Any colour on the pipeline for Canadian rates trading juniors going into global macro investing, either at an HF or a pod at a pension? Is the best bet to try and lateral to a US BB or is a Cad bank straight to macro investing doable?
For context, I have a STEM background and did a stint in linear rates derivatives.
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i know numorous people who have gone from RBC / TD rates trading to other BB banks and the hedge funds. all depends if you develop into a good trader or not. its not the bank...its you...will you be a good trader? if yes, then the world will be at your feet. if not, there's always operations
Is going to a BB the more common path though? And how do you differentiate yourself as a trader when the scope for taking discretionary risk is small or non-existent?
Rates traders absolutely get to take risk (typically not a 1st year, but within a couple years)...but wait until you know what you are doing first...otherwise its just blind gambling and thats stupid. After 2 years on a rates trading desk, you will be taking risk in your own book, and after 2-3 years of taking risk, if you are good, you can use that to go anywhere. Some people prefer to stay at a bank because seeing flow helps them..other people (depending on their strategy) have zero use for flow, in which case going to a hedge fund makes more sense.
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