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How the Trading Floor Really Works, by Terri Duhon
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A detailed look at what really happens in the front office of an investment bank and why
Trading floors have always fascinated people, but few understand the role they play in the world of finance today. Though markets rise and fall every day, the drivers of those are rarely explored. Those who understand the dynamics of trading floors will better understand the dynamics of global financial markets. This book reveals the key players on the floor, their roles and responsibilities, how they serve their clients, and how it all impacts the markets. It also explains important terminology, explains the world of trading both cash and derivatives, and much more.
Includes a foreword by Gillian Tett, author of Fool's Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe.
Terri Duhon (www.terriduhon.co) is a financial market expert who in 2004 founded B&B Structured Finance Ltd, which provides expert consulting and financial markets training . Her time on the trading floor has been documented in the book Fool's Gold as well as by PBS's Frontline.
- Sales Rank: #543540 in Books
- Published on: 2012-10-22
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x 1.05" w x 6.40" l, 1.49 pounds
- Binding: Hardcover
- 368 pages
Most helpful customer reviews
6 of 7 people found the following review helpful.
Making sense of it all
By jecadebu
Boy, I could have used this book fifteen years ago when I found myself, quite unexpectedly, sitting in the middle of one as a Research Analyst. This was a somewhat unexpected career development, and it was fun while it lasted. But I have to say that half the time early on I was bluffing when someone would say Yadda yadda yadda blab la bla, and I would just nod knowingly. This book would have changed that. I made it through, and know lots of stuff now that I didn't know then. But Duhon's book would have made the whole process easier and more intelligible. In fact, since I still hang out on a trading floor much of the time, I can bring a bit of swagger to the process now, since I can actually claim to sort of know what's going on now--I read this book.
There have been lots of books on the financial crisis the past several years, and several have been very good indeed--Barry Ritholtz's Bailout Nation, Yves Smith's Econned, Joseph Stiglitz's Freefall, and James Kwaak and Simon Johnson's 13 Bankers come to mind here. But these are all fairly generalist books, although some (Smith in particular) go into a fair amount of granulation. Duhon's book, which is actually a primer of what indeed does go on on the trading floor, and why, fills a long-needed gap. Duhon isn't out to explain the crisis. But what she does explain, and very well indeed, is the mechanics of how banks do what they do in what is now, for many banks, their largest profit center--what is the logic for particular trades? What do they accomplish? Who does them? How does it actually happen? What's the result? It's a multi-faceted dynamic, actually something of a mosaic, and the fact that the parts all tend to interact successfully nearly all the time is something of an institutional marvel.
Duhon lays out all the players--not just traders, but the corollary participants in the whole range of trading and dealing--and discusses their roles. She uses three particular trades throughout the book--a treasury bond trade, a structured transaction, and an equity trade. All have their distinct requirements--different customers, different desks entirely, different implications for the market and for the banks involved--but there are clear similarities as well in how the process gets initiated, reviewed by affected parties, and finally executed. None of this takes place in a vacuum--there is usually a good reason behind a particular trade, whether it's just to make a profit for the trader, or to position the trading desk (and the bank) a certain way.
All of this makes for a satisfactory instruction manual. We see how traders impact other parts of the banks they work for. We also see the importance of what they do--providing liquidity being their major role. And we come to understand why in many markets that was difficult to do in 2008 and 2009. Not that this is Duhon's point. But it's such a refreshingly useful book that we come out of it a lot smarter not only about how traders do what they do, but how what they do impacts everything else. As John Muir said in another context, "When we try to pick out anything by itself, we find it hitched to everything else in the Universe." This is as true of banking as anything else--in fact, as Duhon shows, it's especially true of banking. And the book is chock full of examples and actually useful (for a change) exercises for the reader.
Two very minor quibbles. First, while Duhon does a nice job of discussing the difference between Research Analysts and Desk Analysts, she doesn't spend much time discussing the sorts of problems that can arise when the two disagree. Having been involved in some of these, I have witnessed how intense some of these disagreements can be. As Duhon correctly notes, this is an intense environment, and people are protective of their turf. And this is one area where many banks have not managed the turf battles very effectively.
Second, more a technical quibble--Duhon could have spent a little more time discussing the problems that arise when pricing isn't always clear. In most markets this isn't an issue. But in some markets, the corporate bond and CDS markets in particular, price is often difficult to determine, from a variety of factors--lack of liquidity, small issue size, and limited number of banks actually trading the instrument being the principal reasons. This actually makes the picture a bit more complicated at times than Duhon's examples would suggest.
But these are, as I said, minor, and do not detract from Duhon's achievement here. This book should be read by everyone starting out at an investment bank, no matter where that may be, because what happens on the trading floor really does affect everything else. That didn't used to be the case, certainly, but it is now, and will be unless some sort of Tobin tax gets implemented on a worldwide basis. But I hope it receives a broader audience as well. Having listed to some of the stultifyingly inane questions by British MPs and US Congressmen after the financial crisis (which we're still dealing with, by the way), it's clear that most of these people literally don't have a clue how a modern large bank works. This books gives a pretty good picture of what actually happens, and should be required reading among regulators and politicians as well. If they did, we'd be in considerably better shape for dealing with the next crisis when it comes along, as it undoubtedly will. Highly recommended.
2 of 2 people found the following review helpful.
Must Read
By tsmith
This book is a MUST READ for anyone looking to intern or start a career in financial markets; it should be in the same category as Liar's Poker, Barbarians at the Gates, and the Fabozzi series.
For the Intern: this book will give you a leg up heading into your summer. With familiarity of each role and some trading floor jargon, things will make sense much quicker and will allow you to take on larger and more complicated projects to impress your managers.
For the Financial Professional: this book will definitely teach you something about a role on the trading floor you did not know much about. The anecdotes are interesting and relatable (giving you a laugh as you connect them with your own experiences).
For those who don't have a clue: this book will open the door into an industry that has received so much press in the past few years it is impossible to ignore. The author's writing is not technical, but rather inviting to an audience that doesn't know anything about financial markets.
I will certainly be recommending this book to many of my peers.
1 of 1 people found the following review helpful.
Kudos to Terri Duhon.
By MARTIN SMITH
This is an excellent resource for anyone that wants to understand Wall Street and it is about time somebody wrote it. As a journalist covering finance for PBS FRONTLINE in the US, I have found it invaluable. While there have been many books about the financial crisis and its causes, I know of no other book that so clearly lays out the basics of banking step by step. A reader will learn how a modern bank functions, not just how trades are executed but how the various pieces of a bank work together. Anecdotes are included throughout that help to leaven the text and a complete glossary of bank jargon can be found at the back. Many bankers want to hide behind complexity, telling people they'll never be able to understand how things work. A former trader for JP Morgan, Duhon is trustworthy guide for anyone who rejects the notion that it's all too complicated. It's not and it behooves all of us to understand a banking system that so clearly matters to our daily lives. - Martin Smith, producer for PBS FRONTLINE's "Money, Power and Wall Street" series.
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