2007 TRADING SALARY AND BONUS DATABASE

Below is the complete Salary and Bonus Compensation database for 2007 as published in Trader Monthly. You asked and I delivered. I am sorry but they did not include any data for analysts.

Credit Derivatives

Position Base Bonus +/– '06

Associate (1–2 years) $70,000–$80,000 $80,000–$100,000 –14%
Associate (3rd year) $80,000–$90,000 $175,000–$200,000 -6%
V.P. $100,000–$125,000 $500,000–$600,000 -8%
Director $150,000 $1 million–$2 million -12%
MD $200,000–$250,000 $1.7 million–$2 million -5%

Position Total Compensation
Global Head $6 million
Head of Americas $3 million–$4 million

Investment Grade

Position Base Bonus +/– '06

Associate (1–2 years) $65,000–$75,000 $60,000–$75,000 +23%
Associate (3rd year) $80,000–$90,000 $80,000–$100,000 +13%
V.P. $125,000 $450,000–$550,000 +11%
Director $150,000 $750,000–$950,000 +6%
MD $200,000 $1.25 million–$1.75 million +20%

Position Total Compensation
Head of Americas $4 million

Interest Rates
Position Base Bonus +/– '06
Associate (1–2 years) $65,000–$75,000 $70,000–$80,000 +15%
Associate (3rd YEAR) $80,000–$90,000 $80,000–$100,000 +13%
VP $100,000 $500,000–$600,000 +10%
Director $125,000 $1.25 million–$1.75 million +17%
MD $150,000–$200,000 $2.5 million–$3 million +12%
Position Total Compensation
Global Head $10 million–$15 million
Head of Americas $8 million–$10 million

High-Yield
Position Base Bonus +/– '06
Associate (1–2 years) $90,000 $80,000–$100,000 0
VP $100,000 $250,000–$300,000 10%
Director $125,000 $500,000 0
MD $150,000 $1.5 million–$2 million 0
Position Total Compensation
Head of Americas $4.5 million

Mortgage Backed Securities
Position Base Bonus +/– '06
Associate (1–2 years) $65,000–$75,000 $50,000–$70,000 –20%
Associate (3rd year) $80,000–$90,000 $70,000–$90,000 –9%
VP $100,000 $300,000–$400,000 –22%
Director $125,000 $700,000–$900,000 –36%
MD $150,000–$200,000 $1.5 million –40%
Position Total Compensation
Head of Americas $5 million–$6 million
Head of CMBS $4 million
Head of CMOs $3 million–$4 million

Municipal Derivatives
Position Base Bonus +/– '06
Associate (1–2 years) $60,000–$70,000 $70,000–$80,000 –6%
Associate (3rd Year) $70,000–$90,000 $100,000–$120,000 0
VP $100,000–$125,000 $225,000–$375,000 –8%
Director $150,000 $550,000–$750,000 –7%
MD $200,000 $850,000–$1.15 million –9%
Position Total Compensation
Regional Head (Trading) $1.75 million–$2.25 million

Emerging-Markets Debt
Position Base Bonus +/– '06
Associate(3rd year) $90,000–$110,000 $110,000–$130,000 +9%
VP (3rd year) $125,000–$150,000 $350,000–$400,000 +8%
Director (3+ years) $175,000–$200,000 $1 million–$1.4 million +9%
MD (3+ years) $250,000 $2.5 million +11%
Position Total Compensation
Global Head $4.5 million
Head of Americas $4 million

Structured Credit
Position Base Bonus +/– '06
Associate (1–3 years) $100,000 $150,000–$200,000 –30%
VP (3rd year) $130,000–$150,000 $400,000–$500,000 –18%
Director $150,000 $900,000–$1.1 million –10%
MD $200,000 $1.5 million–$2 million –36%
Position Total Compensation
Global Head $8 million–$9 million
Head of Americas $5 million
Head of CDOs $3 million–$4 million

Structured Finance
Position Base Bonus +/– '06
Associate $80,000–$100,000 $80,000–$100,000 –25%
VP $120,000 $300,000–$400,000 –30%
Director $150,000 $500,000–$600,000 –21%
MD $200,000 $1.1 million–$1.3 million –20%
Position Total Compensation
Global Head $7 million–$9 million
Global Head (ABS) $6 million–$8 million
Head of CMBS $4 million
Head of Americas $4 million

Commodities
Position Base Bonus +/– '06
Associate (1–2 years) $80,000–$100,000 $120,000–$140,000 +30%
Associate (3rd Year) $90,000–$110,000 $160,000–$200,000 +38%
VP $125,000 $550,000–$700,000 32%
Director $150,000 $800,000–$1 million +29%
MD $200,000–$250,000 $5 million–$7 million +50%
Position Total Compensation
Global Head $10 million–$12 million
Head of Americas $7 million–$9 million

Foreign Exchange
Position Base Bonus +/– '06
Associate (3rd year) $85,000–$100,000 $70,000–$90,000 0
VP (1–2 years) $95,000–$110,000 $300,000–$400,000 0
VP (3+ years) $125,000 $400,000–$500,000 0
Director $125,000 $1 million–$1.2 million 0
MD $150,000–$200,000 $1.5 million–$2 million 0
Position Total Compensation
Global Head $4 million
Head of Americas $2.5 million

Equity Derivatives
Position Base Bonus +/– '06
Associate (3rd year) $100,000 $200,000–$250,000 +13%
VP $125,000 $400,000–$500,000 +13%
Director $150,000 $1.1 million–$1.3 million +9%
MD $200,000 $1.5 million–$1.8 million +10%
Position Total Compensation
Global Head (Trading) $9 million–$11 million
Global Head (Volatility) $8 million
Head of Americas $6 million

Convertible Bond
Position Base Bonus +/– '06
Associate (1–3 years) $60,000–$80,000 $70,000–$90,000 +14%
VP/Director $100,000–$125,000 $450,000–$500,000 +11%
MD $200,000 $850,000–$1.1 million +8%
Position Total Compensation
Global Head $3 million–$4 million
Head of Americas $2 million–$3 million

Equity Cash
Position Base Bonus +/– ’06
Associate $70,000–$90,000 $90,000–$110,000 +11%
VP $100,000 $650,000–$750,000 +8%
Director $150,000 $800,000–$900,000 +3%
MD $200,000 $1.5 million–$2 million +8%
Position Total Compensation
Global Head (Trading) $7 million–$9 million
Global Head (Volatility) $6 million
Head of Americas $2.5 million–$3 million