EQUITIES –
CASH / DERIVATIVES
BY: LYNN STRONGIN DODDS • PROFILES BY: SUSANNA ROBINSON
A
lthough the fallout from the credit crunch is wreaking of institutional equity sales, cash sales trading and portfolio
havoc on the cash markets, the recruitment picture for trading. Sales traders use their knowledge of current market
equity derivatives is brighter. Th e demand for over-the- conditions to provide liquidity, and execute transactions in a
counter equity derivative products remains strong especially in timely, effi cient manner. Th ey also cultivate and maintain
Europe, emerging markets and Japan, which is why over the last existing relationships. Traders execute in the market either
few months, banks such as Barclays Capital, Citi and Credit through single stocks or programmes which are baskets of
Suisse have made strategic hires to bolster their ranks. stocks. Over the last fi ve years, trading desks have increasingly
According to research from Citi, the value of equities traded become electronic and have set up advanced or alternative
on global exchanges in August fell 37% to $5,800 billion in execution services that can send buyside orders via direct
August, the weakest monthly level since December 2006. Asia market access or algorithms. Many have also joined or
was hit the hardest, with volumes on the Shanghai stock conduct business on multi-lateral trading platforms or
exchange plunging 78% compared to the same period a year ago. alternative trading systems that have sprung up due to
Derivatives also took a knock but the drop was less at 21%. Europe’s Markets in Financial Instruments Directive and the
Typically, an investment bank’s equity cash business will consist US’ Regulation for National Markets. Although this has
ROKSANA CIURYSEK, CFA
Title: Vice-President, Equity
Derivatives Sales
Are there certain skills you would consider useful for your job?
Current employer: JPMorgan
Being passionate about the business, a quick learner, being able
Previous employers:
to adapt easily to changing environments and perform well under
Merrill Lynch; EBRD London
stress.
Universities: Technical University of
Gdansk, Poland
How do you think the role you’re in now will change over time?
Degrees: Bachelors in Engineering
The shape of the salesperson’s role is driven to a large extent by
Degree; Masters in Management and client expectations. Clients are expecting the salesperson to look
Economics
beyond their area of speciality and put it in a global context and be
Professional qualifi cations: CFA
able to deliver the company as a whole within a multi-product
platform.
What attracted you to this career path?
Do you have advice for someone intending to pursue the same
It is a dynamic, stimulating, and fast-paced environment with many
career path?
talented and inspiring people to learn from.
Get involved in the practical side of business as early as possible
through internships at the investment bank. Learn at every
What are the major challenges you face in your position?
opportunity and read specialised literature. If possible seek a
Striking the right balance between staying constantly on top of
mentor from the industry who would be able to guide you in your
market developments while performing day-to-day routines and
career. And last but not least – make sure you arm yourself with
leaving aside some time for more strategic thinking and creativity.
the CFA charter.
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