The discretion is today among the traders

"Trader". The word became almost taboo. Since the Kerviel case and the bankruptcy of Lehman Brothers, he raises passions and seems to summarize his only excess real or fantasmés of the financial world. They are the ones, the traders, who will be at the centre of the next g-20, tomorrow, in Pittsburgh. Them and their fabulous bonus. A painful back on Earth for a profession updated index, denounced all articles for his unbridled arrogance. ""traders"ambiguous designation, was the generic term used to refer both to those responsible for the crisis and those who benefited most by power", summarizes Olivier Godechot, sociologist, researcher at the Ecole normal superior (1). Stakeholders, they are the round back. This deluge of criticism, their first impulse is to note that the term "trader" covers a wide range of trades, with behaviour and working methods quite different. How to say that the abuse of some must not rebuild all of the profession.

Testimonies collected in market rooms prove: overall, the crisis of the past few months not revolutionized the profession. Under the pressure of events, policy and opinion, are rather developments while nuances that are emerging. Everyone prepares, of course, to the new rules for the award of bonuses and changes which will undoubtedly get out of the g-20. For the time being, in the practice of the profession, caution, discretion and transparency guidelines appear to have been given. This is not shock therapy that some called their wishes, but homeopathic doses, the profession, convalescent, recovering on foot.

Low profile to all floors

It's called Jean (2), has been working for 15 years on the market, and summarizes the general atmosphere of a sentence: "When I take the plane, on a small sheet of information, I am ashamed to indicate my job." The discretion is today among the traders. To escape criticism and embarrassing issues. But also to respond to instructions. In the main institutions, the guidelines were clear: low profile on all the floors! Contacts with the press are prohibited or limited the possible, and everywhere, the time is more to fee reductions to ostentation. In a Parisian institution, the traditional annual evening for clients has been cancelled. In another, picnic boxes have replaced the usual "cocktail PM". This concern for greater discretion may go: "At the G20 in London, we had asked to avoid a chic suit", recalls Frédéric, specialist in the trading of exotic products in a large Anglo-Saxon Bank.

Excessive reaction Number of traders believe. Most of them believe have always worked with professionalism, without excess, and do not necessarily feel subject to various attacks. Overall, they have the feeling to be unfairly become the scapegoats for the crisis. "It often did that the speculative side of the trading, forgetting to say that it was used for example to cover the risks of a business", said Thami Kabbaj, Professor of Economics at the University of Paris Dauphine, former trader (3).

The end of recklessness

Even if the place of Paris less suffered that the City or New York, the France had not been spared by the waves of layoffs. The image and Calyon Natixis, some institutions have closed large segments of activity. It's not a coincidence if the prestigious master 203 of the University of Paris Dauphine has decided not to recruit students this year, anticipating a serious contraction of the number of traders. In this context, a new sense made its appearance on the "trading floors": the fear of the next day. "I saw starting a colleague three." Inevitably, it leads to ask questions... ", recognizes Christian. Like others, the head of the Paris Office of a large international bank has experienced since the Lehman shock anxiety of "losing his job." In ambient slump, many market operators had to change job or employer. Professionals, among the best, have found positions in hedge funds. Others migrated to other areas of activity. "With the crisis, banks traders came working at brokers", note Jeremiah Lempkowicz, headhunting in Aston Carter. The iconic trader for own account, a profession which was dreaming the fresh graduates, has become an endangered species. At least in France, where many institutions have reduced the wing.

But the worst may have passed. Several segments are still affected, especially in structured products, experts observe indeed a light better. The markets rebound, started in March, sparked with hirings and movements of teams, especially to foreign institutions, which offer better wages. "The mercato resumed, confirms Gaël de Roquefeuil, headhunting in Korn Ferry. London hires are distributed, particularly in the trades of shares, for example in Barclays or Nomura, and it slowly again in France.

A leitmotif, transparency

When asked to traders that the crisis has changed in the way they practise the daily, a word appears spontaneously: transparency. After the scandals on the "sub-prime", branches of banks as customers have become much more rigorous traceability, fleeing complex products that they have not mastered. "One of the main changes arising from the crisis focused on the products: activity focused on simple products, such as so-called" vanilla options "as opposed to"exotic"options, Editor's note and low leverage effect products", explains Jean-Claude Bassien, Member of the Observatory of the French Association of financial markets (Amafi) trades. Meanwhile, increased controls exerted on traders, held to account more than before to their leaders for desk. Sign of the times: those who are responsible for control risks are "probably less considered spoilsports turn round", note Meddi, trader for own account in a major international institution. New habits of work accepted in good grace, though most professionals provide never taking reckless positions in the past, recalling that the attitude of trader depends heavily treated products, activity and the choice of his leadership. "I do not have the feeling that I am taking less risk that a year ago, reflects Frédéric. They are only better known and more coaching. But competition requires, cannot afford to be hesitant.

Bonus: the topic who get angry

If there is a subject that raises passions of market operators, it is that the bonus. In recent weeks, the revelation of the bonus envelopes provided in BNP Paribas or the requirements of Andrew Hall, of Citigroup, claiming its $ 100 million, recalled the sums of money earned by market professionals. Just as football players, to which they have often been compared, "bonds" are always in a position of strength. "Although the overall allocation of bonuses declined in relation to a few years ago, 2009 will probably not be a bad vintage", predicted Jeremiah Lempkowicz. "Finance is one of the few areas where mass layoffs do not real pressure on wages, says Olivier Godechot." Institutions are trying to transfer activity by recruiting all of persons already in position. So to speak, financiers on unemployment are not considered.

Difficult to quantify accurately the amounts distributed in the market halls, to the extent ranges often vary from one institution to another, and course of the technical nature of one product to another. For example, a senior operator on derivatives shares, taking positions, via trade flows, on a limited time, will earn around 100,000 to 150,000 euros of fixed gross annual salary, to which must be added a bonus which can double or even triple its pay "in the boom times", according to data of Aston Carter. Talking of several million euros for a few stars of the trading, although the examples are rare in France. A class of traders therefore continues to gain from the dizzying amounts, but things change little by little. Particularly in France, where banks have put in place since the spring of a code of good conduct. "Since November 2008, I have most seen bonus guaranteed over two years", said Eric Singer, Singer & Hamilton headhunting firm. And practices may still much change over the months, in the wake of the G20. "The effective scope of the measures on risk taking and wage levels will depend on many of their exact scope and degree of internationalization", said Olivier Godechot. "In any event, if necessary, on ira work in China or Dubai", concludes Frédéric.