Prop Shops in Australia

[RoszkoRR]

Hi all,

Does anyone know what working at Propex is like? I've spoken to a few friends and they say its quite a dodgy place. They advertise as market makers yet from what i have heard they purely focus on speculation activities?

Can anyone provide some inside into this as well as some prospects of where a graduate such as myself could apply to in terms of trading/options/derivatives in general (hedge funds incl)?

Thanks

 

[skyQuake]

Hi all,

Does anyone know what working at Propex is like? I've spoken to a few friends and they say its quite a dodgy place. They advertise as market makers yet from what i have heard they purely focus on speculation activities?

Lol who have you been talking to? Top place, not dodgy. Market Makers? Where did you hear that from? They're full prop - 100% spec.

Can anyone provide some inside into this as well as some prospects of where a graduate such as myself could apply to in terms of trading/options/derivatives in general (hedge funds incl)?

Thanks

Aus in VERY limited in this regard. Theres the MM firms for oppies which are notoriously hard to get into and have terrible retention rates.
Hedge funds almost don't hire. With them its a matter of [(luck + opportunity)*(ability to recognize opportunity*skill)]^(luck)

gl

 

[Timmy]

Hi all,

Does anyone know what working at Propex is like? I've spoken to a few friends and they say its quite a dodgy place. They advertise as market makers yet from what i have heard they purely focus on speculation activities?

Can anyone provide some inside into this as well as some prospects of where a graduate such as myself could apply to in terms of trading/options/derivatives in general (hedge funds incl)?

Thanks

Sounds like you wouldn't like working at a hedge fund, they tend to focus on speculation activities...

 

[Trembling Hand]

Anyone got any leads for Prop in Hong Kong? No BS firms, just genuine prop looking to take profitable traders and giving them a decent line?

Any names? Any leads? Any idea of chances of them sponsoring for visa?

 

[Naked shorts]

I know Tibra has a HK office.

http://www.tibracareers.com/about-tibra/

Dont know if it would actually be any good or not.

 

[Tobi]

Hi Trembling Hand, what does BS firms mean?

I think there are only some prop trading firms and hedge funds in HK. They all pay a fixed salary to traders. I can't find any prop shop who offer a profit split there. I don't know why they don't have it HK, maybe the culture there doesn't fit the prop shop model. Otherwise the tax saving while working in HK is huge compare to working in Australia. Not to mention the Internet connectivity is also much faster.

Anyone got any leads for Prop in Hong Kong? No BS firms, just genuine prop looking to take profitable traders and giving them a decent line?

Any names? Any leads? Any idea of chances of them sponsoring for visa?

 

[johnnyg]

what does BS firms mean?

I believe Bullsh!t.

 

[Trembling Hand]

I know Tibra has a HK office.

http://www.tibracareers.com/about-tibra/

Don't know if it would actually be any good or not.

looks mostly like stat arb, not pure discretionary prop.

Hi Trembling Hand, what does BS firms mean?

see above post

I think there are only some prop trading firms and hedge funds in HK. They all pay a fixed salary to traders. I can't find any prop shop who offer a profit split there. I don't know why they don't have it HK, maybe the culture there doesn't fit the prop shop model. Otherwise the tax saving while working in HK is huge compare to working in Australia. Not to mention the Internet connectivity is also much faster.

yeah doesn't seem like much there!

 

[Largesse]

looks mostly like stat arb, not pure discretionary prop.


see above post


yeah doesn't seem like much there!

set up your own


i'll be the coffee guy

 

[feltonw]

so hows propex? any feedback from those that are working there? I've only heard of them recently.

 

[RoszkoRR]

I understand Optiver recruits gradutes on an on-going basis, however apart from the obvious material provided on their site what are they REALLY looking for?

I understand they have these 3 barrier tests which test your ability to process arithmetic quickly. I think I could pass those with flying colours, but even so maybe that still isnt enough?

Anyone have any thoughts!

 

[rossw]

why don't you apply and see?
optiver/tibra/imc/liquid etc all options market makers and all have similar entrance requirements - pass some tests and that gets you in the door. where you are trained up into how they trade/market make

asking on a forum prob not the best way to do it

 

[Largesse]

I understand Optiver recruits gradutes on an on-going basis, however apart from the obvious material provided on their site what are they REALLY looking for?

I understand they have these 3 barrier tests which test your ability to process arithmetic quickly. I think I could pass those with flying colours, but even so maybe that still isnt enough?

Anyone have any thoughts!

They want Distinction averages in a quantitative degree before they will even offer you the test.
Assuming you get offered a test, they want to you have very fast arithmetic and logic skills

 

[mazzatelli]

They want Distinction averages in a quantitative degree before they will even offer you the test.
Assuming you get offered a test, they want to you have very fast arithmetic and logic skills

Agree with the D average section.
I thought I would clarify - Quantitative Finance is not a requirement for the MM's, but a degree in Commerce or Mathematics is essential

 

[Largesse]

Agree with the D average section.
I thought I would clarify - Quantitative Finance is not a requirement for the MM's, but a degree in Commerce or Mathematics is essential

yeh, thanks for clarifying, what I meant was they want you to have completed a degree that requires you to work with numbers, not letters

so taking a management or marketing stream in commerce won't do you much good

 

[RoszkoRR]

They want Distinction averages in a quantitative degree before they will even offer you the test.
Assuming you get offered a test, they want to you have very fast arithmetic and logic skills

In my final year at uni atm doing actuarial/economics and finance. I have a D ave in Economics and Finance so should be able to sit the tests in a few months time. Just brushing up on my technicals in the mean-time....thanks for the comments anyways guys, was hoping maybe someone here had some experience with them.

 

[skyQuake]

Some advice here: you gotta love the maths. If you don't they will sniff you out and boot you. Be it in the interview or 6 months later.

Its not a trading role.

if you can't do the maths with minimal study (brushing up on speed arithmetics is ok) chances are its not the place for you.
It has low retention rates and fairly high churn, which kinda justifies its pay structure and progression.
Remember they expect the best in their field, and if you do get in you'll work alongside them. Having said that the skills are not that transferable.

 

[RoszkoRR]

Some advice here: you gotta love the maths. If you don't they will sniff you out and boot you. Be it in the interview or 6 months later.

Its not a trading role.

if you can't do the maths with minimal study (brushing up on speed arithmetics is ok) chances are its not the place for you.
It has low retention rates and fairly high churn, which kinda justifies its pay structure and progression.
Remember they expect the best in their field, and if you do get in you'll work alongside them. Having said that the skills are not that transferable.

I completely agree with you. Maths has formed much of my education so far, from 4u maths in high school to actuarial studies now...its definitely an area that i am passionate about and enjoy. But the conventional actuarial role is something that does not appeal to me, very bland work soley focusing soley on optimization problems on a day-to-day basis.

 

[mazzatelli]

yeh, thanks for clarifying, what I meant was they want you to have completed a degree that requires you to work with numbers, not letters

so taking a management or marketing stream in commerce won't do you much good

LOL looks like I wasn't clear enough
Good points about mgmt and marketing [as if you would want to be an MM after seeing the chicks in marketing]

Some advice here: you gotta love the maths. If you don't they will sniff you out and boot you. Be it in the interview or 6 months later.

Like the others have said, you can love the maths, but you have to be quick.
Stochastic calculus and PDE don't help for MM's LOL

EDIT: Just saw your post, you should look for a quant trading role

 

[Naked shorts]

was thinking..
tibra, liquid, transmarket - when they are making markets in options where is their edge coming from?

Dunno why, but have been thinking about this point recently.

If their edge is purely mathematical or derived from technology, they wouldn't need traders to sit in front of screens, some algo would do it all.

So perhaps their biggest edge comes from pulling liquidity at certain points...knowing when to make a market and when not to. This would be based on the emotions of other traders, the kind of thing a computer cannot predict and adapt to easily.