Prop Shop in Sydney?

Tobi99

Newbie
9 0
Hello everyone, I am a new member to this forum. I found the forum when I was doing research for my career change. :)

I want to be a Trader now as I really like the challenge of the risk and reward . I work in Financial Planning for 2 years now after graduated from Uni. I also trade CFD part time after/before work.

Can traders here give me some guidance please?
I want to apply a position as a trader in Propex, Triba, Optiver or Liquid Capital.
I think Propex is a Prop Shop that let traders trade the firm's capital.
Triba, Optiver and Liquid Capital are more like a Market Makers. Can someone please let me know if I am correct or not? And which firm is the best place to start my career and stay for long term?

I am also open to other suggestions, I mentioned the firms above only because I can found them on the Internet. I guess they are all very good and hard to compare without actually meeting them. Thanks very much!
 

chenc10

Newbie
3 0
Hey Tobi99

Have you considered IMC Pacific? they're the biggest Prop Trading Firm in Australia. They're an excellent place to start a career in trading. They give you alot of responsibilities right off the bat with an excellent training program.

IMC trade in alot of different markets and employ all types of trading, its definitely my pick out of the trading firms in Sydney.

From what I've heard Tibra is a very young firm, it hasn't got a formal training program and has fired 8 out of the last 10 trainees they hired. As for Optiver, they are very similar to IMC. As for Liquid Capital, they don't let you start trading for at least 12 months unlike the 3 month wait at IMC and optiver. It's a much more mature environment at liquid capital whilst IMC and Optiver have very young teams.
 

joffre

Newbie
1 0
hi tobi99

i m currently trading with propex I started out as a graduate trainee with them about 18 month ago, its a fantastic place to work especially if u wanna be a speculator. We have traders here who use to work for optiver and other market making firms. What we do and what market makers do are very different. I know optiver and imc are both 100% delta hedged so you are not allow to speculator.

All depends on wat u wanna do I guess, u might also have a look into transmarket, I think their the biggest prop shop in aus, they do mostly bonds.
 

Tobi99

Newbie
9 0
Thanks for the post! I also heard that the Market Makers will more interested in hiring young people. I am very close to 30 years old, I guess I will be too old for them.
And from what I see from Optiver website that they will only hire people without experience. I don't know if they will be happy with my trading history as I may have already developed some bad habits that they don't want to see in their traders.

Hi Chenc10, Are you working for IMC Pacific?
 

Tobi99

Newbie
9 0
Hi Joffre, good to hear real trader in the prop shop replying here. How's your working life in Propex like? Is it a pure trading job without office politic? Would you recommend people to start the career in Propex? Is it easy to get the training/job offer in Propex? I want to learn more and to build a very good foundation in trading, so I would like to start as a trainee in Prop shop. Thanks!
 

mmone

Junior member
14 0
hey joffre

i would also be interested to hear more about what you have to say about propex..ie earning potential, splits, risk limits, costs, training..what is their edge, what makes them superior, what are you basing your trade decisions on etc

cheers
 

mmone

Junior member
14 0
I think Propex is a Prop Shop that let traders trade the firm's capital.
Triba, Optiver and Liquid Capital are more like a Market Makers. Can someone please let me know if I am correct or not? And which firm is the best place to start my career and stay for long term?


Tobi

All the market makers you have mentioned are all proprietary in that it is their capital that you trade with, I am not certain but I cannot imagine it is the same with Propex??

jofre may be able to enlighten us
 

level_head

Newbie
8 0
Propex is a good shop, run by a chap who has been in Futures in Australia for years. top bloke.
Thereis another one called Fusion Derivatives as well, although I'm not sure they're taking on trainees...

not sure about the other names.
 

gotmessner

Junior member
20 0
hi tobi99

i m currently trading with propex I started out as a graduate trainee with them about 18 month ago, its a fantastic place to work especially if u wanna be a speculator. We have traders here who use to work for optiver and other market making firms. What we do and what market makers do are very different. I know optiver and imc are both 100% delta hedged so you are not allow to speculator.

All depends on wat u wanna do I guess, u might also have a look into transmarket, I think their the biggest prop shop in aus, they do mostly bonds.
I'd really like to know more about Propex!

Average age of the traders there?
Do alot of traders focus on on non Aust/asian timezone/markets?
Rentention rate for trainees?
Anyone doing really large size?
Do they accept self-funded traders?
 

gotmessner

Junior member
20 0
Propex is a good shop, run by a chap who has been in Futures in Australia for years. top bloke.
Thereis another one called Fusion Derivatives as well, although I'm not sure they're taking on trainees...

not sure about the other names.
Do you have anymore information about Fusion Deriviatives? I can't find a website.
 

roohif

Junior member
34 1
Jeez Chenc, and I thought I was biased! I'm a co-founder of Tibra, what's your hidden agenda?

I'm pretty sure IMC Pacific is actually the third biggest in Australia behind Tibra and Optiver. IMC were decimated back in 2006 when their top traders left to join us. I'll name names if you can name the 8 out of 10 people we've supposedly fired on our last intake. Blatantly false information. And where did you get the idea that we don't have a training program? Do you think we just sit people in front of a screen on day 1 and let them trade on our shareholder/trader capital?

Tibra is coming up to only its second birthday, and to be in the position we are, I think that makes us the clear pick of the trading firms on Sydney.

Hey Tobi99

Have you considered IMC Pacific? they're the biggest Prop Trading Firm in Australia. They're an excellent place to start a career in trading. They give you alot of responsibilities right off the bat with an excellent training program.

IMC trade in alot of different markets and employ all types of trading, its definitely my pick out of the trading firms in Sydney.

From what I've heard Tibra is a very young firm, it hasn't got a formal training program and has fired 8 out of the last 10 trainees they hired. As for Optiver, they are very similar to IMC. As for Liquid Capital, they don't let you start trading for at least 12 months unlike the 3 month wait at IMC and optiver. It's a much more mature environment at liquid capital whilst IMC and Optiver have very young teams.
 
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chenc10

Newbie
3 0
I think I wasn't very clear with the terms of my statements when I said who were the top trading firms in Sydney. From what I've seen in the Australian Options Market IMC, Optiver and Timberhill are the top 3 according to ASX market data, in total value traded and number of trades they certainly do more than any other trading firms in Australia.

I would certainly recommend graduates to check out all trading firms in sydney and see which is best suited for them. But in the current market I'd have to say Optiver and IMC are my tops picks, basically because they are very well established in many markets around the world and trade a variety of different markets. I believe for any graduate looking for a career in trading these two firms offer greater opportunities to learn how to trade different products in various markets.

I've attached some stats of the Australian Options Market for everyone who is keen to see who the major competitors are and how they stack against each other.

Hope it wasn't too biased with this post, I definitely have no hidden agenda and I actually work for the exchange itself.

cheers
 

Attachments

roohif

Junior member
34 1
Okay I've calmed down a little ;)

I don't think I was that clear either - I was referring more to staff numbers and overall market share around the Asia Pacific region. So yes, in terms of market share on the ASX, IMC is ahead.

I suppose we could debate till the cows come home about which company is best to work for. Having worked previously for Optiver and now Tibra the differences are pretty clear in my mind. I've also had some pretty frank conversations with our ex-IMC traders and from all accounts they have had similar experiences to me.

Tibra are also "very well established in many markets around the world and trade a variety of different markets" ;)

As an aside, good to know that you work for the exchange, I might ask you to talk to David S. (Mgr of Derivs) and urge him to really listen to the market makers perspective or the ASX options market might just die out!
 

50cent

Newbie
1 0
hi tobi99

i m currently trading with propex I started out as a graduate trainee with them about 18 month ago, its a fantastic place to work especially if u wanna be a speculator. We have traders here who use to work for optiver and other market making firms. What we do and what market makers do are very different. I know optiver and imc are both 100% delta hedged so you are not allow to speculator.

All depends on wat u wanna do I guess, u might also have a look into transmarket, I think their the biggest prop shop in aus, they do mostly bonds.

joffre
how is the recruitment process at propex? do u have to undergo numerical and logical tests like ones at Optiver et.c?
 

grant_3103

Junior member
14 0
The recruitment process at Propex consists of an application and with that you usually have to attach a 100-200 word explanation of your interest in markets and a possible example of your own trading.

The next round is the testing (which so happens is occuring tonight, so you are probably just too late for this round of recruitment). It is not on the same level of difficultly as the market makers (but that is because they are looking for different traits compared to that of an Optiver, etc).

Then it is followed by an intial interview. This is with the trainer and risk manager. In the final step, the owner of the company also sits in on the interview. If you have a strong and relevant background, then you still might have a chance this round if you sent through your app ASAP
 
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