BNP Paribas
London – Quant Long Term Internship 2027 - Cash Equity Electronic Equities
London
Posted 1 day ago
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Job Purpose
The role is to assist the team with the day-to-day business activities under supervision.
Key Responsibilities
Operating with full supervision by senior members of the team:
- Participate in Technical and Business Skills Training.
- Support senior team members with day-to-day activities.
- Complete specific assignments.
The type of supervised work will depend on the team, but it may include and not be limited to the following responsibilities:
eTrading Quantitative Research (e-FIC)
- Helping to design and develop algorithmic pricing, quoting, risk management and execution tools to help automate BNPP’s FIC market making activities.
- Conduct research and analysis using historical datasets to develop models behind the automation tools.
- Interact with Trading, Sales and IT to ensure a timely delivery of projects to all interested parties' standards.
- Continuously improve existing models to adapt to an ever-changing market landscape.
Data & AI Lab
- Using the latest techniques of Machine and Deep Learning to build models for our trading and sales activity leveraging internal and external data to improve the service we give to Clients while managing tightly the risk associated to those products.
- Build our next generation of Natural Language Understanding interface (Speech to Text and Chat to Systems) across all business lines.
- Participate in the design and development of our core research projects such as unsupervised classification of the various market participants behaviour, sentiment analysis in chats or new and improvement of the market making in low or high frequency.
- Be able to innovate freely, introducing new techniques or technologies if needed.
Global Markets Quantitative Research (GMQR)
- Creating and implementing the mathematical models and strategies used for pricing and market making.
- Support directly Trading, Sales and Structuring on a day-to-day basis by helping analyse specific trades/risks and applying the optimal pricing models.
- Pricing, risk management and relative value for linear, non-linear and primary desks.
- Assessing the suitability of the models used by reviewing their assumptions, derivation, implementation and limitations.
- Responsible for best practices for PnL Explain and Predict globally.
- Involvement in key transversal regulatory topics.
- Joint projects with the GM LAB and Algo Trading Quants on ML, AI and electronic trading projects.
- Interaction with Risk teams for Market Risk Capital Models, Stress Testing, Limits Monitoring, Counterparty Risk, etc.
FX Spot Auto-Hedging
- Helping to design and develop algorithmic pricing, quoting, risk management and execution tools to help FXLM spot market making activities.
- Conduct research and analysis using historical datasets to develop models behind the automation tools.
- Interact with Trading, Sales and IT to ensure a timely delivery of projects to all interested parties' standards.
- Continuously improve existing models to adapt to an ever-changing market landscape.
e-Rates Quantitative Trading
- Provide applicable recommendations for the improvement of one or several of the KPIs of the rates e-Trading team, based on data and the use of quantitative analysis and modelling.
Commodities Trading
- Studying the CTA flows in the market and building a picture around its effect on the price, volume and change in OI as it specifically relates to Metals market.
- Using the understanding developed above to build a BNP model on various time frames in order to forecast the flows and therefore the direction of the market.
- Study the feasibility of building a short term, cross asset correlation-based model to forecast algorithmic flows in the market their potential impact on the price, volumes.
- Improving our internal Python based tool which is used in creating various reports and curve marking.
- Building a tool that will parse chat conversations as well as data from BBG in order to monitor and eventually mark the forward curves systematically.
- Develop Gold/Silver/Copper CME options flow monitoring tool and tracking the changes on a live basis.
- Study Precious vol as an RV vs other asset classes (FX, Rates).
- Develop tools to trade EFP more actively.
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FX Options - Exotics
- Build inventory monitoring tools for new exotic trades including: vol budget monitoring, bend value tracking, vol swap breakeven levels etc.
- Work with Trading, Risk and Quant Strategists to prototype new risk measures adapted to complex products.
- Work with strategists to suggest new quantitative relative value trade ideas to sales.
- Be involved with trading for creation, scripting and modelling of new single currency and multicurrency payouts.
- With trading, sales and structuring, build restructure monitors for exotic risks in the book to pitch to clients.
FX Options - Electro Trading
- Continuously improve the monitoring of the electro Trading activity, making sure that the tools developed can be used by a larger Trading audience.
- Improve and automate the spreading logic and skewing logic of the market making activity for the whole trading desk.
- Work with Quant Strategists to continuously improve the volatility fair value based on market data.
- Being able to propose ideas on the development of Gamma Hedging automatons.
- Study dataset of client activity to improve the pricing and hit ratio.
Cash Equities Quantitative Research
- Conduct research and analysis to model particular statistical features in our datasets, or to enhance existing models.
- Work under own initiative but with readily available supervision and guidance.
- Require attention to detail and ability to deliver information accurately and quickly to key stakeholders.
- Build internal working relationships with, for example, Coverage and Technology teams and also more senior team members to increase their knowledge of the quantitative execution specialism.
Electronic FX Swap Trading
- 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.
Commodities - Electro Trading
- There will be a strong focus on quantitative research/trading and with frequent interaction between quant traders, voice traders and IT strategists.
- The primary working landscape will be across execution optimization, ranging from microstructure signals to multi assets analysis.
The two proposed projects are as follow:
Investor project: improvement of trading spread roll for BNP Paribas’ Commodities QIS (Quantitative Investment Services) business.
- Tasks include:
- Price dynamics models.
- Internalisation risk management.
- Indices pressure analysis.
Execution project:improvement of the execution layer for BNP Paribas’ client franchise in Cortex CD.
- Tasks include:
- Improve FV model by developing indicators.
- Develop optimisation algorithm for the liquidation of oil residual spread positions on illiquid maturities.
- Extend the behaviour from oil to US GAS and Agricultural products.
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Prime Services – Automated Market Making
- Understand the process of portfolio optimization in dynamic environment and predict the stock returns in different horizons with effective applications of Machine Learning methods.
- Participate in the design and development of core research projects such as unsupervised classification of the various market participants behaviour, sentiment analysis in chats or new and improvement of the market making in low or high frequency.
- The internship covers different aspects of analysis, research, and development:
- Research on new quantitative strategies and back-test them.
- Bring new strategy to production environment.
- Improve current strategies or signals.
- Follow the latest quantitative techniques (research papers, corporate intelligence, etc.).
Equity EMEA Index Exotics
- Understand the team’s constraints and internal systems to obtain data.
- Study existing signals to take trading positions or to hedge risks.
- Propose more sophisticated indicators with better prediction scores.
Markets 360 AI Research
- Collaborate with the GM Data and AI Lab teams to design, implement, and optimize AI solutions for various projects.
- Conduct independent research to identify opportunities for leveraging AI technology within the Markets 360 investment research domain.
- Contribute to the development of systematic and industrialized AI solutions to enhance investment strategies.
- Work closely with cross-functional teams to ensure seamless integration of AI technologies into our existing infrastructure.
- Stay updated on the latest AI advancements and industry trends to continuously improve the Markets 360 research efforts.
LLM Solutions
- Participate in designing and implementing LLM solutions across Global Markets focusing on priority use cases raised by the business.
- Continuously monitor and improve performance and usage of solutions across the lifecycle, analysing data to identify areas for improvement and growth.
- Share feedback/ ideas with AI-LLM Product Team to shape future capabilities, eliminate blockers, suggest improvements, and ensure reuse of (part/all) the delivered solutions across businesses.
- Get up to speed and keep updated with the latest AI-related technologies and market developments.
Requirements
- Degree from a leading university with an excellent academic record and in pursuit of a Master’s or PhD in a quantitative subject and equivalent work experience.
- Good understanding of financial markets.
- Curiosity and eagerness to learn.
- Confident verbal, written communication and networking skills.
- Proficient with MS Office tools, including Excel.
- Great organisational, multitasking and time management skills.
- Strong analysis and judgement.
- Meticulous accuracy with a keen eye for detail.
- Team player, proactive, independent, enthusiastic self-starter with strong interpersonal skills.
- Excellent spoken and written English. Additional languages are an advantage.
- Good programming skills (C++, Python, Java, R or other equivalent) will be needed.
- Delivery-driven mindset.
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.
And of course, we expect all our colleagues to embody and practice the Group values (alignment with the Bank’s strategy, commitment, work ethic, integrity and Code of Conduct).
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