Rates sales is simultaneously a market-facing, client-facing, and commercially-driven role. A day on the desk blends technical analysis, relationship management, price negotiation, and coordination with multiple internal teams — all while managing the continuous flow of market events that shape what clients need.
Pre-market preparation (6:30-7:30am)
Before clients are active, the rates salesperson reviews: overnight rate moves (gilts, swaps, SONIA), what changed in the Asian and European sessions, and any significant macro data released. The morning risk meeting with the trading desk provides an overview of the bank's current risk position and any significant client activity expected. The salesperson prepares a market update for their key clients — summarising overnight moves and identifying any tradeable opportunity or relevant development for each client's specific portfolio.
Client conversations (7:30-10:00am)
The first hours of the trading day are the most active. Clients call with questions, with flow to execute, or to discuss the morning update. The salesperson must be simultaneously: explaining the morning's rate moves to a pension fund treasury team; pricing a swaption for a corporate client who wants to lock in a cap on refinancing rates; and co-ordinating with the trading desk on a large LDI receiving trade for a pension fund. The ability to manage multiple conversations while maintaining accuracy and commercial discipline is a core daily skill.
Trade idea follow-up (10:00am-12:00pm)
Mid-morning is often when structured trade ideas are developed and pitched. The salesperson works with the structuring desk to refine a transaction for a specific client — perhaps an inflation-linked note for an insurer, or a callable bond strategy for a corporate treasurer. A well-prepared pitch includes: the commercial rationale (why does this trade make sense for this client now?); the product economics (what does the client receive, what do they give up?); and the key risks (what could go wrong?).
Execution and afternoon flow
Afternoon flow is typically lighter in rates. The salesperson processes any pending trades from the morning, coordinates confirmations with Middle Office, and follows up on client queries. Significant macro data releases or central bank communications (even outside formal policy meetings) can trigger sudden client activity at any point during the day.
End-of-day review
The trading day closes with a review of revenues generated, open positions in the client book, and a summary of client interactions for the CRM system. The salesperson identifies follow-up items for the next morning and prepares for any significant overnight events that might drive client conversations the following day.