<p>The last place I left was in 2001. The place just before that I was actually in a structure desk that directly interfaced with the trading floor.</p>
<p>"Nearly every trader codes"</p>
<p>No they don't. My post #59 was completely correct as of 2001, for the places I worked, and for it to be otherwise every one of those people would have to have been dismissed. That is not plausible, I'm sorry. </p>
<p>"traders do need to know how to code"</p>
<p>NO they don't. They need to know how to specify changes to their support analytical staff.</p>
<p>[importance of programming]
Sure it's important. It's SO important that they don't rely on non-expert traders to try to create these important programs in their free time. They use dedicated quantitative specialists who do this full-time. That way the programs are done better. The trading is also done better, because the traders are left to trade.</p>
<p>Anyone who this affects, please do your own investigation.</p>
<p>Program trading has only increased recently after several of the exchanges had enabled electronic trading. </p>
<p>Let me present just one statistic to show you how much it has changed since 2001:</p>
<p>Program Trading Averaged 26.8 Percent of NYSE Volume during Dec. 3-7, 2001
Program Trading Averaged 68.9 Percent of NYSE Volume during Mar. 13-17</p>
<p>Nearly a 3x rise in program trading. </p>
<p>The futures exchanges have increased even more than the NYSE since 2001 (view Eurex).</p>
<p>For example at CME (Globex):</p>
<p>*2001:81.9 million contracts
2005: 772 million contracts *</p>
<p>A 9x increase.</p>
<p>My friend's dad happens to be a MD at an ibank. Although not in trading, the one thing he has said is to know programming. This idea has also been echoed by the trading firm I intern at now.</p>
<p>Five years is quite a bit of time. Especially in a field that is playing catch up in terms of technological innovation (particularly in the U.S.)</p>
<p>No they don't. My post #59 was completely correct as of 2001, for the places I worked, and for it to be otherwise every one of those people would have to have been dismissed. That is not plausible, I'm sorry. </p>
<p>"traders do need to know how to code"</p>
<p>NO they don't. They need to know how to specify changes to their support analytical staff.
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</p>
<p>I have to agree with monydad on this one. Out of the 10 or so people that I know who are going into sales & trading, I think maybe 1 or 2 of them know how to code. And they haven't coded in years. Nor are they expecting to have to code on their job. They're expecting to trade. This information is completely current - these people expect to start their jobs in a few months.</p>
<p>Not only that, but of the many first-hand reports that I have been getting back from people who attended sales & trading interviews, not one of them was ever asked a coding question, or whether they had any coding experience. </p>
<p>That's not to say that programming and algorithmic knowledge aren't useful in trading. Indeed, I think they can be quite useful. But that's a far cry from saying that all traders need to know how to code or that nearly every trader codes. Those statements are way too strong.</p>