Day in the Life: Fawzi Kyriakos-Saad, credit trade head

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0500-0530: I like some time to prepare myself for a long day, so I make every effort to fit in some light exercise. Either I swim or go for a run near my home in Chelsea. Inevitably, I find I do the latter more often, since the phone starts ringing almost immediately.

They have yet to produce a waterproof handset! I need to look at what has occurred in the market overnight and take a view prior to dealing with any urgent issues that may have arisen during the previous 12 hours. Also need to consider any major news of relevance. I spend some time poring over a Bloomberg terminal that I have had installed in my library.

0715: Once in the office, the day's business commences with the daily credit conference call. I host it. It includes fixed-income sales from our Asian, European and London office, secondary traders (based in London), Syndicate, the asset swap group and credit research.

It doesn't take long, but provides an invaluable insight into the previous day's market activities, what has been seen overnight in Asia, updates on positions and axes, and what primary activity is imminent, both from our side and in the market in general. The call also provides me with a useful overview of any issues that have arisen, or may potentially arise, that may require my attention.

0800: The third floor at JP Morgan bursts into life as the primary and secondary markets open for another dayís business. The dynamic nature of the fixed-income marketplace is such that my information requirements are acute - I am constantly in need of feedback from the various business managers in my group, in order that I have an accurate picture of the group's risk exposure and balance sheet usage at all times.

Consequently, I spend roughly half my time in the thick of things on the trading floor, and the remainder in my off-the-floor office. Although one might think that in this age of voice-mail and e-mail one's information requirements are more readily satisfied, direct interaction with the people &quotat the coalface" is indispensable.

0900: My morning begins in earnest with a more thorough appraisal of overnight developments in Asia. I will spend up to an hour on the telephone to various members of our sales and trading teams in Tokyo, Hong Kong and Singapore, discussing trades that have been executed, position management and pipeline.

A similar process is then undertaken in London, where, with trading now fully underway, the market's direction has become apparent. A brief update is all that is required from the senior secondary trader, senior salespersons, the heads of the investment grade, emerging market, structured products and loan syndicates, the Government bond traders and the asset swap group.

This is in order to establish an overview of the market and JP Morgan's exposure to and interaction with it. These conversations naturally progress into two or three more formal meetings to discuss various aspects of our strategy, as well as specific issues that may have arisen.

1230-1300: I will almost certainly have a client lunch appointment (three or four times a week). Discussing market conditions and technological developments with the bankís customer base remains an essential tool in improving the services we provide. Whether it is a discussion concerning asset allocation strategy with a portfolio manager or a conversation about developments in e-commerce with a brokerage firm, such interaction is essential if we are to remain at the forefront of innovation and maintain our competitive advantage.

1430-1500: By now, New York will be stirring, and although I receive a close-of-business summary every evening from the traders, doubtless more issues will have arisen since then. Consequently, a round of telephone calls similar to those with Tokyo is undertaken, with the traders, syndicate desk and members of the salesforce in New York.

The information this yields is assimilated. It will then be disseminated among business groups in London, particularly if there are issues of particular relevance, and also to provide an overview of the US market.

1630: My afternoons tend to be less structured than the mornings. Higher level strategy discussions with senior management in London and New York, meetings with a broad spectrum of people from other areas of the bank and dealing with ad-hoc issues as they arise, lead to a demanding and hectic schedule.

All the while, e-mails and Bloomberg messages arrive detailing trades executed and shifts in the tradersí positions, all of which require constant monitoring so that the accurate overview is maintained.

1700: Against this backdrop of routine co-mingled with the dynamism of the market, certain things require that time be set aside. I am currently involved in a project whereby under-privileged teenagers are given the opportunity to gain experience in a forum to which they ordinarily would unlikely have access.

Once a week I spend half an hour with Kevin, a 17-year-old sixth-former from Streatham. During this time, we discuss the events of the week in the world of finance, and go through any aspects of his economics course with which he may be struggling. The project aims to debunk the notion that the investment banking community is only interested in graduates from the premier universities in Europe, and thus far the results have been very positive.

1730: The day begins to wind down as the markets close and the traders mark their positions and summarise the day's trading. Any urgent issues are summarily dealt with, the P&L is calculated, and I can begin to prepare a daily report on the credit trading globally. With New York still going strong, my day is far from over.

1900: At last I have an opportunity to deal with longer-term projects and more generalised strategy and planning.

2100-2130: I usually leave the office and head home.

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