Market makers

Discussion in 'Trading' started by NasdaqTrader, Feb 16, 2003.

  1. Does anyone know how you go about getting a Nasdaq market making job?What kind of work and educational background do they look for?How are they paid?And if anyone has done this or is currently,what are your experiences overall?
  2. UNfortunatley, NASDAQ marketmaking went downhill once supersoes came into play. Most of it is computerised and decimalization has run many marketmaking firms out of buisiness. (I have been a victim of this.) NDB capital markets, Spear leads, Herzog all were closed, or merged into a larger firm, and 90% of their market makers fired. In other words, yes the jobs are out there, but very hard to get. Still availablke at large brokerage firms, but now they are still having layoffs...
    I am not trying to be discouraging, just honest...

    education: Not as important as connections, especially these days. Of course it helps, but it is more important to know someone at the firm's trading branch. PLus over 1/2 of these traders are laid off competing for jobs, even taking lower ranked positions to get employment, so are competing with them

    paid: you would be an assistant trader starting off making a salary plus year end bonus, or salary, monthly commission and year end bonus.. These have dropped dramatically since supersoes and decimalization...
    salary anywhere from $25K - $60 depending on the shop and your experience..

    I loved being a market maker, and it sucks that everything went downhill so many different ways, so quickly. Especially with ECN's popularity, I dont see it ever getting better.

    I would suggest going the route of being a salestrader (they are still making $$ and layoffs dont affect them if they have a decent book of business. Find a good salestrader to work for, and you will be set..)

    Or if you want marketmaking AVOID NASDAQ, and try options, or some other security..