Research · Event-driven

You research what is moving markets and turn it into trade ideas for the traders at a firm that trades its own money. The seat is a Macro Analyst on the London based research team at DRW, working mainly with the Equity teams. Macro means the big picture, so interest rates, inflation, central banks, elections and the other events that move whole markets rather than one company. Event driven means the work centres on those moments, scheduled or not, and on what they do to prices. In a research team the word analyst names the job rather than a rank, and the seat sits beside the traders rather than below them.

The goal is to give the trading teams insight into Delta 1 and volatility pricing and to help structure trades. Delta 1 products, such as futures and index products, move one for one with the market they track. Volatility products, such as options, depend on how much the market is expected to move, so an event that could swing prices matters to them most. You work out what is going on, what is driving it and what is likely to happen next, and you say so in a form a trader can act on.