I wish this story had some colourful characters to make it more interesting. In fact, any characters at all would be a help. The truth of the matter is that I don’t know the specifics of the tale.
In the 1990s I was a geeky kid sitting on, what was then, by far the best equity desk in Canada. It was an incredible seat to be educated in the finer details of trading.
In 1987 George Soros was hardly a household name. He had yet to break the Bank of England, and although highly regarded within the small group of Wall Street traders who covered hedge funds, these types of clients were still relatively unknown.
I started work on Canada’s biggest dealer’s institutional equity desk in the early 1990s. I was hired to help another trader whose large index client was increasingly taking more of his time.