(Kindle ePUB or PDF) Why Arent They Shouting? ✓ Kevin Rodgers
Summary Õ PDF, DOC, TXT or eBook ¹ Kevin RodgersVolutionary events that transformed the banking industry with respect to technology it
Also Touches Upon Importanttouches pon important in risk management and derivatives This book is worth a read for anyone who wants to nderstand the impact of technology on the banking industry 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 rise of the machinesI chose this book on Netgalley because I work in the industry and 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 Silicone Valley than Wall and FX Trader Kevin Rodgers delivers a witty observant memoir regaling a very long career in FX trad 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 web he mentions the I am so that I don t need to nderstand 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 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 The Reunion Mission \ Tall Dark Defender up with something by then he said at last at which my colleague s face brightenedp for a moment but it would be shit Happily his bluntness was matched by his competence and a refreshing disinclination to Her Brooding Italian Surgeon use jargon And another one about the new generation of whizz kids who entered the financial world We started to hire specialists to crunch data like the HFTs did and comep with better faster dealing algorithms These people many of them Russian were not like any FX professional any of The Venetians Mistress us had ever seen One on his birthday sent out an email to everyone in the London FX team tellings 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 Two Steps Forward 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 tite dead yet Within minutes Paul a New Zealander and one of the remaining voice spot traders in London arrived at the birthday boy s de. Often wryly amusing chronicle of this silent revolution that takes s 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 know their spot FX fro. ,
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 neuivocally their common feature of collusion between banks but is the
best explanation I have yet read of how the two scandals differ a This book explains the changingexplanation I have yet read of how the two scandals differ a This book explains the changing 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 the part about all the suspicious 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 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 thisThere 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 The Ranchers Surprise Marriage 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 great job in distilling a lot of often technical insider information into a form that the generalist cannderstand Occasionally it slips and a once open and flowing technical insider information into a form that the generalist can nderstand Occasionally it slips and a once open and flowing 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 knowledge and some thoughts about how things are developing andor failing It makes for a fascinating important read about a subject you might not necessarily have thought you wanted to know aboutAutammecom Really really love it and appreciate how Rodgers describe ho every crisis in his tenure built If you wanna know how technology affecting 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 Kevin Rodgers has written a masterpiece Not only does the book cover crucial re. 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 keyboards Why Aren’t They Shouting is a very personal. Sk with the correct answer I never knew you were a mathematician said the e trader I m not replied Paul bluntly in his Kiwi drawl I just looked it p 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 nstoppable was the mergers and takeovers that 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 ende Paints a picture of the transition of trade floors from past to present and the key events transition of trade floors from past to present and the key events 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 Let s skip the preliminaries Kevin s book is the best I ve read on many levels1 If my mom and dad ever need to know what I spent my youth doing on trading floors across Frankfurt London and New York this is now the best book in print finally eclipsing Michael Lewis original classic Liar s Poker No buckets of guacamole here just the facts expertly and humorously but never condescendingly laid out2 If you want a sober primer on the history of all major financial screw ps from 1990 onward except maybe for the Internet bubble again this is the best in print because it s perhaps the first time an active trader has discussed them all in one book Why Aren t they Shouting brings the perspective that can only come with having had to deal with all of them personally the ERM crisis of 1992 the Emerging Markets LTCM crisis of 1997 98 and the financial crisis of 2008 093 If it s the sundry scandals you want to nderstand about that s covered too Kevin explains extremely well what happened with LIBOR
And What Happened With The FX Fixings Scandal And Herewhat happened with the FX fixings scandal and here re talking 100% horse s mouth level of nderstanding as he was running the FX business for the 1 player Deutsche Bank when that scandal brokeAway from all that the book is MASSIVELY accessible You do not need to have studied finance to read it Small caveat I actually don t have terribly much time for Kevin s writing style He makes p for that with anecdotes from the trading floor that had me literally laughing by myself as I was reading the book Like for example when the cocky trader was asked to bid aggressively A total classicFinally there s an attempt here at a general theme The big idea is that computers have acted as a catalyst for many of these crises because they have lubricated our slow march toward complexity which in turn has been found impossible to manage He even hazards a prediction that computers will succeed where many regulators have failed in enabling the disruption of the too complex to fail dinosaursMuch as I work in the algorithmic space I don t totally buy this big theme but Kevin NOT a drummer for a top 40 act which he d led s all to believe during his career but hey I can now follow his suggestion from page 4 and google it has packed this epigram to his career with so much solid judgement and wisdom there was actually no need for an over arching theme The attempt at providing one is a welcome bonus. 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 estion Could it be that the technology that has transformed banking – and that continues to do so – is actually making it ever nstable.