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Since you mentioned specific growth areas (TIC 1031), and titles like CIO (I am not sure if you mean chief investment officers, or chief information officers), I assume you have some idea as to what the "non-trading" career you want to pursue. First of all, to find any job, an introduction is...

In the beginning (the first 3-4 months), it was really tough, since I used to work at a broker / dealer with people reporting to me, my own assistant, and the constant interaction / banter (in the loop), etc. Of course on top of that my system wasn't doing particular well, so the psychological...

And yet I rarely see any trading system using a true real-time operating system like embeded Linux or QNX or the like. Even under the regular Linux the clock resolution (aka the semaphore minimum time) is still measurable, it is better than the "default" windows setup (which has atrocious clock...

I agree with Stephen's note. I didn't want to get into any technical discussion because all the description of latency has been incredibly vague. I believe one poster tried to point out the potential areas of latency (BP check, etc), but no specifics has been outlined. It is clear that quite...

Because, a large organization, somewhat like a dysfunctional family, each party have their own interests. The security services (non financing) business tend to be poor cousin that doesn't get much budget or resource allocation. Yes, the security service sales people would definitely fight...

I have spent sometime on both sides, both buy-side and sell-side, and I run a set of automated trading systems (high frequency). The fact of the matter is that you are only as important as the level of commission / financing revenue you generate them. I remember if Pequot even sneezes, the...

The current CME messaging policy already restricts a message / fill ratio (ratio varies based on product), exceeding the limit would mean extra charges (more like a fine). The new CME Trade notification message aggregation only means that the fill messages *could* be grouped together, for...

No, it will only impact systems that examines the specific fill sequence to obtain some kind of information, the actually flow of size and liquidity will still be the same.

I have quite a few friends who are on prop desk at ibank these days. And it is hard for me (a professional independent trader) and them to compare notes such as RR, sharpe ratio, etc, since the concept of cap usage is a bit foreign to them (although we are good enough friends that we can talk...

I know of someone that turned down a sales mgr job with Microsoft at 1984 and went to work for Tandem. A lot of famous MSFT people, Brad Silverberg, joined after '84. As for me, a couple of interesting career decisions, then I will go to trading. I was in CS grad school in '94, and I...

At this point, automated trading is still very much a black art, one can only learn by experimenting and sometimes failing. However, there are starting to have courses in computational finance, for instance, Courant Institute (NYU) offers some courses in computational finance. A standard...

The standard pricing models assume a somewhat perfect and efficient market, for instance option pricing. I am much more interested in price drifts, order books (based from Roll model) and time series (like the works that Andrew Lo's group at MIT is doing), O'Hara's work on informed trading...

Yeah, I keep track of Wilmott, I was a member over there before ET, hence different handles. Problem is that Wilmott is much more focused on pricing models rather than my current interest which is on market microstructures. So I am keeping track of the discussion there a bit less. It is not...

In a way, you are right. But I believe that I never indicated that these ex-ibank associates are in danger of starving. It is also natural that during the recession of 2001-2003, wall street ibanking underwent some fairly large layoffs (M&A basically dried up). It would be tough for an...

Sigh, why people would assume knowledge I have no idea. The partnership pool still exists in GS, I believe it is a 10 year period after the IPO (I should read their S-1 filing yet). The following press release indicates the promotions from MD to be included the partnership Pool...

Heh, I wish that were true. I know of a couple of ex-GS ibanking associates that waited for almost 1.5 years before getting employed elsewhere. And both of them are not the bottom 10% of their class either. First of all, let me clarify something, I don't consider associates true "bankers"...

None of them are in the same ballpark as the tier-1 firms. Yes, I know two of them rather well. I thought you were specifically talking about DRW, there is a good training program there. Edited: If these include the firm that you got your offer from. Then I agree with some of the others...

Let me generalize, there are clearly some diverse opinion here, but keep in mind that you are asking a bunch of traders, so our perception of the investment banking world is indirect. I doubt there are very many ex-ibankers reading this forum. My only association with ibanking was that my...

DRW is probably one of the top private trading firms. Fred Schuster (head of options) and those guys are very good. Fred was president of Societe Generale in Chicago before he went to DRW. It depends on what you want to do, since you mentioned B-school, then I suspect you want a more...

I don't think any of us would pay a support person a penny more than what he is "worth", we are not socialist hippies, afterall. All I can say is that a good ops person is very hard to train and find, since there a lot of implicit knowledge here, there is really no manual. If you go to a...