Life in the Financial Markets. Lacalle Daniel

seen it many times, but had never realised the power and energy it gave off. I had arrived.

      I imagined there would be some kind of training, some period of adaptation, some help. Well, no. They showed me where I would work, in a row together with dozens of analysts who were talking on the phone, entering data on Excel spreadsheets and drafting reports. I was given a telephone and everything I needed, and set to work.

      It was a complete culture shock. No training courses, no meetings to see how you were faring, no progress evaluation. I was with everyone and against everyone. The financial world is fiercely competitive, totally Darwinian. It's not a trade union environment; collectivist, familiar and comfortable. No one wants to waste time. It's assumed that you have been taken on for your skill, that you are able to generate the expected results and that you are sufficiently capable and self-reliant to achieve this without constant mentoring. If your work is not the best quality, someone else who has achieved better results will pick up your annual bonus.

      So I took it as a personal battle. I would not fail.

      I thought back to my first day at university. A teacher came into the classroom and said: “Be aware that I will fail an average of 80 % of the class.” At that moment, I knew it was me against him. I took the same approach at the beginning of my time in London. I viewed it as a personal battle and completely immersed myself in achieving my objectives, of being one of those who succeeded. Quite frankly, I had an awful time of it, and there were many occasions when I regretted being there, in that dreadful apartment with my family thousands of kilometres away, when I could have been calmly working in my permanent, comfortable, secure position in Spain.

      My first major challenge was to pass the FCA (Financial Conduct Authority) exam, in order to be able to operate in the markets. It makes me furious when I read in the press that the financial markets are not well regulated and that investors and analysts are given free rein like cowboys. I would make those people all study for the exams of the CFA or the CIIA (international qualifications of financial analysts), and of course I would have them all study for – and pass – the FCA exams. Day after day, hour after hour, studying the details of one of the world's most complex and detailed set of regulations. At my age. Thirty-five. A fully fledged former Spanish company director wearing a Hermès tie and a blue suit. How ironic.

      1

      These funds, also called “alternative investment funds”, aim to achieve completely positive instead of relative returns on an investment. To this end, they use various hedging instruments, which we will examine later.

      2

      The Bloomberg Professional Service is, together with Reuters, the most comprehensive market data platform in the sector, and publishes prices of all manner of financial instruments in real time.