Most of the money made by banks in the City is derived from taking disproportionately large fees for advising companies and servicing investors. Being a real trader is very different: it involves trying to beat the market on a level playing field without any fee cushions, where age and qualifications don’t matter; where there is a fight between you and the market, which without a strong trading process and risk control, can never be won; and where commitment is 24/7 and sleepless nights rule your life and never stop, no matter how successful the past has been.
在伦敦金融城里,银行的大部分收入来自它们为企业提供建议、为投资者提供服务所赚取的巨额佣金。一名真正的交易员则完全不同:后者要努力在公平竞争的基础上打败市场,没有任何佣金作为缓冲。在这里年龄和资格并不重要;在这里你和市场对战,如果没有稳健的交易过程和风险控制,你永远也不可能赢得胜利;在这里是7天24小时待命,你会有无数个不眠之夜,而且永远不会停下来,无论你曾经取得多么大的成功。
Adoboli’s job was not, in the strict sense, that of a trader. He was not trained to have a trading strategy based on in-depth research into companies or market direction. He was just a tiny cog in the giant UBS machine, hired to make an almost riskless profit dealing in listed structured products – some of which UBS was later found by Finra, a US regulatory body, to have mis-sold to clients, resulting in a $1.5m fine. His job consisted mainly of mechanically hedging positions to reduce the risk of the desk, but instead of staying within his pay grade he went rogue. So when people say he was a trader who lost a lot of money when a trade went wrong, to me this seems incorrect: he was not a trader, he was a wannabe-trader-turned-gambler, trying to make up for losses by upping the stakes higher and higher.
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