SECOND INTERVIEW AT JAMES CAPEL & CO Diversity and Inclusive Hiring Position: Institutional Equity Derivative Sales Interviewers: Tony MacFarlane, Head of the Desk Richard Verin (USA), Director, James Capel Options Ltd Its all about being able to fit in with existing team/ employees, and, the ability to make the boss’s life easier. Michael Page did a really good job writing about me and sending me there. That is how they knew it would work and that I was just the person they were looking for. Maths at Cambridge? Yes and Third class degree was OK. As I have other qualities. I had a lot of experience in traded options. I knew all about the underlying companies. Tony was Scottish and had clients like Scottish Widows, Sunlife. And I respected that. Had joined from Bear Stearns. Richard Verin was American and Jewish and a former Amsterdam options market maker. David Heron, Director and largest shareholder in James Capel before the buyout by HSBC, a lay preacher in the Baptist Church and very shrewd moneymaker. Quietly spoken. He allowed Peter Quinnen to be chairman. For my second interview they decided to take me out to lunch at nearby Bloom’s kosher restaurant. At first, I was horrified. Cambridge etc and I was trying to be as English as possible. Richard said he had always wanted to try it. Actually, I should have felt honoured. In any event the lunch went well and back at their offices, Richard suddenly said: “OK, let’s talk turkey.”. I am sure that Michael Page gave me advice on how and when to negotiate compensation. The letter from the Stock Exchange went first to David Heron, later a director of LIFFE, then to the chairman, then to Richard Verin. The letter explained that I had scored an exceptionally high mark in the Registered Representative exam and could have the firm’s permission to approach me to become an exam question writer, which involved going to The Stock Exchange several Wednesday afternoons. I made them proud which was good because my hiring had cost James Capel a whole year’s salary, fee paid to Michael Page. But Tony MacFarlane was not happy. And so I declined the invitation, which with hindsight was completely the wrong thing to do. I was given two large institutional clients and two medium and basically left to get on with it. At £1 clearing +£1 commission on London traded option trades for the largest clients, I let Tony worry about how they were going to pay our salaries. Before Christmas, the option market makers were invited for lunch. ( And we had a Christmas party.) James Capel had its own kitchen and in house dining rooms. This was of course Richard’s idea. The “enemy” right within our walls. I sat across from Minsky, who had a look of guilt coupled with a feeling of being loved or honoured. When our dealer went into the market after Big Bang, it was sometimes necessary to be able to offer stock. Their fear was that, having taken on a trade, they would find it impossible to deal in the underlying. I made use of this technique when I started my hedge fund, so that I could deal in size at very good prices. Everyone was happy. If I needed a Jewish holyday off, they were happy to have me working on the desk between Christmas and New Years.