Skilsl needed in AN IDB career?

[Kam_Rehal]

Skills needed in AN IDB career?

Hi, How can I find out about Inter Dealer Brokerage and the kinds of skills needed to succeed in this area?

Would also like to know why people would choose IDB over Trading if both offer high rewards and lots of client facing work?

Cheers in advance,

 

[Magos]

Hi, How can I find out about Inter Dealer Brokerage and the kinds of skills needed to succeed in this area?

Would also like to know why people would choose IDB over Trading if both offer high rewards and lots of client facing work?

Cheers in advance,

Impressive university, impressive CV, FSA's, connections

ICAP is a good place to start but are you up for it!
Too much competition


Also:

IDBs are specialized securities companies serving as intermediaries which facilitate transactions between broker/dealers and dealer banks in the various markets.


to learn more about trading profession: www.prospects.co.uk


Finally, both career roots are highly rewarded in terms of money/connections/etc.
You can never say which is better; the only thing you can say is that I have to choose which of the two is closer to my character and abilities.

Also see wiki attach.

 

[Kam_Rehal]

Hi Magos thanks for the informative reply it's certainly a good place to start! I actually do have an interview with Arian Financial next Wed (3/09). Do you have any pointers on the kinds of things they are likely to ask and any places in which I can find some good info?

Prospects is indeed a good place for info on Trading, however grad websites are somewhat limited in their coverage of IDB. If I come back to your point about both careers being similar in terms of high/rewards etc it would be nice to have some kind of list of the main things that distinguish one from the other. For example we know they both require excellent comm skills and an interest in Financial Markets but is it a case of:

Trading - Head for figures, entrepreneurial spirit and risk taking
IDB - Form strong long term trusting relationships and be very outgoing and personable

Apologies if expectation of such a list is a little naïve, but I am just trying to get my head around it so that I can answer the inevitable interview question of why IDB and not Trading…

Cheers in advance

 

[Magos]

i will gather some information and post it. it is a promise, just give me a bit of time?!

you sound very enthusiastic and i would be happy to help

 

[Magos]

Official definition according to FSA (bpp series 2 book)
Inter-Dealer Brokers: Idb's act as an escape valve for market makers, providing them with an anonymous dealing service to unwind positions.

Also a good book will be

Vault Career Guide to Sales and Trading

Make an effort to find it, Google it, download it or borrow from the career services of your uni

D

 

[Kam_Rehal]

Thanks for the additional info, I wasn't able to find a book store which has the Vault guide in stock so it will be to late to review it before Wednesday's impending interview. However I will look into getting it in the hope that there are more interviews to come!

The Wiki file you pointed out was particularly helpful. I also found out about a report produced by an American consultancy CELENT published earlier in the year called "Evolution of the Interdealer Broker: Smells like e-spirit" which looks at the major trends that will shape the future of this industry. I obviously can'[t get my hands on the full report but the online free synopsis is also pretty useful.

This firm (Arian financial) deal in Euro derivatives so will I need to look into anything in particular regarding this sector?

Thanks again Magos, your help is very much appreicated!

 

[rawrschach]

If you go into trading because of money and 'inter-personal' skills you will fail.

Could work for IDB though.

 

[Kam_Rehal]

Chocolate 13 I'm interested to know why your certain it will not work in trading but might do in IDB? Again the point of my question being to find out about the general consensus on what distingish's one (in terms of skills needed) from the other....

Cheers

 

[rawrschach]

Assuming you're not talking about being a mindless execution drone, to be a trader you need no interpersonal skills whatsoever and if your judgement is blinded by money you will make none.

Broking I would imagine is all about interpersonal skills.

edit: unless you want to be an OTC trader, in which case your interpersonal skills will come in handy.

 

[Magos]

Assuming you're not talking about being a mindless execution drone,
Thats well put.
Everybody wants to trade the book, or more get limits and prop trade.


to be a trader you need no interpersonal skills whatsoever and if your judgement is blinded by money you will make none.

What do you need!? dont forget that traders talk to customers as well, or as books say to sales traders... which is a bit wrong at this time

Broking I would imagine is all about interpersonal skills.
Broking Vs. Sales Trader?


edit: unless you want to be an OTC trader, in which case your interpersonal skills will come in handy.
What ever you can bring in the table, you will get an advantage over the others

Thanks
magos

 

[pelzar]

Got an interview at BGC today, any advice?

 

[Magos]

they are on sky news nowdays!, we might see you on TV soon

 

[gooseman]

as someone already said for a junior role, the ability to take a breakfast order, develop a thick skin and eat x chicken nuggets in 30 minutes.

 

[pelzar]

Bring it on!!