Optiver vs DRW NYC for Summer Internship?
I think I've made my mind up already, but does anyone have any input on the matter?
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i think Optiver hands down
not that I disagree or agree, but what's your reasoning?
from what i've heard, Optiver has great perks in terms of office space and housing over the summer there's also the issue of prestige if you care at all
i think being in chicago is also a big deal, because if you're serious about prop trading, it might allow you to do more networking this summer. for the future, living in chicago will also be cheaper i think the biggest downside however to considering a career in chicago is the NYSE opening at 7:30 am chicago time (or was it 8:30?)
Depends on what you want to trade. Go with Optiver if you want equity derivatives; go with DRW for fixed income and commodities.
I was offered a full-time position with DRW's Chicago office back in my senior year in college. Great firm and culture, lot of respect for what Donny Wilson built up. I turned it down because I wanted the BB pedigree and network and did not want to live in Chicago. Great firm though.
You are never going to get wrong with both firms in the prop trading scene. The things you have to consider are the location and products. Optiver focuses mostly on option market making and a little bit of statistical arbitrage (dunno exactly about drw but I heard they handle various products).
DRW is the better firm, from my point of view. If a bank/fund wants a 100K lot of straddles, who do they use to trade on the block? DRW 9 times out of 10(this from a eurodollar/10Y point of view).
Optiver. Better firm hands down. Especially internationally. Drw more like a hedge fund where a few partners take all the cash. Markets open at 830 in Chicago. So get out earlier. I'd go with Optiver
I disagree with this (judging by your 2 points i'm guessing you are an Optiver trader who just created an account). The Optiver guys absolutelly CRUSHED it in 08 and 09, which is understandable since any vol trader with half a brain did well during those years. Now, the firm is struggling, and management is awful. The guys I know who used to work there all left after their bonuses. Some are semi-retired, others are working for other firms, etc. There is no doubt in my mind that DRW is a better firm overall and a better place for a stable longer-term career. They have low turnover for a reason.
http://www.amsterdamtrader.com/2013/06/optiver-profits-steady.html
I have no idea why you are reasoning that 'Optiver is struggling'. The profits of 2011 & 2012 are comparable to 2008(of course 2009 is an unbeatable year for them, and you are right - lots of traders retired after their bonus in 09). And when I talked to one of the managers last October, they said they already hit their revenue goal for 2013 - Optiver US and Sydney killed it, although Optiver Europe sucked last year. I'm pretty sure you are not in the prop scene right now.
Depends on which product, but if you're a non quant trader I would go to DRW.
what do you mean by quant trader, and can you elaborate on your preference?
I suppose it makes a difference which company left you with a better impression. As for the product, I think both companies have a pretty wide range, and it would be tough to pigeonhole yourself at this stage in your career.
Quant means here that trading is algorithmic and relies on low latency technology. A lot of the old non Quant Chicago firms trade by having guys in the trading pits.
EnergyHopeful, made a decision yet? Any other opinions out there?
I'm waiting till expiration to make a final decision.
Interested in opinions as well.
Bumping for last opinions.
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