Bank Overview
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 83 countries, with nearly 183,000 employees globally, including around 145,000 in Europe. The Group has key positions in its three main activities: Domestic Markets, International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors.
BNP Paribas Corporate and Institutional Banking is a globally recognised leader offering capital markets, securities services, financing, treasury and advisory solutions.
Business Area/Dept Overview
• BNP Paribas’ Global Markets business offers a broad range of products and services in the global interest rates, credit, currency, equities & commodity markets. Global Markets help their franchise of clients find effective ways to raise and invest capital as well as manage their exposure to risk. Their client base comprises of hundreds of corporations, institutional investors, banks, governments and supranational organisations.
• Global Macro offers a range of products across FX, Rates and Commodities in both developed and emerging markets.
• The Developed Market Rates franchise provides market access and liquidity through market making with a vast product offering to Institutional and Corporate client base within developed economies (G11 currencies), notably: vanilla IR Swaps, Basis Swaps, XCCY Swaps, Asset Swaps, Inflation Products, MBS, Bond Products and derivatives.
• Within DM Rates, the G10 FX Forwards trading desk provide market access and liquidity through market making for FX swaps and XCCY for G11 CCY pairs, both in voice and electronically.
• The electronic FX Swaps Trading team automatically provide liquidity on e-platforms to BNPP global client base on DM & EM FX swaps.
Purpose and Scope of Role
Purpose:
• The electronic FX Swap trading team designs and runs an algorithm market-making FX Swaps to clients and hedging the risk in the interbank market or on exchanges:
o Fair value model using external sources of prices;
o Spreading based on client activity and market volatility;
o Risk-management based on the variance / liquidity;
o KPI optimisations under constraint (HR, ranking, P&L etc…).
Scope:
• Global (the electronic FX Swap strategy is global, across G10 and EM currencies).
Key Responsibilities of Role
• Design, run and monitor the FX Swap algo: pricing engine, spread and risk-management components, and client KPI optimisations;
• Analyse and leverage client and pricing data for the FX Swap business (both voice and electronic);
• Continuous interactions with trading, quants, sales and IT;
• Constant improvement of the performances of the algo and adjustment of its parameters in line with the current state of the market.
Experience, Qualifications & Competencies
Essential
• A minimum of a Masters in a quantitative field such as Computer Science, Mathematics, Physics, Quantitative Finance or Engineering;
• Good programming skills (Python, Excel-VBA);
• Some experience in data manipulation and database (SQL queries);
• Ability to perform under pressure and to multi-task;
• Interest in markets, trading and electronic business in general.
Preferred
• Experience of markets (internship, student club, personal account investing/trading);
• Knowledge of financial models, statistical models and arbitrage strategies;
• Interest in IA.
Conduct
- Be a role model, supporting and fostering a culture of good conduct;
- Demonstrate proactivity, transparency, and accountability for identifying and managing conduct risks;
- Consider the implications of your actions on colleagues.
Duration: 6-11 months
Salary: Competitive
Location: London
PLEASE NOTE
- You may only apply for up to 4 long term internships per recruitment year.
- Successful candidates for this long term internship must be based in London from the start of their role.
- Please discuss the available start dates with your interviewers.
Unsuccessful candidates’ CVs will be shared with other teams within BNP Paribas Global Markets and considered for potentially suitable roles. In this way we hope to maximise opportunities for candidates and hiring teams. By submitting your CV for this role you agree to it being shared securely with other hiring teams within BNP Paribas Global Markets for the relevant recruitment round.