Sales & Trading (FICC)
How the work actually runs, who does what, and the skill for each step.
Start from a situation
- “A client wants a two-way price on a bond the desk rarely trades.”Trader · Client Flow Trading → Price the request
- “Yesterday's P&L is off by more than the market move explains.”Operations & product control · Client Flow Trading → Daily P&L
- “An exporter asks how to hedge next year's dollar revenue.”Salesperson · Structured Products & Derivative Solutions → Understand the exposure
Or walk through the whole thing
Client Flow Trading
Making markets for institutional clients — from onboarding the client through quoting, hedging, settling and measuring the revenue.
- Onboard the client
- Pre-trade
- Quote & execute
- Manage the risk
- Confirm & settle
- P&L & control
- Client review
14 steps · 8 have a skill · 13 skills
Structured Products & Derivative Solutions
Designing a tailored derivative or note for a client, and living with it until maturity.
- Client need
- Structure & price
- Approve
- Execute
- Lifecycle
- Maturity
11 steps · 6 have a skill · 8 skills
Or browse every skill by desk
Rates & Bonds 4
bond-futures-basis
Low riskAnalyze the bond futures basis by pricing futures, identifying the cheapest-to-deliver, and comparing with yield curves to assess delivery option value and basis trading opportunities. Use when analyzing bond futures, computing the basis, identifying CTD bonds, calculating implied repo rates, or evaluating basis trades.
bond-relative-value
Low riskPerform relative value analysis on bonds by combining pricing, yield curve context, credit spreads, and scenario stress testing. Use when analyzing bond richness/cheapness, computing spread decomposition, comparing bonds, assessing bond value vs curves, or running rate shock scenarios.
fixed-income-portfolio
Low riskReview fixed income portfolios by pricing multiple bonds, retrieving reference data, analyzing cashflows, and running scenario analysis. Use when reviewing bond portfolios, computing portfolio duration and DV01, analyzing cashflow waterfalls, stress testing rate scenarios, or assessing portfolio composition.
swap-curve-strategy
Low riskAnalyze the interest rate swap curve by pricing swaps at multiple tenors, overlaying government and inflation curves, and identifying curve trade opportunities. Use when analyzing swap curves, computing swap spreads, decomposing real rates, identifying steepener/flattener/butterfly trades, or comparing swap rates across currencies.