Another question

[KieranS]

I am starting with an FX specialist house at the end of the month as a Trainee FX Dealer and i was wondering if i would be able to go from there to an IB like JP Morgan, Merril Lynch or Goldman Sachs?

I will start off doing some sales while i am gaining exposure to dealing and then progress to a full time dealer ASAP. I have been told that when in the full time dealer position it will be like a sales trader role.

Any help would be great, Thank you in advance

Kieran

 

[gooseman]

is it retail business?

 

[KieranS]

is it retail business?

no corporate

 

[gooseman]

honestly i'd very much doubt it. you may get a position in the corporate banking side of a bank but i wouldn't think an IB.

 

[KieranS]

Can I ask why you think that?

Would it not be based on performance?

 

[gooseman]

i'm guessing here but what i suspect will happen is you will be doing clips of maybe 50-100k against one counterparty. the way you make money is between the spread you agree with client and price you get from your counterparty. it's all unregulated and nothing to do with speculation.

IB's will prop trade with fx on inter-dealer systems like EBS (ICAP's) or hedge in the market using forwards/options for clients ot their treasury services.

i take it you won't be trading options?

Not trying to P*ss on your parade here-just being blunt.

 

[KieranS]

Gooseman and GammaJammer Thank you for the advice.

As I said I have not started with this company yet so i don't know in what way or how i will be dealing/trading, I was just looking for a general steer (which you have given me) so i can look forward in my career and work towards certain goals.

Thank You
Kieran