Euronext introduces options on Euronext
A kind of meta story. The stock Euronext has been listed on the exchange Euronext for a few weeks now. On August 28th there will be options introduced on the stocks Euronext, on the Euronext derivative market. (AN14-011)
Euronext options (code : ENX) will be a part of the new “spotlight” segment. Currently there are six spotlight option classes : Telegraaf, Altice, BESI, Accell, Sligro and Exact. Rebates, profit sharing and promotional actions with brokers ; only one market maker is interested in quoting these options. Susquehanna (SIG) quotes everything.
Euronext seems to forget they need the liquidity providers. Without market makers there’s no market. Check the options on Kas Bank (no, they don’t exist). Even SIG wasn’t interested to make a market in Kas Bank options (Euronext Notice AN14-007).
No OCI options at Binck
These days Euronext is depending on brokers willing to allow their customers to trade in new products. Remember the Egyptian options from OCI? This stock is a constituent of the AEX index. TOM doesn’t consider the options on OCI very interesting. No OCI options on TOM.
Fair enough, but this means clients of Binck/Alex are blocked altogether from trading OCI options. I’ve checked with Binck why I can’t trade OCI options with them.
There’s not much demand for OCI options, and they are too expensive for us.
Guess they weren’t referring to the implied volatilities in OCI. Binck and Alex make more profit executing retail trades on TOM than Euronext. Retail investors with Binck/Alex can only trade options available on TOM.
Trolling Euronext
TOM could troll Euronext to the max by not copying the Euronext options to their market. This way the majority of the Dutch investors would be cut off from trading Euronext options (because Binck and Alex can’t trade directly on Euronext derivatives anymore). Binck isn’t interested in retail investors, so they wouldn’t object.
Imagine Euronext suing TOM for not having Euronext options. Would be interesting.
first,
how come jack prefers to post these on Sunday nights?
why is he calling this kind a meta story?
wasn’t euronext going to die because of their prehistoric technology, how does it matter if their options trade or not?
ah, http://en.wikipedia.org/wiki/Droste_effect
nice, jack ain’t as stupid as first appearance might suggest
open interest
Sligro 1
Telegraaf 1
Altice 4
why doesn’t euronext shut down these pointless products and instead focus it’s time on something more useful?
Unrelated… any truth in the rumor of more staff going at tibra? Seen lots of cv’s lately.
are we still talking of a sinking ship, has it still not gone down fully
what are the hottest prop trading firms around at the moment?
I’ve heard good things about tower and virtu.
It looks like there are a lot of companies sinking, what’s your take on the future of this business?
will it be only big players or there’s still room for prop trading firms?
Tower is doing bad, consider that at at companies like tower you earn what your strategy does, there are few successful groups at Tower which make all profits and lots of other trades who manage to survive for 12 months maximum.
Virtu and IMC are definitely a better model, if you join such companies you automatically profit from the established success.
I understood Tibra is reasonably profitable (Meaning making 10’s of mlns a year) recently. Not as good as it used to be and also not as good as Optiver or Imc.
What about good companies for senior C++ developers?
lately I have recruiters trying to make me jump ship, offering me a higher salary than my current one.
I think Virtu could be good from what he told me. Another one was suggesting me to have a look at Jump.
define ‘big players’, what’s your threshold for big?
define ‘prop trading firms’, aren’t all companies without clients prop?
define ‘Tower is doing bad’, what’s your threshold for doing bad?
it’s def refreshing to have somebody say ‘IMC are definitely a better model’
define ’10′s of mlns a year’, there’s a difference between 20mil and 80mil?
define ‘senior C++ developers’, what’s your threshold for senior experience, 3+ or 5+ or 7+ or 10+ or 15+ years?
recruiters are always trying to have people jump ship, that’s how they make their living, duh? And you were a senior C++ developer you said, don’t try to get into trading side before you are able to put yourself in other people’s shoes
define ‘higher salary’, you guys sound like you lot are in asia, what’s your threshold for higher salary, 5% or 10% or 20% or 30% or 40% or more? Also how would your total comp (base+bonus) look like, if the bump up in base is matched up by bump down in bonus, then jumping ship makes no sense?
Senior C++ with 5+ years of experience
I’m not in Asia, I’m based in Europe and the salaries I’ve been hearing are ~40% more. current compensation + bonus I expect it to be a bit lower than this hypotetic base salary.
You might consider applying for Source Capital, they are a ultra high-frequency prop trading house based in Zug, Switzerland. They are very successful in these days and are constantly looking for exceptional C++ developers to work on cutting edge new ultra low Latency solutions. They offer an industry leading career progression programme, in-depth training and a role with real autonomy, exceptional compensation package including yearly bonus payment based on individual performance. Anson McCade has a good overview of the available positions there.
why do you have to put the qualifier ‘Senior’, can’t you call yourself C++ developer with 5+ year relevant experience, or would that not satisfy your ego enough?
let’s say you are on 100k+30k total comp, now you get offered 140k base in your new gig and come year end your bonus is 3k, now did it make lot of sense to jump ship for 10% jump in total comp?
Now, fast forward another year, this new company of your does a round of lay-offs because of lower revenue performance and high cost base, who do you think gets chopped off, the guys with lower base, long track record at that company, high trust within management or the new guy with very high base, track record of jumping companies and no history or trust within this company; now here comes the triple whammy after your layoff, because of your very high base, little loyalty, being fired only after short stint, you end up being benched for few months with no salary, in the end you end up in your previous company with lower salary, lower bonus and non-senior tag, I am guessing your headhunter didn’t paint these scenarios to you, he of course gets paid 20-30k right at the point you start at your new firm, you should read freaknomics sometimes, would help you understand this brokerage model of headhunters
I’m based in London, Switzerland is not something I consider for the moment.
lord save this soul, source comment was actually in sarcasm
is Source that bad?
140+3 > 100 + 30
There are a few places called: Source Capital. The one from Switzerland is actually quite a nice place to work. The others with the same name (US based companies) are utter crap holes.
swiss source is source of nirvana
anyways, ‘140+3 > 100 + 30’ is of course true, duh, did you not read ‘now did it make lot of sense to jump ship for 10% jump in total comp’, did you read the para after that?
anyways, ’140+3 > 100 + 30′ is of course true, duh, did you not read ‘now did it make lot of sense to jump ship for 10% jump in total comp’, did you read the para after that?
yes I read that bit. I was a bit lazy in explaning what I really thought.
The big assumption in your reasoning is that the old employer keeps paying 30 bonus and the new one only pays 3 bonus. Most likely the companies that pay high base also pays high bonus.
Furthermore, revenue is market dependent and there is high correlation between company revenues. So if the old company is able to pay bonus it is likely that the new one can afford to pay bonus as well.
So therefore I do not think it is a bad plan to jump ship for a 40% difference. anyways just my 2cents.
well if you are lazy, then why bother at all, do you really expect people to buy your half hearted response?
of-course there are set of assumptions, did you read the bit ‘I am guessing your headhunter didn’t paint these scenarios to you’, any scenario carries assumptions, big or small, you can throw in your opinion on size of it
‘Most likely the companies that pay high base also pays high bonus’ sounds like even a bigger assumption, don’t you think, or were you too lazy to question your own set of assumptions, or was it because that they are correct because they are originating from genius like yourself?
now let me point out a very big freaking assumption in your next statement ‘revenue is market dependent and there is high correlation between company revenues’, that any two companies in a sector are more or less alike and are affected pretty much to same extent over 3-5 year period
i def think you are making a big mistake in just looking at salary part in jumping to your lazy decision, ask the guy for 7-8 other things which go in decision making process before jumping, just an opinion, little less lazy and with little less assumptions than yours
Virtu Financial is an excellent place for C++ developers that are interested in no nonsense extreme ultra low latency trading architectures. The best of the best work at Virtu, and nothing less is tolerated. If you have the development chops why not consider applying?
The pay is awesome and perks are phenomenal!
Virtu is definitely a good choice for C++ developers but Source Capital is even a better choice in terms of compensation and career development, it is very unlikely that Virtu and other competitors can match the overall pay offered by Source Capital. As mentioned before, they have a unique career progression program for developers. Traders will be entrusted with new proprietary strategies provided by the company which complement their initial strategies. The good news is that Source Capital is also expanding and hiring massively researchers and C++ developers in London, but under another name not disclosed to the public.
sounds like we have some headhunters trolling this place, jack can we kick ’em out pls
wait, does that mean I’ve had initial interviews with Source Capital but they haven’t told me who they really were?
maybe it’s not them, but with company name they use now in London?
I’d be more than a bit wary of the glowing reviews of Source Capital, and take it all with large grains of salt.
Doing a simple linkedin search for C++ developers that are/were at Source Capital, provides an interesting statistic of an average stay of roughly 2.3 years. The only outlier is the lead architect Igor that seems to have been there since 2007.
The high C++ developer churn/turnover at Source Capital isn’t news to people in the industry.
But perhaps the London offices will be different, being further away from Igor/Zug might be just the right ticket, sort of like Tibra/JT vs Tibra/London.
the quality of questions and the person sitting on the other side of table during an interview should be some indicator as to the situation you are getting yourself into, of course you have to do complete background check before you commit to something rather than depend on some stupid shit you heard on this rubbish blog
also, hope is what survives any human, so don’t fall in that ‘hope’ trap, let the dust settle on london office before you throw yourself in the ‘mess’ that might turn out to be
glowing reviews of Source Capital were obviously sarcastic.
when you are dealing with people of EQ 60, then you have to get down at their level before you get through to them
The problem is when you have a single individual having been involved in the design and development of every component that comprises the trading infrastructure.
Igor is that single guy, he literally built the Source Capital trading infrastructure from nothing. Everyone else there did little more than fix a bug or two or derive from a class to add a new feature etc.
As such it can be very disconcerting to newcomers to the team, especially when at their last place they were the super-hot rock-star developer.
The SC London office, is management realizing the difficulties in bringing talent to Zug, and also the issues facing new recruits with regards to the old guard. Companies have refreshes all the time eg: Tibra/Maven
here we go again, add to the list of moaners and complainers, vdm, imc, tibra and now source c++ devs, and last one goes all to one guy called igor, long live mother russia
what is about this miserable blog that it keeps attracting all the bloody losers of the world, you guys do realise that you have an option of not working at source and getting on with your miserable lives, coding for some other shitty shop
What is this unique career progression program for developers at Source Capital?
you are encouraged to move on to bigger things after 2 years of bug fixing for igor, its pretty unique career progression, one only source capital can offer
are we about done here or is there more source bashing in the pipeline?
but an average stay of 2.3 years – 2 years of fixing bugs is only 4 months left on average for bigger things?
haha, bigger things are outside source, not in the bloody source for your last 4 months there, that’s just the gardening leave and ‘handover’
“Traders will be entrusted with new proprietary strategies provided by the company which complement their initial strategies”
true, they take the strategies developed by the traders in Zug and assign them to the traders in London. Once all works smoothly they are going to fire the trading specialists in Zug. Smart plan.
Igor does not work anymore at Source Capital.
Great developer in any case, he built that place.
May he rest in peace
What are these super secret and ultra intelligent strats that mgmt can just move to London, if zug traders can so easily be made redundant, then maybe it’s time for them to find a new job in their London office?
And right shoring to appropriate location isn’t ‘smart plan’, it’s supply chain 101
why did igor leave?
Igor is still there and going strong, at least as of 3 weeks ago.
3 weeks is a long time mate
“Igor is that single guy, he literally built the Source Capital trading infrastructure from nothing. ”
Not 100% correct, Pieter Van Hasselt built the main part of the infrastructure and made all major design choices, although Igor played a main role in implementing and improving it over time
“Igor is still there and going strong, at least as of 3 weeks ago.”
False, Igor decided to leave Source Capital more than one year ago as he understood that the ship started to sink.
Anyone knows where Igor is working at the moment?
Pieter Van Hasselt or Igor, nobody cares, next
http://www.linkedin.com/pub/pieter-van-hasselt/45/91/33
According to this Pieter didn’t start at SC until 09:
http://www.moneyhouse.ch/en/p/van_hasselt_pieter-8173058/
Whilst Igor has been there since at least since 07.
Furthermore Pieter is a trader/manager very little to do with the actual technical side of designing and implementing an ultra low latency 24/7 trading system.
The reality here is that the people dissing SC or Igor, probably were rejected during the interview process and feel sad they wont be able to participate in the enormous profits SC makes on a daily basis.
There’s always other places like Virtu, KCG, Spot, Jump and such one can look forward to joining.
that’s very insightful man, keep it up
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