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 校长的生意机会 - 中商网 ？ 顺便请教一个职业发展问题 |
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再请教一下各位大虾？ -- remeo - (454 Byte) 2007-4-08 周日, 09:52 (475 reads) |
sapientaf
头衔: 海归上校
声望: 学员
性别: 
加入时间: 2006/08/20
文章: 821
来自: 弯曲，上海，班格罗尔，北京，新加坡
海归分: 83000
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作者：sapientaf 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
For beginners, it is quite confusing of all the jargons.
It seems you are interested in sell side jobs minus the pure investment banker role. In this regard, I agree FX is the least promising area.
You might also want to look into up and coming new desks such as Commodity and Energy trading desks.
In the past when there are only Equites, FX and Fixed Income, the trading functions are mostly in Prime Brokerage Services and Proprietary Trading on the sell side.
Buy side is simpler, with the exception of the hedge fund, most traders are doing similiar things.
Sell side traders -
In prime brokerage services, trading involves market making, block trading, cross large orders, securities lendings, etc. Sales & Trading role is normally part of this operations across equites, fixed income and interest rates.
In proprietary trading, traders play the market using firms capital...Almost like an inhouse hedge fund with its only customer is the bank itself. The traders are responsible for the investment decision/performance/P&L.
So sell side prop traders are pretty easy to jump to buy side hedge fund.
Buy side traders -
Trader's role in a traditional buy side asset management firm such as a mutual fund is very different from that of the hedge fund or prop trading peers in IB.
Typical buy side traders just execute orders for portfolio managers. Portfolio managers are responsible for the investment decision/performance/P&L. Traders are responsible for the execution quality (beat VWAP and hide the real intention of the trade as much as possible due to the hugh blocks of shares they executes).
作者：sapientaf 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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