Q&A with Millie Tobin

As the institutionalisation of digital assets begins to mature, what are you most optimistic about in the next few years?

I think over the next few years, digital asset protocols will overtake traditional banking as the base operating / liquidity layer for global trade. Instant on-chain settlement will unlock untold growth in industries reliant on cross border payment and trade, no longer hindered by slow moving capital, with reduced counterparty and operational risk. The 24/7 nature of crypto, one day lent to FX and equity markets, will shift how we model prices. Moving from trading sessions fragmented by weekends and session closes, to continuous time trading will surely change price behaviour fundamentally. With institutional maturity comes better capacity for risk management, with transparency and fairness unabridged by prior features of centralisation. My optimism in this space is headed by my keen interest in the importance of individual self-sovereignty. I am also excited to see, as adoption grows among institutional players, just how significant a role BCB will play in connecting global businesses in real time and pioneering change in the way the world transacts.

What first drew you to trading, and how did you find your way into the world of digital assets?

I have long had an affinity for patterns and problems, which led me naturally to study mathematics, but early in my Northern upbringing, the realm of trading and finance had a nearly mythological allure, maybe since it was so out of touch with my present environment, and felt out of reach. Being an ‘Investment Banker’ was regularly a spoken aspiration for many working-class Northern schoolchildren.  This was really a vague approximation to any finance related role that had been glamorised in films and was labelled so, devoid of any industry knowledge, attributable to the insular nature of Northern state-schooling. In reaching university age and starting to better understand my own abilities, interests and the world, being a trader made more sense. I began to form an interest in the digital asset space at this point, initially intrigued by the work of John Nash, leading me then on to Bitcoin, pondering self-sovereignty and becoming aware of the substantial threat that decentralised money posed to traditional banking infrastructure and society as we knew it.  I chose to specialise in Maths further at MSc level, studying Quantitative Finance, and then went about finding a job. Incidentally, I found the role at BCB by pure fate, inviting myself to a friend of a friend’s birthday dinner (Kate Stuart – Treasury Director) on a July Friday, who told me about her work and vowed to keep an eye on openings on the OTC desk for me. She called me up the following January to let me know she had put me forward for an interview and I’ve been a trader here ever since.

Trading is traditionally a male dominated space, what’s your experience been like as a woman in this environment?

Luckily for me, I work in a progressive and meritocratic environment at BCB. My insight is valued and I am constantly encouraged to reach new heights, with no perceived upper limit. Admittedly, most of my trading counterparts in the industry are male but I don’t feel like an outsider in any circle, quite the opposite.

How would you describe a ‘day in the life’ on the trading team at BCB Group? 

Our day is busy, handling large volumes and regular communications with an ever-increasing client base. We offer a high-touch, white glove service for our clients and are involved in every stage of the trade life-cycle, so naturally are engaging with clients constantly. Before the start of trading we have caught up with any overnight news and formed views in our most commonly traded pairs, with an eye on any upcoming data due to be released throughout the day. The day is punctuated with coffee and leg stretching, winding down late in the evening and maybe catching a few clients trading the end of the New York session.

What’s been one of your proudest moments (or biggest learning experiences) since joining BCB Group?

Each day presents new challenges and learning experiences, rather than focus on one particular success I’d rather comment on the overall growth in confidence I’ve noticed in myself throughout my time here. Leading calls, presenting and managing clients all felt like they would be weaker points for me, perhaps I was capable from the start but I completely lacked confidence and conviction. I am far more comfortable being in these situations now, and will continue to develop where I can.

What advice would you give to other women (or anyone!) wanting to build a career in trading?

You should be resilient and have a preparedness to handle failure and rejection – trading is competitive to get into in the first place and hard work thereafter. Make sure that your decisions are backed by logic and analysis, not whim. Be adaptable and expect your environment and tools to evolve as you work. It is an exciting and very dynamic career, which, if troubled by the prospect of being desk-bound, pricing insurance premiums on repeat, may suit one’s desire for adrenaline in the workplace. Trading in crypto will also introduce you to a diverse network of people that are hugely interesting and intelligent, whose company will only expand your knowledge and likely lead to lasting friendships!

How do you switch off outside of work? What are you passionate about beyond the screens?

I like to take myself to the gym for as many hours out of the day that remain beyond trading hours. Particularly I enjoy CrossFit/ calisthenics and functional ‘Hyrox’ type training and enjoy (…not during) competing in both from time to time. And of course it’s always nice to win.

Read the Liminal interview here