Can somebody please be kind enough to explain to me what a position keeper does in trading in an investment bank. For example if you were given a summer intnership and were made a position keeper, what would you be doing. Thank you very much for your help. Nick
You would probably be monitoring the P&Ls of the traders, ensuring they don't fall outside stipulated parameters. As an intern, you would also be fetching burgers and coffee and doing photocopying and other chores. Also, you will be subjected to abuse and/or sarcastic humor by the traders (unless you are a pretty female, in which case they will want to date you). But don't knock the experience! It will help you get into a bank when you graduate.
That sounds ok, what does monitoring the traders profit and loss involve exactly how is it done? Nick
I would be lying if I told you I knew... but you will probably be staring at loads of numbers on a screen all day long.
If you perform well at 'position-keeping' on your internship and display dedication to the job is there a chance they will hire you for a permanent place? Also how quick does your arithmetical brain have to be is it a case in trading of multiplying say 245 by 9 in under 2 seconds? What are these quick mathematical calculations traders ahve to make that I always hear about? Nick
www.optiver.com It's an options market maker on Eurex. It has a "trader test" it uses to evaluate new hires. I'm guessing that's the kind of math you'll need to know. Friends of mine who interviewed at options market makers also had to do fractions and probability questions.
I took the test and only got 10%. "Sorry, your results were not up to par." lol. The questions were trivial, but the time limit killed me. Oh, well, I'm just a lousy programmer, guess I wouldn't make it as a market maker. Have these guys never heard of calculators? Or software for that matter? How about the abacus? Any kind of automation? I would think using the human mind for those kinds of things would introduce a lot o human error into the trading these guys do. voodoo
I took the test and got 60% and it said you are up to scratch why not apply to us? Then you fill in your name and e-mail when they e-mail me I will say I am only 17 can I have a Summer Internship please! I wanted 100% but the timing is nasty and a couple of the questions need a bit of algebra done in the head kinda difficult. If I get 60% on that would I be ok for trading foreign exchange could I be a position keeper? I am only 17 now so I do have my time although I have been offered a placement next Summer. Nick
I got 50% and also wasn't up to par. At least it was better than my trading win rate today..stinkin narrow range days..they are for the birds.<g>