UK
Sector: Trading
GUEST COMMENT: I’m sorry, but proprietary trading DID kill Wall Street
My friends working in proprietary trading won’t look kindly on me for saying this, but as far as I’m concerned Paul Volcker is right – their jobs should be separated out from the banks they work for. It’s time for them to function on their own. The newly designated Volcker Rule, if implemented, would disallow [...]
What the hottest new hedge fund in London would look for, were it hiring
Hedge fund start-ups are rising again – according to the Wall Street Journal, 173 funds were launched in the third quarter of last year. But not all hedge funds are born equal. In December, Belay Partners, a long/short European equities fund, was born to two members of the European hedge fund aristocracy: Daoud Zekrya and [...]
Will the hefty pay packets on offer to HFT tech talent continue?
With more hedge funds entering the high frequency trading fray, demand for the already much sought-after (and highly paid) technical expertise looks set to sky-rocket. But how long can these astronomical pay packets last? One the one hand, firms are looking to take on developers to put together rapid-fire trading programs to take advantage of [...]
This doesn’t sound good for FX jobs, but Morgan Stanley’s still hiring hundreds of traders
Adair Turner isn’t going to let the ‘socially useful’ mantra die. In the closing days of Davos he turned his social filter on FX trading (and the carry trade in particular), claiming that a big part of FX trading in London is “economically valueless” and serves, “no social purpose.” Turner supports punitive capital requirements which [...]
Is there now any point in becoming a trader at an investment bank?
As Felix Salmon notes, the potential demise of banks’ pure prop trading activities does away with one of the big incentives for joining an investment bank as a trader in the first place: moving into prop. As Salmon notes, if the Volcker rule passes, traders at investment banks will no longer be able to aspire [...]
GUEST COMMENT: I’m a prop trader and I don’t give a damn about the Volcker Rule
I’m a senior prop trader working within a bank. I’ve been in this profession since 1993, both before Glass Steagall and after. In my opinion, the rules announced yesterday are meaningless. First, they’ll take three to five years to go through, by which time they will have changed beyond recognition. Second, there will be regulatory [...]
Sadly, there are now only 50 new sales and trading jobs left at Morgan Stanley
Morgan Stanley has been hiring. After declaring its intention of recruiting 400 sales and trading professionals in August, it said it had hired 200 of them by October. Yesterday, it revealed there are now only 50 more of those vacancies to be filled. The emphasis so far seems to have been on rates and FX. [...]
THE ESCAPED ANALYST: M&A vs. markets
In the responses to my last article, a lot of people focussed on the difference between working in advisory and a trading floor role (i.e. in sales or trading). As someone who has seen both sides of an investment bank (I interned on the trading floor and then did my analyst programme in M&A for [...]
The golden handcuffs for ETF specialists
Goldman Sachs’ recent entrance into the exchange-traded funds market in the US (along with other asset management heavyweights) illustrates the increasing competitiveness of the sector. New players are also setting up shop in Europe, and more established firms are having to pay over the odds to keep hold of their existing talent. “New ETF players [...]
Will FX jobs be the first to move out of London?
This may all be a mere coincidence, but it may equally be a coincidence worth noticing. When those rumours erupted last week about Goldman threatening to move teams overseas in response to the bonus tax, FX teams (along with prop trading and operations) were among those said to be in line for migration. When Standard [...]
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