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1. Depends. On some asset classes where you do principal market making (like eFX), you can take discretionary action and ride the pnl. For more standard stuff (like cash equity) in agency trading, you are basically some reporting monkey to jerk the clients off by BS on the benchmark used in TCA.2. They don't develop pricing models. Wheter to develop pricing models or not depends on non-linear features of the products. They don't even develop pricing models anymore for listed option trading. People are doing data analysis to feed the "projected data" ( div/vol/repo ) into the industry model (SVI for example) just to have a systematic view of the market (across all tenor/maturity/strike). For linear products, there is no other dimensionality so market price is even good enough (lolz)For pricing models you have to go exotic derivatives, there are always new features....
1. Depends. On some asset classes where you do principal market making (like eFX), you can take discretionary action and ride the pnl. For more standard stuff (like cash equity) in agency trading, you are basically some reporting monkey to jerk the clients off by BS on the benchmark used in TCA.
2. They don't develop pricing models. Wheter to develop pricing models or not depends on non-linear features of the products. They don't even develop pricing models anymore for listed option trading. People are doing data analysis to feed the "projected data" ( div/vol/repo ) into the industry model (SVI for example) just to have a systematic view of the market (across all tenor/maturity/strike). For linear products, there is no other dimensionality so market price is even good enough (lolz)
For pricing models you have to go exotic derivatives, there are always new features....
