New York-based T3 Trading Group is experiencing another growth spurt.
The company is hosting an Open House on Tuesday, May 13 at 5:00 p.m. ET at the company’s New York office. The catered event is designed to introduce new traders to T3.
“It’s one more way we can reach out to the masses out there to let them know that it’s happening,” Michael J. Milani, Director of Business Development at T3 Companies, told StreetID.
Milani said that T3 is “always aggressively recruiting talent,” ranging from kids right out of college to seasoned Wall Street pros.
“We’ve used StreetID in the past,” Milani said of T3′s recruiting initiative. “StreetID was good. It gave us a really good insight as to putting the talent into T3.”
Analysts, market makers, and institutional sales guys are “always good hires for us because they’re used to dealing with big numbers,” Milani added.
“They understand the inflows and outflows of the market. When we give one of those traders 10,000 shares to trade, they’re not intimidated by it the same way that a brand-new trader would be.”
T3 employs a programming team and occasionally brings on different quants and programmers. The firm recently added to its operations and accounting personnel as well.
“We have hired recruiters pretty regularly in the past,” said Milani. “There’s more turnover among traders than there would be a compliance position or an accounting position. As the company grows, and we’ve definitely been in the growth phase over the last two years, it’s important for us to build our infrastructure as much as we’re adding traders. We want to make sure they get the same level of service they’re accustomed to as the firm grows.”
Summer is right around the corner, so newcomers may have an opportunity to intern at T3.
“We are organizing a summer internship program right now,” said Milani. “We can utilize them, being young, hungry people that are looking to see the inner workings of a trading firm. We can benefit from their knowledge and their hardworking prowess as well.”
T3 is “definitely” a “work-hard culture.”
“You have to remember that it’s not a typical corporate structure where your boss walks around at 8:30 in the morning and if you’re not at your desk at 5:30 you’re getting a telephone call,” Milani explained. “As far as the traders are concerned, trading is really a career where you’re going to get out of it what you put into it. In the beginning, in the first day of the PDP course, Lombardo and I introduce ourselves, we introduce the course, and part of my spiel on the very first day (which is the only day I speak in the course), we let them know that being on time, coming to work and giving 1,000 percent, staying late and going through your trades and making sure that you’re putting into this what you want to get out of this.”
Most traders don’t succeed, however. Milani didn’t have an exact percentage, but he said that the failure rate is greater than 50 percent.
“If you go into something where there’s more than a 50 percent failure rate, and you are showing up at 9:15 every morning and leaving at 4:00, chances you are going to be in that failure rate,” Milani warned.
Michael Lombardo, Senior Trader for the Platinum Development Program at T3 Trading Group, added, “There’s no boss. It’s a rather loose corporate structure. It is up to you as an individual. What you put into it is what you’re going to get out of it. In terms of somebody coming down and tapping you on the shoulder, that’s not going to happen. There’s no handholding. There’s no babysitting. I’m always willing and open to help anybody that is looking for it.”
Lombardo said that anyone can come and talk to him about their trades.
“But it is up to them as a trader if they want to hear it or no,” he added. “You are independent. Probably one of the biggest draws of this job is that you are independent.”
As far as the actual employees are concerned, Milani said that T3 is “just like any other company.”
“We all have performance goals,” he concluded. “We know what’s expected of us.”
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