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Beyond the Track: F1™ Mission Control vs FX Dealing

Beyond the Track: F1™ Mission Control vs FX Dealing


As Chief Race Engineer, my role is to have overall responsibility for all the engineering decisions that are made trackside. My main aim is to build a big picture for all the engineers, a lot of the specialist engineers, who don’t necessarily understand everybody else’s field, so that we globally make the best decisions. I’m the Chief Executive Officer, and my main responsibility is overall strategy and growth of the company. I am in constant and direct communication with my top-level and mid-level management, to ensure that our products and services are optimized and aligned with our long-term business strategy. The Mission Control/War Rooms we have set up, both at the main headquarters in Silverson but also in the aerodynamic department down in Brackley, are very important to us because they take a lot of workload off us They are able to respond straight away, they’ve got all the data live, they’re on the same intercom channels, whether they’re sat in the garage or back at the factory. Mission control is a room where engineers that don’t go to the circuit are based. These include the race strategists, as though they were mainly looking at the timing data as it comes in through the sessions, deciding what race strategies to do, through qualifying, what runs plans we’re going to do, what tyres to go on, and any information back to the driver in terms of traffic or any incidents that are going on. The forex market operates 24 hours/5 days a week. About $5 trillion is traded each day, in different time zones, which our dealing department constantly monitor. The people we employ within the FXTM dealing department is from a wide range of nationalities. In respect to professional backgrounds, we tend to prefer people with financial, engineer and math degrees. We have direct contact with all the engineers on the pit wall. We get all the timing, the telemetry, the data feeds. We supply extra help, information, decisions to the pit wall through the races all sessions and in between sessions It’s an incredibly fast paced environment, therefore we need to work quickly in order to execute the client’s orders in precise price, in milliseconds. Due to this large amount of information being received, each dealer has his own work station, which receives real-time information in respect to global events and market fluctuations, from subscription channels such as
Bloomberg and Reuters. The environment and industry we work in is in constant flux – Whether due to regulatory changes, or due to ever-evolving market conditions – and in order for our strategy to be successful and consistent, we must always be ready to adapt to any changes quickly. Getting the strategy right is obviously critical to getting a good result The key aspect is to get the strategy right consistently. There’s often situations that evolve different to you’ve planned, and having the ability to make decisions quickly is key in that situation. I’d be surprised if in one race of the year we stopped on the lap we wanted to stop on, and fit exactly the tyres we wanted to fit. The common changes to that are safety cars, that’s the most common one. So you normally get a safety car that you need to react to and you get collisions and either with your own driver or another driver or debris or punctures, and those sorts of interactions. And the other big one, which affects, I don’t know, quarter of the races is the weather conditions. If a race started wet and then becomes dry, or it starts dry and then you’re continuously looking for the rain coming on the radar and trying to predict when that comes, if you should change tyres before then or what lap is the perfect lap to change. Major political economic and geographical shakeups occur within the financial markets. These shakeups are usually priced in the market before the actual event. A good recent example will be the US elections. We’ve seen throughout the polling period, that the USD was strengthening in power, however going into the elections with the first results coming out, we’ve seen that Trump was winning over the elections, therefore we’ve seen a sudden depreciation of the US dollar which means we needed to change our view within 30 seconds in respect to pricing, execution and precision for our clients. What I really love about the job is working with very talented and very motivated people, throughout all the different areas of the company so everybody comes to work with a real goal. Teamwork is vital if we want our strategy to reap results, and if we want to deliver the best products and services to our clients. It’s not an easy task but it’s extremely rewarding, especially if you do it right. And it’s the only way to keep being a global, award winning broker.

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