Those prop shops thrived on the churn and burn model, which is barely survivable. It's a shame they're not diversifying their strategies. I guess if you're a bottom feeder, go where the bottom to feed from has the cheapest overhead.
I'm surprised they're offering a cut and not a base salary in rmb, which would probably be a better trade-off if their strategies had up-side. Just goes to show that a lot of these Chinese traders are probably not even making gross.
As far as being a game changer, naw. Not in churn and burn. These traders don't know anything about U.S. markets or the companies they're trading. They're probably obsolete as targets for short-term algos meant to push around weak hands.
I'm surprised they're offering a cut and not a base salary in rmb, which would probably be a better trade-off if their strategies had up-side. Just goes to show that a lot of these Chinese traders are probably not even making gross.
As far as being a game changer, naw. Not in churn and burn. These traders don't know anything about U.S. markets or the companies they're trading. They're probably obsolete as targets for short-term algos meant to push around weak hands.