![]() This style of trading uses one’s discretion to cut through the noise and avoid being biased by someone else’s agenda. As long as there's some volatility to cause dislocations there should be opportunities and if there's no volatility you can always try to get cute around carry trades. This discussion was started to explain my world view and the objective, evidence-based frame work I use to develop trade ideas. This means that there's a hard skill requirement for new hires (being able to code and knowing your way around regressions and PCAs) which means that competition is slightly smaller. You still deal with rates and have to be aware of macro environment while also allowing you to take advantage of a more quantitative framework/skillset if you develop such. Good to mention in terms of casting a wide net - Fixed Income Relative Value (FIRV) is very macro-ish and seems to have more seats available for newcomers. There is some central bank divergence leading to some opportunities but other than the massive steepener stop outs last few months have been pretty boring in macro. If inflation truly is transitory (I think it is) there's no reason for a rate lift off any time soon and tapering is pretty well signalled. It has been interesting since corona but there are some indications that it will go back to being boring. If rates start going up, then yes macro will be interesting. There's also another possible path (without going through a bank) and that's directly going into a HF either as an analyst or via middle office and then trying to leverage the experience into a trading seat. Obviously, there's always a chance of making it without good grades/brand name uni it's just not very big. If you're non-Asian minority or female chances for a bank trading seat increase. I guess if you keep your eyes on the prize and keep pushing for a trading seat in a bank eventually you'll get there conditional on having strong grades at one of the above places. There's also a good chance no one will hire you into a trading job so keep that in mind before shelling out the cash for one of these programmes (some of them are quite pricey). That said, get a master's in finance from top uni ( Oxbridge, LSE, Imperial, French ecoles, HEC, Bocconi) and your chances of getting a trading job at a bank grow which then you can convert into a global macro trading position down the line (note the "can", there are a lot more bank trading seats than HF macro trading seats). I'd suggest keeping open to trading any kind of macro product as there's no "set path" like in banking. That is doubly true for global macro trading (both the 10 years of shrinking and the relative surge of last year). The net result is additional pressure on investment banks, with BNP Paribas recently among the those losing mid-level Hong Kong-based rates traders to hedge funds, according to headhunters.First - keep in mind you need to cast a wide net when looking for jobs in finance as it's a shrinking industry (apart from last year) with few seats. Hedge fund Bluecrest Capital Management is also expanding its macro effort, and looking to hire both FX and rates traders in Hong Kong and Singapore. ![]() Recent job postings reveal that the fund is also looking to make further quant hires in Hong Kong, while a recent post by Jonathan Xiong, co-CEO for Asia revealed that Millennium is also hiring researchers, developers and portfolio managers in the city. ![]() ![]() Huatai Financial Holdings is building a macro distribution team in Hong Kong headed by Kurt Zhang who leads the FICC sales team, while sources say that Millennium Management, a US investment management firm with $53 billion of assets under management has been tapping talent from investment banks. Ongoing market volatility has provided a opportunities for macro funds to chalk up big returns, while investment banks are looking to beef up their trading operations in fixed income commodities and currencies (FICC) as they look to compensate for underperformance by their corporate finance businesses. ![]()
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