Inside UBS' $3b-a-day Sydney trading floor

章节 1：悉尼交易大厅的结构与风险管理

📝 本节摘要：

本章带观众走进瑞银悉尼交易大厅，了解每日交易规模、团队构成及销售与交易岗位的分工。交易员通过不同金融工具对冲风险，声音也能帮助他们迅速识别交易。负责人将团队比作运动队，强调在高压时刻保持专注，并介绍了地毯区域与设备使用规则。

[原文] [Madison Malone]: UBS has led us inside their Sydney trading floor. In this room, they turn over more than three billion Australian dollars every single day. It's still vibrant and very, um, adrenaline-fueled. Like, there's still healthy discussions, let's say, and raised voices. I can hear kaching sounds. Yeah. So, is that people making money?

[译文] [Madison Malone]: 瑞银带我们走进了他们在悉尼的交易大厅。这里每天的交易额超过30亿澳元。现场依然充满活力，很刺激。大家仍会积极讨论，有时也会提高嗓门。我听到了“咔嚓”声。那是有人赚到钱了吗？

[原文] [Michael Hendry]: No, those different sounds reflect a different trade.

[译文] [Michael Hendry]: 不是，那些不同的声音代表不同的交易。

[原文] [Madison Malone]: Okay. So, if you're a trader, you're using a whole lot of different instruments to hedge your risk. I'll be honest, this is kind of what I was expecting, but UBS's trading floor in Sydney was far more sensible. And its leader, Michael Hendry, no Jordan Belfort. It's not very loud. No. Have you told them to be on their best behavior?

[译文] [Madison Malone]: 明白了。交易员会使用各种不同的金融工具来对冲风险。说实话，这种场面大致符合我的想象，不过瑞银悉尼交易大厅其实理性得多。这里的负责人迈克尔·亨德里可不是乔丹·贝尔福特。这里不算太吵。你是不是让大家表现得规矩一点？

[原文] [Michael Hendry]: No, it's sort of lunchtime, so it's a little bit quiet.

[译文] [Michael Hendry]: 没有，只是现在差不多是午餐时间，所以稍微安静一点。

[原文] [Madison Malone]: Oh, it's still pretty

[译文] [Madison Malone]: 哦，不过还是挺……

[原文] [Michael Hendry]: busy though. So, yeah. Yeah. Yeah. So, there's 117 people on this floor across three main businesses: our equities business, our fixed income rates and credit business, and a finance business, which does all our prime broking. This part of the floor, which sort of faces north down the harbor, is all of our risk, what I call our leverage business. So it's principal. So it's bonds, credit, FX, equity derivatives.

[译文] [Michael Hendry]: 不过还是挺忙的。是的。我们这一层有117人，主要分属三块业务：股票业务、固定收益利率与信贷业务，以及负责全部主经纪业务的融资业务。大厅这一侧朝北，能俯瞰海港，都是我所说的风险业务，也就是杠杆业务。这里做自营交易，包括债券、信贷、外汇和股票衍生品。

[原文] [Madison Malone]: A lot of pressure on the side.

[译文] [Madison Malone]: 这一侧压力很大吧。

[原文] [Michael Hendry]: Yeah, there's a lot of pressure on the whole floor. There's a lot of pressure on the whole floor, and each trading hub has a sales team supporting it.

[译文] [Michael Hendry]: 整个大厅的压力都很大。每个交易组都有销售团队提供支持。

[原文] [Madison Malone]: Okay, great. So, you know, responsibility sits with the trader to take all of the risk, and then the client servicing group works around, you know, that trading business. So the salesperson in each division, they're the team?

[译文] [Madison Malone]: 好，明白了。也就是说，交易员负责承担所有风险，客户服务团队则围绕交易业务提供支持。每个部门的销售人员都是团队的一部分？

[原文] [Michael Hendry]: Yeah. And then—and

[译文] [Michael Hendry]: 对，然后——

[原文] [Michael Hendry]: then it's the allocation that's being done by—it's the risk part of it. The trading, making the price, is done by the trader.

[译文] [Michael Hendry]: 然后由他们来分配——这属于风险管理部分。交易员负责交易并报价。

[原文] [Madison Malone]: Okay. Yeah. So they're different roles. One's client-facing; the other's managing the risk. So, it's a bit like if you go to a car yard, I guess you meet the car salesperson in the car yard to get the best price on the car. I go to the person that owns the car lot, who's actually buying or selling the car.

[译文] [Madison Malone]: 明白了。所以这是不同的岗位：一个面向客户，另一个负责管理风险。这有点像去汽车经销商那里买车，你会找销售员争取最好的价格；而我会去找车行老板，也就是实际买卖汽车的人。

[原文] [Michael Hendry]: It's a great analogy. Weird one, but anyway, I made it up at the time.

[译文] [Michael Hendry]: 这个比喻不错。虽然有点奇怪，不过是我当时现想的。

[原文] [Madison Malone]: So, yeah, there's—that's this side. You like—I won't mention the carpet, but there's parts of the floor that we—

[译文] [Madison Malone]: 好，这边就是这样。你看——我就不提地毯了，不过大厅有些区域——

[原文] [Michael Hendry]: Please mention the carpet.

[译文] [Michael Hendry]: 请一定要提地毯。

[原文] [Madison Malone]: I'm not going to mention the carpet. Can you just tell me the rules so that I don't break them and my cameraman doesn't break them?

[译文] [Madison Malone]: 我才不提呢。你能告诉我有哪些规矩吗？这样我和摄影师就不会违反。

[原文] [Michael Hendry]: Yeah. I'm not allowed to walk in the dark carpet.

[译文] [Michael Hendry]: 好。我不能走深色地毯区域。

[原文] [Madison Malone]: Okay, but Jen will kill me.

[译文] [Madison Malone]: 好吧，不然珍妮会杀了我。

[原文] [Michael Hendry]: Pale gray carpet only. I'll explain the carpet. Dark gray: no phones or cameras are allowed because there's sensitive market information on their screens. Light gray: we're allowed to walk and talk.

[译文] [Michael Hendry]: 只能走浅灰色地毯。我来解释一下地毯规则：深灰色区域不准用手机或相机，因为屏幕上有敏感的市场信息；浅灰色区域可以边走边聊。

[原文] [Madison Malone]: Let's continue. It's getting louder. Is this, like, time post?

[译文] [Madison Malone]: 我们继续吧。这里越来越吵了。现在是……什么时段？

[原文] [Michael Hendry]: Everyone might have been quiet for you. Everyone's having coffee. In fact, I can hear kaching sounds.

[译文] [Michael Hendry]: 刚才大家可能是为了你才安静下来。大家都在喝咖啡呢。其实我能听到交易提示声。

[原文] [Madison Malone]: Yeah. So, is that people making money?

[译文] [Madison Malone]: 是吗？那是有人赚到钱了吗？

[原文] [Michael Hendry]: No, those different sounds reflect a different trade.

[译文] [Michael Hendry]: 不是，那些不同的声音代表不同的交易。

[原文] [Madison Malone]: Okay. So, if you're a trader, you're using a whole lot of different instruments to hedge your risk. And by hearing that sound, you don't need to look at what's happened. You know what's happened. All senses are going.

[译文] [Madison Malone]: 明白了。交易员会用各种金融工具对冲风险。听到提示声，就不用看屏幕也知道发生了什么。所有感官都在运转。

[原文] [Michael Hendry]: All sensors are going 100%. So, yeah, sound is a hugely important part of the floor, but particularly if you're running risk.

[译文] [Michael Hendry]: 所有感知系统都在全速运转。所以，声音在交易大厅里非常重要，尤其是负责承担风险的人。

[原文] [Madison Malone]: Well, how does that work when it gets really loud?

[译文] [Madison Malone]: 那大厅特别吵的时候怎么办？

[原文] [Michael Hendry]: Well, that's more important. When it gets really loud, you hear that sound you're used to hearing over and above every sound.

[译文] [Michael Hendry]: 那时候声音就更重要了。特别吵的时候，你仍会听到熟悉的提示声，它会盖过其他声音。

[原文] [Madison Malone]: What was that one?

[译文] [Madison Malone]: 刚才那是什么声音？

[原文] [Michael Hendry]: That would have been a futures contract trading. So, yeah, a five-year or ten-year—or actually, that's the equities, the Ridge desk. So it would have been a SPY, like a—

[译文] [Michael Hendry]: 那应该是期货合约交易。对，可能是五年期或十年期——不对，那是股票，是Ridge交易台的声音。可能是SPY，像是——

[原文] [Madison Malone]: Yeah, you must be so sensitive to each of those. You know exactly what they are.

[译文] [Madison Malone]: 你们肯定对每一种声音都特别敏感，能准确知道它们代表什么。

[原文] [Michael Hendry]: Yeah, you can hear, and that's kind of what everyone's set up for, to operate when it's crazy, because that's when mistakes happen. And so it's a bit like a sporting team. You can train all you like, but in a grand final, in the last five minutes, that's when the game's won or lost. So we try and hardcode—

[译文] [Michael Hendry]: 对，听声音就能辨别。这就是大家接受训练的原因：在混乱时也能正常工作，因为那时最容易出错。这有点像运动队，平时可以尽情训练，但到了总决赛最后五分钟，才是决定胜负的时候。所以我们努力把这种能力变成——

[原文] [Michael Hendry]: individuals to operate under stress.

[译文] [Michael Hendry]: 让每个人都能在压力下运作。

[原文] [Madison Malone]: And you're the coach then?

[译文] [Madison Malone]: 那你就是教练？

[原文] [Michael Hendry]: I'm sort of like—yeah, I'm the coach. Sort of head coach, just filtering around, just hanging around. Yeah, trying not to get in people's way, actually. That's another reason I stay on the carpet.

[译文] [Michael Hendry]: 算是吧——对，我就是教练。算主教练吧，到处转转、看看。尽量不挡大家的路。这也是我待在地毯区域的另一个原因。

[原文] [Madison Malone]: To better understand how the team operates, Coach Mike took some time off the floor to have a chat. Talk me through the trading floor operation. Like, what time do you come in? What sort of news do you and your team absorb first thing? How do you get across all these different assets?

[译文] [Madison Malone]: 为了更好地了解团队如何运作，“迈克教练”抽空离开交易大厅，和我们聊了聊。能介绍一下交易大厅的运作吗？比如你几点到？你和团队一早会先了解哪些消息？又如何掌握这些不同资产的情况？

[原文] [Michael Hendry]: Well, so our equities team are in probably earliest.

[译文] [Michael Hendry]: 我们的股票团队大概来得最早。