Trader contracts at large prop firms

[natkins]

Hi

I've been a senior market maker at a large firm for a long time but am looking to move firm. I've little experience with contracts and wondered what people see as standard at large prop firms (not really including arcades)?

If on a fixed percentage bonus then how much is it delayed by. eg is it annual but delayed 3 months or 6 months or not at all?

And what are the restrictive covenants about going to a competitor eg 6months?

I've heard of contracts with bonus 6 months in arrears then held out the market for 6 months so effectively you lose a year of trading. Sounds harsh to me!

Any thoughts much appreciated and i'm sure others would be interested too. Seems people don't talk about it too much but it's v. important to earnings!!

Cheers

 

[Block_king]

Regarding % it is normally around 50% if you are earning less than 100k, and then the percentage goes more and more your way the more money you earn, with a mil a year meaning they should get a 10% cut. TBH though it depends on the firm, but this is a ball-park, other people have their figures as well I'm sure.

Regarding legal contracts other people have said on other threads that some of the contracts they make you sign aren't worth **** and aren't binding, normally they are to stop them training someone and then have them go and make money with x/y once they have enough training/experience/p.

BTW if you are a senior mm why do you want to move it seems like a strange career decision when things aren't going amazingly well for prop firms atm?