Summary ´ eBook, ePUB or Kindle PDF ✓ Kevin Rodgers
FX from 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 unstabl. 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 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
Free read Why Arent They Shouting?
Why Arent They ShoutingWhen 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 Why Arent Kindle the gentle tapping of keyboards Why Aren’t They Shouting is a. 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
Kevin Rodgers ✓ 8 Free download
Review é Why Arent They Shouting? ´ eBook, ePUB or Kindle PDF ´ ✽ Why Arent They Shouting? kindle Epub ❁ Author Kevin Rodgers – Horticulturetrader.co.uk When Kevin Rodgers embarked on his career in finance dealing rooms were filled with clamouring traders and gesticulating salesmen Nearly tVery personal 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 know their spot. 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 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 kids 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 knew 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 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 ended we all know 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 a 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