2027 Institutional Equities Trading Off-Cycle Internship (London)

About the role

This 6- to 9-month London internship places students on an Exotics, Corporates or Structuring desk within Institutional Equity Trading. Interns undertake Full-Time Analyst-style responsibilities, producing analytics, managing risks, developing trading tools and learning about derivatives, clients and market solutions alongside experienced professionals.

Placement and Responsibilities

• Remain on one assigned desk throughout the internship, developing in-depth knowledge of its products and responsibilities.
• Produce analytics, ad hoc reports and projects designed to improve trading activities and desk processes.
• Learn about derivative products traded with different client types across multiple regions.
• Exotics involves market making, portfolio risk management, hedging and quantitative analysis across equity and cross-asset products.
• Corporates involves pricing strategic derivatives, managing hedges and analysing M&A, stake-building and disposal situations.
• Structuring involves designing QIS, light exotics, structured products and complex solutions for institutional and intermediary clients.

Training and Exposure

• Receive on-the-job training while working alongside experienced professionals on a variety of projects.
• Develop analytical, quantitative and interpersonal skills through practical work and problem solving.
• Gain exposure to Sales, Trading and Management while building a network across the firm.

Requirements

• Currently pursuing a Master’s or PhD in economics, mathematics, financial mathematics, physics, engineering, quantitative finance or computer science.
• Be a 2026 graduate or graduating in 2027.
• Demonstrate interest in financial markets, economics, complex market dynamics and fast-paced environments.
• Show curiosity, practical problem-solving ability, attention to detail and willingness to explore trade ideas.
• Analyse and interpret complex information quickly and accurately while collaborating effectively with colleagues.
• Submit only a CV and covering letter in English.

Desirable Skills

• Advanced knowledge of Python, SQL, Excel, VBA, R or similar programming languages is valued.
• Understanding of theoretical pricing models and market products, including their associated risks.
• Strong quantitative academic background, preferably including financial mathematics and probability theory.
• Interest in data, diverse datasets and innovative approaches to financial analysis.