Hi,I am having a tough time deciding between to jobs:1) A "graduate position" on the fx forward trading desk of a major European Bank ... this is a junior level position and trading responsibilities would not be immediate.2) A junior ETF (Exchange Traded Equity Funds) Options trader with a major specialized market maker. This position has immediate trading responsibilities and the starting salary offerred is considerably higher.The difficulty I am having is that what my resume lacks at this point is a presitigous name. The European Bank is certainly better regarded than the trading outfit. Although the trading outfit trades significant volume, they lack the prestige. At the same time, I have more interest in ETF options than in the FX Forwards market.I have spent most of my career up until this point in the equities and commodities world. I have no experience at all with FX. Perhaps someone more familiar with FX can address the issue but I suspect that margins are very narrow in FX Forwards as they are a simple product. I suppose that to earn a living one would have to take on sizeable proprietary positions and hence considerable risk? So, I think the focus of both positions might be different. One will be focused on "making markets" and the other will be focused on speculation?Am I reading this correctly?Thanks,jabs

my thoughts on fx are that it is a business where in the next several years, head count will start trending down and there will be much more automation. i'd personally take the etf job.

Yes, margins are on the slim side. FX has been around for quite some time now.That said, I would go with what your gut is telling you. Go for the job that seems more interesting.I might worry less about the cachet of a big name firm in favor of doing more intersting work at a small shop. I'd much rather do analyitical work for a smaller firm than mainstream activity with a larger one. As for remuneration, it's a toss up I guess, but I'll tell you that I'm getting paid much more (base + bonus) at the small commercal bank I'm at now than when I was at a NY IB a few years ago. It's all about the finding the right situation, and you have to choose the all-in best situation for yourself.You might find it easier for yourself if you take out a piece of paper and jot down each firm's pros and cons. List the monetary attributes, benefits package, your potential for advancement within your department, and the longevity of the trading business you'll be joining. As you already observed, FX has been around for ages.Good luck.

Dear, I'm desperately looking for an FX position in London....if you finally decide for ETF, can you please give me some tips on that bank looking for FX FWD ??Thxs ang good luck with your choice.

Thank you for all the responses.While I think margins are tight in the FX arena, I do not believe that "automation" can possibly replace proprietary (speculative) trading. Another product we would be looking at is OIS (overnight indexed swaps) ... I have read a bit on the internet but would appreciate anyone's $0.02 on the matter.Despite all the issues with FX, I am leaning more towards the Bank at this point. Margins seem to declining in every business, including equities. I suppose you just have to be good at what you do. I figured that at a major bank, you can eventually do other interesting things like structuring and product design provided that people like you. There are just more long term opportunities once you have your foot in the door.JABS

Jabs,on the automation side i was speaking more for market making positions than prop trading. You probably would have more chances to move inside a bank that has a number of areas (thats actually my plan).