About
Originally from Australia, worked in Hong Kong, currently work in Singapore. Have dealt in vary degrees with everything (FX, credit, rates, vol, structured, distressed, flow) except equities. Ask away!
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BB or EB? What were hours like? Culture difference? Comp, how was bonus determined? What did you enjoy the most about the job, which country did you like the most? What product was easiest to sale and which was most difficult?
BB What were hours like? 50-60 regularly, if things are happening maybe pushes like 70? It’s more the unrelenting when; I.e. being on desk 6:30-7 every day even if you had been out the night before, and then functioning well on that because any sloppiness causes mistakes which cost a fair bit either in PnL or time to fix. Culture difference? Hong Kong has an edge about it, it’s a true city state that’s got its own vibe, office was far more expat, not as many locals being integrated. Singapore has a need for perfection which can be good in terms of convenience and a different from what people are used to. Far more multicultural with a mix of locals, western expats, Indian expats etc. Comp, how was bonus determined? First few years doesn’t really matter unless your desk is negative, in which case could get zeroed out. What did you enjoy the most about the job, which country did you like the most? I think for me, when I started and did all the interviews (did some for capital markets, ibd etc), the way the s&t guys thought appealed to me. Like there’s this entrepreneurial energy you have, constant developments in the news, always new trade ideas, and ultimately if you’re good enough there’s that idea in the back of your head you could just quit vagabond around the world and trade pa. Country-wise they have their own vibes, I think I’m a lot healthier in Singapore, but would say Hong Kong is more exciting. What product was easiest to sale and which was most difficult? I think the best way to answer that is, how much reverse inquiry does a product have - that would be FX; mainly swaps, vol (not so much spot as that’s all via platforms nowadays); difficult would be distressed - there because it’s a small club, any buyer will think twice before buying from you and any seller is asking why are they buying.
How do you see your role evolving over the next 4 years? Do you want to stay in S&T that long?
I think it will involve a combination of greater risk taking whilst also focusing more on enablement of big trades.
Days of flow market making are numbered. Basically need to focus on best return on RWA, which means you either have great IT infrastructure and large enough market share and quant ability, or you focus on chunkier, harder trades with better risk adjusted upside.
Depending on how the enablement piece works out I think it’s an okay place to be.
which city has the hotter girls: HK or Singapore?
Hong Kong has an edge given I’d argue its more appearance based than Singapore.
First off, thanks for doing this.
1) After working in those three financial hubs, which is your preference and why? (e.g. lifestyle, cost of living, etc) 2) Despite the slimmer margins due to regulations which reduces the bonuses potential, have you thought about walking away from the sell-side?
1) Preference to work all things considered Singapore (ease of life, in addition to overall pay I think achieves the best long-term balance), live when I retire - Aus (think this is true of all Australians). Hong Kong is great now for like 1 week visits.
2) I see evolving regulations and technology basically forcing the industry to split into two types of players; the first being liquidity providers to the mass, or call it the end-state of flow - these have the technology and franchise to provide scale and maintain a good RoRWA. The second being the quasi-advisory/complex risk type of guys; solutions/structuring whatever you want to call it - these are the guys that have expertise in executing highly complex market based deals (think like structured / distressed credit situations, or on the other side deal contingent hedges on m&a, financing deals etc etc). So in answer to your question - I think if you are smart enough to spot the trends and are positioned well-enough internally then as the market evolves you’re able to evolve with it.
Whats your body count whilst over there?
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