Can you move from trading at a bank to a prop shop? Looking at LinkedIn, the move seems to be very rare. Do prop shops hire from S&T at the junior (ish) level? I assume at the senior level there isn't much incentive to hop since pay discrepancies largely flatten out as you move up the food chain in a bank. If yes, which desks are suited for moving? Options and exotics?
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I would say the more innately prop focused your desk is in terms of taking on principle risk rather than trading flow the more likely you are to be able to hop. If you have a book on your own as an analyst (could be 6 months - 2 years) and your desk is something highly prop like equity derivs or FICC, you'll easily be able to lateral from a BB or someone with a great desk reputation to a prop shop. If you look at some of the market-makers in the crypto space a lot of them are coming from JPM/Goldman and taking on new prop focused risk/books at market-makers like GSR/Wintermute. Additionally a lot of guys at Goldman/JPM/S&T heading to Cumberland (DRW) for crypto prop as well. It basically depends 1) on your desk/product 2) if you have a book or p/l attached to your name 3) if you have good connections and a good brand.
Is this the case for non crypto products as well? I know there's a hiring boom in crypto at the moment, but do MMs also hire laterally for other products like FICC
Honestly I can't answer accurately to that one. If you have a good name brand behind you and connections on a prop focused desk, it's definitely feasible potentially but it's a lot better for firms looking to build out new products. Otherwise you'd probably have to go out to get a M.S. and come back.
Can someone explain to me what exactly someone is sell side trading does
Sell-side trading manages the risk taken on by the firm in order to make the markets that their business is about. This is my understanding as someone going into sellside S&T.
So they aren’t necessarily running their own trading for profit operation like a hedge fund would?
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