So, I've got over 10 years of experice trading equities on the soon to be bowling alley called the New York Stock Exchange. For the past 2 years I've been running all settlements, operations, office management stuff for a Fixed Income Hedge Fund in addition to being the sole equity and equity options trader for the fund. I also I'm learning the Fixed Income Business and leading a modest lifestyle with a wife a 2 very young kids. But my paycheck nets me less than $5k per month, and that doesn't cover my overhead. I'm at my desk a very manageable 50 hours per week. Am I being severely underpaid? I'm only making twice that of my Nanny, and she's paid in all cash. Where have all the semi-good paying jobs gone?
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Were you a trader or a
Were you a trader or a clerk. What you described to me is back/middle office stuff. If your a trader your not even a blip on the map at 60k a year. If your doing back/middle office for 10 years your still probably underpaid.
If you have 10 years of trading experience your looking at a absolute minimum of I would say 200k a year. Im not sure you are actually trading though because traders dont do the associated back/middle office things you described above.
"Oh - the ladies ever tell you that you look like a fucking optical illusion?"
I am an equity trader, and
I am an equity trader, and when I left the NYSE floor I took over all option and equity trading for the fund that I'm currently involved with. I do also do all the back/middle office stuff as well because we've only got three people in the office, and I took over that back/middle office stuff in order to gain some initial exposure to the fixed income markets. We have such a small staff the we all share in this back/middle office stuff.
My main concern is that I'm getting farther and farther away from equity block trading here. I'm re-inventing the wheel and learning a whole new business of fixed income while in my mid thirties with lots of family responsibilty. I don't know how to get back in to a fund that focuses on equities (we are 99% bonds here).
So, if I'm going to stay here and learn this bond business, how do I instill in my boss that if he doesn't make an investment in me then I'll have to keep my ears open for an equity trading job that can pay me commensurate with my experience.
If i were you I would start
If i were you I would start looking for a equity based fund. Your not being compensated because your not doing what your expertice is in.
"Oh - the ladies ever tell you that you look like a fucking optical illusion?"
I think you're correct. I
I think you're correct. I probably just needed to hear it from some one else. (you want a copy of my resume?)
just out of personal curiosity..
why do you refer to NYSE as a "soon to be bowling alley?"
Everything going electronic
would be my guess. No need for the floor when computers will be in charge.
The computers are already in
The computers are already in charge. And if you think you can be value added on the floor under these circumstances, then I'd like to talk to you about selling you a bridge between Manhattan's lower east side and Brooklyn,
I have some friends on the
I have some friends on the floor and they seem to be doing really well. They have a very strong presnse on the floor. Do you feel like the floor is turning into a real oligopoly? That is all the flow in the hands of a few floor brokers.
"Oh - the ladies ever tell you that you look like a fucking optical illusion?"
Oligopoly??? not so much...
Oligopoly??? not so much... Take a look at the market share down there and you'll see that 60% of all equity trades in NYSE listed stocks are done some place other than the trading floor.
The auction market is DEAD!!!
I know how it works now. The floor brokers who are lucky enough to have an old college roommate who sends them orders simply use their handheld's to electronically execute everything as well.
Seriously, when was the last time you saw a 1MM share block trade down there????