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Production support for cash equities desk

HitMan009

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I was wondering if anyone has done this position before or has known or knows someone doing it. If so, can you give me a rundown of what skills are required and what a day would be like working in this position.

Thanks
 

Egert

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You will probably just book the trades the desk has done, calculate & report the daily P&L and maybe monitor the risk...
 

HitMan009

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Originally Posted by Egert
You will probably just book the trades the desk has done, calculate & report the daily P&L and maybe monitor the risk...

Can you elaborate a bit more on the technical skills required?
 

ppllzz

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isnt cash equities desk the worst possible trading desk someone could work for?
 

scientific

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Originally Posted by HitMan009
Can you elaborate a bit more on the technical skills required?

if it's as he described, then zero. paid monkey job. better than an unpaid monkey though
 

ginlimetonic

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Originally Posted by scientific
if it's as he described, then zero. paid monkey job. better than an unpaid monkey though

monkeys need to do things accurately.
-attention to detail
-ability to follow instructions
-gel smoothly with colleagues as a cog in the big machine
 

Egert

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Originally Posted by ppllzz
isnt cash equities desk the worst possible trading desk someone could work for?
No, I don't think so. As far as the technical skills and knowledge go, it's a lot easier than equity derivatives desk or even FICC desk.

The skills required part is pretty irrelevant in any case. There are different platforms and software in different ibanks/funds/propshops, so they will teach you that when you actually land the job. Most of your work is booking/inserting the trades to some software, arguing with Back-Office as they always tend to have a different opinion on what's actually done, keep track of the positions the desk has (soft will do it for you) and calculating P&L (sof will do it for you), but P&L might be calculated by risk management in some places. And, some places the risk people come to you instead of the traders, if one of the guys has violated limits etc.

As ginlimetonic described, it basically is a paid monkey job. Pay attention to details, do it properly, be fast enough and don't screw up. Later is less relevant, as you probably don't do any real trade execution. And when you can do that without serious problems, maybe you can move up some time in the future.

Edit: If it says "product" in it, be ready to know or fast to find out specific information about specific stuff. In vanilla equities desk, some of the brainteasers include "what's the difference between regular VIX options and binary VIX options? QUICK!"
 

ppllzz

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Originally Posted by Egert
No, I don't think so. As far as the technical skills and knowledge go, it's a lot easier than equity derivatives desk or even FICC desk.

The skills required part is pretty irrelevant in any case. There are different platforms and software in different ibanks/funds/propshops, so they will teach you that when you actually land the job. Most of your work is booking/inserting the trades to some software, arguing with Back-Office as they always tend to have a different opinion on what's actually done, keep track of the positions the desk has (soft will do it for you) and calculating P&L (sof will do it for you), but P&L might be calculated by risk management in some places. And, some places the risk people come to you instead of the traders, if one of the guys has violated limits etc.

As ginlimetonic described, it basically is a paid monkey job. Pay attention to details, do it properly, be fast enough and don't screw up. Later is less relevant, as you probably don't do any real trade execution. And when you can do that without serious problems, maybe you can move up some time in the future.

Edit: If it says "product" in it, be ready to know or fast to find out specific information about specific stuff. In vanilla equities desk, some of the brainteasers include "what's the difference between regular VIX options and binary VIX options? QUICK!"


i meant "worst" as in "easiest" and presumably least prestigious"
 

Egert

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Originally Posted by ppllzz
i meant "worst" as in "easiest" and presumably least prestigious"
hah, ofcourse
 

HitMan009

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What would be the average pay for production support position for cash equities working in NYC?
 

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