FI-Girl. Super hero. Or heroine to be exact. A noun defined as ‘A woman admired or idealized for her courage or noble qualities‘ (with thanks to Google). That’s how I would describe the journey and the uphill battle our next interviewee has had to face.
She has had to:
- learn the fixed income sales and trading in investment banking from scratch
- move from Sydney, to Hong Kong to UAE and back again (at the time of writing!)
- overcome big cultural differences
- work from 9am to 1am for months on end (we kid you not)
- find time to squeeze in her MBA in banking
Now if that is not heroine material then I don’t know what is.
You want other reasons to read this?
- Hear FI-Girl’s stories on Front – Middle – Back Office
- Why it’s not that easy to land a job in Sydney (even with all your international experience)
- Her encounter with ‘The Man with 3 PhD’s‘
So let’s not waste anymore time. MMA Intervews presents: The Adventures of FI-girl
IN THE BEGINNING
MMA: Happy post-Mayan era B! We’re still living and breathing I see.
Bernadette: Yes, thank the heavens for that. Hahaha.
MMA: So I know we’ve been talking a while about getting together and putting this down as you’re background is a little bit different from the other interviewees I’ve had so far.
I understand that you started working in this field with one of the I-bank. What did you exactly do?
Bernadette: I was in Corporate Banking. I was a junior in settlements and did settlements in the old Austraclear. I settled Money Markets first – cash, depo’s, overnight. Then eventually I moved on to P-Notes and CD’s. Anything up until 1 year basically.
MMA: How did you get into that?
Bernadette: Well prior to that I was working in insurance industry doing claims assessments when this job came up (financial markets operations role) and it sounded interesting enough so I applied.
MMA: Straight application process then.
Bernadette: Yes it was. I stayed there for a year.
MMA: Fair enough. I know we want to make use of your time to focus on the markets.
So what made you move into another I-bank?
Bernadette: I felt like I needed to grow. It’s a big institution so I thought it was a great opportunity.
There were actually 2 roles there available as this was in the middle of the boom. Back in 2005 there was quite a demand for fixed income specialists and what may have helped is that I had a passion for it. People that were in it in those days were not considered to be the ‘cool people’. What I mean by that is, back in 2005, equities was the place to be so there was less competition for fixed income roles – an added plus for me.
Anyway I started in settlements working with this really old DOS looking system which I believe is still there. It looked similar to the old Austraclear system.
So I was clearing trades in Euroclear between London and Sydney. And I was instructing custodians on what they needed to do on their end by sending them instructions via the system. I’m probably making it sound easier than it is but there was a lot of manual work around this; looking up manual codes prior to sending out instructions type work.
MMA: Are we still doing that?
Bernadette: I’m pretty sure that’s still how they do it.
Anyway I was in Sales and Trading Support but I was brought in to help the Sales guys. Tasks were things like settlements, helping assist with the sales queries from fund managers, hedge fund managers etc. around Sydney, Melbourne and some other international cities. We had hedge funds from San Francisco calling in with their instructions and we had to liaise with operations overnight. Back in 2005, triple rated bonds were quite popular so The Aussie Govies were quite fluid in the bond market.
But basically, I was just handling the back end side of things, confirming trades, getting them pre-matched in Euroclear. I did that for 3 years.
MMA: So around that time you were thinking of the next step..
Bernadette: ..3? Well after 1 year I was already thinking about the next steps – hahaha!
MMA: One has to keep on moving forward. Or at least, thinking about it.
So I was placed in this mentor program and that’s where I started my Diploma in Financial Markets with you.
MMA: Yes, that was a while back wasn’t it?
Bernadette: Tell me about it.
WHY RELATIONSHIPS MATTER
Anyway I finished that in 2008 and at that stage I really wanted to move. My dream back then was to move into Middle Office. But I knew there were going to be challenges having to do that in my current work place. You know working so closely with MO – people get certain impressions about you. So if you’re not in the ‘IN Group’ with those guys, then you just can’t do it. It’s maybe that you don’t get along with the manager or other MO guys. To get promoted into another business unit means that you would have had to be down with them from the start…you know, in their inside group.
MMA: The old ‘Front Office – Middle Office’ friction.
Well…It’s not limited to that is it? That’s just any business unit that deals with another on a frequent basis. If you’re attempting to move to another business unit that you have frequent dealings with, if that dynamic is not working from the start, then your chances are slim. It gets even worse, if there’s natural friction between those 2 business units and it becomes an ‘US verses THEM’ thing. That’s everywhere.
Bernadette: Yes it’s the institutional thing. So I started looking for MO roles everywhere and applied for one in another region – it was Credit Trading MO. Coming from Fixed Income background was actually perfect; when you do a CDS, you do a bond, and that’s how you hedge your CDS.
So I was armed with my diploma and I just completed my bridging course and received my RG146 trading license in Australia. I went for the interview, they liked me but then the role got put on hold for about 3-4 months. But once it was taken off hold, they immediately called me and asked me to resend my CV as they needed to fill their head count ASAP.
MMA: It was meant to be.
Bernadette: Yes. Within 3 days I got the contract to go overseas.
…then, 2 months after I landed, Lehman happened.
GFC AND ITS IMPACT
MMA: Oh no. Then what happened? Did it impact you guys?
Bernadette: Yes and pretty quickly. We lost one person on the team and my senior hiring manager in December. That was shocking and swift.
MMA: At that point in my life, I was in a Structured Product project and I remember being summoned in a large conference room with all projects. Basically the head of the area came up and listed all the projects we had on and said “if the ASX hits this level, these projects are going to go…if it hits this level, then these projects are going to go“. My project was in the bottom half and sure enough, we had to pack up and leave.
Bernadette: It was a pretty bad time everywhere.
HONG KONG: CULTURAL DIFFERENCES
MMA: Yes it was. Anyway, moving on. Any big cultural differences you would like to point out?
Bernadette: HK was a processing line. The mentality was if you take the ink out of the stamp, they wouldn’t necessarily know what to do. So if you imagine a processing line where one area are in charge of stamping, if you run out of ink, the guys there would get confused. So there’s a lot of training…L&D brought over by the West to teach and run the place. The ex-pat community was quite strong; there were imports from Australia, London and New York there.
MMA: And longer hours?
Bernadette: 9 in the morning to 1.
MMA: Say what?
Bernadette: 9-1 in the morning. I did for about 8 months in novations for CDS and IRS on behalf of 2 regional offices. And I did that to prove that I can handle work which led to an interview in the flow desk within MO.
MMA: Can I step back again and understand this correctly; you worked from 9am to 1am…Are you nuts?
Bernadette: Haha…let me try to wrap context around that then. This was just post-Lehman and we lost a couple of people. Work was a processing line and not all areas were documented. The hours were to learn and come up to speed with the systems and processes.
That plus I had to keep pace with the work that hits my desk. So the hours were longer but that was an exceptional circumstance. And no one else was there mind you, except yours truly and my new boss. You can say that it was a job-saving exercise. We knew we would be shown the door if we weren’t up-to-speed.
My boss was not spared in the end, unfortunately.
MMA: Thanks for clarifying. I was getting worried there and I didn’t want to panic some readers.
‘INS AND OUTS’ OF TRADE SUPPORT
So in your work in MO..?
Bernadette: Yes that was sitting with the traders on the desk but I was classified as MO.
I was working my butt off all day, getting yelled at while booking up to 200 trades a day. I was there for 19 months with 12 hour days, roughly 9am – 9pm.
I would go to the gym on the 2 hour lunch break to burn off steam, or if necessary go home for a snooze. That’s right – there was a 1-2 hour lunch break perk. So as you see, it wasn’t that bad.
MMA: There you go; living it large in HK!
Bernadette: Hang on just a moment. I didn’t mention that I would also get called in frequently when there were treasury breaks at 11pm – triggered by a scheduled system update. I would have to go in and amend to match. So it was pretty crazy.
MMA: No remote access?
Bernadette: No, they were quite strict on remote access. They wouldn’t allow it unless you’re a Director / MD. I had to physically come in as I needed access to all the trading systems. Remote access to trading systems is usually very scarce.
MMA: Right. Understand that.
Bernadette: So my 2 years stay in that place was spent on:
- liaising with traders / brokers
- fixing the breaks
- improving STP
- writing procedures
- testing upgrades or new system functions
- working on projects
- rolling out novation systems to meet Fed mandate for CDS legislation
So any dreams I previously had of joining FO as a trader was really crushed out of me by the time I finished my 2 years there. I realised that I’m best with an operational / front office support style role.
Anyway I went on a holiday in UAE and had a really good time. I had a friend over there who was working in another i-bank in equity derivatives sales. So I knew they were hiring based on the information I was receiving from my friend. It was for Rates and FX desk which I applied for and off I went!
Bernadette: I see the market in 2 different ways; equities and fixed income. FX and Rates are all part of fixed income. You’re either on the equities or FI bandwagon. Moving into Rates and FX were not foreign concepts to me due to the natural tight coupling with FI.
It was a big plus in terms of getting in-depth exposure into 2 those areas and complete my little FI product knowledge suite.
MMA: You’re a “FI-girl”.
Bernadette: Yes and under the FI umbrella business, I was Front Office FX Trading and Rates support. There are different setups between banks. Some trading assistants and trade support roles are classified as ‘Product Specialists’ in local banks in Australia. Some are ‘MO’ while others are ‘Trade Support’.
But beyond classification, my work was to support FO guys – be it traders, dealers or sales.
MMA: Can I get this process right then. When a trade is dealt by someone that originates the deal, you receive the deal and book the trade. As soon as you book a trade, it then goes to the trader’s risk. At that point, the trader can see their trade risk.
When the trade is completed, it is fed down to operations who settle the trade.
Bernadette: That’s right. Usually banks have a risk system back-to-back with their settlement trade system. You can have a booking system which has live risk with it or you can have that risk system off-to-the-side calculating your risk. Then downstream you have operations validating the trade details further down the line.
So the risk reconciliation ultimately is held by the traders; they’re held accountable for the sign-off of their risk on a daily basis to the trading heads.
As you would probably expect, some traders are pretty hands on with managing their risks while others make junior traders accountable for the risk – rec, it really comes down to the kind of person you are; whether you like to keep a close eye on your risk on-screen or you know it in your head and the system runs second as a back-up.
Some banking cultures also force their traders to be more hands–on and vice versa. Generally these days, there’s not a lot of risk breaks…the world has changed and we have become more efficient. Missed trades/breaks in the risk feed are gigantic issues.
But you know I’m seeing more traders involve graduates with reconciling their risks. What I mean by this is that they get the grads to create macros and spread sheets to handle it. That’s with the banks that still use the spread sheet method for this function. Some have invested heavily in technology to automate this. For example I heard that BNP Paribas has risk live. Most banks don’t. I’ve heard that others have terrible systems. Others have it in-house and make their own while others, get an off-the-shelf system and configure it to their business.
MMA: A wise investment by BNP no doubt.
You know traders that move in between banks usually know what they’re getting into. They know what kind of systems that bank has and they usually carry their own spread sheets. They just get the FO tech to link up all their feeds to BBG/Reuters and they’re done. It’s a very individual approach which varies a lot between traders.
Tools aside, traders just have their own ways of working. They can leave IP behind but their approach remains the same in managing their positions and risk handling. You know Excel formulas are not owned by banks IP; they’re used in standard market practice e.g. PV01, PnL etc. are standard calculations used on financial markets products. They’re just a gigantic calculator. Banks don’t own Excel, right?
Bernadette: But generally you book the trade and the risk batch is run once a day. That’s kind of still the norm in banking. You have a risk batch which you have to make the booking under a cut-off time…say, Asia time zone midnight, for example. That can be how your regional batches are run – no such thing as a global batch as markets work 24-hour and generally are handled by regional settings. This is all time stamped based on system configuration and most systems do NYT or GMT or sometimes where their corporate head office is.
So if your risk and booking are messed up, it’s another whole day til you see the results in the risk system. To compensate and to be proactive, traders have an Excel dump from the risk system. This allows them to edit any particular stuff-ups manually. By doing so, they have a more live risk approach in lieu of not having a trade risk system which has live-risk capabilities. That’s how I’ve seen things work.
With my current employer, the risk is backed-to-back with the market. It’s bucketed risk which is handled through our risk treasury.
My role in all of this is to make sure everything works smoothly, keep the traders’ minds at ease with the positions and the running of their positions.
MMA: Can we get expand on that risky business bit.
So I understand how the FO handles the risks – when does MO get involved in the process?
Bernadette: Well, you have a trade that feeds into operational risk feeds. Vanilla trades don’t usually go for checking by MO. In terms of equities and futures that have a spot price, volume, profit and value date – these are the simple trades that have:
- codes already setup,
- SSI in place,
- Pre-set common counterparties defined e.g. your Deutsche, ML, Goldman’s etc. These are known as market counterparties…the major players.
And the trade feeds straight down no issue.
But, then you will have trades that are not pure vanilla which then needs to be checked…it needs to be verified and needs to be processed. These are the ones that feed into the MO queue. A lot of the banks have this monitored under a more sophisticated derivatives system e.g. Oasys, Murex or Calypso. Just on this, I’ve noticed that Murex is becoming very popular.
This system would have a risk, MO, reporting and trade validation function.
When I say that, it has a set of functions for stopping the trades in the flow, verifying it and committing. So that’s like accept, correct or reject (nack).
MO have the responsibility of checking each field, making sure that it matches the term sheet with all the broker confirmations and all the client instructions (sales trades) etc. These are called source documents. Once that’s sorted it goes down to BO for processing. For urgent matters close to ccy cutoffs the phone and chat is used to traders – email is used predominantly for queries.
ISDA trade matching issues are dealt with via the derivatives documentation team and if they get stuck, they send the issue to me. This just means that I consult with the trader on what he/she agrees and does not agree to. Or just check the term sheet / short and long form confo with the broker at the time of execution. Generally we comply with market standard. Sometimes however, these matters with counterparties turn into a trader pissing contest which can be quite amusing.
For the movement of cash, it can either go out manually, by batch or through automation e.g. SWIFT payment for FX. Local settlement goes through EXIGO for local payments – AUD bank-to-bank. Euroclear / Cedel for Bonds, DTC for US bonds in 144a. Fedwire for US treasuries and that’s all detail in my FI world.
In terms of equity you have each exchange house that you clear to. Although I shouldn’t talk about equity – that’s not my world.
MMA: Comprehensive. I’m glad you detailed as it brings clarity in this space.
UAE: CULTURAL DIFFERENCES
So let’s get stuck into your new role after HK. What’s difference?
Bernadette: The culture was very loud so that’s different. In HK for example, I could hear a pin drop on the trading floor and the ticking of keyboards. That was very foreign to me.
Bernadette: All you heard was type type type…although some traders are still quite loud.
Westerners are generally louder in HK. We are called ‘Gweilo’ over there.
People talk to each other on chat even though you’re beside the person. I tried this approach in UAE and they were like “what in the world are you doing – I’m just here. What is wrong with you?” So that was different.
UAE culture is much closer to Australia in terms of being more transparent whereas in Asia, things were very behind the scenes…some could say sneaky. But in UAE I would receive an attitude. I once asked a question about something or the other to the trader and they retorted “what do you think I am? Do you think I’m going to train you? Go learn it yourself – I had to!” That would never be said in Asia.
MMA: Ok. That’s a big jump.
Bernadette: And I got told that I chew gum like a horse.
MMA: I’ve got some gum here – can we test that?
MMA: I’m pulling your leg.
So what did you do over there?
Bernadette: I did Interest Rate Derivatives in FO but I had more hands-on responsibilities with the risk – more so than MO. The classification over there was different.
I had to do the EOD risk, PnL reporting, monthly turnover reports. It’s something usually a junior trader would do. So I did all that and played around a bit in Excel. But later on, I found that it’s not really me. It’s good in terms of using it as a stepping stone / assisting the COO’s office, the office BUM or BPM. It was cool as I now know the way things are done. But in terms of content, it’s not really my thing. I’m more of a problem solver, than a problem creator – Ha!
MMA: I know your bread and butter is the operational controls side of things.
Bernadette: Yeh. Looking into breaks etcetera. Mini projects – things like checking trades, broker confirmations, creating procedure, checking brokerage charges. A real heavy controls emphasis.
I’m constantly looking to improve things like STP and the flow of the business where possible.
I did one for sourcing credit excess reports and I was told by one of the rates traders that “you will not be able to do that!” I went ahead and did it, with a bit of poking around with IT and the developers. It’s now live and all. And they were just shocked. So I received a lot of good feedback from management and I found them really cool. So here’s a tip for your readers:
“DON’T EVER GO BY WHAT ONE PERSON TELLS YOU. BE PROACTIVE AND DO THE INVESTIGATION YOURSELF.”
MMA: Nicely said.
I’ve always known you as the half glass full and take initiative girl. Well done!
Bernadette: Thank you.
Yes. Culturally there were a lot of grads in the place. A lot of those grads have stayed with the company so there was also a lot of insider-outsider dynamics which I found frustrating.
MMA: People are sticking to one place longer.
Bernadette: They do but I also found a lot of grads quitting too as they weren’t getting paid as much as they thought they should. And these were 22 year old grads that were made traders or sales guys. I understand that they were smart enough to do the job but I’m not so sure they were mature enough.
MMA: In this environment, they’re lucky to have a job.
But to your point it’s that lack of experience and tact that experience usually brings…
Bernadette: …yes and I guess you can understand my frustration when I bring 10 years of markets experience and I’m getting this snobbery from someone who came straight out of uni…and we we’re only 5 years apart in age!
Maybe it’s just the place where I was – it was over-run by graduates.
HE OF THE ‘3 PHDS’ FAME
MMA: Now I have to ask you this question since you brought it up in one of our previous conversations; you worked with a guy with 3 PhDs. What was he like and can this guy execute or is he straight theoretical?
Bernadette: Yeh he was amazing. He was the regional head and very well known. An amazing guy and he became my mentor.
He’s a lovely guy, quiet, non-confrontational. And quite smart. He went to MIT in USA for his PHD’s.
He was trading futures at one point. He created his own algorithm for futures trading and he was making $25k a day. That was his magic number meaning as soon as he made that, he was done for the day. He shut all his positions. He did that for a month and eventually got bored of it.
He gets bored quite easily…
MMA: …I can see that. He has 3 PhDs!
Bernadette: Haha, yes. He was a manager of different products at different banks previously. So now he’s more into sales and development of a particular market which needs it. Mind you, this is great for him as it is different challenge for him.
At the same time he is a people person. He has a lot of admirable traits that he brought to the table.
COLLECTING PIECES OF PAPER: WHY DO IT?
MMA: OK. Let’s touch on your studies now. First it was Kaplan and now you’re doing your MBA. The driver for each of those?
Kaplan – that was mandatory right?
Bernadette: No it wasn’t. You know FINSIA had a good name in the industry and when I was 23, my mentor then convinced me that it was time to consider it. I went straight into the workforce after high school so I had no degree.
It was called the SIA back then – then FINSIA, then Kaplan – for Diploma of Financial Markets. It’s really well known in banking for both local and international banks in Sydney. It was a bloody hard and a lot of work. I like comparing it to going to Uni for a 2yr bachelor. I didn’t really know how hard it would get until I was doing the work. Quite technical for what it was.
…And working with you, you really helped me get through it. Remember those option expiry diagrams?
MMA: How could I forget? It wasn’t that boring.
Bernadette: Getting to the lectures really helped me as I’m a visual person. Those lectures were amazing.
The sense of completion after 2 years was amazing. And the bank paid for that and I got my traders license on top which was a bonus.
This was a personal thing for me…it had nothing to do with anything else. And I have natural interests in banking and the markets.
MMA: And that’s presumably why you’re doing your MBA; which is why you’re funding it yourself.
Bernadette: That’s right.
So I finished my Technical Diploma in 2008 and I had a hiatus from study. That was great for a while but then as I got closer with my mentors and managers over time, I’ve realised that you really need a degree. It’s your ticket for the future. I already had years of experience to back me up but I needed the paper.
I was happy to do a bachelor but I qualified to do the MBA in Banking for a University in London based on experience and the qualification I had. Any application when you don’t have a bachelor goes to the board and it’s a special admin. So I applied and got in and it was an amazing day for me.
MMA: Well done. I’m really proud of you.
Bernadette: Thank you.
In 2011 I started my MBA majoring in Banking; a lot of the subjects are regulation based with particular focus on GFC and its effect on the UK. Compliance, Regs and Fin Law, Corp Finance, Risk Management…with that comes technical knowledge on why we have procedures and controls etc. This is fascinating for me as I’ve always been diligent with controls.
MMA: That’s your background..
Bernadette: Yes. That’s how I was trained.
In the trading floor they say that I’d make the perfect wife as I’m nagging that much.
MMA: Hahaha. I won’t comment on that one.
Bernadette: People know that I’m passionate; I’m strictly by the book and won’t do anything that’s not allowed. I question everything if I am not comfortable.
I’m sensitive with compliance and control issues as I’ve just been taught the correct way. The combined manager’s experience I had in my first two banking jobs added up to 100+ years’ worth of experience so I’m really happy and grateful for the training I had when I started. It was drilled into me.
BACK TO OZ: JOB MARKET LANDSCAPE, FUTURE VIEWS AND PERSONAL GOALS
MMA: Can we quickly touch on when you came back to Australia as I know you had some early difficulties finding work.
Bernadette: It was 10 weeks to get a role again, a bit longer than I expected. The market is quite different now from when I left it. Banks are very cautious with their hiring to say the least. Obviously there’s a lot of thought and consideration during selection stage as they want more bang for their buck. If you tick 9 out of the 10 boxes the hiring manager will wait for someone to come along that ticks 10. That’s just the way things are now. The hiring process takes a lot longer. It doesn’t make much of a difference too with my international experience – there are fewer jobs with same amount of job-seekers. It’s just tougher out there.
MMA: What happened in-between? Obviously you asked from feedback from the agent and they said you did well.
Bernadette: Yes they liked me but they just left it on the stove. The project that I’m on is a 3 year project so I guess they were like “we want her but we want her when we get to that phase of the project…it’s not there yet.”
MMA: Sounds like natural timing for projects. Sometimes it sits with finance for a while too.
Bernadette: Exactly. They had the head count and they had the ok but it was more about timing for them.
I had other interviews which most of the roles really didn’t appeal to me or my experience didn’t match. I wanted to move into a different direction with what I was doing too. I didn’t just want to turn back to what I was doing before.
MMA: Ok cool. So now your personal opinion on Australia and where we are headed..
Bernadette: There’s definitely a lot of compliance change roles; there’s a lot of scope for change and improvement in communication between tech and the business side of things. There’s more of reputational risk and there’s a lot of new regulation coming through. If you don’t get up to speed and get on top of it, you will be in a competitive disadvantage. It’s a bigger deal now as you won’t get hired.
Personally I do want to focus on being a pseudo consultant in the markets. I like having that direct line into the business.
MMA: Consulting projects?
Bernadette: Yes maybe some projects. Maybe BAU too for a corporate bank. I don’t mind the flow of work too.
I’d like to be a BUM but it’s a lot of accounting skill which I don’t have yet. And maybe I’d find that part a little bit boring.
MMA: Fair enough.
Bernadette: I can get involved in BAU and I can get involved in the non-production stuff. I can do both via consulting. So I find the consulting route really exciting.
And you can change industries if you want to. I find that really cool.
MMA: You’re speaking my language now.
Bernadette: After my MBA I would like to do Masters of Risk Management (MRM). But I am undecided on that – it’s a potential.
MMA: Not FRM? The last person I met up with is going for his CFA and has his FRM under his belt. Real technical stuff.
Bernadette: No, that’s probably not me.
So Masters of Risk Management (MRM) I believe is at UNSW ASB.
But you know I’m only half way through MBA so I have to ease up on that idea. It’s better to take things one step at a time.
I have a friend who just finished her MBA at Griffith Uni in Queensland. She is now doing her consultancy accreditation. She’s a BDM and is in a different industry. Her advice to me was not to specialise with a master degrees as you might silo yourself. I tend to agree with her. Smart woman.
So we’ll see about MRM – I’ll finish MBA first and see where we go.
MMA: Concentrate on one thing at a time.
But getting back to your friend it’s probably because of experience as a BDM working in different industries that she has that point of view. The way I personally look at you is you’re a markets girl regardless of the product group; your strengths and focus have been the markets.
Not saying you can’t switch industries but it’s more about keeping up with core competences in your journey thus far.
Bernadette: I guess. We’ll see.
MMA: With that I’d like to thank you for your valuable time.
Bernadette: Anytime at all. We’ll have to catch up soon again.
MMA: Sure thing.
A MASSIVE thank you to FI-girl for the wonderful in-depth interview. We’ll sure be keeping track of her progress and wish her all the best in her journey.
We’ll be piecing together an infographic map on this interview at some future point. Have you read the travels of our other interviewees? They’re located here.
Until then, I hope enjoyed reading The Adventures of FI-Girl.
PC @ MMA
 Australian Commonwealth Government Securities (ACGS).
 Booking products such as Asian/ Australian CDS (Sov/Corp), ITRAXX, NA CDX, Equity/ Rates Futures, FX Forward, FX Spot, CLN, IRS, NDIRS, TRS, NDF’s and Standby Loans.
 Learning and Development
 Standard Settlement Instruction
 Nack is a reject. It is a common term used in trading.
 Currency cut-off times.
 FO jargon for ‘argument’ – or so I’m told.
 Only allowed to be trade and settled in the US.
 Nice way of saying ‘Business Unit Manager’.
 Business Planning Manager
 Straight Through Processing
 A merger, then an acquisition.
 Remember, it’s “Business Unit manager”
 Business Development Manager.
 Fixed Income, Equities etc. Given the experience and skillset Bernadette has, the transition into Equities will not be difficult. That is, if she chooses to do so.