Sketchy Job offer potential??
 

I recently was browsing through monster and found an interesting job opportunity in a firm called Optiver . I applied and was instructed to go in for a mathametical assesment (basically an 8 minute test). If this was passed two more were given. Anyways, I know there are sketchy companies out there who recruit as many ppl as they can ie. Swifttrade.

The position is a Market Maker. What has me concerned, aside from the suspect webpage which seems to only provide information for employees, is in the job description:
"We prefer candidates with no previous working experience First, there are two things a Market Maker does not need: previous experience and a specific academic background."

Any opinions? Anyone have any idea as to what will be on the numerical testing?

Re: Sketchy Job offer potential??
 

Optiver employs about 200 employees worldwide, 25 of whom are partners in the business.

Head office in Amsterdam - 160
The Sydney office - 30
Chicago - 10

It appears that they primarily arbitrage the mispricings between related securities. For example, between options and the underlying stock.

You should probably look thru their recommended reading list...
Natenberg/Option, Volatility and pricing
Hull/Options, futures and other derivatives
Roger Lowenstein/When Genius Failed
Nicholas Dunbar/Inventing Money

They explain that the test, which is a 1st stage way to screen out candidates... you will be tested on your calculation skills. Having excellent analytical and numerical skills is one of the most important requirements for becoming a Market Maker with Optiver.

Re: Sketchy Job offer potential??
 

Hey thx for the response.

Im not sure why im so pessimistic. I just find it unusual that when you search for Optiver on google, its basically Optiver flooding the job boards looking for candidates. Shouldn't informatoin on a company of this "size" be more readily available?
Im also thinking that the job will be commission based..

thx

Re: Sketchy Job offer potential??
 

There are good reasons why Optiver (and other market makers) are so secretive about what they do. The biggest reason is because they have no clients: all the money made is split up amongst traders and partners - so what do they stand to gain from having their name out in the marketplace?

The reason they need to advertise so much, is that we really only accept high quality candidates.

The job is not "commission based" - you're remunerated on trading performance and time spent at the company. The senior guys (5+ years) are on seven figures.

The problem with Optiver these days is that the focus has shifted to increasing the bottom line rather than profit per employee, so in that regard you might be better off approaching some of the smaller companies:

IMC Pacific - chock full of young traders, and a good bunch of guys.

Timber Hill - More focused on automated systems than pure market making, would be a good place for people with both IT and finance skills.

Tibra - Fairly new company formed by ex-Optiver and ex-IMC traders.

If you have any questions, send me a Private Message.

Re: Sketchy Job offer potential??
 

jeedawg,
do you have contact details and www addresses for Timber Hill and Tibra? I'm trying to find them in Sydney but having no fun.

Thanks

Re: Sketchy Job offer potential??
 

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do you have contact details and www addresses for Timber Hill?

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Timber Hill is Interactive Brokers.