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Investment Banks, Hedge Funds, and Private Equity, 2nd Edition by David Stowell

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5

Trading

The material in this chapter should be cross-referenced with the following cases: A Tale of Two Hedge Funds: Magnetar and Peloton and Kmart, Sears, and ESL: How a Hedge Fund Became One of the World’s Largest Retailers.

This chapter focuses on the two types of trading conducted by investment banks: client-related trading and proprietary trading. The chapter also describes the activities of the two key trading businesses: equities trading and fixed income, currencies, and commodities (FICC) trading.

Client-Related Trading

An investment bank’s client-related trading business is comprised of traders, sales professionals, and research analysts. Traders are responsible for buying securities from institutional and individual investors and, at ...

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