STIRT - Short Term Interest Rate Trading
Hi all, just asking about the STIRT desk within S&T and what the key skills are, as opposed to longer-term interest rate trading.
Also, are there any good books to read (educational or just books like Liar's Poker) that relate to Fixed Income/Rates Trading?
I'm asking as I'll joining a BB S&T FT and didn't have a chance to speak to/shadow the STIRT traders during the internship, but it seems like an interesting desk to work on from what I've heard from others.
Is this swaps or cash?
Check out FIASCO by Frank Partnoy, kinda a 90s version of Liar's Poker
I'm pretty sure it's cash. How does it work over on the swaps side?
Thanks for the rec. Will check it out
Ahh, I see now, I was thinking in terms of Short Term Swaps vs Short Term Treasuries... but it might actually be more like trading Eurodollar (LIBOR) and 30-Day Fed Funds contracts (futures). Either way, become familiar with the movement in these contracts, and understanding what has been driving them. Get familiar with the curve and its shape.
Not sure how that desk would be structured (i.e cash or derivatives) but you would have to closely follow macro events, Fed, etc.
If you want to really do some digging there may be some chapters here that are relevant....
http://www.richmondfed.org/publications/research/special_reports/instru…
cheers
Was just reading through this and thought I should bump it to the top for anyone else that's interested.
Thanks for the advice and for that link, really appreciate it.
One further question: would it be much different to the longer-term interest trading, i.e. different events to look out for, different ways of trading etc?
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