Sales and trading · Wholesale digital office

You spend nine weeks building the mathematical models and trading code that Nomura's markets business uses to price trades and run automated strategies. The seat is a Summer Analyst in the Wholesale Digital Office, often written as WDO, the team that works on how trading is changing through technology. It sits inside Global Markets, the side of the bank that buys and sells bonds, currencies and the contracts built on them for clients, and works next to the traders and salespeople rather than in a technology department. Its focus is Global Rates, FX and Credit, with investments in Fintech, meaning financial technology companies, and Digital Assets such as cryptocurrencies.

WDO has four areas, eTrading Strategy, Fixed Income Quantitative Research, New Business and Systematic Trading and Research. You join one of them. Quants build models for pricing and managing the risk of derivative trades and put them into the firm's trading systems. Strats research and develop the models and algorithms used for market making, for taking risk with the firm's own money and for portfolio management. New Business researches investments in disruptive technology.