| Topic Name: |
First New York Securities |
| Message Name: |
I know a little |
| Date Posted: |
08/25/2001 |
| In Reply To: |
Anyone know about these guys? Reputable or otherwise? Seems like all they do is hire guys right out of school. The website says nothing about their management, it's all devoted to their "training programs." |
| Message: |
FNY is a reputable shop. The traders there are mostly market makers and the like from traditional places like the BB IB who have decided that they want to trade pure prop.
These guys risk the firm's capital and make pure prop bets. Here's the juicy part. Depending on how much profit you generate, you get a fat percentage. I don't know the exact amount but it is around 70% or so I think. Here's the downside: If you generate losses, those losses are covered by the firm but you are still in the hole. I.e., if you lost $10000 during August, your book starts over at 0 in September, but you owe the firm 10 grand. If your losses get too big, you are told to leave--no ifs ands or buts. Plus, you pay for all your related gear (bloomberg, etc.) Benefits are non-existent too. Traders work there for the payouts--that's all.
No profits = no paycheck. There is no salary or whatever. (Although, i think when you start out, you are given a very meager salary.)
FNY is a good shop, but don't expect any hand holding or crap like that. They don't want egos or whatever. They are like Susquehanna in that they just want young aggressive people who they can show the ropes too. If you get in you can definitely learn trading from some really successful traders.
I have a feeling these guys dont read a lot of resumes. they probably look at hunger, determination, attitude, etc..
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