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One of the benefits of working at an
exchange, other than getting paid to learn
the industry, is the exposure you have to the
trading community. The trading firms, when
they have openings, will look to nearby
community first to fill openings. I lose
almost all my good employees to the trading
community. It is almost a "natural"
progression to move from an exchange position
to the trading community. Many of the most
successful traders and firm managers came
from the exchange community.
If you look at breaking into trading via
direct floor access it is very difficult.
Floor clerks and runners earn almost
nothing...at CBOE working for an existing
market making firm almost always pays "ZERO"
to entry level employees.
There is another possible benefit.....if you
look at the average income on the trading
floor(total income divided by the number of
market makers)and compare it to average
income of the exchange management...who do
you think does better?
Now important point to remember is that
nobody goes to trading floor to become
average.
Currently to break onto an options floor seat
leases run as high as $10,000 a month(that is
the P Coast where a seat actually leases for
more then at CBOE).
I started my trading career by buying an IMM
seat when they opened and went down to trade
with no trading experience..just a B.S. in
finance. The best move I made was selling
the seat at a profit.
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