Hi,Could you explain to me what are the main differences between the day to day of a swap trader and a treasury trader? It seems to me that treasury desk is more focused on the primary market and it resembles more a credit trading desk, while the swap desk is just macroeconomics and rates movements. Is it right?
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The treasury desk makes markets in US treasury bonds, including on the run and off the run bonds. They participate in auctions but that’s just submitting a bid, nothing like credit.
the swaps desk makes markets in swaps. There are a lot of similarities between the two desks and usually sit right next to each other
What kind of similarities?
Do they both look at the curve and reason on whether they should be payers in front end, receivers in back end, etc etc? Or that’s something of the swap desk while the bond desk just think about buying selling that specific bond when it sees it cheap/expensive?
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