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Can anyone enlighten me on the term FX Dealer?

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  #1 (permalink)  
Old 26-10-2011, 08:25 AM
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Default Can anyone enlighten me on the term FX Dealer?

Top 100 Jobs In Singapore 2010 | Salary.sg - Your Salary in Singapore

FX Dealer is the second highest in this list.

From what I read so far, FX Dealers are the market makers for FX. A bank (or company) may call the dealer and ask for a quote. If the quote is favourable, the bank will buy or sell a big amt of currencies from the dealer. If the dealer has a big sum on his hand, he may choose to hold or sell immediately depending on his view of the market, thereby making profits (or losses) because of his actions.

However my friend applied for an FX Dealer job, and all he did all day was to get clients (individuals) to sign up to set up forex trading accounts. He is fed up because this is just a sales job. Of course you need some basic FX knowledge to sell to clients but the above scenerio of making big profits from the market is not applicable to him. He is of course fed up because he thought he was going to do what I elaborated in the earlier para. To me, he seems like a broker than a dealer.

So is our perception of FX dealing wrong? Or have banks been trying to sugar coat the term broker and making it sound like you are a dealer?

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Old 26-10-2011, 11:08 AM
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FX dealer IS a sales job. you find people to sell curriencies all the time. there's a difference between dealer and trader.

there are 2 kinds of FX dealers.. mainly on the bank side and the retail side. i believe your friend belongs to the retail side. these retail fx dealers will get a quote from the bank fx dealer, also known as market makers, to give to retail customers and thereby earning spread from the customer. of cos, part of the job includes sourcing for more clients, opening accounts, bending down to customer's requests like account statements.

take it as a stepping stone and then progress to a bank fx dealer. the responsiblities of a fx trader is much more, need to keep in view your outstanding positions and avoid margin calls especially huge sums are involved. usually these traders start by trading with their own money and then hired by banks.

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Old 26-10-2011, 01:35 PM
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Quote:
Originally Posted by Liverpool View Post
Top 100 Jobs In Singapore 2010 | Salary.sg - Your Salary in Singapore

FX Dealer is the second highest in this list.

From what I read so far, FX Dealers are the market makers for FX. A bank (or company) may call the dealer and ask for a quote. If the quote is favourable, the bank will buy or sell a big amt of currencies from the dealer. If the dealer has a big sum on his hand, he may choose to hold or sell immediately depending on his view of the market, thereby making profits (or losses) because of his actions.

However my friend applied for an FX Dealer job, and all he did all day was to get clients (individuals) to sign up to set up forex trading accounts. He is fed up because this is just a sales job. Of course you need some basic FX knowledge to sell to clients but the above scenerio of making big profits from the market is not applicable to him. He is of course fed up because he thought he was going to do what I elaborated in the earlier para. To me, he seems like a broker than a dealer.

So is our perception of FX dealing wrong? Or have banks been trying to sugar coat the term broker and making it sound like you are a dealer?
Some facts here.

1. Your friend is NOT a FX Dealer. FX dealers don't open accounts. No matter which bank, brokerage, fund etc. Your friend is more like an account exec, (not even considered FX sales if he's not talking to clients about the markets n giving them quotes)

2. FX dealer = FX trader (in banks)
Some bank dealers are given mandate to take positions in the market. So they are known as traders as well. But some other bank dealers cannot take positions in market, but they are still dealers nevertheless. (It's not as simple as just putting in whatever trade your customer wants)

3. In FX lingo, brokers are NOT dealers.
FX brokers are typically money brokers (aka interdealer brokers). They are the guys from ICAP, Tullet, Tradition etc, who match trades btw interbank dealers. Typically for less transparent/liquid products. They entertain the dealers to get their business flow.

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Old 26-10-2011, 02:10 PM
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Quote:
Originally Posted by Dealer View Post
Some facts here.

1. Your friend is NOT a FX Dealer. FX dealers don't open accounts. No matter which bank, brokerage, fund etc. Your friend is more like an account exec, (not even considered FX sales if he's not talking to clients about the markets n giving them quotes)

2. FX dealer = FX trader (in banks)
Some bank dealers are given mandate to take positions in the market. So they are known as traders as well. But some other bank dealers cannot take positions in market, but they are still dealers nevertheless. (It's not as simple as just putting in whatever trade your customer wants)

3. In FX lingo, brokers are NOT dealers.
FX brokers are typically money brokers (aka interdealer brokers). They are the guys from ICAP, Tullet, Tradition etc, who match trades btw interbank dealers. Typically for less transparent/liquid products. They entertain the dealers to get their business flow.
I'm interested to know more about the entertainment part. Who exactly do they do to "entertain" the dealers?
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Old 26-10-2011, 03:58 PM
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entertainment is the usual dining with the bank dealers/ golf/ ktv/ drinking/ concert tickets. this is how we roll as money brokers. whatever tickles or interest our customers, we'll do it. you need to be a good conversationalist with your clients and fill up all the silence moments with your clients with tallking points ranging from the usual market chat to cars to property to girls. hope this clarify your doubts.
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Old 29-10-2011, 11:22 AM
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Quote:
Originally Posted by Dealer View Post
Some facts here.

1. Your friend is NOT a FX Dealer. FX dealers don't open accounts. No matter which bank, brokerage, fund etc. Your friend is more like an account exec, (not even considered FX sales if he's not talking to clients about the markets n giving them quotes)

2. FX dealer = FX trader (in banks)
Some bank dealers are given mandate to take positions in the market. So they are known as traders as well. But some other bank dealers cannot take positions in market, but they are still dealers nevertheless. (It's not as simple as just putting in whatever trade your customer wants)

3. In FX lingo, brokers are NOT dealers.
FX brokers are typically money brokers (aka interdealer brokers). They are the guys from ICAP, Tullet, Tradition etc, who match trades btw interbank dealers. Typically for less transparent/liquid products. They entertain the dealers to get their business flow.
Thanks for the advice. Is it v difficult to jump to being an FX dealer?
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Old 29-10-2011, 03:43 PM
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Quote:
Originally Posted by Liverpool View Post
Thanks for the advice. Is it v difficult to jump to being an FX dealer?
No. Just attend one of those seminars, pay up, and you can be one. They advertise daily in the Straits Times.
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Old 30-10-2011, 11:53 PM
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Agree with above users; your friend sounds like an account exec / retail broker

Getting a S&T job at a bigger bank is not so easy and typically involves a ridiculous amount of interview rounds (7+), with bizarre questions; for example here is one I googled: Sales and Trading Analyst at Barclays Capital Interview Question - interviewspy

They usually don't bother advertising in the newspaper classifieds either.

Entertainment varies depending on client and own company policies and preferences. Some clients are met for drinks etc, others prefer intellectual conversations revolving around the market.
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Old 01-11-2011, 08:25 PM
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Quote:
Originally Posted by Unregistered View Post
Agree with above users; your friend sounds like an account exec / retail broker

Getting a S&T job at a bigger bank is not so easy and typically involves a ridiculous amount of interview rounds (7+), with bizarre questions; for example here is one I googled: Sales and Trading Analyst at Barclays Capital Interview Question - interviewspy

They usually don't bother advertising in the newspaper classifieds either.

Entertainment varies depending on client and own company policies and preferences. Some clients are met for drinks etc, others prefer intellectual conversations revolving around the market.
wow thats one crazy qn!
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Old 14-06-2020, 12:41 AM
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Employment is the biggest issue nowadays. Even a person who has dissertation writers for hire an engineering degree in their hands are looking for jobs. As there are employments left for the people so it has become difficult for an educated person to find a good job.
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