Sales and trading · Institutional equities

You spend 6 to 9 months on an equity derivatives desk, building analysis and tools for the traders and structurers who price complex products.

Equity derivatives are contracts whose value depends on shares or share indices. At Morgan Stanley you join one of three desks for the whole placement. The Exotics desk makes markets in complex options and manages their risk. The Corporates desk prices large derivative deals linked to company events such as takeovers or stake sales. The Structuring desk designs quantitative investment strategies and structured products for private banks, distributors, hedge funds and financial institutions.