2023 Institutional Equities Quantitative Trader Off-cycle Internship (London)
PLACEMENT AND DURATION
The 6-months Off-Cycle Quantitative Trader Program is an opportunity to experience the culture and atmosphere in the Sales & Trading division by taking on some of the responsibilities and functions of a Full Time Analyst. As a quantitative trader intern, you will be given full insight into what it takes to be part of a trading desk at Morgan Stanley. You will be responsible for producing analytics as well as ad-hoc reports and leading a diverse set of projects to improve our trading activities. You will spend your internship assigned to a specific desk and you will be based in our London office.
As a quantitative trader intern, you will be part of a team which will provide you with the opportunity to further your trading career working alongside top industry professionals.
You will receive on-the-job training and benefit from working alongside experienced professionals on a variety of projects. You will develop the analytical, quantitative and interpersonal skills that will help you succeed in the role.
We are recruiting for the following desks;
- Forwards trading desk - responsible for managing forwards, and dividend risk within equity derivatives at Morgan Stanley. The desk trades all linear synthetic exposure and associated risks: dividends, implied repo, deltas, interest rates risk and the various basis risks that arise. The desk is part of flow derivatives trading, and also trades options strategies to manage risk. Another primary function of the desk is to make prices for a variety of internal and external clients and facilitate trading to manage exposures. The daily tasks of an forwards trader include; market making of forwards and dividend futures internally and externally, development of market making / trading tools with our strats team, data analysis on data relevant to our trading understanding news, and any macro developments relevant to our trading.
- Equity Exotics trading desk - responsible for managing a complex derivative portfolio of both equity & cross-asset underlying and for providing pricing and liquidity to a wide range of institutional (Hedge Funds, Pension Funds, Insurance Companies etc.) and retail clients (private banks, distributors etc.). There are 3 sub-teams that focus on market making and risk management of products across single stocks, equity indices and cross-assets. As we cover a wide range of products from barrier options, correlation to quantitative investment strategies (QIS), our portfolios are usually sensitive to various greeks (or derivatives) and risks are dynamic requiring continuous hedging and involve different strategies and techniques. The breadth and depth of the business allows us to offer exciting opportunities to individuals who are interested in problem solving and applying their financial mathematics & quantitative knowledge to real trading scenarios. The daily tasks of an exotic trader include; market making of exotic products in both primary and secondary markets, development of market making / trading tools, interpretation and management of risks at both product and aggregated book levels such as delta, vega, rho, divrho, gamma and cross-gamma, development of quantitative risk analysis tools at product & book levels, hedging / trading in listed and broker markets, optimizing hedging strategies for illiquid risks, development of scenario analysis for macro (e.g. Fed announcements) and micro (e.g. dividends, corporate actions) market events.
- Structuring desk - responsible for manufacturing Quantitative Investment Strategies (QIS), Light Exotics Products, Structured Products and complex solutions / transactions, producing content, complex derivatives pricing, client connectivity as well as product design for a wide range of Morgan Stanley customers – Private Banks, Distributors, Hedge Funds and Financial Institutions. Role requires strong quantitative academic background, preferably with a focus on financial mathematics and probability theory (Master's degree or above) as well as good Python programming skills and ability to work with large and various financial dataset. Working closely with the Exotic Trading desk and clients, this is a great opportunity for individuals who are solution orientated and strive on problem solving in a fast-paced environment.
- Origination desk - responsible for marketing and integration of QIS strategies into the broader flow, as well as designing bespoke systematic trading solutions for Clients across all segments from Hedge Funds to Retail. The team produces regular content to position systematic investments in changing market conditions, leveraging the Firm’s understanding of market structure, portfolio dynamics and macroeconomic backdrop. The Solutions aspect of the role includes (1) designing diversified liquid alternative portfolios involving Morgan Stanley QIS IP to address clients’ objectives and (2) providing systematic execution for Clients looking to implement their own investment algorithms. The role requires a strong background in Python programming and preferably understanding of derivatives and economics.
QUALIFICATIONS/ SKILLS/ REQUIREMENTS
- You are a Master or PHD student in subjects such as Economics, Mathematics, Financial Mathematics, Physics, Engineering, Quantitative Finance or Computer Science or alike
- You will have advance knowledge of Python, SQL, Excel, VBA, R or similar languages is valued
- You will have an understanding of theoretical pricing models and knowledge of market products and their risks
- You have a keen interest in the financial markets, economics, complex market dynamics and have the desire to work in a fast-paced environment
- You will have curiosity and willingness to go beyond the basic textbook models to find trade ideas and arbitrage channels
- You will have an interest in data and how to tackle diverse datasets in innovative ways
- You will have an entrepreneurial mindset and possess practical problem-solving skills with a great attention to detail
- You can analyse and interpret complex information quickly and accurately
- You are an excellent communicator and enjoy collaboration and teamwork