[ C O V E R S T O R Y | Y A N N C O U E L L A N ] but it’ s a challenge that Couellan eagerly accepts. There is now“ clearly a need to demonstrate added value” which involves“ changing the habits and skills of traders”. Part of the solution, he says, is to seek“ mutual approaches, rather than being fragmented”.
Yet none of this, in Couellan’ s eyes, will fundamentally change the nature of trading, where technology and human judgement will continue to be required to work in tandem. A key concern for Couellan is the“ aggregation of data – getting ever more information into one place ever more quickly”. Human trading and automation are both essential aspects of this. When liquidity dries up, however, electronic systems become less helpful, and the human touch comes to the fore.
“ Electronic trading platforms do not really create liquidity,” he argues. He gives the Italian crisis as a recent example. An atypical market meant that“ prices were suddenly not available, and automated orders were rejected. Liquidity ultimately depends on your treatment of the market – treat it fairly and you will have liquidity. We need technology, but voice trading will remain essential.”
Tough job FICC trading has been facing a difficult time at BNP Paribas this
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