So I've never actually been on the trading floor, so I apologize in advance if I make some kind of asinine statement or ask a dumb question.
As I understand it, the NYSE utilizes an exchange specialist (ie a member of an "NYSE member firm", not an employee of NYSE) that work to maintain an orderly market in a particular security, and if necessary, provide capital of their own (or securities from their inventory) to facilitate liquidity. I was curious as to how the selection of this specialist occurs. Is there competition among bulge bracket banks, or are these typically employees of some other type of financial institution? Also I would assume that a position like this would be staffed by extraordinarily competent and successful people who have proven themselves countless times, correct?
Finally, if these people aren't NYSE employees, what types of positions are available at the NYSE aside from programmers, IT, etc?
from what i know, specialists are smaller independent firms (not affiliated with BBs or other banks). the description above seems fairly accurate, but i don't know exactly what type of people they look to hire - would suspect it's not far from the profile of traders that are recruited by banks, hedge funds, prop shops, etc.
of course BBs have seats on the NYSE and most of the specialist firms today have BBs as their parent company.
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