I understand that some large banks like Goldman, hires some bright traders to their prop desk, or keep a side prop trading book in addition to core business books. Those traders are Goldman employees, paid base salaries and percentage of the trading profit. They use 100% Goldman capital. Then the prop trading firms like Bright Capital. Do they operate the same as Goldman prop desk does? It appears to be different. It is more like a contractor, not employee. I figure trader pays some fees to Bright for the education and use of its office and system. Or trader pays a fee to join. Then Bright lets traders use its capital and take a cut of the profit. Traders are not paid with any base salary or benefits. Anything that I'm missing?