If the trading hours shift to 9-3.30, I guess the basic trades execution will need to be moved from 4⊠To possibly 3? Or having multiple different times for the different markets (which may be the case anyway as there are far east markets in the Roadmap).
Is it a good idea anyway to shorten trading hours? Cultural shifts, work patterns, international markets dynamics will change quite a lot I think.
Not a fan of this personally, but I can see the rationale.
I understand the sentiment but you may still have to start early and finish late. Itâs a trading floorâbeen there, done that and donât miss it.
Automation is a great risk for whatever is left of trading jobs. Maybe if you deal illiquid securities, such as junk bonds or obscure derivatives, you still have a chance.
Goldman Sachs is leading the trendâthat bank always survives:
Goldman Sachs automated 99% of their equity trading jobs over the last 16 years but there is still 34% staffing with mostly computer engineers
(Goldman Sachs automated 99% of their equity trading jobs over the last 16 years but there is still 34% staffing with mostly computer engineers | NextBigFuture.com)
Deutsche is out:
The German lenderâs sweeping turnaround plan, including an exit from the equities sales and trading business, will slash Deutsche Bankâs workforce by about 18,000 employees globally. Workers from Sydney to London to New York received the details of their exit packages Monday â and were left pondering their next move.
(Deutsche Bank Cuts Leave Thousands Chasing Limited Openings - Bloomberg)
Matching buyers and sellers is a job of freetradeâs software and the likes, not humans. Itâs 2019:
Machines will take care of the mundane
Goldman Sachs Sales Executive on Automation on Trading Floor
If youâre a trader or a long-term investor, wouldnât you rather have a working day like this self-made billionaire who is still making money buying and selling equities:
We are moving onto more oversight of automated process, with regular Audit and QA to make sure everything is working as expected.
Those that will be left behind from automation may have the infamous universal credit to look forward to unfortunately.
When I was at GS, we did work long hours, but there was definitely a drive from management to get us to have a more work life balance. I remember the induction there, where we were told to look either side to the people sitting next to us. They said that one of the 3 were going to get married to another GS employee because people worked long hours and would only have time to interact with each other.
Itâs the same with most careers now. I work in IT and back in the day youâd have sys admins manually checking servers and patching them etc.
If you donât move in to or learn DevOps stuff for automation youâll find yourself out of a job very quickly.
The purpose of dev ops almost seems to be to automate themselves, though.
Lol yeah you definitely are right. Itâs automating the jobs that theyâd be doing anyway. But that offers them the ability to spend time focusing on other things that wouldnât have been their problem back in the day.
Job roles nowadays have changed massively for sys admins, before it was server monitoring, building, upgrading etc. Now itâs basically everything and that wouldnât be possible if it wasnât for the help of automation. So in one way automation has made it difficult because youâre expected to have the time and resources now to know more and more which never used to be in your remit, but if you donât keep up with it whilst others develop it, youâll struggle to keep a job.
Though machine learning is a subset of âAIâ but I guess ZipRecruiter/Bloomberg were doing research based on keywords:
UBS used to run the worldâs largest trading floor and one of my ex-colleagues used to go there:
Forget VBA. Itâs Python:
