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Quick, general question: Do most/some/any equities prop firms allow you take directional (non spread) overnights home up to your Reg T limits? Ideally, a firm that would let me day trade with $50K but take home up to $20K overnight on a $10K deposit?

How do most prop shops (like a WTS) handle buying power with regards to pair trades or hedged positions. If I am long $20K and short $20K, is my buying power typically hit for the full $40K (exposure)?

I've spent a lot of time with portfolio managers and analysts on the top tier of the fundamental (you mentioned not quant) "buy side". Here's my 2 cents: - MBA for sure with an eye on the CFA as soon as practical - fundamental analysts need to intrinsically understand businesses and...

I believe, given the source, that when they reference "traders" they mean execution-only traders, who are being replaced by algos that the portfolio managers can just use themselves. Why route the order to your internal desk just to have the trader re-route to an algo while paying said...

I'll keep the office design thread going with another very cool example - Artis Capital (hedge fund) in San Francisco. Bay bridge view to die for! http://swipelife.com/2009/05/18/artis-capital-management-office-by-rottet-studio/

I just came across this and had to share. I only states that its a prop firm in Chicago - and apparently one that has done extremely well. What an amazing place to come to work to everyday...

Merlin Securities also caters to upstart funds. I used to work under Vermut (CEO) at Montgomery and he is a great guy. They are regularly tops for small funds in the Global Custodian surveys.

It's not really a legal reason - its more logistical. With SMAs, the accounts are held at many different custodians (Smith Barney, Merrill, UBS, etc.). Different custodians have different trading and settlement procedures regarding foreign shares, so SMA managers use ADRs which trade and settle...