By Mina Randjelovic and Magne Eie Leedsak
So far, so good
Another week has flown by and we cannot believe that this is the third week of our summer internship at Nordea Markets. Between working on our projects, attending meetings and studying for the summer academy, the day just doesn’t seem to have enough hours. Some of us are just about to finish the first project of the summer and others are working vigorously to meet deadlines whilst trying to deliver the best possible results. But it has definitely been a very rewarding experience so far.
Last Thursday, we attended the first summer academy session. The kick-off was a great success, and we were all looking forward to learn more about the different departments and products FICC has to offer. This class was held by Jon Birger Tysnes, Head of Risk Advisory, Norway and Aldo Maillot, Chief Analyst of Risk Advisory, Norway. They held an exciting and educational lecture about the role of the Risk Advisory department in Nordea Markets, and how they can help customers handle and hedge the risk they are exposed to.
Afterwards, the graduates in Risk Advisory had prepared a fun and challenging quiz, which really got our blood pumping. The questions were mostly educational but with a touch of comic material. Everyone was excited and were fighting for the two top placements, as we were told in advance that the winners would be fortunate enough to have lunch with Jon Birger Tysnes in the upcoming week.
“Everyone was excited and were fighting for the two top placements …”
Congratulations are in order to Niels and Andreas who were the lucky winners.
As a part of the social aspect of this year’s summer academy, the participants will be engaging in a friendly game of floorball every Tuesday. We were all really looking forward to this activity and it did not disappoint. We definitely realized that this year’s interns are a bunch of competitive students both at the office and in the gym. It was great fun – even though some of us left the gym with bruises. And everyone is already looking forward to next Tuesday – and are prepared to up their game.
Two weeks ago, on our first day as interns at Nordea Markets, we were presented with our first project. The span of the project was three weeks and the task was to build a model for forecasting power prices. The first week flew by rather quickly, as we tried to grasp what is driving the power prices as well as gathering what we viewed as relevant data. During the second week, we spent a lot of time deciding which factors should be included in the model. With support from Nordea colleagues, we started to develop a picture of what should be a part of the model.
Going into the last week of the project, we are now developing several models with the aim to compare these models up against each other. Testing the models on observed data will give us an indicator of their forecasting abilities and will help us in narrowing down towards the final model.
Working on this project has been very rewarding. We both have some experience with the electricity market but building this model from scratch forced us to take a step back and research the fundamentals of the market. Next week we move on to a new project – so don’t forget to follow the blog to see how it develops.
/ Mina and Magne
Did you read the first blog post written by two of our summer interns in Oslo, Niels and Anna? If not, you can click here to read it.