The Implied Job Descriptions in Finance – Peter Nabicht
Peter Nabicht, 12Sided Technology
“Markets are an ultra-complex socio-technical system. That is a thing; Google it. There are three examples regularly given of such systems – huge cities, the space shuttle program, and financial markets. That’s how complex and interconnected we are.”
Have you ever lost a million dollars in 4 ½ seconds? Neither have we. Peter Nabicht, however, once wrote an algorithmic trading program that did exactly that, when one of his teammates misplaced a decimal on a minor tweak to the algo. Though the blame could have easily gone to Nabicht and/or one his colleagues, none of them was fired over the incident. Why? For one, though the tuition was steep, each received a valuable education from the incident. Plus, each team member accepted responsibility for the actions, meaning none tried to say “It’s not my job.”
Nabicht says, in ultra-complex socio-technical systems, as in most not-so-complex systems, the phrase “not my job” should not be part of the lexicon. He says a well functioning marketplace benefits all of us, thus we should share in the responsibility of ensuring well functioning capital markets.
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