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Yes, the repo market is one of the centers of liquidity. Great place to start.
What is the annual pnl for repo desks?
totally depends on the talent of the repo traders...i've seen repo desks make over $100 million per year.
I think you meant totally depends on the balance sheet of the bank
It's not a bad place to start, but would defintiely be at the bottom of my list. You need to be careful to avoid getting pidgeonholed as a funding guy. There's a reason most repo desks are staffed with ex middle office and ops guys. The best repo trade is the one that understands settlements and the ops side in depth, which is fine, but you're not going to be developing macro risk taking experience. That being said a good repo desk can print money and if you have balance sheet and a risk taking culture, you can get a seat at a bond rv fund with your cash vs fut and fut delivery experience.
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