For Recruiters
Sleep while you can.

UK macro traders and strategists prepare to start work at 10pm

If you're a macro trader or strategist in the City of London, you need to get some sleep tonight. Rest could be hard to come by tomorrow.

Needless to say, the cause is the British election, which as Deutsche Bank's macro strategist Jim Reid notes today, appears due to return a Conservative majority of 28 seats. However, with margins in many constituencies slender and the Conservative campaign afflicted by the seemingly erratic behaviour of its figurehead, nothing is certain.

Election night therefore promises to be long and eventful as results come in.

The BBC has unearthed 29 year-old Jordan Rochester, an FX currency strategist at Nomura, who says he usually works 12 hour days, but that tomorrow he'll be working through the night fuelled by energy drinks and caffeine. Jeremy Stretch at CIBC says he'll be doing the same after sleeping somewhere in the office tomorrow afternoon.

Another macro strategist at a European bank informs us that Thursday's working day is likely to begin at 10pm on Wednesday night as the exit polls come out and to become particularly intense between midnight at 2am on Thursday as it starts to become clear whether the exit polls were accurate. "If they are very tight, it will become an all-nighter," he says.

"I'll be in at midnight tomorrow chat to traders in Asia," another strategist informs us. "The gilt market is not open as far as I know, so this is really going to be an FX thing."

Goldman Sachs said today that there's a 'sizable risk of election surprises' that could lead to a hung parliament. However, Bobby Vedral, the former Goldman partner who managed cross asset global market strats for the securities division until March 2018, is predicting a majority of around 40 seats for Boris Johnson as the Tories win Brexit votes in the north, as people shy away from Corbyn's association with radicalism, and as students on university holidays forget to vote. Forecast heavy rain tomorrow may also have an effect in dissuading non-committal voters from leaving the house.

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Photo by chris panas on Unsplash

 

 

author-card-avatar
AUTHORSarah Butcher Global Editor
Cancel
  • Re
    Red
    12 December 2019

    I am sure that if it’s not clear by either the exit polls or by the first 10 seats (there are quite a few marginals in there) it will go down to the wire...

  • Ji
    Jim
    12 December 2019

    I’m probably going to stay up to watch the exit polls and the first constituencies declare (which, given they tend to be the northern, traditionally Labour, seats, will give one a sense of where the election is going). I will be up early on Friday in any event.

  • Mr
    Mr Macro
    11 December 2019

    If it’s not clear by either the exit polls or by the first 10 seats (there are quite a few marginals in there) it will go down to the wire...

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs
BlackRock
Summer Internship Program - EMEA
BlackRock
Dubai, United Arab Emirates
BlackRock
Spring Insight Program - EMEA
BlackRock
Dubai, United Arab Emirates
BlackRock
Placement Program - EMEA
BlackRock
Dubai, United Arab Emirates
Standard Chartered Bank
Senior Legal Counsel, FM, Legal, AME
Standard Chartered Bank
Dubai, United Arab Emirates