المدربAn employer taxonomy of the markets industry classifies an employer, or one business line of a group, by its business model – the answers to the first three questions – and then by product and size. This book uses thirteen business models in four groups: principal trading (market maker, medium-frequency proprietary firm, crypto trading firm), investment manager (systematic fund, multi-manager platform, discretionary fund, asset manager, asset owner), bank, and infrastructure (exchange, broker, vendor, regulator).
أمثلة
Example 1.2 (Three employers, five answers)
A commodity trading advisor running trend-following futures programmes risks investors’ capital, is paid a management and a performance fee, holds positions for weeks to months, sells a managed-futures product in every liquid futures market, and may employ a few dozen people. An exchange-traded-fund market maker risks its owners’ capital, is paid by the spread between the fund’s price and its basket, holds positions for minutes to hours, and sells liquidity in the funds it quotes. A bank’s rates flow desk risks shareholders’ capital inside a regulated balance sheet, is paid through the spread and the client relationship, holds positions for days, and sells prices to institutional clients. Three jobs called “trader” with nothing in common but the screens.