fnysllc.com
	FREQUENTLY ASKED QUESTIONS

Frequently Asked Questions What is proprietary trading? Are you a "buy" or "sell" side firm? Do you have any clients? Whose capital do you use to trade with? How long is the training program? Can I graduate the training program in less than 18-24 months? When is the start date and graduation date for the training program? What separates First New York from its competition? Do you hire for a permanent assistant trader position? Is there compensation during the assistant trader program? What is the average age in the training program? What is the compensation package after graduation of the training program? What are the biggest differences between First New York and either an investment banking position or stock broker position? Are you a “day trading” firm? What do you trade? Do you trade listed and/or over the counter stocks? Where do you get your research from? Do you have a research department? Are you restricted to trading specific sectors of the markets? What is the dress code at First New York? How many assistant traders do you have? Can I apply for a job in the London office if I am not a British citizen? I sent in my resume by either fax or email and have not heard from you; should I call to insure that you have received it? Do you have any internships available?  I have sent in my resume but have not heard back from you should I send it again? What is proprietary trading? Proprietary trading is having the opportunity to trade the firm’s capital in the stock market with the potential to make money for the firm and yourself, not for a client. Are you a “buy” or “sell” side firm? We are a buy side firm. Do you have any clients? No. As a proprietary trader, YOU are the client. Whose capital do you use to trade with? We use the firm’s capital. The firm is a partnership. You are not asked to put up your own money to trade with. How long is the training program? The training program lasts a minimum of 18 months and up to 24 months. The duration will be based upon a number of factors.  i.e.  how quick a learner you are and when your mentor feels you are ready to begin the trial trading period which leads to graduation of the training program; degree of difficulty in current day trading conditions; your success in the trial trading period, etc... Can I graduate the training program in less than 18-36 months? Generally, No.  We evaluate each assistant traders performance on an ongoing basis.  However, most assistants need the full 18-36 months or longer to demonstrate they have learned  the  necessary skills required to be a successful full time trader. When is the start date and graduation date for the training program? The training program has “rolling admission”. We hire many assistant traders over the course of the year.  We are almost always hiring. There is no set starting date and graduation date because people are always being hired and always graduating. What separates First New York from its competition? Our training program is unique. We make an investment in your future. We realize that you cannot learn what we have to teach in a textbook and thus we take the time to teach you everything we can to help you become a successful trader. Do you hire for a permanent assistant trader position? No. The assistant trader position is structured for someone to begin as an assistant trader and eventually become a full time trader. Is there compensation during the assistant trader program? For the duration of the training program you are paid a pro-rated salary of $55,000. What is the average age in the training program? The average age is 24 years old. Most of our assistant traders are hired either directly after completing their undergraduate college program or have a year or two of experience out of college. What is the compensation package after graduation of the training program? For the first 12 month period after graduation of the training program you continue to receive a salary. However, this salary becomes a draw against trading profits generated; meaning you cannot earn less than your salary and hopefully you will earn much more. What are the biggest differences between First New York and either an investment banking position or stock broker position? 1) We are entrepreneurs, decision makers and risk managers; They are sales people serving clients; 2) There is no corporate hierarchy at First New York, everyone is treated equally and responsible for their own success or failure. First New York operates as a “meritocracy”. Are you a “day trading” firm? NO.  There is intra-day trading that goes on at First New York, but our traders are encouraged to carry positions overnight. What do you trade? For the most part, we trade EQUITIES (domestic and international stocks).  Approximately 8-10% of all our trades are options. Do you trade listed and/or over the counter stocks? We trade both listed and OTC stocks, however, we are mainly a listed trading firm. Where do you get your research from? Do you have a research department? The culture at First New York is very open and sharing. Research funnels throughout the firm on both an intra-day and inter-day basis. Our traders get their information from a number of sources, including all of the top brokerage houses that you are familiar with. We do not have a specific internal research department. Are you restricted to trading specific sectors of the markets? No. Working for First New York is truly entrepreneurial in that you have the ability to trade whatever sectors you prefer. If you only feel comfortable trading one or two sectors that is fine as well. Using common sense and having good risk management skills is the name of the game! What is the dress code at First New York? Business Casual. How many assistant traders do you have? We currently have 26 assistant traders. I sent in my resume by email and have not heard from you; should I call to insure that you have received it? No. When you email your application you will receive an auto reply giving you some general information and an acknowledgement of receipt.   All resumes are reviewed in the order they are received. If after reviewing your resume we find that your qualifications meet our criteria, we will get in touch with you. Do you have any internships available? No. Unfortunately, due to the nature of the business, an internship would not provide someone with the necessary time to be mutually beneficial. Consequently, we do not have any internships available at this time.   I have sent in my resume but have not heard back from you should I sent it again? Absolutely.  We have an incredible flow of resumes applying for this position every day.  We strongly encourage you to use all the means of submission available to you.  This includes email and regular mail.