TransMarket Group Employee Reviews about "traders"

Updated 25 Sep 2018

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3.9
69%
Recommend to a Friend
72%
Approve of CEO
TransMarket Group CEO Doug Adams (no image)
Doug Adams
27 Ratings
Pros
  • "Team- I knew the team was smart when I joined- but I am in awe of the team TMG has put together(in 11 reviews)

  • "The traders even get taught in a course from the CEO via TMG University(in 11 reviews)

Cons
  • "Ideally there would be more communication on firmwide strategy expansion plans so the junior traders can help(in 9 reviews)

  • "Long interview process, sometimes long hours (but not like i-banking)(in 3 reviews)

More Pros and Cons
Pros & Cons are excerpts from user reviews. They are not authored by Glassdoor.

Reviews about "traders"

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  1. "Not bad place to work"

    3.0
    • Work/Life Balance
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Trader in London, England

    I have been working at TransMarket Group

    Pros

    Get to learn from big traders

    Cons

    Entry level salaries very low

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  2. "Competitive Environment but Friendly People"

    4.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Intern - Software Engineer(Internship) in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at TransMarket Group for less than a year

    Pros

    - Great Pay - Dive right in on projects - People are helpful

    Cons

    - As a software engineer at a trading company, you're at the bottom of the latter It goes Traders then Algo Traders then software engineers. Just know that going in


  3. "Software Development Intern"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Intern - Software Development Intern in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at TransMarket Group for less than a year

    Pros

    - Great benefits (weekly company events, catered meals, travel reimbursements) - Work environment has a startup feel to it, even though they've been around for a while - Projects have real impact on the company, and you receive responsibility from day one - You are treated with respect and they will capitalize on any skills you prove competence in, so while you may have been hired for one thing, you are able to explore several kinds of projects - The leadership wants to invest in your growth, so you are often assigned independent study on subjects that pertain to your and their interests (for example, I learned about Machine Learning in Python). The traders even get taught in a course from the CEO via TMG University - You will learn a lot about high-frequency trading and financial services

    Cons

    - The speed that decisions are made are rather slow - The company hierarchy can be very confusing, so knowing who to ask in which situation may become - Mentors may not be technical, so you really have to be a self-starter and be able to work projects to completion with minimal guidance - You will work long hours (10 hrs/day usually), so you should be really certain that you love what you're doing

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  4. Helpful (4)

    "First Year as a Junior Trader (Junior Relative Value Arb Trader)"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Junior Trader in Chicago
    Recommends
    Positive Outlook

    I have been working at TransMarket Group

    Pros

    When you first start there is an in depth classroom based training program paired up with a few trading desk mentors. From here you get to move up at your own pace- depending on how quickly you pick up concepts\modeling and how well you execute the initial working strategy they give you. This is one of the key things they do right relative to the firms my friends work at. They give you an existing model that is making money and your goal is to fine tune it\come up with new ones. Once you do- you move up. -I have a masters degree from a top institution, and I would look at the initial training program as a PhD on steroids. While it was perhaps too aggressive due to balancing courses and work, everyone learned a lot. - Meritocracy- I was able to gain responsibility quickly and was just rewarded extremely well via bonus and promotion for my work this year -Culture- Everyone shares ideas, hangs out on the weekends, and encourages eachother- it reminds me of undergrad or a varsity team. In addition to this, they really have a no Ahole rule. Most people seem to volunteer and there is a matching charity program (I am told this is the first year for it though) -Team- I knew the team was smart when I joined- but I am in awe of the team TMG has put together. This ranges from the top students from top undergrad\grad\PhD programs, to top experienced software engineers, to senior level employees who have either run their own hedge fund or been a senior level employee at top tier banks\hedge funds. There is a reason they have a collection of some of the top talent from their competitors while no one seems to leave for our competitors. They even have one of the best former PMs at Citadel ever. While he was there he was their largest PM. -There is a lot of room for expansion. They are constantly trying out new products\trades. While there is no set path on when you will become a senior trader- if you succeed you can ultimately run a huge portfolio fairly quickly. You get to explore ideas a lot (although this is mostly unstructured) -Top of the line technology and technologists -Benefits including annual ski trip (amazing bonding opportunity) and a lot of free dinners. Free meals for breakfast and lunch -Amazing growth in PNL and headcount the last 7 years (perhaps the best in the prop industry) -Our future growth plans (expansion into new products, etc)

    Cons

    - While the initial training program was fantastic, and my mentors through out the year have really helped me- I would have liked more TMG coursework through out the year. The CEO personally taught a good portion of the training program, and in a recent company email indicated this would be fixed next year - The flat structure with no set promotion cycle can be tough to stomach initially. Having said this, I am in my first 1.5 years and when I see people that have been there for 3 or more leading their own desks and are partner- I get excited - The firm seems to be understaffed for all of the projects that are in the pipeline. This doesn't make sense considering the total amount of applications they get. On the most recent ski trip I was told we get 15,000+ applications per year -Minor growing pains which can be frustrating in the short term- but it is understandable because the firm has grown by over 100 people in the past several years. -While it doesn't really matter once you are here- the other reviews are correct. The office space is not as nice as a top Hedge Fund\Ibank. Once you get past the aesthetics you should be fine. Most likely waiting for the lease to expire to get a better office -While salaries are comparable to some firms, I believe they are on the low end. All in compensation seems to be the best in the business when I talk to my friends at other firms (at least this year was- this is my first bonus) -As a junior trader about 99% of my time is spent on my trade. I would like to be able to work with other desks to brainstorm\bounce ideas. While there is nothing stopping me on this- I would like to see it enforced. On this note- I often do not have enough time to see big picture what areas the firm is growing\etc. It seems like every day we have a new trade idea getting tested. Ideally there would be more communication on firmwide strategy expansion plans so the junior traders can help. A lot of us would be willing to work more than the standard 10-11 hour work day if this was the case. -There is no formal rotation program -I put work life balance as a 2\5 but I think this is only for the first couple of years (as expected). Some people have to work Asia shift (while standard in the industry, it still sucks). There used to be a Euro shift but that has moved to their Swiss office.

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  5. Helpful (19)

    "Pathetic compensation"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Algorithmic Trader in Chicago, IL
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I have been working at TransMarket Group full-time

    Pros

    Free lunch is nice, some smart people, annual ski trip benefit.

    Cons

    If you are a STL (Algo Trader) be prepared for sub par payout and to be out compensated by "RV" traders. RV traders are the jock old school type of traders who actually just turn on the trade and do nothing else. Also you only get paid 50% of your bonus. I think this is the case for everyone at transmarket. If you are a competent programmer, I would never come here of you can avoid it. Seriously. You'll be out earned by all of your classmates who went to real trading firms.

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  6. Helpful (13)

    "Going downhill fast"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Trade Logic Developer 
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at TransMarket Group full-time for more than 3 years

    Pros

    Firm used to be great when Ray Cahnman was CEO. Since Doug Adams took over, the firm has gone downhill fast.

    Cons

    Some of the best people left, and Doug has been cheating traders out of money. The CEO is a liar and when traders perform well, he pays them less than their contract says. He gets sued and rumor has it, uses firm money to defend himself until the traders give up.

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  7. Helpful (1)

    "Great firm - rewards hard work and encourages creative thinking"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Senior Trader in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at TransMarket Group full-time for more than 3 years

    Pros

    -Very strong work ethic among employees -Two free catered meals each day -Strong communication between management and traders -Stress on risk management - rigorous process for risk approval -Collaboration across desks and knowledge sharing -Casual and friendly environment -Significant opportunity for growth and employees gain responsibility early -Bonus diversification across entire firm and fair bonus structure -Many free social firm events including a corporate skiing retreat

    Cons

    Long and difficult interview process

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  8. Helpful (2)

    "Trader Intern"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Intern - Trader Intern 
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at TransMarket Group for more than a year

    Pros

    Useful Work As an intern at TransMarket, I've worked on several projects that have been used extensively by my desk and other desks at the firm. The projects given to interns are intellectually challenging (rather than just tinkering with spreadsheets) and designed to directly contribute to the desk's strategy. Projects can vary from improving current models to developing completely new models/strategies. Generally, an intern will have one main project they work on the entirety of their summer internship, with some smaller projects that depend on the desk's trading needs. There can also be trading opportunities depending on the situation of the desk. Training The summer training program is very strong and has been refined over the past few summers. The training program includes case studies, books, homework assignments, general trading best practices, and firm models (all the tools needed to understand the business of TransMarket and their role in the markets). This past summer the training program even included a poker class. The training program is run by the CEO and some of the classes are also taught by veteran traders at the company. Another vital part of the training process at TransMarket is communicating with and observing your manager, who is usually a head trader on a desk. From my experience, the traders at TransMarket have been very open and willing to mentor and teach interns about market dynamics. Culture The culture at TMG is very team-oriented. Collaboration across desks is encouraged, improving the efficiency of the firm. I have seen several instances where multiple desks have benefited from a single project. Meals are provided by the firm, and there are several company outings throughout the year, including a ski trip. There is usually one intern event per week during the summer which full time employees also attend. Overall, all the people are nice and willing to help.

    Cons

    Nothing major. Cross-desk collaboration is something they have been improving the last couple years, and I think it will continue to benefit the firm.

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  9. Helpful (1)

    "Trading Internship"

    5.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Intern - Trader in Chicago, IL
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at TransMarket Group for less than a year

    Pros

    Training The strongest part of the internship was the 8 week training program that was primarily run by the CEO. This ran every day for all of the interns and new hires. Each intern was given 7 or 8 books to read and we were also given homework assignments. A multitude of topics were covered like understanding key terms, optimal theory on trade execution, and explanation of firm models. There were also case study lectures that were given by traders that explained specific scenarios that have occurred at the firm. Project Another key part of the internship is the project. You are assigned to one desk the entire summer, and the majority of your day will be spent improving the firm models and trading strategies. Instead of being instructed on exactly what to do, you are given free reign over the type of project that you work on. Culture Because of the team dynamic that TMG has, it is very important to foster close communication between employees. To do this, there are a ton of company events to integrate interns into the firm. During the summer, there was an event every week that the majority of the firm participated in. Because interns get to know everyone in the firm during these events, I had no reservations about asking questions to managing directors or the head of trading if I needed help.

    Cons

    I started the internship a few weeks before the start of the training sessions, so I was a little overwhelmed to start off.

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  10. Helpful (4)

    "Terrible company, incompetent management."

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Trader 
    Doesn't Recommend
    Negative Outlook

    I worked at TransMarket Group full-time for less than a year

    Pros

    You can trade more or less how you want to as long as you don't lose money, flexible work hours. Good stepping stone to learn then go somewhere else.

    Cons

    Management has no direction for the company, Doug Adams is worthless and short sighted. They fire traders who are up money. Wastes tons of money on IT. Most of the intelligent traders there have left or is looking to leave. Discretionary payout that probably won't reflect what you contributed. Best bet here is to get a good track record going, then negotiated a better deal elsewhere.

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