haveYou would know about a tool named ‘Swiss army knife' so as a Forex trader you would also need it. Well, it is like you would need a few tools to succeed in the Forex market so make sure to read the article completely to know the tools that you should have. Most of the traders leave the market beca...
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Phytolast Review: Does this work effectively? Know More...Phytolast is the most bursting new male overhaul hitting the racks right now. PhytoLast uses each and every basic settling to guarantee that you don't have to clash against the tremendous deluge of negative side effects. Incalculable men from over the globe fight with their clear inability to satisf...
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