Ronin Capital: more information regarding interview for assistant trader position

Anybody know about this firm? They're a prop shop in Chicago that mostly trades equity options. I have an interview for an assistant trader position. Do you know what the base for this job would be?

 
Midas Mulligan Magoo:
Don't worry about base. Worry about the fact that when most of Wall Street was shitting itself in '08, there were guys at Ronin and other Chicago props pulling down six to seven figure days.

Midas, you know this for a fact? Could you share any juicy stories regarding this?

Not too surprising that volatility traders killed it during the market crash of 2008. My guess is this year is pretty bad for them.

 
Derivatives:
Midas Mulligan Magoo:
Don't worry about base. Worry about the fact that when most of Wall Street was shitting itself in '08, there were guys at Ronin and other Chicago props pulling down six to seven figure days.

Midas, you know this for a fact? Could you share any juicy stories regarding this?

Not too surprising that volatility traders killed it during the market crash of 2008. My guess is this year is pretty bad for them.

I can verify that there were guys putting up 6-7 figure days in 2008. Taking the other side of market order in illiquid markets can be quite lucrative. Some of the stuff that happened then was just stupid. Really made you wonder who the idiot institutional traders were and how they ever got their jobs.

 
Derivatives:
Midas Mulligan Magoo:
Don't worry about base. Worry about the fact that when most of Wall Street was shitting itself in '08, there were guys at Ronin and other Chicago props pulling down six to seven figure days.

Midas, you know this for a fact? Could you share any juicy stories regarding this?

Not too surprising that volatility traders killed it during the market crash of 2008. My guess is this year is pretty bad for them.

lol because every volatility trader is long vol?

cmon son.... use your head.

 
Best Response

My slightly educated guess on the base salary would be 40-50k base. Maybe a tad more, depending on how quickly they want you to start trading.

Also, Midas makes a good point that during the crisis options traders were killing it because volatility was through the roof. With this extended rally we've been having, pretty much the opposite is happening. The trading is drying up a tad (at least from what I've seen) and the upside growth isn't what it once was. Still a solid opportunity, but don't go in there expecting to make '08-level money unless you think another gigantic financial crisis is coming soon. The Japan Earthquake and the Arab spring happening at the same time haven't even had much effect.

Just my $0.02.

 

Volatility and volume have been much lower since '08 which means prop trading isn't looking as lucrative as it was in the past. With that said, a lot of trading across the street haven't been doing particularly well either. Good luck and hopefully you come out ahead. I tried interviewing for Ronin back in the day but didn't get an interview. It's a decent shop overall in my op.

 

Beatae recusandae fugiat sed necessitatibus alias id assumenda. Sint nam nesciunt ipsam aspernatur perferendis a. Exercitationem voluptas error dolore quidem et reprehenderit sit. Numquam magnam sequi ut et aperiam.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”