Divisions

Four divisions. Every analyst researches something real, presents it, and defends it in front of people who do this for a living. Here is what each division covers and how the year runs.

Equities

Research, analyse and pitch stocks as a team, then run them in a portfolio. Four desks: pick one.

Europe

Led by Tash Munjanganja. Pick the stocks, argue for them, and run them against a benchmark.

What you’ll do

Research, analyse and pitch stocks as a team.
Build and run a mock portfolio, with weekly trades posted on our website against a benchmark.
Present your team’s performance at bi-weekly market meetings.

What we’ll teach you

The fundamentals of valuation.
How to follow the markets and the news, and how a development in one place moves a stock in another.
A session on the Bloomberg Terminal.

Emerging Markets

Led by Tolu Ayetan. Pick the stocks, argue for them, and run them against a benchmark.

What you’ll do

Research, analyse and pitch stocks as a team.
Build and run a mock portfolio, with weekly trades posted on our website against a benchmark.
Present your team’s performance at bi-weekly market meetings.

What we’ll teach you

The fundamentals of valuation.
How to follow the markets and the news, and how a development in one place moves a stock in another.
A session on the Bloomberg Terminal.

Emerging Markets

Led by Tom Hoad. Pick the stocks, argue for them, and run them against a benchmark.

What you’ll do

Research, analyse and pitch stocks as a team.
Build and run a mock portfolio, with weekly trades posted on our website against a benchmark.
Present your team’s performance at bi-weekly market meetings.

What we’ll teach you

The fundamentals of valuation.
How to follow the markets and the news, and how a development in one place moves a stock in another.
A session on the Bloomberg Terminal.

United States

Led by Ibrahim Ali. Pick the stocks, argue for them, and run them against a benchmark.

What you’ll do

Research, analyse and pitch stocks as a team.
Build and run a mock portfolio, with weekly trades posted on our website against a benchmark.
Present your team’s performance at bi-weekly market meetings.

What we’ll teach you

The fundamentals of valuation.
How to follow the markets and the news, and how a development in one place moves a stock in another.
A session on the Bloomberg Terminal.

FICC

Fixed income, currencies and commodities, across four desks. Pick one.

Oil

Led by Manolo Kidel. Analyse oil market shocks and explore the factors that drive oil prices.

30-week project: Oil trading research in R and Python: investigate what drives oil markets, and build a research platform to test trading ideas and assess their risks.
Your market: Each analyst covers Brent, WTI or a refined product, researching its price drivers, presenting bi-weekly updates and developing trade strategies.
Weeks 1–4: Understanding the market: crude vs refined products, Brent and WTI, the players involved, OPEC+, economic activity and geopolitics.
Week 5 onwards: Analysts are assigned their oil market, formulate trading strategies and begin trading.

Metals

Led by Anay Mistry. Precious and industrial metals, and the macro forces behind them.

Precious: Gold, silver and platinum: investment, jewellery and safe-haven demand.
Industrial: Copper, aluminium, cobalt and nickel: construction, manufacturing and technology.
Macro drivers: Dollar strength, inflation (PPI), PMIs, China and the global economy, and central bank decisions.
How we trade: Futures contracts on the LME and COMEX, with long and short positions.
Themes: The energy transition’s demand for silver and copper, data-centre spending, China’s rare-earth export restrictions and US metal tariffs.
Markets: A closer look at how commodity markets have developed.

Fixed Income

Led by Aled von Oppell. From pricing a single bond to running a book. Gilts, Treasuries, swaps, linkers, central banks and credit.

Price a bond: Cash flows, yield to maturity, duration and convexity.
Read the curve: What the shape of the yield curve says, 2s10s, and how the BoE and Fed move it.
Research: Model-driven: use Python models to test trading ideas and explain what the data shows.
Run the book: Trade with your research.
Case studies: Burry’s subprime short in 2008, and the LDI gilt crisis in 2022.

G10 FX

Led by Val Sinko. G10 FX spot trading against the US dollar.

1–3 months: Tactical trades built on what the market has priced, where we expect data surprises, positioning and sentiment.
6–12 months: Structural views from fundamentals such as real rate gaps, the balance of payments and valuation (PPP).
Week 5 onwards: Publish our own bank-style FX reports, edited every two weeks.

Macro

Learn what’s driving different markets, and how to trade it. Developed or emerging markets, decided by analyst preference.

Developed Markets

Trading led by Lenny Tucker. Research led by Emily Chiaia-Miller, across both desks.

Portfolios: Run two mock portfolios on Interactive Brokers (IBKR).
Views: Generate a view through macro reports and express it across asset classes and products.
Skills: Learn how to digest the market and structure cross-asset trades.
Debates: Meet regularly and debate throughout the year.

Emerging Markets

Trading led by Manasvi Kommuri. Research led by Emily Chiaia-Miller, across both desks.

Portfolios: Run two mock portfolios on Interactive Brokers (IBKR).
Views: Generate a view through macro reports and express it across asset classes and products.
Skills: Learn how to digest the market and structure cross-asset trades.
Debates: Meet regularly and debate throughout the year.

Quant

Systematic trading and research: maths, statistics and code.

Build models, price options and test ideas with data. And get ready for the online assessments quant firms set.

Skills: Python, C++, Git and LaTeX, for systematic trading and research.
Maths and statistics: Linear algebra, vector calculus and statistics, applied to markets.
Projects: Synthetic implied-volatility models and options pricing.
Learning: Statistical modelling vs machine learning, the bias–variance trade-off and PAC methods.
Interviews: Interview preparation, with a focus on online assessments.

Who runs each division

Every division is led by its own division heads, who set the research and run the books.

Meet the division heads