Wednesday, 22 October 2014
Last updated 4 hours ago
Feb 2 2011 | 10:14am ET
With at least one hire, JPMorgan Chase is bucking the trend—accelerated by the U.S. financial reform—of proprietary traders leaving banks to go to hedge funds.
Instead, JPMorgan has hired a proprietary trader who left the firm five years ago. Stefan Tsonev joined Dillon Read Capital Management, the UBS hedge fund which crashed and burned three years ago. He then moved on to Millennium Capital Partners, which he left after a year in the fall, Financial News reports.
Now, he's back at JPMorgan, once again as a prop. trader—for now. Tsonev, who has been working at JPMorgan since Jan. 17, according to regulatory filings, was named a managing director on the firm's emerging market prop. desk. But FN reports that JPMorgan plans to transfer him to its asset management business as it continues to wind down its prop. trading operations.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...