Breakwater Trading

Discussion in 'Prop Firms' started by ur2tuff4me, Aug 16, 2006.

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  1. Does anyone know anything about Breakwater? They are located in Chicago and I recently interviewed with them. They look pretty reputable, but maybe someone who has traded there/worked with them can tell me more.

  2. Maverick74


    Mostly bond options. They hire qaunts and computer science grads, mostly automated trading.
  3. They trade the U.S. yield curve.

    One of the most successful prop houses over the past few years here in Chicago.

    I've heard that the partners have been of bad terms with each other for a while now. Not sure how the dynamic of the office currently stands.........

    Good luck to you.
  4. Iceman14


    I interviewed with them last year. Good group of guys who know their stuff. When I talked to them their bread and butter was fixed-income, bond-basis stuff, which has been a tough market to make money in, so I passed. Don't get me wrong, some guys still thrive on the basis (I'm sure some will post after me), but the yield-curve just doesn't excite me the way it does some and I didn't really care to delve too deeply into that market. As far as I know they weren't too big into bond options as most of the vol. on interest rate options is still done on the floor (though screen vol. is gaining everyday), and Breakwater prefers electronic markets. They told me they were looking into other markets (like every other bond shop in Chicago), but I don't know how they're doing on that route.

    What position did you interview for?
  5. Well, the person I interviewed with said they traded energy and are playing around with an equities group, so those were the areas I was primarily interested in. Bond trading is okay, but as you said, it doesn't excite me.

    Where did you end up going (instead of breakwater)? I'm not very familiar with the Chicago pro prop firms.

    Thanks for all your replies!
  6. BWTinfo


    Someone passed this site to me, so I decided to offer some clarity. I think these forums are great for guys to be able to pass around information on markets and firms. Most of the above is on target.

    - Breakwater is not an arcade. All trading is done at the group and firm level driven by analytics, fundamental, and domain experience. Capital is provided by the firm.

    - Most of the trading today is done on a firm proprieary platform we have invested heavily in and upgrade regularly with additional functionality and products.

    - We manage a book of positions in fixed income, energies, and to a more limited extent equity indexes and agriculturals.

    - We also have a stat arb group that generates models which in turn interface into firm APIs at various levels or degree of service with respect to the platform.

    We have 140 people in offices in Chicago, NYC, and Vail.

    I hope this answered some of your questions..

    Tom Rubio
    Managing Partner
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