Justin Champa

University:
Villanova

Degree Subject:
Finance

Desk:
Loan Credit Default

As an intern with ICAP, you have the privilege of being able to rotate around to different desks, and see how each fits in with the overall objectives of the organization. Roles vary by desk, but some have more responsibilities than others. Interns on the Loan Credit Default Swaps, or LCDS desk were able to send out what brokers call "the runs." Essentially, interns would actively compile market prices from traders, format them on Bloomberg and send them back out to brokers throughout the day. This not only allows the intern to learn quickly and pick up industry jargon, but it allows for him/her to become a crucial part of the group.

The fast paced world of interdealer broking is not for the faint of heart. Brokers have to be on their toes from the moment they sit down in the morning until the time they leave after market close. I personally find the interdealer broking industry to be not only exciting, but rewarding as well. Working at ICAP allows you to get a true scope of the amount of assets changing hands on Wall Street on a daily basis. The pool of liquidity which ICAP creates is truly astounding, and being able to be an integral part of it at such a young age is a once in a lifetime opportunity.

As an intern at ICAP, your first week consists of a training program which focuses on both financial markets and soft skills. This week was a much needed transition period for the interns, mainly because of their diverse backgrounds, majors, and colleges. During the internship program itself, each intern was assigned a mentor on each desk who helped them through the process each step of the way. On a trading floor with hundreds of brokers, it is comforting to know that you have a mentor who will take time out of his/her day to help you.

Since the social aspect of interdealer broking is a crucial part of the job, the internship program was designed to reflect that as well. Interns worked on two summer long projects which allowed them to collaborate together, and more importantly get to know each other on a more personal level. Social networking after market close was another vital part of the summer. Since a main part of a broker's job involves entertaining clients, it is important to see how interns behave in social situations. This was yet another opportunity to network with brokers, as well as fellow interns. Lastly, our Intern Charity Day was spent working with Summer Search, an organization focusing on inner city youth development. Since the internship class could not be present for ICAP's annual Charity Day, this was a perfect way for the class to be a part of the charitable culture of the firm.

One of the more challenging aspects of the rotational program involves being moved from a desk once you've already settled in. This is important, however, as brokers want to see that you are flexible enough to adapt quickly to new situations.

Interdealer broking is not for everyone. It is a fast paced, high pressure environment where one mistake can have massive negative consequences for a desk. At the same time, hard working individuals can make a huge positive impact on the desk, as well as ICAP itself. As long as you work hard, be friendly, and work cohesively with your co-workers, you have a good chance of doing well in this industry.

An interest in Finance is key for success in this business. The most successful brokers are those who come in each day and truly love what they do. I was a member of Villanova's Equity Society, which helped me greatly when I did my two week rotation on the Equity Cash desk. Knowing the industry jargon and different valuation methods allowed be to catch up to the pace of the desk quickly. Being a part of a team is also an important skill to have going into a company such as ICAP. When you are working on your desk, individuals do not succeed, the team succeeds. Having prior team experience before this internship has helped me greatly throughout the course of the summer.

Before my internship, I did not know that a Chilean Swap even existed, never mind explain to you what it was. After sitting on four different desks, I am now well versed in a variety of financial products which I was completely unfamiliar with at the beginning of the summer. ICAP deals in a massive variety of products, and it is exciting to get a feel for even a fraction of them.