[Why Arent They Shouting?] Kindle × Kevin Rodgers

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Him IT manager whether his team could complete a piece of analysis by an insanely tight deadline No came the reply Shocked silence IT people were normally a walkover Well I suppose we could come up with something by then he said at last at which my colleague s face brightened up for a moment but it would be shit Happily his bluntness was matched by his competence and a refreshing disinclination to use jargon And another one about the new generation of whizz ids who entered the financial world We started to hire specialists to crunch data like the HFTs did and come up with better faster dealing algorithms These people many of them Russian were not like any FX professional any of us had ever seen One on his birthday sent out an email to everyone in the London FX team telling us we could have a slice of his cake if we could tell him the first derivative of X to the power of X I sighed to myself uizzes on calculus weren t really a great way to fit in with others on the trading floor But the feisty old spirit of FX wasn t uite dead yet Within minutes Paul a New Zealander and one of the remaining voice spot traders in London arrived at the birthday boy s desk with the correct answer I never new you were a mathematician said the e trader I m not replied Paul bluntly in his Kiwi drawl I just looked it up on the Internet Now give me my cake He returned to his seat with some chocolate gateau to the sounds of laughter and applause The other area of risk that was growing unstoppable was

The Mergers And Takeovers 
mergers and takeovers lead to all the money in the world being managed by a smaller and smaller number of firms Banks pursued the supermarket model where they wanted to provide a one stop shop of financial services And how this ended we all now Everything started to collapse when one part of a risky business went bad This bit I found interesting as my personal experience was the opposite I found that increasingly one had to shop around for the best deal ranging from getting a credit card to arranging a mortgageIt is understandable that everything has become so complex in the financial industry that humans are no longer able to understand the risks being taken The computers now also take care of risk management A weakness here is using the past to predict the future It might notAnd finally the author also focuses on the role of the regulators Who amongst us lesser mortals took any notice of the 1999 Gramm Leach Bliley Act that ended the separation of investment and commercial banking brought in by the Glass Seagall Act of 1933 The latter was separation of investment and commercial banking brought in by the Glass Seagall Act of 1933 The latter was result of the 1929 stock market crash that heralded in the Great Depression Despite the financial crisis this blog by Michael Goldfarb notes that the regulators are still not really doing their jobI ve only highlighted a few of the points that stood out to me This book contains A book that I would recommend reading and then reflecting upon Don t worry about the alphabet soup of financial acronyms A glossary is provided at the backIt has not cleared the distasteful impression that I formed during and after the 20078 banking crisis but I do now have a picture that the problems were not just caused by a bunch of immoral and greedy bankers It is complicated than that Kevin Rodgers has written a masterpiece Not only does the book cover crucial revolutionary events that transformed the banking industry with respect to technology it also touches upon important concepts in risk management and derivatives This book is worth a read for anyone who wants to understand the impact of technology on the banking industry. M their VaR or who struggle to recall precisely how Monte Carlo pricing operates But it’s also an account of thirty years of seismic change that raises a deeply worrying uestion Could it be that the technology that has transformed banking – and that continues to do so – is actually making it ever unstable. ,
An engaging and insightful account of how advances in computing power in particular contributed to various financial crises Rodgers also offers a nuanced view of the libor and and wmr fixing scandals which condemns uneuivocally their common feature of collusion between banks but is the best explanation I have yet read of how the two scandals differ and why THE ISSUES ARE NOT AS BLACK AND WHITE AS issues are not as black and white as are usually presented due to the illiuid nature of the interbank lending market for libor and the fact that executing a wmr fix necessarily involves trading in the market around the time of the fix We need experienced heads like Rodgers s in banking or else we are condemned to repeat the mistakes of the past but given the capital constraints and heightened regulation of banks now it seems likely that the next crisis is brewing elsewhere Crypto anyone The rise of the machinesI chose this book on Netgalley because I work in the industry and Redeeming the Republic Federalists Taxation and the Origins of the Constitution know that the norm on a trading floor is well no trading floor as most people would imagine it It s like Silicone Valley than Wall StreetAuthor and FX Trader Kevin Rodgers delivers a witty observant memoir regaling a very long career in FX trading in London The book begins in the heady days of ego bravado phone calls and shouting on a bustling trading floor and takes us to the future To the gentle tap tap tap of aeyboard under a set of large blinking screens It s an interesting read detailing the development of technology within banking along with snippets funny moments interviews anecdotes and Kevin s own predictions for the future as technology becomes KingAs technology moves faster than we can eep up with Why Aren t They Shouting gives an underlying sense of risky Skynet type shinanigans but were the old days really any better Why Aren t They Shouting is an acerbic account of a TRADER WHO WAS THERE BEFORE DURING who was there before during living after the change in the way bankers and traders work There are lots of interviews and anecdotes from other people in the industry but this is definitely Kevin s tale to tellThe perfect commuter read for any Dad in the finance business for Fathers Day Really really love it and appreciate how Rodgers describe ho every crisis in his tenure built if you wanna now how technology built If you wanna Plato and Parmenides: Parmenides' Way of Truth and Plato's Parmenides know how technology money market or financial currency market you have to read it This book is an eual of The Big Short Michael Lewis in FX market Let s skip the preliminaries Kevin s book is the best I ve read on many levels1 If my mom and dad ever need tonow what I spent my youth doing on trading floors acro A good readWell researched and argued if a little dry Given the insane times I was hoping for something a little revealing There was certainly plenty of material at DB to make a good movie The financial world has changed both for good and bad yet some of the character and colour has been ripped away with the breakneck rush to add technology into the mix This book gives a personal account of this revolution from somebody who had a senior role within explaining a bit about the financial world and some of its innermost secrets at the same timeThe author s focus is on the foreign exchange FX side of the business because that was his speciality yet the automation issues eually apply in other sectors just as the general changes to the method and way of financial trading are eual throughout This is a book that can be different things to different readers yet it is far from being a technical nerdy or insularly boring read A curious generalist as well as a cynical market participant may both enjoy thisThe. When Kevin Rodgers embarked on his career in finance dealing rooms were filled with clamouring traders and gesticulating salesmen Nearly three decades later the feverish bustle has gone and the loudest noise you’re likely to hear is the gentle tapping of eyboards Why Aren’t They Shouting is a very personal. ,

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Re is a serious side to the book as well with the author wondering whether the explosive transformation that has occurred to the financial markets through technology could actually be endangering it especially if unchecked The author believes that the massive changes to the financial markets in the 1990s and 2000s may have strongly contributed to the 2008 crash since technology made the creation of ever complex financial instruments easy and high speed trading networks encouraged greater speculation It is not a rant filled book but it may plant a seed or two of thought in the minds of many For the rest it is just an eye opening humorous and engaging readThe author has done a just an eye opening humorous and engaging readThe author has done a job in distilling a lot of often technical insider information into a form that the generalist can understand Occasionally it slips and a once open and flowing text becomes a little impenetrable and insular yet this does not overall spoil the book For those who like to read there is an extensive range of notes and sources at the end of the bookFor a really low price you get an impressive personally curated overview of the changes in financial markets in the past couple of decades a bit of market nowledge and some thoughts about how things are developing andor failing It makes for a fascinating important read about a subject you developing andor failing It makes for a fascinating important read about a subject you not necessarily have thought you wanted to With Krishna's Eyes know aboutAutammecom Paints a picture of the transition of trade floors from past to present and theey events along the way Full of lots of great anecdotesMy only criticism would be if have preferred a bit technical detail I work in the field but actually the fact there isn t makes it so much accessible for new joiners or those curious as to what trade floors are like and how they evolved This book explains the changing nature of banking jobs concepts and biggest scandals in the history of finance all with amazing ease It even tells you about the life of an MD the part about reading all the the life of an MD the part about reading all the emails your subordinates send to each other flagged to you by Compliance I wish I had read this book at the start of my career in finance Could have saved me hours of scouring Investopedia and desperate Googling Lol Another book about the financial crisis This one takes a slightly longer view than just the crash of 200708 and was written by a banker ie someone on the inside The surprisingly engaging writing makes it accessible to the likes of me who have a very tenuous and naive grasp on the world of financeKevin Rodgers started writing this book after retiring in 2014 and much of the book is a personal memoir of his time in banking His career started in foreign exchange FX at the beginning of the 1990s and coincidentally ran in tandem with the rise of computers in the industry At the start of his career computers mostly assisted with the back office side of transactions but nowadays computers have taken over the actual buying and selling in an automated way Much of this development is described and it makes for interesting reading Whereas at the beginning humans made the decisions these days algorithms do it All the banks are pitched in an arms race against each other for ever faster trading systemsThis development also means that the types of people who work in banking has changed In an interview with the author I found elsewhere on the web he mentions the I am so clever that I don t need to understand what I am doing attitude Here is an anecdote that reveals somewhat regarding the relationship between he bankers and the IT staff A senior colleague of mine banker once asked. Often wryly amusing chronicle of this silent revolution that takes us from the days of phone calls hand signals and alpha males to a world of microwave communications complex derivatives and computer geeks In addition it’s a masterclass in how modern banking works for those who don’t now their spot FX fro. ,

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Why Arent They Shouting?