Trading rooms have changed a great deal since the golden boys of the 1980s and 2000s. Today, the atmosphere is more subdued, dominated by electronic access and automated orders. The veterans of this era, immortalised in films such as “Wall Street”, “The Wolf of Wall Street” and “Margin Call”, are the survivors of a bygone era.
Among them, Guillaume D’Assier de Boisredon, Head of Pictet Trading & Sales in Europe, is the embodiment of this transition. Having started his career in 1988 on a trading floor at Barclays in London, he remembers tumultuous days, notably when George Soros challenged the Bank of England in 1992, causing a sterling crisis. In those days, the trading rooms were the scene of a frenzy of noise, with adrenalin rising and falling to the rhythm of stock market fluctuations and exchange rates. The days began early in the morning and ended late in the evening. Traders worked without fixed hours, guided by the whims of the market, juggling currencies, derivatives, options and other financial instruments, all by telephone (each trader had several). For these young men and women, family life often took second place.
In the space of twenty years, automation has profoundly transformed the world of finance. Today’s trading rooms are less crowded, but more organised and serene. Human relationships, while different, remain important. Traders, now supported by algorithms, continue to play a crucial role, but the day is less unpredictable. Guillaume D’Assier de Boisredon describes his routine: “When I wake up, I take the temperature of the markets with Bloomberg, in the car I listen to the BBC and when I arrive at the office, I already know about the evening on Wall Street and the night in Asia. I’m ready.” The day can begin. It’s 7.30 am. “We process orders executed in the evening in New York and in the morning in Asia. Then there are the flows on the European and US stock markets, alongside the news
Life has changed
But today’s traders have little in common with those of the 1980s. The “golden boys”, worn down by stock market crashes and guided by their instinct, have given way to mathematicians, favouring analysis over intuition.
“Despite the changes, I’m still as passionate about my job as ever. The huge trading rooms where traders shouted every time the markets shook have disappeared In theory, a stock trader’s day now begins at 8.30am and ends at around 5.35pm, after the European fixing. “However, the foreign exchange and derivatives markets hardly ever close, and our teams provide 24-hour coverage thanks to our relays in Montreal and Singapore. The most intense moments for us in Europe coincide with the opening of the stock markets at 9am, the opening of the US stock markets at 3.30pm and the European close at 5.30pm. There is a lot of volume at the start of the day, sometimes even before the opening, but it is at the close that the most orders are placed. Between these peaks, the tension eases, but vigilance remains the order of the day. We must continue to monitor orders and the information that can be released at any time. An unexpected economic announcement can trigger a storm in a nervous market
The big finger
In trading, there is no room for error. Confusing one title with another (sometimes the names of two titles can sound alike) or mistaking the quantity can have serious consequences.
The most common mistake is buying instead of selling, often caused by a misplaced click in stress. More rare today, the so-called “fat finger” error occurs when an extra zero is added to the volume of an order.
Guillaume D’Assier de Boisredon remembers: “During my first week at another bank, a colleague made a mistake when placing an order. The system warned him about the unusual size of the order, but he insisted. Instead of selling for a million dollars, he sold a million titles. The stock exchange contacted us to point out that we were weighing on the market price… Fortunately, errors are down today, thanks to a plethora of electronic safeguards. From this point of view, 2024 was our best year, with the number of errors reduced by five times in just a few years”
Although the majority of orders today are processed electronically, the human touch remains essential, especially for orders requiring special attention. For example, selling 2,000 shares in a stock with an average daily volume of 300 units can lead to a fall in the share price if the order is executed all at once. “Our responsibility is to break up the order, work on it to minimise its impact on the price and obtain the best execution price. The job requires both interpersonal and technical skills. It’s like a fruit and vegetable market. Relationships are still important and I’m delighted about that
The evolution is twofold. Even if business customers are becoming automated, private customers are keeping some of their habits. “Customers don’t need us to hold their hand, but they do want to maintain a dialogue with an expert This custom is becoming more widespread. For example, a family office often wants to talk to specialists to get an overview of its assets (property, shares, works of art, etc.).
Seasonality of business
Trading room activity is subject to seasonal variations. The first three months of the year are particularly active, with managers looking to maximise their performance after resetting their counters. May, June and July are generally quieter. On the other hand, the new school year is starting earlier and earlier, from the beginning of August, rather than mid-September as previously. December remains a strategic month with the traditional ‘window dressing’, when managers adjust their portfolios before the annual review on 31 December. “I’ve seen managers buy some of the best-performing Belgian stocks of the year, simply to keep up with their Belgian clients’ news, for example,” says the specialist.
The future of the trading profession
Women in a strong minority in cinemas
The trading profession still has a bright future. Pictet’s trading team (Pictet Trading & Sales) will grow from four members in October 2020 to 17 in 2024. Guillaume D’Assier de Boisredon emphasises the attractiveness of the profession: “During our last recruitment campaign, we received around a hundred applications, but only three were from women. The profession continues to attract a majority of men
Trader’s strengths and weaknesses
In 2025, confidence is an essential quality for a trader, along with precision in executing orders. “In almost 40 years, everything has accelerated. When I started out in the foreign exchange market in 1988, an order was transmitted by telephone in a matter of seconds. Today, this is done in microseconds via the Internet. The precision of the spread on the price (in euro/dollar) has gone from 0.0005 to less than 0.0001,” explains Guillaume D’Assier de Boisredon, who continues:
“Precision and seriousness are two other qualities we look for. You need empathy and social intelligence to understand your customers. The market must be on your mind all day long if you are to understand and discern the impact of economic data. You have to keep up to date
The default….
“The flaw to avoid is the arrogance of the trader who claims to know everything and never to be wrong. And the introvert…can be difficult to manage. A trader needs to be resilient in the face of stress and know how to manage impatience to avoid making impulsive decisions”
The business has become increasingly technical, requiring an analytical approach. Although no specific level of diploma is required, most applicants have a 4-year higher education qualification or a Master’s degree. Once you’ve been hired, you need a period of adjustment to this world, which is very different from the academic world. Guillaume D’Assier de Boisredon explains: “You need to gain practical experience while retaining the spirit and culture of your studies. The most important thing is to strengthen your analytical skills
