With trading floors all but history in most markets, Local traders are now most likely to be found at a rented desk at an arcade or bureau firm. These kind of traders are estimated to provide somewhere between a quarter and a half of volume on most major markets, yet the industry is fragmented and often misunderstood. FO Week's Laurence Davison and Jim Kharouf spoke to arcade executives in the UK and US to find out what issues were relevant to them today.
How do you approach recruitment, and do you prefer
to hire experienced traders or newcomers to the
Chris Hehmeyer, founder, Goldenberg Hehmeyer:
For the last few years, we've offered classes for proprietary
traders. At certain times of the year we advertise for those
classes and we get a large pool of applicants; of that, we'll
take eight to 12 traders. We prefer new people, rather than
people from the exchange floor. For the most part, we want
people without any preconceived notions about trading or
biases. People often ask what the criteria for recruiting are.
It was something we've tried to quantify a hundred times but
it's hard to quantify heart: a lot of the world has the same
trading tools so to find something that is successful and
implement it requires desire. The hardest thing to find these
days in recruitment is that desire.
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