[ 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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