Q&A: Singapore FICC Trader
Hey guys, I am a BB FICC trader based out of Singapore. There's a lack of discussions out of APAC and I thought that this might be a good addition.
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Hey there! Thanks for doing this AMA!
Just curious what are some of the minimum requirements a BB looks for when hiring for a markets role? (GPA, Extra curricula's etc.) Also, did you graduate from a university in Singapore?
Hey there,
GPA: Typically a 2nd upper would suffice. Typically when we hire grads, GPA is just one indicator we look at. It's important to well rounded rather than solely focus on grades.
ECA: There isn't really a particular one that banks look out for. In fact, just try to pursue your passion. Don't feel obliged to join a club just cause you think it may help you with applications.
Hi, thanks so much for doing this. I'll be interning at a BB in Singapore for S&T next summer and have a few questions.
1. In your view, how good are the longer term job prospects for S&T in SG? Is it be better to start my career in a SG BB or move to HK/US?
2. Are there any specific desks that are "hot" with generally increasing headcount? And conversely, are there any in decline that I should steer away from?
3. What technical skills should I try to build up between now and the start of my internship?
For math and statistics > I'm told that this is important in general but are there any specific concepts that I should have a strong understanding of?
For "computer skills" > Is VBA sufficient for day-to-day work or is Python also a must these days?
Thanks!
Firstly, congrats on your placement. There are definitely pros and cons with every job. In S&T, the decreasing headcount is a reality. However, as long as you future proof yourself you should be fine. There'll always be a need for both traders and salespeople. However, the total number of them required is just going to be a lot lower.
1) This depends on the products and the bank as well. For some banks HK offices are much larger than in SG for e.g. GS & HSBC. For other banks this may not be the case. Additionally, if you're working in the G10 space it would probably serve you better to work in the US as opposed to Asia. Accordingly, working in Asia is probably better if you're working in the EM space. However, these things probably matter for traders than for salespeople. Naturally, if you're a macro salesperson you're going to be covering multiple products (G10 & EM FX/Rates) and the difference in location may not necessarily affect you as much.
2) Desks which are hot would always change in my opinion. Right now FICC and especially macro trading desks have been killing it. But this does not mean that this is always going to be the case.
3) If you're joining a trading/sales desk do create a trading account and get your hands dirty. Demo accounts are probably good too but having a live account is going to provide you with a more real experience. If you're joining a trading desk, your projects most definitely would include some sort of programming. Learning VBA and python would probably be helpful. That being said, you may realize that most may not actually use these languages on a day to day basis. However, these are skills hiring managers are looking out for in new hires.
The importance of computer skills really varies across different desks. But regardless of the desk, it'll serve you good to pick it up anyway.
what time periods do you find offer the best trade entry? i personally prefer the London open...
I won't say that London open is the best time for trade entry it really depends. London open is when client flows really start picking up and things start to get busier. **If you're an intern, never go over to your trader's desk during 2-3 pm. I'd highly suggest before lunch say 10-11.30 is probably the best. If you're working in a relatively less liquid product then I can relate with you that the London open is better for trade entry given the improved liquidity. Otherwise, for more liquid products I think there may not be a huge difference.
Hi, thanks for the AMA.
Is it common to see traders move to SG from other hubs? I'm currently in London and intend to stay for at least a few years but I'm contemplating asking for an internal move to SG in the future (my bank has a good presence there).
Yes of course! However, it really depends on your product. Your bank most likely has a global business whereby the product you cover in London should be covered in Asia as well. During my time at banking, I've seen a couple of these moves. However, it's more common for senior people to move rather than junior guys. If you're a junior it may be possible that you're moving into a whole new team altogether.
If I like NYC, but want warm weather will I like Singapore? Do most people speak English in the city?
Hi,
Everyone speaks English in Singapore and language shouldn't be a concern at all. However, there are some new curbs introduced to hiring from abroad; this is probably going to be barrier to focus on for you.
If you like NYC, you will not like Singapore tbh. NYC is one of my favorite cities in the world due to its ruggedness, and Singapore is the opposite. Lived in sg for 6 months
How’s P&L (bonuses too) generally for the different FICC desks? Can you rate these on a scale of 1-10?
IG credit HY Non-agency RMBS ABS CLO Structured Rates FX emerging markets
Hey there, not all of these products are typically traded out of Singapore. Even if they are, it may be possible that not all banks trade them out of SG. Hence, I won't be able to comment on this. From my understanding, after adjusting compensation for taxes and cost of living I'd think Singapore is extremely competitive.
Any way you could speak to the rates scene in SG? Are there G10 rates desks? Entirely EM? Is there any Aussie/Kiwi rates coverage? Thanks!
Hey there,
There's most definitely G10 Rates Desk coverage in SG. However, do note that not all banks may have the coverage in SG some may choose to place traders in HK instead. SG doesn't only cover EM ofc as BB Banks operate as a global business and there most definitely has to be some sort of coverage in the Asian timezone. More often than not banks usually would usually at least have a couple of their G10 Rates traders based out of Singapore. As for AUD/NZD coverage, the same applies. There are some banks that place their AUD rates traders in Australia over say SG if they had a larger presence in Australia. However, this is not the norm.
some banks put all the asia traders in Tokyo
Thanks for the response. How much overlap would you say there is between EM and G10 trading? Do people make the switch often or is there some barrier there?
Typical Hours for a credit trader
Hi! Although I'm just incoming SA for trading at HK Office, I'm just curious: whether are there many transfer btw hk/sg office.
And how much are the typical bonuses for trader in the SG Office, is it similar to what ppl here say for NYC? OR is it quite different? Could you tell me your case if you don't mind?
Hey there, this happens from time to time. What you need to know is that as a trader, if the timezone is the same, you could practically shift countries and work as long as your boss is understanding. From a sales standpoint, it is also possible, but there are probably additional considerations.
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