"execution trader"

[ScotchHarry]

hi

i'm in no way qualified to go for any professional trading jobs but i was looking around and keep seeing vacancies for "execution trader" jobs.

anyone know what an execution trader actually does? sounds like it's just placing trades for other people, which doesn't seem that hard... does it?! lol

thanks for any help

 

[Jack o'Clubs]

that's the gist of it, but the skill is building a big position in a market that might not be particularly liquid (small caps for example) without moving the price against yourself by being a big buyer or seller, eg to build a position of 1m shares you might end up buying 2m and selling 1m to disguise what you're up to.

 

[Parky]

Actually in a dynamic brokerage operation it can be very difficult, this would appear to refer what us old stagers called "filling paper", the FSA registered "senior" brokers talking to the clients and then shouting orders to the guys on the screens (execution trader).
It may sound simple but you have to be switched on and have quick reflexes and in a fast market be able to process a lot of information and filter out the background noise.
What usually sorts the men from the boys is the ability to switch in and out of the "zone", so a very quite day becomes manic on a piece of news or a figure and you have to be able to have the mental dexterity to go from being bored to totally focused and ready to go, believe me a lot of people cannot deal with it. You will also have to be able to process a high volume of orders and relay the fills back to the senior brokers who are shouting at you for the "fills" or executed trades.

 

[neilcharlton]

execution traders are a dying breed. good to get experiance but not much else.

 

[TWI]

There are algorithmic funds that pay their execution traders based on how well they execute orders versus where the system tells them to execute. Generally they will cover a single sector and one screen will prompt them such that they have to buy x lots of a given market in a certain timeframe and at a given price. Their job is to get the position on in that time and try to better the target. Some people making good money at it.

 

[NNIT]

I have worked in market making, prop trading and execution trading, all at top firms/QUOTE]

Hey GJ,

As from your experience what would u say the exact tasks an execution/wholesale (if they are the same thing) trader at a prop firm would be dealing with on daily basis?

what are some of the main skills you think will require to do well at the job?

Lastly im interested to find out more abt execution/wholesale trader (as not much info on it compare to mkt maker & prop), do u hav any recommend website or readings?

Cheers!

 

[DaxDestroyer]

With all due respect, while I don't have as much direct experience of, say, equities as I do of FX, I can certainly say that as far as FX goes at the top institutions this is rot imho. If anything, advances in algorithmic trading, combined with the spotlight currently being focused on best execution (largely but not entirely due to Mifid) have made execution a discpline that is increasingly valued and differentiated from the actual investment decision process itself.

I have worked in market making, prop trading and execution trading, all at top firms, and have met very good, skilled traders in all discplines. And I don't see many of the buyside execution traders that I know bemoaning their lack of a future. If anything they are now finally starting to enjoy their day in the sun.

Just my $0.02 as usual

GJ

IMHO absolutely right! And some are VERY well paid as they have to guaranty prices and then unwind the order, many already with the help of computers. Welcome to the world of algorithmic trading

 

[Bagehot]

Great post GammaJammer (as usual).

It's certainly not a dying breed - my firm has just hired some more. There's no doubt there's skill involved as they take on the algo, or if you watch them trying to shift a ton of small-cap without spiking the price.

 

[naked shorts]

GJ, how has the uprising of dark liquidity pools affected execution traders? One might think it would make their job a hell of a lot easier...

 

[Martinghoul]

Listen to GJ! He da man!

Personally, I don't have experience with dedicated execution traders in the world of Fixed Income/Rates. i do know a few Equity Execution peeps here. I know they get paid quite well and I know sorta vaguely what they do. I guess I'll go harass them and get them to spill the beanz, it being a quiet cricket Friday and all.

 

[sak07]

Hey guys - any idea what sort of bonuses an execution trader would earn?? Been offered a job with a top tier asset manager in their fixed income execution team. Salary is pretty good but im trying to gauge how much bonue potential there is. Anyone have an idea % wise of what I could expect??

 

[poschmann]

Hi guys,
Interesting thread.

Does anyone know of any hedge funds or money management firms that are hiring execution traders now? I have 13 years experience working for an execution boutique in Boston and now trying to get on a buyside desk.

Thanks.... my email is [email protected]

 

[Ballygowan]

Hello all,

I have an interview for a futures and options execution trader position in 22 hours time with one of the worlds biggest banks, something I have been offered through my contacts rather than my experience as I have only worked for 2 years and I'm still young.

I was wondering if someone here could be kind enough to give me a few brief pointers in terms of what the role involves and the skills they will require. I have read this thread so I think I know what it involves but if some of you who have experience could summarise it into a few lines I would be eternally grateful! I really want and need this job!

Thanks,

Ballyg.

 

[neilcharlton]

I would imagine , they will give you a maths test. Brush up on your times tables etc. Research everything about the products, are you executing options , equities, etc. Equities are easy if its derriv's they could ask you about vols and all sorts.
They will probably ask you about the bank , look at profits , management etc.
They will ask you about the current market conditions.
I wouldn't worry about what the job en tales-- people call up , you trade their orders etc .
Good luck ... so many exec traders out of work at the moment ..

 

[Ballygowan]

Thank you Neil,I really appreciate that.