Inter-dealer broker career prospects?
Hello,
Seems like there is very little about broking on WSO. With that said, I was wondering if pursuing a career in IDB at companies like Tullett Prebon is still a good move? Or is it pretty much dead? I thought I wanted to do trading but recently noticed that my personality goes better with the ones brokers have. What are the exit ops in this industry?
Any help would be much appreciated!
Thanks.
In terms of the big firms, Tullet essentially runs most of the voice broking now, ICAP has moved more into electronic trading platforms etc so roles there will be more like an account manager style thing. I think (and I don't do it myself) that its one of those jobs where people say "its only got five years left mate" but have been saying that since the nineties. Pinch of salt needed. If you're good and you have relationships in the right products you will do well; yes more and more trading will be done over exchanges or matched electronically but some products have to be done on the phone and always will.
Exit opps are you keep doing it or stop. Its about building relationships with traders of specific products. Try and specialise in something bizarre that won't be moved onto electronic platforms soon, think odd commodities etc. Again I've never done it but this is what I hear from people who have, I think "dead" is an overstatement but it is well past its heyday. Good luck if you choose to do it, if it goes well I hear people make a lot out of it.
Interdealer brokerage (Originally Posted: 11/26/2010)
I'm new to all this stuff, and just wanted to learn a little bit and get a good "inside" look at interdealer brokerage from you guys.
What's your question?
I just really want to get a feel for it. Avg. salary-commission, hours per week, and any thoughts that would help me better understand the business.
Salary: Depends on the desk.
Hours: depends on desk 7:30/9:00 - 5pm
You'll start as a broker trainee: 55k salary + small bonus for the first 2-3 years on average. After that you start getting clients.
Search ICAP on the forums and you'll see more.
Pm me if you want more info
Inter Dealer Brokers - How to get a job? (Originally Posted: 10/18/2012)
How do people get jobs at Inter Dealer Brokers in NYC like BGC or ICAP? Is there generally OCR for these firms and at what sort of schools? I'm just interested as I've never heard anyone at an ivy going into IDB. Is it more local schools in the NYC area such as Fordham, Pace, Hofstra etc?
ICAP posted on the WSO job board back in August, I went to UT and got an interview the next day...
Other than ICAP which has formal OCR, it's all about who you know on the inside. An uncle, a close family friend, etc. It's a pure relationship business, where connections are essential.
inter-dealer broker (Originally Posted: 02/24/2007)
Anyone can tell me some details about the inter-dealr broker's daily work?
here is a link about the daily life http://www.icap.com/careers/graduate_program/day_in_the_life/
i thought they were called inter-broker dealers?
IDB = broker, otherwise you would be referring to the traders who deal between brokers.
Life of an IDB, pretty simple. In the office 30-60 min before the open, read news and review market movement, talk to traders, get coffee, take morning dump. Market opens, ask traders for prices, work their interests, trade, chat. Night time: socialize, network, entertain, go home and sleep and do it again.
No position risk, so you can sleep soundly at night. Only risk is your trader getting pissed at you (for whatever reason, he's losing money etc.,), losing your trader to competitor or losing him because he got let go.
Great job if you are outgoing, personable and witty - definitely a plus to impress the trader every now and then so that he doesn't think you're a complete idiot.
interdealer broker (Originally Posted: 05/09/2011)
Hi all, I was hoping I can get some feedback in regards to pursuing a career as an interdealer broker. I have a potential large client that I can bring to a company to get me started. I have no experience in finance. I have held 2 jobs in 12 years. I was a vp of a mortgage company for a little over 5 years and then started my own import company for 6 years to present.
I was hoping I could get some suggestions on what smaller to midsize companies that i should look into? must be reliable and have a good track record in interdealer brokering.
Not exactly small, but I know ICAP is one of the larger players in this segment.
BGC Partners, Tradition, GFI, Tullet and ICAP are the 5 largest players.
It seems as if you would have the best chance @ success in joining with one of them as they have the infrastructure, franchises, and reputation to encourage clients in doing business with you. I wouldn't target smaller to midsize companies when it comes to IDB because the larger players are the ones running the show.
What product are you thinking about doing? Some IDBs have strong franchises in certain products while others don't. There are posts on this industry on WSO and I suggest you taking a look at it. PM me if you want to know more.
If you're contacts are at small corporates you want to be doing sales at a bank, not IDB. If you're talking small or medium-sized banks, you should probably try and meet people at the above-mentioned places and see if they would quote banks that size.
interdealer/electronic brokering (Originally Posted: 05/10/2011)
Hi All,
I am looking for contacts at "only" the following companies for interdealer/electronic Brokering in credit derivates:
Standard Credit, Tullet, BGC, Maxcor Financial, MF Global.
I have a very close friend of mine that will bring his business to wherever I am placed. This is one of the larger Banking Institutions
I have a long track record in sales, from being a vice president of a company, and owner of an import company for the last 6 years. I am also fortunate to have great people in my life and would like to utilize who I know.
My Goal would be to help build out a small team that can build out an electronic platform if not already done, have banks sign up, get prices from the traders at the banks and process the trades. Though I am new to this sector, I am highly motivated and am trying all avenues at the firms listed.
Any help in getting contact information (email information preferrably) in regards to the departments at the companies mentioned would be highly appreciated.
What product does your close friend trade?
Hes an Index Trader. Any help would be great!
U gotta be more specific, does he trades an index tracked to CDS, the S&P 500, rates? Your answer was a bit too ambiguous for me to point you in the right direction...
sorry about that, cds
Starting a career at an interdealer brokerage firm? (Originally Posted: 03/23/2018)
What do you guys think about starting out a career at an interdealer brokerage firm like BGC, Tullett Prebon, or Tradition as a broker?
Is it ever possible to move to an investment bank after a few years of experience as a broker?
wjtmxlstlqkf, bummer your thread hasn't had a response yet. Maybe one of these threads could point you in the right direction:
Any pros willing to rescue this discussion? IBMentor Wintercows @kjs7190"
If those topics were completely useless, don't blame me, blame my programmers...
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