Silver BananaTopicReplies
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Trafigura Gradute Program?Does anyone have any information regarding the recruiting process/timeline for this program? Their website has no information, but it seems super interesting....
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USAA - Interview - Mortgage The most difficult question asked was certainly in regards to why I chose to pursue USAA. USAA has a great culture centered around the military and its family. An interviewee MUST somehow relate to this mission by giving antecdotal evidence or even better, truly understanding the history, mission,...
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Glencore/Trafigura vs MS/JPM Derivatives Trading[Del] - was asking about Trafi/Vitol/Glencore vs. a good desk at a bulge bracket bank.Thank you for your answers....
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Barclays Capital - Review - Sales and TradingPeople there are nice and are willing to talk. Gained great exposure in different fields of global markets. . Some desks do not have time to guide interns. People on my desks are too busy and do not have much time to communicate with me. ...
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Trading to IB? Any transferable skills at all?I was wondering if there are any transferable skills from an internship on a financial derivatives desk to investment banking? It would be nice to know what type of things to focus on this summer during a trading internship in order to develop a skill set relevant to banking also. Thanks a lot...
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Korean Unification - What trades are you making?[quote]South Korean President Moon Jae-in and his North Korean counterpart, Kim Jong Un, signed the "Panmunjom Declaration for Peace, Prosperity and Unification on the Korean Peninsula," at the demilitarized zone (DMZ), after an historic day of meetings, including a 30-minute private conversation th...
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S&T Offers: Credit Suisse vs Deutsche Bank vs UBS vs JP MorganAs a grad who has the opportunity to start at one of these firms, which bank is the best positioned to offer the best experience/compensation/job security, for Sales & Trading? Also, any thoughts on how Dodd Frank repeal/Mifid II will affect work at these firms? FYI: JP in Singapore, the rest of t...
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Flow Traders - Interview - Prop TradingThere was a mental math test where they gave you 80 questions and only 10 minutes to answer all of them. The first 30 are pretty basic (104/8), followed by 30 a little bit more challenging questions (9.4 * 3.6 and .06/15) and then the last 20 questions were absurdly hard but they were at least multi...
Morgan Stanley - Interview - Sales and TradingThe probability question was unexpected, I guess, but it still wasn't difficult. There is a jar of 9 marbles, 6 white and 3 black. Find the probability that: - you pick one marble, and it is color X (could be white or black, doesn't matter, but find the probability of that color as your basis) - t...
Jane Street Capital - Interview - Prop Trading - What is the sum of all the digits from the numbers from 1 to 1,000,000. - difficult expected value/probability dice roll questions as well as card games, same idea. - market making games, where making markets is on the probabilities/outcomes of different games they give you. - typical mental ma...
Citigroup - Review - Distressed DebtGreat pay and learned a lot. I came into work pretty often and always had the chance to discuss my weekend with other people. . Interesting office culture, intern grind is uncomfortable. Also having to wake up at 6am every day can be tough....
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How will Dodd-Frank / Volcker Rule Reform affect Sales and Trading for BBs?With the Republicans close to reforming Dodd Frank & Volcker Rule, there will probably be some big changes to S&T in banks. Would love to hear some traders/salespeople currently at BBs or anyone with insights, to shed some light on this issue!...
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Akuna Capital LLC - Interview - Research and Developmentthe first programming question was about a tree traversal problem. It is about binary and unary operator. Basically, the question is giving a unary operator, write a method to change it back to binary. For example, given the following expression: ab+c/ you should return (a+b)/c and this can be handl...
JPMorgan Chase - Review - Sales and TradingLots of mobility, flat structure. lots of networking opportunities for interns, especially with senior members of the firm.. Only on one desk for the whole summer, although there are both advantages and disadvantages attributed to this. Opportunities to network with other desks somehow mitigates thi...
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Comparison of Optiver, IMC and Flow TradersHow would these three firms rank in comparison to each other in Europe and what is their outlook - I know that IMC's profits declined in 2017 compared to 2016 and so did Flow Traders (not sure about Optiver) but Flow Traders apparently had their best quarter ever in Q1 of 2018 but how sustainable is...
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Compensation of commodities trading firms compared to supermajor oil and gas companiesI was having a conversation with a friend about the compensation of an oil trader at a company like Vitol, Trafigura, Glencore etc. compared to one at a company like BP, Shell or P66, and assumed that the compensation was much greater at the trading firms. However after looking at glassdoor the sala...
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Incorrect BIDU earnings date on ThinkorSwim marketwatch/calendar cost me thousands of dollars in loss I was going to trade BIDU on the 25th of April 2018 and wanted to look at the earnings date. I looked at the calendar under marketwatch on ThinkorSwim (TOS) and it showed the earnings will be reported on the 3rd of May 2018 and a conference call on 26th April 2018. Since the earnings were not going...
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JPMorgan Chase - Review - Sales and TradingCompany culture was amazing Lots of networking events for interns Flat structure Internal mobility was supported. Could only work on one product over the summer and was placed into that product during Feb/March. Can't switch out during the summer since not rotational....
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Did anyone else used to visit InsideArbitrage??Just curious when their content became prescription based. It's not cheap either. I used to use their Merger Arbitrage Tool on the regular to track acquisition announcements for free. Had anyone else ever used this tool? Is there another free one that is similar? ...
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UofT Rotman Commerce Vs UBC Sauder for finance.Hey, I've been admitted to both these places and want to know which of these would be better for finance and a career in banking/consulting? I see myself happy at UBC because of many factors but I've read that Rotman gives better opportunities and has better academics. Should I leave Sauder because ...
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Wells Fargo Securities S&T Markets Internship SuperdayI have a Superday for Wells Fargo Securities S&T coming up in Charlotte and part of it is a "project and presentation," can anyone tell me what to expect for this? Also does anyone have any good information about their sales and trading internship?...
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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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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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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...
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...
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 ...
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...
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...
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......
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 ...
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. ...
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....
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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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...
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 ...
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...
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....
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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