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Morning Coffee: How your body and mind respond to a decade in trading. Nomura’s retreat

Middle aged hedge fund managers

These will be your shoes

After 10 years or so working as a trader, some of them at a top hedge fund, you might think you’ll be pretty hot stuff. Unfortunately, you probably won’t be: you will be an amiable paranoiac with a paunch.

This is what Linette Lopez of Business Insider discovered when she attended SALT, the annual Las Vegas hedge fund conference which took place last week. Finance professionals are “dad bros”, said Lopez – their physique is a balance between a beer gut and working out and their minds are obsessed with mitigating risk. Days were partly spent bobbing around the pool, nights were spent dancing in loafers to Pit Bull. The conversation was all about fear: fear of Putin and Iraq, fear of another market crash, fear of Hilary Clinton getting elected. Not that there’s anything wrong with mid-life weight gain and paranoia, but it’s probably not what traders envisage when they’re starting out.

Separately, Nomura is pulling out of OTC swaps clearing in the Americas, Europe, the Middle East and Africa. Financial News broke the story, saying that the Japanese bank has decided that the “evolving and uncertain regulatory environment” makes OTC clearing too much like hard work. There won’t be huge redundancies as a result: Nomura has fewer than five front office staff working in the affected regions and the bank’s trying to redeploy them elsewhere.

Meanwhile:

Ex-hedge fund trader who said he’d never have children has them at 60, loves life in Singapore. (Spundge) 

Once you’ve been a successful trader at Goldman Sachs, you can leave and set up a hedge fund and the bank will funnel private client money your way. (Business Insider) 

Nomura just promoted 15 MDs in Europe. 6 were IBD professionals. (Financial News) 

RBS is supposed to be pulling back from rates trading, but it just hired David Henness, who was most recently head of euro swaps and cross currency at Bank of America Merrill Lynch. (Financial News) 

It’s a good time to work in FX trading! (Bloomberg) 

Citi and Deutsche Bank are losing market share in FX trading. (Bloomberg) 

Rich lawyers are not happier lawyers. ‘The problem with the more prestigious jobs is that they do not provide feelings of competence, autonomy or connection to others — three pillars of self-determination theory, the psychological model of human happiness on which the study was based. Public-service jobs do.’ (NY Times) 

The UK government is in for a windfall when Barclays pays its LIBOR fine. (Guardian) 

Stupid career advice you should never follow. (Quartz)

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