Can somebody provide some insight as to how bank's manage their proprietary trading. Do prop traders work in silos or teams? Does each trader get assigned a strategy or does the firm give each trader discretion. How much of what you do as a prop trader is micro-managed? Also any insight on why bank a S&T desk that trades CDS and had a seperate desk that prop traded CDS. Isn't that redundant since the OTC business allows flow traders to take prop positions?