This is the first of 10 interviews marking Risk’s 30th anniversary. An introduction to the series is available here.
Back in the far-off days of 2011, the head of trading at a large investment bank had a vision. He called it “the crucible of risk”.
Growing capital and cost pressures meant dealers had to be leaner, he argued – they would focus on liquid instruments, and trade electronically wherever possible. All of this is pretty orthodox today, but the crucible of risk took it several steps