Zero Alternative by Luca Pesaro Read Free Book Online Page A

lighter. He had been trying to quit smoking for years without any real success but had finally graduated to not buying packs anymore, preferring to pinch cigarettes whenever he could.
    ‘So how much are you up, you jammy bastard?’
    ‘Twenty-five million, maybe more.’ Walker shrugged. ‘Hard to tell with the Option market still closed, but I guess the models are not going to miss out by much.’
    Tony whistled softly. ‘Jeez. Not bad, my friend.’
    ‘How are
you
getting on?’ He knew that Mendes had closed most of his book in the previous two weeks. The man was not a deep thinker, but his market instincts were often astounding. He had been Walker’s supervisor and mentor when he was just a desk junior, and had taught him many of the darker secrets of Volatility trading.
    ‘No disasters, yet. Down a mill, maybe two if it gets worse – nothing to worry about. I’m still going to finish the year well-up; I’ll just have to sit on my hands from now till Christmas.’
    Walker nodded, silently agreeing. December 31st was the goal-line for traders and salespeople, when budgets were closed and the bonus calculations finalized. If someone had had a good year they tended to lay-off risk in the last quarter to avoid any nasty surprises. Dropping a bundle of money near the year-end was not an ideal strategy to maximize your own payout when the Envelopes were handed out in January.
    And traders cared a lot about their bonuses, not only for the cash itself but because – in a world where P&L was calculated every second, and money made or lost sat as the ultimate measure of quality – getting paid astonishing amounts was proof that what they were doing was
right
. Money to a trader was like goals to a striker, Michelin stars to a chef, adrenaline to a base jumper. It was evidence of their professional worthiness, their importance, and their quality. Often, for many, it was the very air they breathed.
    Mendes finished his cigarette and turned to Walker, eyebrow cocked. ‘So, have you startedhedging yet? Twenty-five bucks is a great
year
for anyone, you can’t afford to see it vanish.’
    ‘Not really. Apparently I’m not allowed.’
    ‘What? Why?’
    Walker fought to keep the anger at bay: a good poker-face was standard requirement for a trader. ‘Olivier Fontaine is using my book as protection for the entire floor. I can’t sell off my Options and cash in the profit without his approval.’
    ‘That’s shite.’ Mendes sipped his coffee slowly, considering. ‘Un-fucking-believable. I’ve never heard of anything like this. They must be really worried.’
    Walker grimaced. ‘I think they have problems in Fixed Income as well – the bond markets are going bananas and the Italian BTPs are tanking. The boys downstairs are going to get caught in the crossfire.’
    ‘Well, there goes my hope of a decent bonus this year, I guess.’ Mendes looked around, making sure no one could overhear. ‘What are you going to do? Be a good little soldier for Fontaine?’
    ‘Dunno.’ Walker lit another cigarette, his brain in overdrive. ‘What do you think?’
    ‘It’s a hard call. The book is your responsibility, but going against Olivier could land you into all sorts of shit. Especially if you get it wrong.’
    ‘True.’ But Walker’s instinct told him to go for it. He knew he could get the trade right. ‘I don’t trust that fat Belgian twat.’
    ‘You shouldn’t.’ Tony Mendes had been screwed by Fontaine years before, as well.
    ‘Then maybe it’s easy.’
    Mendes checked his watch, gesturing with his head at the Dorfmann building. ‘Time to go. Be careful, my friend.’
    ‘I will.’

Chapter Four
    Running DeepShare
    Walker unlocked his computers and fired off a few quick messages on the Bloomberg Instant Chat, replying to the brokers and traders that he always kept online to his terminal.
Time to make or lose some millions, boys and girls
. His personal mobile phone rang and he glanced at the screen – Mosha