The Things Traders Say
How do traders talk?
The popular image, formed by the “Wall Street” movies
and other popular depictions, is a crowded room of men yelling into phones or
at their screens. There is a heated atmosphere of testosterone and thinly
veiled hostility. But some of the communications released on Wednesday as part
of the settlements with Barclays reveal something unexpected: tenderness. The
e-mails were disclosed as part of the deal with Barclays, which agreed to pay
more than $450 million to resolve accusations that it tried to manipulate
crucial interest rates. In these e-mail exchanges, the traders are asking
favors of other Barclays employees. Everyone is usually polite, as a senior
euro swaps trader asked on Aug. 14, 2006:
“We have some big fixings today. Is it possible to
have a very low 1m and high 3m and 6m? Thx a lot for your help.”
“Sure, will
do,” responded the Barclays employee who helped submit the rates for the Euro
interbank offered rate, or Euribor.
Well, that was easy.
And indeed those Euribor submitters could be almost
affectionate to the traders. Among their e-mail responses were: “For you,
anything,” and “Done…for you big boy.”
The traders for their part were certainly grateful. As
one wrote: “Dude. I owe you big time! Come over one day after work and I’m
opening a bottle of Bollinger.”
In other instances, special pleading was required. On
Friday, March 10, 2006, two dollar-derivatives traders asked for help:
Trader C: “We have an unbelievably large set on Monday
(the IMM). We need a really low 3m fix, it could potentially cost a fortune.
Would really appreciate any help”
Trader B: “I really need a very very low 3m fixing on
Monday – preferably we get kicked out. We have about 80 yards [billion] fixing
for the desk and each 0.1 [one basis point] lower in the fix is a huge help for
us. So 4.90 or lower would be fantastic”.
The following Monday, the traders got their wish:
Trader C: “The big day [has] arrived… My NYK are
screaming at me about an unchanged 3m libor. As always, any help wd be greatly
appreciated. What do you think you’ll go for 3m?”
Submitter: “I am going 90 altho 91 is what I should be
posting”.
Trader C: “When I retire and write a book about this
business your name will be written in golden letters”.
Submitter: “I would prefer this not be in any book!”
At times, the traders appeared to be wooing the rate
submitters, like this Nov. 13, 2006, exchange:
Swaps trader: “Sorry to be a pain but just to remind
you the importance of a low fixing for us today.”
Barclays’ senior Euribor submitter: “No problem, I had
not forgotten. The brokers are going for 3.372, we will put in 36 for our
contribution.”
Swaps trader: “I love you.”
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