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More recently, a profile of compliance officer has also appeared; he or she makes sure the law, notably that relative to market use, and the code of conduct, are complied with.
The middle office and the back office are generally not located in the trading room.
The organisation is somewhat simpler with asset management firms :
asset managers are responsible for portfolios or funds;
« traders » are in contact with « brokers », that is, with the above-mentioned investment banks'« sales »; however, this profile is absent from asset management firms that chose to outsource their trading desk.
UBS North-American HQ: the trading room is under the bowed rooftop
The development of trading businesses, during the eighties and nineties, required ever larger trading rooms, specifically adapted to IT- and telephony cabling. Some institutions therefore moved their trading room from their downtown premises, from the City to Canary Wharf,[2] from inner Paris to La Défense, and from Wall Street towards Times Square or New York's residential suburbs in Connecticut; UBS Warburg, for example, built a trading room in Stamford, Connecticut in 1997, then enlarged it in 2002, to the world's largest one, with about 100,000 sq ft (9,300 m2) floor space, allowing the installation of some 1,400 working positions and 5,000 monitors.[3]
The « Basalte » building of Société Générale is the first ever building specifically dedicated to trading rooms; it is fit for double power sourcing, to allow trading continuity in case one of the production sources is cut off.[4]
JP Morgan is planning to construct a building, close to the World Trade Center site, where all six 60,000 sq ft (5,600 m2) floors dedicated to trading rooms will be cantilevered, the available ground surface being only 32,000 sq ft (3,000 m2).[5]
[edit]Infrastructure
[edit]The early years
Telephone and teleprinter have been the broker's first main tools. The teleprinter, or Teletype, got financial quotes and printed them out on a ticker tape. US equities were identified by a ticker symbol made of one to three letters, followed by the last price, the lowest and the highest, as well as the volume of the day. Broadcasting neared real time, quotes being rarely delayed by more than 15 minutes, but the broker looking for a given security's price had to read the tape...
Teletype
As early as 1923, the Trans-Lux company installed the NYSE with a projection system of a transparent ticker tape onto a large screen.[6] This system has been subsequently adopted by most NYSE-affiliated brokers till the 1960s.
In 1956 a solution called Teleregister,[7] came to the market; this electro-mechanical board existed in two versions, of the top 50 or top 200 securities listed on the NYSE; but one had to be interested in those equities, and not in other ones...
During the 1960s, the trader's workstation was remarkable for the overcrowding of telephones. The trader juggled with handsets to discuss with several brokers simultaneously. The electromechanical, then electronic, calculator enabled him or her to perform basic computations.
In the 1970s, if the emergence of the PABX gave way to some simplification of the telephony equipment, the development of alternative display solutions, however, lead to a multiplication of the number of video monitors on their desks, pieces of hardware that were specific and proprietary to their respective data provider. Telerate, Reuters,[8] Bloomberg, Knight-Ridder,[9] Quotron, Bridge were the main actors of the financial data market, more or less specialised on the money market, foreign exchange, securities market segments, respectively, for the first three of them.
