What is "Futures & OTC Clearing"? Most banks have it under S&T.
Just curious if anyone knows what Futures and OTC Clearing is? I always thought clearing was Operations, but it looks like most banks have it as part of S&T. Is it like a trading position? I did some research and it seems closely related to prime brokerage. Are you working with Futures on behalf of hedge funds or something? Any info would be greatly appreciated as I haven't really seen it mentioned on here before. Since it looks to be part of S&T I assume it's the same/similar pay structure (at least for base) but probably few exits ops.
Pretty sure its a support role for the traders. So, you would still sit close to the traders, but you would only be handling all of their executions. Practically operations works but a little closer to the action.
Pay no attention to the S&T designation, its Operations. To me it sounds like an MO role, where you would be interacting with traders to get trades booked, cleared, and novated on an ad-hoc basis. You may be on the trading floor, you may be working with traders everyday, but you will NOT be trading...this is not a trading position, its an ops one.
Prime brokerage = hedge fund clients. So you will basically be clearing trades on behalf of HF's, just like you said. Still a BO/MO Ops position, just with a different product.
Pay is the same as Operations. So you're looking at anywhere from $50-60k starting with a $0-5k bonus. Hours are usually 40-50 a week. Exit opps are pretty limited (forget about FO) but its pretty easy to go to ops in F500, another bank, or at a hedge fund.
Good description, but I'd argue that you could easily be in the running for a base-level trader position after a few years of support. You'd know the backend process real well and if you show continual interest in learning more from the traders, than it shouldn't be that difficult to jump over. However, I'd probably blow my brains out before I did that sht for 2+ years.
Just depends on what you want to do later.
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