A buddy of mine who works there says the place is going under. Apparently they were trying to move to a hedge fund model by soliciting outside investors, but they weren't able to get the cash infusion they needed. This, on top of 2 years of really bad trading.
I did a quick Google search and there were a few press releases when the CEO resigned April 4.
What else do people know about this? Is talent going to be moving?
People have been quitting left and right since the beginning of the year. They've also killed their 2 year new hire training program.
awesome 411
maybe once they hit rock bottom, I'll have a shot at getting hired! lol
You don't wanna work there. Best trader moved to his own place and I'm not even sure how well he's doing over there. The whole place has been getting slammed from what a few trader friends of mine have been saying. It's worse than Soc Gen lol
interesting
Their best trader, Adam Guren, left a few years back to go to wharton mba. He now has his own fund.
Most of their ex-HF macro guys have already left. Adam Guren had an awesome track record, but only uPenn guys would argue that he was the best trader there. There were better traders at FNYS than Guren and it is evident that he was the most publicized trader there, here's his new risk arb HF: http://www.huntinghill.com/
[quote=Macro Arbitrage]Most of their ex-HF macro guys have already left. Adam Guren had an awesome track record, but only uPenn guys would argue that he was the best trader there. There were better traders at FNYS than Guren and it is evident that he was the most publicized trader there, here's his new risk arb HF: http://www.huntinghill.com/[/quote]
Do you konw what is Hunting Hill's current AUM? They do have a nice office on Park Avenue thou. I think a lot of Adam Gurren's success can be attributed to the fact that he was trading Chinese stocks at a time when the valuations of Chinese companies were soaring. I wonder whether he can replicate the same track record in the post-Sino Forest era.
interesting news. i have a feeling that they will have to go public with this news soon
Curious about more info... one of my former bosses was supposedly a "big d!ck" trader at First NY? He hated the management team...
Adam has a great drawdown (like 4%) so far and has been doing pretty well, but I don't think it's sustainable. Agree with the statement about Chinese stocks though. Not sure on the AUM though.
So right place, right time situation? Is it considered alpha?
http://www.cnbc.com/id/47733972
[quote=Macro Arbitrage]http://www.cnbc.com/id/47733972[/quote]
Is that the worst of the news for this company... a $160k fine?
This thread is amusing. Talk about the blind leading the blind.
how can a firm that has 90% annual employee turnover succeed? the best traders have left too.
Because they actually have bunch of great traders working for them... bringing in 8 figures.
fny not going anywhere. best 3 guys there are andy ross, dave bender and james kim.
these 3 guys are the fastest and best news traders on wall street. they each break $10+mill each a year and have been doing so for the last 4+ years.
news breaks out, they are in within 3seconds with $4+mill on a single trade. absolutely amazing.
First New York Securities (Originally Posted: 08/23/2008)
Is anybody familiar with this prop trading shop? I'm considering applying for their assistant trader position and want to know how it's like to work for them and what the finance interviews will consist of.
First New York Securities http://www.fnysllc.com/index.htm
Sorry but equity prop trading just isn't that impressive.
Adam Guren, one of the brightest young stars there, saw the signs under the tea leaves and got his MBA from Wharton. Smart move.
92% chance you work at FNY
Except algos can do this MUCH faster than any human.
Equity daytrading is really lame.
You're an idiot... They don't daytrade equities.
I am interested too. are their interviews highly technical (probability & mathematics)?
it's one of the more prestigious prop shops - very well regarded, steep learning curve and your comp is tied to your performance very early on.
interviews are math/prob heavy, but aren't 'technical' in the sense that you'll get questions on options theory, etc. They tend to educate you on trading themselves, and therefore prefer applicants who don't have a traditional business background. basic interest in markets is important though
yesman,
it seems like you have experience with fnys and i wanted to know if you could provide with as much information as possible in regards to their interviews.
i have an interview with them tomorrow and i would like to be as prepared as possible.
thanks.
I thought they were more of a bucket shop like Schonfeld or the like. Maybe they're legit but that's not what I've heard.
they interview anyone with a pulse. They select only the best.
I received an offer there. The interview process is 3 rounds.
First round you'll meet with a partner at the firm that deals with most of the recruiting. Lots of fit questions, and questions regarding your resume. Market questions as well.
2nd round is typically going to be a round table with a few partners - typically they will be aggressive and will try to catch you off guard or get you nervous.
3rd round is typically going to be with the owner of the firm. He will ask macro specific questions and will want to get a sense for how you think and work through scenarios - typically trading specific.
They are a pretty good shop - trade mostly equities and commodities. There was an article about them in the September issue of Trader Monthly, and the guys there are pretty cool. PM me if you have questions on comp or anything else. Good luck.
hey,
could you go into a little more detail on the second and third round interviews with fnys? thanks.
First New York Securities is definitely legit, a lot more than Schonfeld aka Trillium Trading. Trillium, while not bad, certainly is not as selective nor do they have as good of a training program as First New York Securities.
Out of the all the top prop. shops like Optiver, Jane Street, DRW, Susquehanna, First New York etc. Trillium would be at the very bottom. Some might say it's just a cut above the capital-contributing chop shops, and I would tend to agree since it's not at the level of the previously mentioned prop. shops but not as bad as the capital-contributing chop shops.
What is the time period on trades at FNYS? Do equity traders ever go through financial statements?
A new trader just linked this to me, I always assumed more of FSNY. Although now knowing hiring process of who you know and where you came from rather than being the best fit, proper attributes, and trainable turned me off to the firm as a whole. I went the route finding another true prop shop out there and was mentored properly. I think FSNY ignored probably 2 applications from myself and three other now very successful traders that I work with since 04. The few that I know were hired and failed were there because of who daddy knew. Just the talent that have passed up alone tells me there must have been some improper leadership over the years.
First New York Securities or commodity firm (Originally Posted: 07/07/2011)
Hi,
Need advice please.
Have offer at First New York Securities and other offer for commodity trading in major oil company. Which should I pick ?
The way I see it:
FNYS (pros):
FNYS (cons):
Trading at major oil firm (pros):
Trading at major oil firm (cons):
CONCLUSION
What should I do ?
Elaborate on your reply, please.
What would you choose?
FNYS hands down
why ? please give details...
I would choose my ideal job.
In all seriousness, I think a large majority of people who apply to FNYS apply because they think it is their ideal job. If you say 50% of these people quit, what makes you think you will not be one of them? Why is FNYS your ideal job?
Trading in general has limited career prospects: most of your exit options involve trading. So that should not be a problem with major oil firm. Personally, I would go with the major oil firm.
lavak3
Thanks for your point of view, appreciate it. Btw, what do you do ? Are you in the trading business?
The fact that you consider the first one to be your ideal job should probably sway it for you, more objectively, working in an oil company gives you an opportunity to understand the energy business, learn about the physical dynamics of that market as well as give you the trading exposure you're looking for and imo would be the way forward.
commods, thanks for reply
True I said it would be my ideal job, but that doesn't necessarily mean that I should take it. I am trying to make an informed and objective decision. What would allow to get the best of everything, i.e. exposure to market, responsibility to trade, gain skills and not sacrifice career prospects. As much as I like the freedom given by FNYS, to carve my own path, I am worry of the negative career prospects. Having said that, the oil trading position would limit me to a particular industry, which I don't mind working in, but not sure if I want to become specialised so soon...
In any case, appreciate your point of view. So far, 2 replies in favour of oil trading.
Would like to hear from people who think I should go for FNYS as well. What would you do if you were in my situation ?
Cheers
First of all, you suck :)
Second Oil trading hands down. You clearly have no clue thus why you are asking between a prop shop First NY Sec and trading for a major oil company.
I dont think you realize that equities = pretty much dead with Algo trading and the Algo's jumping the market before anyone else.
yea there are Algos in the oil futures trading market but it is the most IMPORTANT commodity in the world and EVERYONE needs it. Meaning you will have a job for the rest of your life. Even if you failed at trading you could get a job at another oil firm in management etc.
clearly you have not thought this through.
What is it with these college kids who went to these fancy schools, they really have no clue about life. No offense to you OP, how is London treating you?
ProdigyOfZen, thanks
Thanks for the advice. What is your background ?
Fixed Income Sales & Trading
anyone think I should pick FNYS?
FNYS is in fixed income too. It has a division called MPS Fixed Income. Also, they recently hired a trading assistant for Macro Rates & FX.
And? Jane Street is also in fixed income trading. In fact they don't just trade the liquid treasury futures market etc but they actually trade the individual ABS/MBS bonds.
How do I know this? Well Jane Street runs an internal hedge fund who use to be a client of mine. The guy I use to trade with at JS now is a trader for a distressed debt hedge fund there in NYC who also use to be a former client of mine.
Have you traded before?
yes I do trade my own money, why are you asking?
PM
Oil trading...not even close on this one
I thought FNYS was a pretty good prop shop. Why is the oil trading firm undoubtedly the best choice? Is it higher average profits and job security? I'm sorry I'm not familiar with energy trading..
don't understand you, which is better, explain...
Interview at First New York Securities (Originally Posted: 05/26/2009)
I am interviewing for the assistant trader position at First New York Securities. I was wondering if anybody is familiar with the structure of their interview process. Do the interviews focus primarily on technical, mathematical, or behavioral questions? Do interviews include many questions that are specific to trading practices? I have a working knowledge of sales and trading but have not interviewed with a prop shop before. Any information on this subject would be most greatly appreciated so that I can prepare for the interview to the best of my abilities.
Thanks a lot.
this is an often recurring topic.
But the answer is that the process is a good mix of technical and fit. Technical questions will be a mix of probability and brain teasers; the latter will gauge your intuition for working with options, but won't explicitly be presented as options questions.
First New York Securities (FNYS) (Originally Posted: 12/01/2008)
Has anybody interviewed with this trading firm? What was the process or the questions like? Were you successful in receiving an offer?
Please send me a PM if you are uncomfortable answering on the forum.
Thank you so much to anybody who can provide me with any useful details!
I believe this question has been answered before.
I tried doing a search, but it did not yield the information I remember once reading also . In addition I figured a repost might earn me some additional useful information (given recent recruiting). It was not my intention to clutter up the board.
If you have any insight it would be greatly appreciated. I promise to also update my story to help future generations in my position better prepare.
Thanks again.
http://letmegooglethatforyou.com/?q=%22First+New+York+Securities%22
Information on First New York Securities? (Originally Posted: 10/21/2010)
Hi all,
I have an upcoming first round interview with First New York Securities. I was wondering if anyone has past experience with them before and has any information on how they operate or what sorts of questions might come up during the interview?
More specifically, I am curious as to First New York's general trading strategy. I come from a prop shop market making internship background where profits are generated from arbitrage strategies. Does First New York employ a similar market-making strategy or are they more focused on directional trading through some kind of technical analysis, etc?
I'm also interested in knowing whether they are looking more for people who have exceptional quantitative skills, or people who are able to articulate investment pitches?
Thanks all for the help
they do everything in every market including international depending on the desks -- you sit with your desk and be their bitch for a year and learn as an analyst and then move into trading.. theyre not so much market makers from what i know, very different...
they want smart money who can make money.
First NY securities prop. firm (Originally Posted: 09/29/2009)
Does anyone know the level of detail the First NY securities firm look for in the track record they initially request ?
On a separate note, does anyone know if they typically invite someone out of state for an in-person interview ?
Thanks very much.
Anyone ?
I assume since they want to see a track record you are an experienced trader. I would have key metrics like your sharpe ratio, typical holding period, turnover, max drawdowns, winning %, average winner as a ratio to average loser.
Treat the interview as if you were a hedge fund manager pitching a prospective client. Yes they only do in person interviews so your stuck making the trip. Send me a PM and we can talk.
"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
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