Company Purpose:
Our company purpose is to contribute to a responsible and sustainable economy by financing and advising clients according to the highest ethical standards.
Our employer promise is built around three pillars:
- Being a great place to work
- Committed to sustainability and having a positive impact
- Being dedicated to the development of our people
Business Area
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.
FICC is a leading global franchise servicing Institutional and Corporate clients from credit origination and syndication, to secondary market trading on credit, FX, rates and commodities in both developed and emerging markets.
The Global Credit EMEA trading desks cover the entire credit trading spectrum. It provides liquidity to clients through market making credit products and offers tailored solutions to clients as well as funding of credit collateral.
The Credit Flow trading EMEA business provides market access and liquidity to clients through market making of Corporate Bonds, Leveraged Loans, ETF and Credit Derivatives (single names or Indices).
Credit E-Trading incorporates Single Bond RFQ Market Making, Portfolio trading, ETF Market Making and ETF Creation Redemption across EUR/GBP/EM IG and HY Bonds.
Job Purpose
BNP Paribas Credit Market Making Algorithmic framework provides liquidity on MTFs and regulated exchanges directly to BNP Paribas Institutional and Hedge-Fund clients. Algo Traders are continuously creating and optimising strategies, automatons and algorithms to improve liquidity provision on a wide spectrum of underlying, asset classes and markets.
The Credit E-Trading Intern will work as part of a team of senior traders, responsible for making markets and managing the technical platform that enables them to do so. This role requires a unique blend of trading and technical expertise, including product knowledge, high-performance coding, and an understanding of a complex and ever-evolving technical platform. It's a fast-track to gaining the level of expertise necessary to generate the next tech evolutions, as well as strategies and algorithm ideas. The intern will focus on different quantitative research subjects of statistical arbitrage. With both fundamental and price dynamic data, they will apply various statistical/Machine Learning methods to create insights from data and generate meaningful signals for credit spread movement by analysing different aspects from datasets denoising to features extraction.
The role is to assist the team with the day-to-day business activities under supervision.
Key Responsibilities
The Credit E-Trading– Intern:
- Supports Algo Traders in the continuous improvement of BNP Paribas’s Credit Electronic Market-Making infrastructure.
- Supports Algo Trader in the monitoring of the activity (positions, flows, instantaneous market risks, infrastructure sanity) for the Algo.
- As such, operates under the direct guidance of the Senior Algo Traders with responsibility to report and escalate to line management and managing day-to-day with high level of expertise in the product she or he is responsible for.
Missions shared with all other Algo Traders:
- With the support of Algo traders and Strategists, develops and maintain algorithms and models.
- To provide market liquidity through market making, and hedge accordingly
- To monitor market news and events and evaluate the risk and opportunities for positions and strategies
- To ensure proper booking in the system, monitor front to back chain, and control operational risk.
ANALYSIS / RESEARCH /DEVELOPMENT
- Research on new quantitative strategies and back-test them
- Bring new strategy to production environment, improve current strategies
- Follow the latest quantitative techniques (research papers, corporate intelligence…)
- Enhance PnL sources diversification, use all available resources to maximize revenue.
TRADING
- Perform the necessary backup to ensure business continuity.
CONTROL
- Make sure trading is in line with market risks and local limits.
- Propose enhancements to minimize potential Operational Risks
- Make sure trading strategies are fully compliant with BNPP Compliance and Conduct framework.
REPORT/SHARE
- Make a report of the research project he is in charge (timeline, document, …)
- Make a trading report of the Desk’s market making activity (risk analysis, exposures, …)
- Share research projects and experience with other Algo traders
- Direct contribution to BNP Paribas Control framework
- Work as a team
Requirements
- Strong education in Statistics, Maths or Computer Science: we are not just looking for people who know how to use machine learning techniques, but for people who understand how it works inside the black-box.
- Strong knowledge of Machine Learning techniques (classification, regression, natural language processing via standard statistical models or neural network).
- Good programming skills, preferably Python.
- Delivery-driven mindset.
- Strong interpersonal skills and proactive approach to problem solving.
- Ability to work under pressure and multi-task.
- Strong organisational skills.
- Team Player.
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).
PLEASE NOTE
- You may only apply to four Long Term Internships over the course of a year. These may be across any business area.
- Successful candidates for this long term internship will be considered for London ONLY.
- Please discuss the available start dates with your interviewers.
Unsuccessful candidates’ CVs will be shared with other teams within BNP Paribas 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 for the relevant recruitment round.
Location
: London
Duration
: 6 months
A bit more about why you should join us
1. We’re a great place to work
We aim for optimal work/life balance (depending on role, this includes hybrid working, flexible working and agile)
We are proud of our award-winning flexible benefits and health & wellbeing strategy. Our flexible benefits include:
- Generous holiday allowance of at least 26 days (plus bank holidays) – with option to buy and sell holidays.
- Valuable financial plans – a 12% non-contributory pension which has been moved to sustainable investments*, life assurance*, income protection and personal accident insurance.
- Extensive wellbeing and mental health offering – one of the most advanced private medical schemes in the UK, dental cover, wellbeing app, Cognitive Behavioural Therapy support, subsidised gym memberships, bespoke health assessments including genetic testing, Private GP (including digital GP services to parents of employees), Employee Assistance Programme, menopause & fertility support (we are an accredited Menopause Friendly Employer), neurodiversity assessment and support.
- Key onsite services and facilities in London – include physiotherapy, nutrition, massage therapy, physiology, mental health first aiders, seasonal flu vaccinations and free onsite fitness centre.
- Plus, emergency back-up care for dependants, green car leasing, season ticket loan, and a range of other benefits.
* Subject to relevant caps
2. As the eurozone’s largest bank, we are committed to having a positive impact in the world.
For example, we are committed to Net Zero in all of our financing and investment portfolios by 2050. By 2030, 80% of our energy production financing will be low carbon.
But impact for us means more than climate. It means empowering our people every day. Everyone gets four volunteering days each year - in 2023, we achieved over 18,000 hours of volunteering across the UK and reaching over 4,500 young people.
3. We believe in our people
We support our people to develop skills to adapt to the ever-evolving world of work and to prepare for the jobs of today and tomorrow. We do this through a comprehensive training offering, talent programmes, mentoring, career days and inhouse career tools.
We are proud of the number of our people who progress and secure new roles internally. In fact, in 2023, nearly half of our positions in UK CIB were filled internally.
Investing in our people also means we have a collaborative and inclusive culture:
- Direct feedback from our people shows that our internal culture sets us apart from our industry peers.
- Each year, nearly 30,000 employees globally are involved in professional networks that play an active role in promoting Diversity and Inclusion within the Group. These include our:
- Pride Network, Ability Network (which supports disabled employees), MixCity (gender equality network), Women in Global Markets, Women in Global Banking, Women in IT, Diversity Equity & Inclusion in Technology, Early Careers Network, Multicultural Network and Parents & Carers Network.
Equal Opportunities
BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity, race, religion or belief, sex or sexual orientation, or any other legally protected status.
Adjustments
We don’t want anyone to be disadvantaged in our recruitment processes, so if you have a disability or health condition which may mean that you’d benefit from some adjustments or additional support, please let us know as early in the process as possible.
#LI-Onsite
