Voice of Experience: Yvonne Downs, COO Futures Division, Jefferies & Co., Inc.

This week The Glass Hammer is profiling successful women in the derivatives industry.

By Tina Vasquez, Managing Editor

Yvonne Downs is COO of Jefferies LLC futures division, though her 30-year long career in the futures industry began after she graduated from college and began looking for a job in accounting/finance.

“A friend suggested I consider joining the Chicago Board of Trade in their compliance department auditing firms who were users of the futures markets. I went to the interview and found that it was a fast-paced business that was in a constant state of change. I was hooked immediately,” Downs said.

The COO says that when she entered the industry, it required making decisions quickly, having a deep knowledge of the intricacies of business process, a strong financial background, and a strong sense of one’s self.

At the Chicago Board of Trade, Downs worked her way through all aspects of the Exchange business, from working on accounting for the futures business, financial analysis, trade practices, to looking at how trading and settlement occurred and assisting in the development of new products and services for the Exchange. Downs became SVP and ultimately oversaw the compliance/enforcement activities, coordinated with the Clearing Corporation, and worked with the executive committee and board of directors on strategic and governance issues.

Downs has also managed compliance efforts at top global brokerage firms, leading the effort to develop global compliance programs during periods of expansion in what Downs says was the “fast-paced and quickly evolving world of derivatives trading.”

“I am most proud of being able to be successful on both sides of the futures business, on the compliance side and on the revenue generating side,” Downs said. “It means that I have been able to strike the balance between ensuring that things are done with the best interests of all participants: the customers, the employees, and the firm.”

Developing Relationships
Before starting her career, Downs says she wish she would have understood the importance of developing relationships.

“I was very focused on working hard to learn all the aspects of the business and I wish I had taken a bit more time to get to know my peers, colleagues, and leaders within the firms,” Downs said. “I have found that it is the relationships that you develop along the way that make you successful and are as important as your understanding of the business.”

This is why Downs recommends that young women who enter the futures industry – an industry she says has many opportunities for them – work on networking.

“You need to work on both your knowledge of the business and your networking skills. A lot of business is done in social settings, such as on the golf course or over drinks and dinner, so you need to be an active participant in both,” Downs said.

Expanding Reach & Regulation
Currently, Downs is working on expanding Jefferies services into new areas of the globe, bringing the different asset classes together to offer multi-faceted services to customers.

“I get a chance to work with a global team of experts and leaders to help customers. I will also be able to help some younger employees in our firm expand their knowledge and responsibilities, which will give them additional opportunities to be successful,” Downs said.

The COO says that because of Dodd Frank, her industry has recently undergone substantial changes in how various derivatives products are regulated. Helping to shape creative responses to those changes and finding ways to be successful from a revenue perspective is of particular interest to Downs, as it enables her to combine both her compliance background and her business experience to offer new opportunities in the market.

Women in the Industry
Downs has mentored several young women through both internal programs at Jefferies and external industry programs. The COO says she has benefitted from both mentoring programs personally and would encourage young and established women in business to consider mentoring.

Downs has one piece of advice for young women entering the industry: stay calm and develop thick skin.

“The futures and the financial services industries in general, are type A personality worlds, where a calm reaction to change and thick skin are important to be successful,” the COO said. “Women’s approach to business generally is more nurturing and less boastful, making a challenge for some women to feel that they can be successful in this industry. Women can be successful. Young women, and even the more established participants, simply need be aware of their environment. Reach out to both men and women leaders in the business in order to benefit from advantageous relationships.”