Exotics Bookrunner
- Thread starter klyveld
- Start date
Yeah, it's been pretty emotional...
As an update after going through the job application process - I don't know how trading desks classify what comes under what branch, but the Bookrunner position I speak of, at least at this IB, calls itself the Exotics team but manages vanilla IRS, swaptions etc as well as exotics.
Thanks for the feedback. That IRS are market made alongside exotics is something I have not heard of but there is no reason they cannot be managed in the same team. But for obvious reasons any kind of rates products are traded on a daily basis as part of any exotics book for hedging and risk management purposes.
Seems Martinghoul's bank counterparties arrange their business in other ways but its useful to hear generally banks still arrange their business on the exotics and swaption side in the way I originally outlined. I have not been structuring exotics nor traded swaptions for a longer period of time but I would be surprised the landscape significantly changed.
Seems Martinghoul's bank counterparties arrange their business in other ways but its useful to hear generally banks still arrange their business on the exotics and swaption side in the way I originally outlined. I have not been structuring exotics nor traded swaptions for a longer period of time but I would be surprised the landscape significantly changed.
At the risk of reigniting the fire I also worked on the Barcap London exotics desk for 18 months, and we also traded vanilla swaptions (do we know each other?).
This information might be out of date (early 2000's), and I also know that the exotic and vanilla desk used to be seperate (late 1990's).
However it's worth noting that the exotics rates business isn't that big, and AFAIK is even smaller than it was back then. So it wouldn't make a lot of sense to have a separate exotics desk, since it would only have a couple of people on it.
This information might be out of date (early 2000's), and I also know that the exotic and vanilla desk used to be seperate (late 1990's).
However it's worth noting that the exotics rates business isn't that big, and AFAIK is even smaller than it was back then. So it wouldn't make a lot of sense to have a separate exotics desk, since it would only have a couple of people on it.
Re Barcap I can confirm that it is the case as you outline still now. Though having been on the floor in London I did not feel it was too small. About 20 traders/quants working exotics, CMS and caps, floors, swaptions. Pretty much the size you see at other firms' London office.
Thanks for your feedback.
Thanks for your feedback.
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Against my better judgement, let me speak on this matter one last time...
Firstly, an exotics book will, obviously, have swaptions and swaps in it, among other derivatives. That's simply a function of how they hedge the various risks in the book. This in no way implies that the exotics desk would be involved in market-making vanilla IRS and swaptions, although they would, of course, trade these products. They are clients (whether captive or not varies from bank to bank) of their flow franchises.
Secondly, regarding Barclays. The Barclays "Rates Options" group in London, which makes mkts in "flow" rates vol products, such as swaptions & caps/floors, is currently run by Sabri El Jailani. The exotic/structured rates team is run by a lady called Xiao Wu. These are distinct teams with their distinct responsibilities.
But, whatever, honestly, it doesn't matter in the grand scheme of things...
Firstly, an exotics book will, obviously, have swaptions and swaps in it, among other derivatives. That's simply a function of how they hedge the various risks in the book. This in no way implies that the exotics desk would be involved in market-making vanilla IRS and swaptions, although they would, of course, trade these products. They are clients (whether captive or not varies from bank to bank) of their flow franchises.
Secondly, regarding Barclays. The Barclays "Rates Options" group in London, which makes mkts in "flow" rates vol products, such as swaptions & caps/floors, is currently run by Sabri El Jailani. The exotic/structured rates team is run by a lady called Xiao Wu. These are distinct teams with their distinct responsibilities.
But, whatever, honestly, it doesn't matter in the grand scheme of things...
Against better judgement? You idiot have been contradicted now by 3 people working in this industry. Are you really still insisting on being right after you have provided zero evidence and have been directly told you are wrong by 3 others? Hilarious!!!
And to stick to facts: We were talking rates exotics managed by the same desk and same shared desk head as caps, floors, and swaptions market making. I am not letting you get away again with your ridiculous word plays.
Yes it does not matter in the grand scheme of things but it matters that you are not informed and have been told so by several people. So, with all due respect unless you can align more evidence I would strongly suggest you to make yourself invisible for the sake of sparing you more embarrassment.
And to stick to facts: We were talking rates exotics managed by the same desk and same shared desk head as caps, floors, and swaptions market making. I am not letting you get away again with your ridiculous word plays.
Yes it does not matter in the grand scheme of things but it matters that you are not informed and have been told so by several people. So, with all due respect unless you can align more evidence I would strongly suggest you to make yourself invisible for the sake of sparing you more embarrassment.
Whatever, mate... I am not desperate to prove anything to an Internet audience. I am even less motivated (if I could imagine such a state) to provide evidence etc in order to prove anything to you.
As to embarrassment, you're making me laugh once again (thank you for this; I need the entertainment on a day like today)...
This will truly be my last post on the subject.
As to embarrassment, you're making me laugh once again (thank you for this; I need the entertainment on a day like today)...
This will truly be my last post on the subject.