QuoteOriginally posted by: bouncerThanks for your reply, ER. Seems very informative and useful but wakes the higher levels of my ignorance:- what does a 'flow' trader do? Sounds like a monkey who executes orders, but I am not sure- what does 'no franchise' mean - is it possible to be a prop trader at a hedge fund? Because I thought prop traders played their company's money while hedge funds those of their clientsAgain, forgive my stupidity - I am trying to get rid of it.While questions are never bad ones, you have thrown in some real insults in there, despite, it would apppear, having not yet shown that you are not a "monkey" yourself. May I suggest you show a bit more humility, before you set yourself up for a serious fall?A flow trader while not a fully defined term, tends to mean someone who trades a customer facing book in a reasonably liquid product. This is a highly skilled job, and some of the best paid people in the city are flow traders. "No franchise" means that just having the seat, and the customer flow, is not expected to produce any profit. A franchise means the existence of customers who will lift offers, and hit bids, and so provide genuine income.And yes, hedge funds are filled with prop traders. The hedge fund is a company, so your last line does not make much sense.