Newedge - Sales at IDB
Anybody familiar with institutional sales at Newedge? (culture, pay, Etc.)
Furthermore, can anybody explain the difference between institutional sales at an IDB as opposed to a BB? Obviously interested in knowing differences in salary, career track, day to day work, etc.
Any insight appreciated.
Before anyone else jumps on you i'll just say search. I have had a similar question and this website gave me an incredible amount of information on the topic if you just look around. Welcome though!
Thanks I'm a long time lurker here, I already did a search before posting, that's why I'm asking. Lots of good info on broking careers and IDB's, but nothing specifically on institutional sales at an IDB. I question how would such a role differ from that in a BB.
Also, Newedge has been mentioned at times on this site, but nobody really talked about what it might be like to work there.
Any insight would be appreciated.
Thanks!
Nobody ever dealt with these guys?
Don't know if there is a difference between sales at a BB and a major IDB. I'm interested in this as well.
i deal with them alot...what product are you talking about?
Should have clarified earlier, FX.
dont know about them in FX. Newedge is mainly known as a futures broker...i believe they do more volume in futures then anyone else on wall st (altho i am not 100% sure). Generally the firm is known as a very entrepenuerial place where established people go..they pay out well and if you are printing business nobody will bother you, but there isnt a whole lot of training or a "team atmosphere". ...guys will regularly try to steal each others accounts, etc.
Best insight into the culture I've heard yet, SB for you.
Also, still interested in knowing how a career in sales differs at an IDB? Is it basically the same? Are you still building a book that you can take around with you later or is the nature of what you are doing structured in a completely different way?
If anybody has any insight feel free to chime in.
Its very much eat what you kill. The biggest difference is the payout % is astronomical compared to a BB. If you are at a BB in FX sales and your clients are really your boys you can just go to an IDB and expect to make 3-4x what you were making assuming the same amount of flow (WHICH IS A HUGE ASSUMPTION).
In general there is less support infrastructure there to help you but once you pass that hurdle the sky is the limit. Getting clients also is obviously easier said than done. You are on your own basically.
You are hitting up your clients with information and order flow and general market color. You act as an extra set of eyes and ears on the market for your clients. This is the same as at a BB but your ability to access an instant network of people to get answers isnt the same at a IDB and the information your getting could be weaker quality. The research products in general are nothing compared to a BB. Its difficult and many dont make it.
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