2027 Institutional Equities Trading Off-Cycle Internship (London)

Institutional Equity Trading Off-Cycle Internship Programme (London)

The Morgan Stanley Institutional Equity Trading Off-Cycle Internship Programme in London runs for 6 to 9 months. Students will be assigned to a specific desk: Exotics, Corporates, or Structuring. Throughout the internship, you will remain on your assigned desk to build an in-depth understanding of its work, products, and responsibilities.

The programme provides an opportunity to experience the culture and atmosphere in the Sales & Trading division by taking on responsibilities and functions of a Full-Time Analyst. As an intern, you will gain full insight into what it takes to be part of a trading desk, including producing analytics, preparing ad-hoc reports, and leading a diverse set of projects to improve trading activities.

You will learn about a wide range of derivative products traded with different client types in different regions. You will join a diverse team and gain exposure to different product solutions offered by Structuring, including Quantitative Investment Strategies, Retail Structured Products, and Institutional Solutions.

Training Programme

You will receive on-the-job training and work alongside experienced professionals on a variety of projects. Throughout the programme, you will develop the analytical, quantitative, and interpersonal skills needed to succeed in the role. You will work with a diverse, collaborative team, including experienced industry professionals and graduates from leading universities, focused on solving interesting and complex problems.

You will also gain exposure to Sales, Trading, and Management, and build your network through opportunities to connect with peers and colleagues across the Firm.

Roles and Responsibilities

Exotics Desk

• Manage a complex derivative portfolio of both equity and cross-asset underlyings.
• Provide pricing and liquidity to institutional (e.g., Hedge Funds, Pension Funds, Insurance Companies) and retail clients (e.g., private banks, distributors).
• Work within three sub-teams focused on market making and risk management across single stocks, equity indices, and cross-assets.
• Support risk interpretation and management for products sensitive to various greeks (and dynamic risks), including continuous hedging and different strategies and techniques.
• Contribute to daily activities such as:
  • Market making of exotic products in primary and secondary markets
  • Development of market making/trading tools
  • Interpretation and management of risks at both the product and aggregated book levels (e.g., delta, vega, rho, divrho, gamma, cross-gamma)
  • Development of quantitative risk analysis tools at product and book levels
  • Hedging/trading in listed and broker markets
  • Optimizing hedging strategies for illiquid risks
  • Development of scenario analysis for macro events (e.g., Fed announcements) and micro events (e.g., dividends, corporate actions)

Corporates Desk

• Manage a portfolio of large structured single-stock derivative transactions linked to strategic corporate situations (e.g., M&A, stake builds/disposals).
• Combine pricing and structuring with active risk management across equity and, where relevant, credit, FX, and rates.
• Take into account liquidity, market impact, transaction costs, and risk limits.
• Support day-to-day responsibilities including:
  • Pricing strategic derivatives primarily for corporate clients
  • Managing and improving hedges on existing positions
  • Identifying restructuring opportunities
  • Performing scenario analysis around company-specific and macro events
  • Developing models, analytics, and trading tools
• Apply strong knowledge of derivatives documentation and the regulatory and jurisdictional constraints relevant to complex corporate transactions.

Structuring Desk

• Manufacture Quantitative Investment Strategies (QIS), Light Exotics Products, Structured Products, and complex solutions/transactions.
• Produce content, perform complex derivatives pricing, support client connectivity, and contribute to product design for Morgan Stanley customers, including Private Banks, Distributors, Hedge Funds, and Financial Institutions.
• Apply a strong quantitative academic background, preferably in financial mathematics and probability theory.
• Use strong Python programming skills and work with large and varied financial datasets.
• Collaborate closely with the Exotic Trading desk and clients, contributing in a fast-paced, solution-oriented environment.

Qualifications / Skills / Requirements

• Master’s or PhD student in subjects such as Economics, Mathematics, Financial Mathematics, Physics, Engineering, Quantitative Finance, Computer Science, or similar.
• Graduate of 2026 or graduating in 2027.
• Advanced knowledge of Python, SQL, Excel, VBA, R, or similar languages is valued.
• Understanding of theoretical pricing models and knowledge of market products and their risks.
• Keen interest in financial markets, economics, and complex market dynamics, with the desire to work in a fast-paced environment.
• Curiosity and willingness to go beyond basic textbook models to find trade ideas and arbitrage channels.
• Interest in data and experience tackling diverse datasets in innovative ways.
• Entrepreneurial mindset with practical problem-solving skills and strong attention to detail.
• Ability to analyse and interpret complex information quickly and accurately.
• Excellent communication skills and enjoyment of collaboration and teamwork.

Application Requirements

Please submit your CV and Covering Letter in English.