Macro research · Commodities

You research commodity markets and the wider economy for a portfolio manager at a trading firm, and build the tools the desk uses to find and test trades.

The seat supports one of the firm's portfolio managers, the person who runs a book of trades with the firm's own money. Your focus is macro volatility and commodity fundamentals. Macro means the big economic forces, such as interest rates and inflation, that move prices across many markets at once. Fundamentals means the physical supply of and demand for each commodity. The firm calls the seat a Commodities Macro Analyst and places it on the Trading team.

DRW is a proprietary trading firm, which means it trades its own capital and keeps the profit and bears the loss on every trade. That is why research, tool building and risk work sit so close to the trading itself, and why an analyst here is expected to help with live trades rather than only write about them.