For trading/quant trading. Why would you pick one over the other? How does it compare for things like culture/compensation/conversion rate from intern to full-time?
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Optiver ~ Virtu > TMG > Belvedere.
Why TMG over Belvedere?
All great firms, I would say it comes down to culture fit more than anything.
To expand on this (from what I've heard, I don't work at any of the firms you mentioned but at a similar one) the culture at Optiver/virtu are very academic, which is perfect for a certain type of person, and Belvedere is very work hard/play hard. I haven't heard much about TMG's culture, but they're an equally reputable firm as well.
I'm puzzled by your impression that Virtu is very academic. Someone I know who formerly worked there said it was more like the military and the hours were very lond (the founder was nominated to be Army secretary). I don't think any of these firms are particularly focused on quant/machine learning research either which is what I would think of as an academic prop firm. At least pre-KCG merger Virtu was very efficient (pnl/employee was very high relative to other firms with public pnl like Optiver, IMC, Flow Traders, pre-merger KCG).
I could be completely wrong - this is just the impression I was under. I haven't seen the inside of Virtu firsthand.
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Not doing well recently based on earnings and the stock price. A lot of firms are doing poorly these days though so unclear how much is Flow Traders specific. Variable employee compensation which I interpret as the firmwide bonus pool is down like 50% year-on-year although it may be subject to change or I may be misunderstanding something https://www.flowtraders.com/system/files/downloads/APFlowTraders3Q.pdf (page 6).
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