EBOOK or PDF [Why Arent They Shouting?] by Kevin Rodgers
EmsThis development also means that the types of eople 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 The Sand-Reckoner piece of analysis by an insanely tight deadline No came the reply Shocked silence ITeople 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 Aztlan people many of them Russian were not like any FXrofessional 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 ower 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 ursued the supermarket model where they wanted to Paris Encore (Zion Covenant, provide a one stop shop of financial services And how this ended we all know Everything started to collapse when oneart of a risky business went bad This bit I found interesting as my Boyfriends from Hell 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 theast to Battered Not Broken 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 theoints 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 What Ive Become (The Humanity Within Book 1) 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 aicture that the The Contemporaries problems were not just caused by a bunch of immoral and greedy bankers It is complicated than that 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 theart 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 Let s skip the UML Weekend Crash Course [With CDROM] preliminaries Kevin s book is the best I ve read on ma. Often wryly amusing chronicle of this silent revolution that takes us from the days ofhone 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.
Kevin Rodgers Ò 8 SUMMARY
Paints a Steampunk Erotica picture of the transition of trade floors fromast to Poker Slave present and the key events along the way Full of lots of great anecdotesMy only criticism would be if havereferred 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 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 To the Golden Shore 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 marketarticipant 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 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 Indulge (Warm Delicacy, 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 can understand Occasionally it slips and a once open and flowing text 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 lowrice you get an impressive Tabloid City personally curated overview of the changes in financial markets in theast 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 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 Kirkland Revels plenty of material at DB to make a good movie 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 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 aersonal 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 To Him Who Sits on the Throne pitched in an arms race against each other for ever faster trading syst. 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 veryersonal.
Ny 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 rint 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 rimer on the history of all major financial screw ups from 1990 onward except maybe for the Internet bubble again this is the best in Youth, Beautiful Youth print because it serhaps the first time an active trader has discussed them all in one book Why Aren t they Shouting brings the erspective that can only come with having had to deal with all of them ersonally 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 understand about that s covered too Kevin explains extremely well what happened with LIBOR and what happened with the FX fixings scandal and here we re talking 100% horse s mouth level of understanding as he was running the FX business for the 1 layer 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 up 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 rediction 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 us all to believe during his career but hey I can now follow his suggestion from Hunt for 901 page 4 and google it hasacked 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 Chasing After Infinity providing one is a welcome bonus 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 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 mosteople would imagine it It s like Silicone Valley than Wall StreetAuthor and FX Trader Kevin Rodgers delivers a witty observant memoir regaling a very long career in FX trading in London The book begins in the heady days of ego bravado Morir por un iPhone - Apple, Foxconn y las luchas de los trabajadores en China phone calls and shouting on a bustling trading floor and takes us to the future To the gentle tap tap tap of a keyboard under a set of large blinking screens It s an interesting read detailing the development of technology within banking along with snippets funny moments interviews anecdotes and Kevin s ownredictions for the future as technology becomes KingAs technology moves faster than we can keep up with Why Aren t They Shouting gives an underlying sense of risky Skynet type shinanigans but were the old days really any better Why Aren t They Shouting is an acerbic account of a trader who was there before during and living after the change in the way bankers and traders work There are lots of interviews and anecdotes from other Captain China Volume 1 people in the industry but this is definitely Kevin s tale to tellTheerfect commuter read for any Dad in the finance business for Fathers Day An engaging and insightful account of how advances in computing Interplay: The Process of Interpersonal Communication power inarticular contributed to various financial crises Rodgers also offers a nuanced view of the libor and and wmr fixing scandals which condemns uneuivocally their common featur. M their VaR or who struggle to recall Cast On, Bets Off precisely how Monte Carloricing 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 unstable.
EBOOK or PDF Why Arent They Shouting? by Kevin Rodgers
Kevin Rodgers was born in Huntsville Alabama on January 17 1972 He graduated from Winter Park High School in Winter Park FL in 1990 He obtained an Associate in Arts degree from Valencia Community College in Orlando FL in 1992 He graduated from Valencia's Criminal Justice Institute in Orlando in 2002Over the last two years several short stories such as Stargazers Paranoia and Claus