Proprietary trading is a component of investment banking that has made its formidable presence felt worldwide. Investment banks have helped to prop up other companies by raising the financial capital of those companies in capital markets by using instruments like issuing stocks and bonds, thus creating a market. Proprietary trading has always been an integral component of investment banking since it plays an important role in the creation of such markets by issuing and trading in such stocks and bonds.
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Proprietary trading in investment banking today has evolved to such a level that the banks set up several desks of proprietary traders with the focused objective of proprietary trading intending to generate maximum profits much beyond the market-making trade profits. The proprietary trading desks of investment banks virtually function as in-house hedge funds working in a solitary environment detached from the usual client-flow traders.
Job Description
Proprietary traders specialize in activities like stock trading, trading in bonds, commodities trading, and other financial instruments using the investment banking company's own funds rather than using the money of its customers. This enables the investment banking company to earn profits solely for itself. Even though proprietary trading was originally intended to be a business activity that helped other companies to raise money in the capital markets, it has fast become a means for top investment banking firms to trade and fill up their own coffers as well. Proprietary traders use a range of complex strategies including fundamental analysis, statistical arbitrage, index arbitrage, merger arbitrage, volatility arbitrage and micro trading, which makes their activities very similar to a hedge fund.
As opposed to other kinds of auctioneers, proprietary traders in investment banking corporations are given the freedom to bid on shares while conducting the auction. It would be incorrect to assume that a proprietary trader has an in built advantage because he can easily see the orders coming in for the trade. Figuratively speaking, proprietary trading is more like participating in a game of cards where a sole player has the ability to know the other players' hand.
Job Qualifications
As far as educational qualifications are concerned, prospective proprietary traders should have a master's degree in finances with a special aptitude towards stock trading, have excellent analytical and problem solving skills, with specialization in subjects like mathematics and statistics. Basic computer skills help in using trading applications and doing online research.
Employment Outlook
This is the kind of job where the employer approaches the employee for recruitment most of the time because of the candidate's exceptional skills. The competition is very high and only those who are experts can reach great heights of success. But once a professional has gained a foothold on the proprietary trading business, he automatically becomes hot property if his performance is good.
The employing company pays proprietary traders salaries as low as US $20,000 to $25,000 per year, but offers a very high percentage of commission, usually between 40 and 50 percent on the profits generated by the individual. A successful proprietary trader can easily have a seven figure annual income.
When a person makes it big as a proprietary trader in any investment bank, his career prospects improve manifold with time and experience. Not only would the employee company want to retain him because his high performance makes them and him huge profits, but if he wants he can apply to practically any bigger and better investment banking multi national corporation anywhere in the world and chances are that he will most likely get the job without having to try too hard.
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