Effective Product Control. Nash Peter

      This edition first published 2018

      © 2018 Peter Nash

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      Library of Congress Cataloging-in-Publication Data

      Names: Nash, Peter, author.

      Title: Effective product control: controlling for trading desks / by Peter Nash.

      Description: Chichester, West Sussex, United Kingdom: John Wiley & Sons, 2018. | Includes index. |

      Identifiers: LCCN 2017029434 (print) | LCCN 2017040992 (ebook) | ISBN 9781118939796 (Pdf) |

      ISBN 9781118939802 (epub) | ISBN 9781118939819 (cloth)

      Subjects: LCSH: Financial institutions – Risk management. | Financial services industry —

      Risk management. | Portfolio management. | Stocks. | Investments.

      Classification: LCC HG173 (ebook) | LCC HG173 .N27 2018 (print) | DDC 332.1068/1 – dc23

      LC record available at https://lccn.loc.gov/2017029434

      A catalogue record for this book is available from the British Library.

      Cover design: Wiley

      Cover image: Top: ©Shai_Halud/Shutterstock, Bottom: ©Inozemtsev Konstantin/Shutterstock

I dedicate this book to my family, especially my children, who haveforgone a great deal of Dad time for this book to come to life.To Phoebe, Xani and Matilda.Thank youIn memory of Patrick Spratt, a product controller and friendwho was larger than life

      Preface

      In 2003 I was working in a Dutch bank in a high rise overlooking the picturesque Sydney Harbour, when another junior external auditor sat beside me to review my work. This was the third new auditor in as many years and as they struggled to grasp what it was I did as a job, their lack of understanding generated in me mixed feelings of frustration and empathy for the person.

      Their lack of knowledge wasn't their fault; product control is difficult to understand for an outsider and sending junior staff in to test controls is the model many audit firms use to carry out their audit assignments. Nevertheless, that exchange generated an idea to help close the gap between new auditors and product controllers and their more experienced colleagues.

      Over the past 14 years I continued to work in product control in both Sydney and London, developing more experience, skills and friendships, which together have finally made possible the writing and publication of this book.

      Due to the large numbers of sales and trading teams within banks, they remain the largest employer of product controllers. We will, therefore, aim the narrative of the book towards banks, but the content can also be applied to other contexts in which product control operates, such as hedge funds and corporate treasuries.

      Whether you are embarking on your career or have years of experience in the field, this book will equip you with the building blocks necessary to be an effective product controller or effective in your review of product control. These building blocks cover both the core technical skills required in product control and the primary controls which product control are responsible for.

      My hope is that through reading this book, your career is enhanced and more opportunities are afforded to you and your family.

Peter Nash

      Acknowledgements

      Special thanks to Robert Phillips who encouraged me and helped develop the manuscript from its infancy.

      Thank you also to the following people and organisations who have contributed to the content of this book:

      Dooshyant Beekarry, Nico Botha, Paul Bradley, Paul Buchanan, Clive Budd, Matthew Burbedge, James Campbell, Lisa Chuilon (nee Able), James Clarke, CME, Brighton Cohen, COSO, Christine Cossor, Brent Davies, Delphi Derivatives, Kane Erickson, FCA, FINMA, Fitzgerald Jenkins Recruitment, Chad Foyn, Paul Galpin, Darren Gordois, Chris Harvell, James Hayden, Michael Hoppe, ICE, Sanjiv Ingle, Investing.com, Tim Jenkins, Steve Kelley, Thusitha Liyanage, Markit, Harkil Maru, Ruairi McHale, Denley Mirabueno, Mondrian Alpha Recruitment,

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