Non compete
Hey guys! I'm considering signing a contract for a well known prop trading firm based in Europe. One thing which is concerning to me is that there is a 1 year non compete clause in the contract. My current firm is 3 months. Does this not make it extremely difficult to get a job afterwards, or make changing firms nearly impossible? So if things aren't going well at the new firm I'm basically screwed since I can't look for an exit, as no one will want to wait it out?
A one year noncompete is certainly a disadvantage but because it's relatively common in trading especially in the quant space to have similar or even longer noncompetes it doesn't make finding new roles impossible as firms may wait a year for a good candidate.
do they buy out deferred comp?
If they want the candidate enough they can give a sign on bonus to make up for deferred comp or whatever might be earned during the noncompete period. Even when not contractually required I have heard deferred comp being given as an incentive to abide by the noncompete after leaving a firm.
Those Amsterdam based prop firm pays you base salary for your one year non compete period.
Also it is possible to opt out of the non compete period if you join a nine competitor such as tech for example and waive the non compete period
Bit tough to join from a trading role to tech.. you're right they do pay a base salary during that year but the issue for me is having to leave while not having another role lined up (since I assume no company would want to wait for a year to get a trader in)
I work at a prop firm and we have definitely hired people with 1 year non competes, and wait it out as well. Obviously very inconvenient for everyone involved but people do find a way to make it work.
Also it is common to see people interviewing with roughly 6 months left on their non compete (they initially served much longer period)
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