Bloomberg’s Paula Fry, Global Head of Fixed Income and FX Trading Liquidity and winner of Excellence in Leadership, with Katharine Furber, Global Head of Emerging Markets Product and a Rising Star winner at the Markets Media European Women in Finance Awards.
Can you please tell me what is your day to day role at your firm?
Paula Fry (PF): I’m responsible for the liquidity relationship team for our electronic trading business at Bloomberg. My team works with liquidity providers globally for both fixed income and foreign exchange. I work closely with clients, alongside my team, to ensure clients have the support they need. What I love is that there’s never a dull moment, whether we’re working creatively to solve issues or partnering with clients on new initiatives.
Kat Furber (KF): I oversee Bloomberg’s Fixed Income Emerging Markets Electronic Trading Product offering. I have a great team whom I work with side-by-side to develop strategy on new and innovative electronic trading solutions for the market. This can include anything from providing tools to access the China markets to our recently launched anonymous all-to-all trading offering called Bloomberg Bridge. My role is extremely varied and so much fun.
Market conditions have been volatile but what have you found to be the most challenging?
PF: During times of volatility, dealers are extremely busy and often require our help and expertise on short notice. This can mean juggling multiple tasks as we work to support all our dealer clients and their individual, unique needs. I’m a person who always has a positive mindset, and see solving client issues as an opportunity and not a challenge. It’s the way my team operates as well, and I’m proud of how my team members consistently mobilise themselves, especially when there are a number of client demands for our help and attention.
KF: Emerging Markets is so broad and varied and this year has been unlike any other before in terms of unprecedented events. This has resulted in a really engaging challenge for our product management team. Staying close to our clients to remain their trusted technology partner on new product means we are prepared to take decisive and deliberate action to ensure we’re seeing around corners and preparing for the latest challenges facing the market.
How did you get started in financial services and is this the career you envisioned? If not, What had been the plan?
PF: I wasn’t familiar with investment banking before I began working at Goldman Sachs in their travel department. Less than two years later I was a desk assistant and six months after that, I was a junior spot FX trader. That eventually grew into a role that encompassed both spot trading and FX electronic trading risk. From there I pivoted to FX sales and finally moved to the technology space at Bloomberg. It’s important to be open to opportunities and don’t let them pass you by – it’s one of my guiding principles, which has served me well since I began my career.
KF: I was a linguist by trade, so a career in financial services was never part of the plan. A friend recommended I consider Bloomberg noting that “You would love it here!” She wasn’t wrong and 12 years later I’m so proud of what I have learnt and achieved from my first role here as part of our Analytics department where I supported electronic trading inquiries in German and Spanish language. I really enjoy the work I do as I’m constantly learning at Bloomberg, and that’s something that makes it a really fun and engaging place to work.
What progress do you think women have made in financial services? How have things changed since you started?
PF: We have seen significant progress, but there’s a long way to go. There’s still a lack of women on boards and in senior positions, though there are efforts being made to change that. While it will take time, the seeds of that have been planted. I am surrounded by allies at Bloomberg – we support each other and there’s a real want to see each other succeed. That’s a big change from when I began my career as the only female on a trading desk. It was difficult, but it shaped me, and now I can help the next generation move forward faster.
KF: I have seen vast improvement during my career in financial services and now have many women in the industry that I look up to and learn from. These role models were less visible a decade ago. That said, women’s representation in the most senior leadership positions across financial services is still not where it ought to be. This is part of the reason why I’m so glad to work at Bloomberg where you see diversity and inclusion at play every day.
What needs to be done to move the needle further?
PF: There are many women’s groups that are focused on ensuring women get ahead, but it’s very important to have men at the table, as they are part of the solution. We need to have everyone included in those conversations and partnering with our allies is an important step in the process.
KF: For the landscape at the top to progress and change, mid-career retention and advancement of women is an area that needs further focus. One area that we’re certainly seeing that in is the increase in the number of men taking extended parental leave in recent years – while it may seem small, this is a significant step in levelling the playing field.
What diversity, equity and inclusion (DEI) initiatives are you involved in?
PF: There are a number of women’s networks at Bloomberg including Women in Fintech, the Bloomberg Women’s Buy-Side Network and others. What I love is that there are a range of women’s groups that you can choose to be involved in, and I am currently part of the Bloomberg Women’s Community, which I co-led for a couple of years. I’m also part of the Women in Electronic Trading group at Bloomberg, which is focused on women in our space globally, with a range of initiatives including mentoring, events, client engagements and others.
KF: I’m very proud of my involvement in the Women in Electronic Trading group at Bloomberg. This community has directly contributed to some fantastic internal and external initiatives this year. When a client tells me that she found a new mentor through a Bloomberg event, or managed to land a promotion as a result of her network expanding it adds another level of meaning to our efforts. Seeing and hearing about the impact of these initiatives shows that there is progress being made, and being persistent and focused will help us make meaningful strides forward.
