Employees wanted at trading firms
37 comments / July 14, 2009
Several Dutch market makers are desperately looking for traders and it-personnel. To achieve this they have joined forces and the Holland Financial Centre will launch a campaign to attract new talent. They will visit universities and… secondary schools. Let’s hope the newspaper FD misquoted the chairman Sjoerd van Keulen, because I honestly wouldn’t know why firms would like to inform 17 year old schoolkids on derivative trading.
The involved market makers are All Options, IMC, Optiver and surprisingly Van der Moolen. In contrast the the big three VDM is not a member of the Holland Financial Centre. According to the same register All Options and Optiver are the only market makers in the member list of HFC, as IMC describes itself as an asset manager.
Instead of running advertising campaigns there are easier ways to attract potential traders. Let’s publish the average yearly bonus per firm in a nice ranking. Job seekers will be happy to find out what they always wanted to know, and the market makers will have something to talk about.
i got 52k bonus as a junior in a small market maker firm
Right… well good luck this year with dealing with the TOM-thing!
If a compensation table comes out, some market makers are going to have a lot of difficulty attracting people…
like imc, who dont pay bonuses but pay the highest salary in the market – 4000 eur
4000 eur – highest salary ? I think Optiver pays around 4500 eur with a decent bonus..
I heard that All Options is paying the highest starting salary. Is it true?
For a capable 2 to 5 yr experienced trader I would guess: Optiver 250k to 750K, IMC maybe 200K, AO/Saen 200K to 350K, Tibra 250K to 500K. Varies from year to year though, and is my experience of talking to lots of guys.
No it's not true…It is quite the opposite actually
lots of guy's who like doing 'tof doen'.
So what sort of packages are offered in these places?? % of Earnings or is it completely discretionary?
Also, what's the announcement that Reuters & BB are saying is coming from VdM or why are the shares suspended?
completely discretionary
To which company does "completely discretionary" apply? To which company "% of earnings"?
None of the large market makers runa % system
who is the best market maker to work for?
They are all Cr%p
maybe optiver or GS (small algo Market Making team)
someone take me through the math courses needed to have a strong background in the math involved at these firms
These dutch MM are living in the past. Which MM needs 100's of traders when you can let a computer do most MM b itself.
artoftrade:
You can learn it yourself:
http://www.math.ru.nl/~maassen/lectures/calc12.pdf
This is more than you ever need..
Do you have an Idea for junior market maker salary in a small MM, with a six months contracts?
Around Euro 4000-4500 a month.
In the end everything depends on the bonus deal.
Which MM doesn't pay satisfactory bonuses ?
All of them
& who is the worst..
interactive brokers, VDM( you never get what you have been promised)
"GS (small algo Market Making team)", in NL?
Never heard of them, who are running it?
Does anyone know what kind of mathematical skills it takes to become a successful market maker or trader? Is it enough to excel in mental arithmatics (hoofdrekenen) or do you also need to excel in higher mathematic skills? For instance, all (or most of) the topics featured in the forementioned pdffile.
It seems to me you won't be doing a lot of those seemingly difficult equations in the short time you have to quote prices.
for a market making job, you have to be fast in calculations(mental arithmatics), basic statistics & probability and must have a low reaction time.
Advanced mathematical skills are required when you want to enter into research team of the company.
GS : Goldman sachs
as correctly pointed out, the only reason to make useless ads is to support related ad-industry.
I'm a market maker with Optiver and made 1.5M incl bonus
It also helps to work a bit on some tax set-up so payment is not in the Netherlands but on an offshore account. Both sides win.
how long have you already been working for optiver, and what are the average earnings there?
@ 10-8-09, 11.04
your IP address has been logged an someone from Interpol will be contacting you shortly.
Thanks
This joke would have been more believable if you had said "belastingdienst" instead of Interpol, but nice try!
The person that posted about his offshore accounts is toast, rotflmao