February 2015: Swings and Roundabouts
![victor-anderson-portrait victor-anderson-portrait](/sites/default/files/styles/landscape_750_463/public/import/IMG/912/271912/victor-anderson-portrait.jpg.webp?h=ec4f65b5&itok=iURTO8hM)
As some of you are no doubt already aware, James Rundle left us at the end of February after three-and-a-half years. During that time, he became a key member of the Waters and WatersTechnology teams, and was my right-hand man in the London office. And, like Jake Thomases, who left us just under a year ago after accepting a place at the Johns Hopkins School of Advanced International Studies in Washington, DC, James’s departure has left us with large shoes to fill.
But fill them we must, and, as Dan DeFrancesco, Jake’s successor, has illustrated in the short time he has been with us, that which we lost with Jake’s departure, we have more than made up for thanks to Dan’s arrival.
This revolving-door scenario is by no means particular to the publishing industry. Capital markets CIOs face similar challenges, although they would argue that their tribulations are that much more acute, given the nature and often complexity of the technologies they deal with, especially when it comes to mission-critical and aging legacy systems, of which every financial services firm has at least some experience.
It’s natural at times like this to dwell on the negative aspects of losing key staff members. CIOs might panic at the thought that the one person with intimate knowledge of the firm’s proprietary portfolio management system had just left the building, which, in the short term, would naturally be a cause for concern. That “key-man risk” might even escalate and present the firm with any number of operational risks, but on the whole, once the dust has settled, these things tend to work themselves out.
Panic and a lack of perspective can also lead to the hunt for a like-for-like replacement and then shoehorning the new arrival into the vacant mold, a strategy that is both unfair and naïve—unfair to the new starter, in that he or she would be expected to mimic the skills and capabilities of the person they have replaced; and naïve on the part of the CIO, who is almost guaranteed to be disappointed by the new starter and likely also to overlook their expertise and ability to add value to the organization.
It’s difficult being sanguine and pragmatic at times such as these, but it’s important to remember that organizations are invariably more substantial than a single person. Losing or replacing staff members is a storm that all managers need to weather from time to time. Those who have been in positions of authority for any length of time, and have seen it all before, tend to manage these situations without too much difficulty. They’re also able to focus on what the new arrival offers the firm. And so from their perspective, what they lose on the swings they gain on the roundabouts.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
LSEG unveils Workspace Teams, other products of Microsoft deal
The exchange revealed new developments in the ongoing Workspace/Teams collaboration as it works with Big Tech to improve trader workflows.
IBM report finds ‘shadow’ data significant contributor to data breaches
As AI and cloud take on greater importance in the capital markets, firms need to consider their threat impact zones.
Bloomberg adds AI earnings summaries to Apple Vision Pro app
The vendor continues to add content and functionality to its Bloomberg Pro for Vision app, which sits at the convergence of spatial and mobile computing.
SS&C continues Blue Prism rollout, eyes other acquisition targets
The company is focusing on organic growth while keeping its eye on potential acquisitions.
CME: CFTC OKs clearing move to Google Cloud
The CFTC has given the Chicago-based exchange approval to run its clearing and settlement infrastructure on the Google Cloud Platform, while the exchange and vendor have extended their partnership to last until at least 2037.
Once a blockchain cheerleader, Axoni changes its playbook
The fintech, whose origins can be traced back to the genesis of capital markets’ complicated flirtation with DLT, has largely ditched the tech as the foundation of its data synchronization offering, opting for more familiar territory.
The IMD Wrap: Quality drivers—the sticks and carrots accelerating the data quality race
Like a Formula One Grand Prix, data management is a race that can be won or lost. And just as each race is part of a larger F1 championship that pays large sums of TV money to the winning team, winning or losing one race can contribute to winning or losing an endgame with much more at stake.
This Week: Clear Street, Hudson River Trading/Google Cloud, Alveo and more
A summary of the latest financial technology news.