Getco changes name, to move to N.J.
What do you guys think about this? It says they're not getting rid of the jobs in Chicago, but is it really wise since Getco had such a good brand name/reputation in the trading industry while Knight ended on a bad note?
I've also heard Getco people complaining about having to "meet in the middle" in terms of comp after they bought out Knight.
So are the front-office quants at GETCO gonna have to move to NJ/NYC?
Big loss for the Chicago prop scene. They were a giant. In terms of comp, GETCO guys have been leaving for the past year due to much lower bonuses than previous years'.
The sky-high bonus days at Getco are gone. I think that people there still make well above the industry average, but that won't last long. I have not heard of positions being moved to NYC, but it very well could happen.
Correct. The glory days are gone.
From what I've heard, the only chicago prop shop that is consistently killing it, is Jump Trading.
Of the larger firms, Jump clearly stands out. I have heard good things about Chopper too. But most of the big prop shops are still struggling or just breaking even. The smaller firms, that have a fraction of the legacy costs, are hanging on pretty well. But everyone pretty much needs the vol to come back.
What about DRW? SIG? Optiver?
are they dieing out? whats driving it?
I always wanted to do trading but sold out to banking
The firms that are more reliant on high frequency options market making are taking a hit as volatility and volumes have been low. The firms that are still doing ok are the ones who put on more long term positions (stat arb, vol arb, etc.) in addition to market making.
DRW is killing it.
how do you know this? are they doing well on a specific asset class or strategy?
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