Why is the sell side so weasely?
I work on a sell side trading desk. First off, why is everyone so weasely? Is it common practice for guys on the desk to talk to one another on the phone in a voice that is so low that no one can hear you? Why not just go to a conference room?
When mistakes are made its like a 3 stooges clip where they all point at each other passing along blame.
Although I will say my ridiculously short walk to the office makes it semi worth it!
Lastly, is the buyside like this?
Has anyone ever told you that stream of consciousness is not your thing?
A human being is smart, human beings are dumb panicky animals.
Agreed Magoo.
Those things are the least of the shady dealings on the sell-side my friend. Or have you not seen your boss tell his "best friend"/client that you have 500k XYZ for sale when really you have nothing?
Those were just a few things that I have noticed of late... Other things in memory fade as time goes on....
Weasely?........it's called THE GAME. Telling one client that the other won't move just so you can get that nice 5 tick spread, selling something you don't have so that you can position the desk short, hiding your exposure...its all part the game and everyone knows it. If you can get someone to buy at your price, then that is their deal and not yours. It's the sell sides job to give a price, it;s the clients job to make the ultimate decision to pull the trigger. You do it because it is what everyone else would do to you, if the street finds out you have too much exposure on one side, they will fuck you...happened with LTCM, happened with Lehman, it has happened hundreds of times, when people smell blood half go for the kill, the other half try to get out of the way.
A lot of that is true but...5 tick spread? Those are bygone days unless the stock's a real POS.
It was a bond, the MD was originally looking to get 8 32nds, but he came down when one of the clients wouldn't cross over to a whole new point range and stayed at 31+.
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