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December 8, 2009

A Trader's Perspective on Compensation

By Staff Reports

John Daley, a managing director in the institutional equity trading department at Stifel, Nicolaus & Co. and a governor of the Security Traders Association, has been in the business for nearly two decades. At the STA's annual convention this year, the veteran bolstered the troops with his take on the tough times now facing stock traders. Traders Magazine excerpts a portion below:

John Daley

"Working harder, working longer and making less is the new normal. It's tough for those of us who have been in the business for a long time. We saw the great days of the late '90s and '00s. You might wish those days would come back.

But all you really have to do is to have a conversation with that new kid in your firm who just graduated from college. He says, 'This is great. This is good money. This is good times.' We have to remember this is still a great business. We're still making probably more money than our college friends or some of our neighbors who are pushing pills for the pharmaceutical companies. So sometimes we have to take a step back and realize it is still pretty good out there. That applies to both sides of the business."

 

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