Global markets
The part of a bank that buys and sells shares, bonds, currencies and the contracts built on them, for its clients.
Markets is the part of the bank that buys and sells things for clients all day, shares, bonds, currencies, and the contracts built on them. The clients are asset managers, hedge funds, pension funds, companies and governments. The bank makes money on the gap between the price it buys at and the price it sells at, and on fees for building products clients ask for.
Desks are organised by what they trade, equities, rates (government bonds and interest-rate products), credit (company bonds), FX (currencies) and commodities. On each desk there are three jobs. Salespeople look after clients and bring in their orders. Traders price those orders and manage the risk the bank is left holding. Structurers design tailored products when an off-the-shelf one will not do.
The day starts early, before the market opens, and moves at the pace of the screen. A junior writes the morning notes, books trades, runs pricing and risk reports, and answers client questions quickly and accurately. You will also see this called Sales and Trading, S&T, or FICC (fixed income, currencies and commodities).
Open jobs
| Job | Firm | Level | Stage | Posted |
|---|---|---|---|---|
| Sales and trading · Markets | BNP Paribas | Spring week | First or second year at university | 2 days |
| Sales and trading · Commercial |  JPMorgan | Off-cycle | Second-to-last year at university or graduates | 6 days Closes 29 Nov |
| Sales and trading |  Crédit Agricole CIB | Summer | Second-to-last year at university | 7 days |
| Restructuring · Special situations / Credit | BNP Paribas | Off-cycle | Second-to-last year at university or later | 2 weeks |
| Sales and trading · Credit |  Bank of America | Summer | Second-to-last year at university | 2 weeks |