Algo trading emploment terms...advice please!

[limus]

I've been trading manually with a small prop firm for a couple of years and the company has asked me to join a team working to set up an algo trading department. I'm very happy to make the change, but I'm somewhat dismayed by the contract they have asked me to sign... basically, it says they retain all intellectual property rights for any of my ideas past, present or future.
I'm very uncomfortable signing over my intellectual property rights. I realise in most jobs this would be a standard clause, but I thought it was different in algo trading. Can any algo traders out there advise me on what standard terms of emloyment are in this industry? What terms should I push for and what terms would a bank offer it's potential employees?

 

[grantx]

Limus,

WTF. I've never seen anything like it - tell them to fo. If you're that good, and the company obviously think so, maybe you should trade yourself or team up with others to trade it on a split-profit basis - without revealing your model. Alternatively, get a track record and find a financial backer (not difficult).

Let's assume you have a killer programme that earns monumental returns. Why shouldn't the company be satisfied with this? They can shove you out of the door and capitalise on your skills without reproach or legal ramifications.

Grant.

 

[insight2]

If I was you, I would walk out straight away.

It was you who developed all the relevant signals and ideas, and not them. They, most likely didn't pay you any salary, but profit share. And if you didn't trade any methods they thought you, on what basis would intellectual property belong to them?

If you are profitable trader, you can cross the street and work at any other place, within weeks.

Once they have your ideas, why do they need you?

regards, dejan

 

[grantx]

Lightning,

Thank you for the Recommendation. But is a Recommendation from a Moderator, like The Guardian newspaper's Businessman of the Year Award, a kiss of death? Oh God, I'm cursed.

Grant.

 

[A Dashing Blade]

It's a standard clause. Pretty much unenforcable in practice but still standard notheless.