This week The Glass Hammer is profiling successful women in the derivatives industry.
By Jessica Titlebaum
In just 12 years, Veronica Augustsson went from developer to CEO of Sweden’s Cinnober, an international independent software company delivering trading, clearing, and surveillance solutions.
After graduating from The Royal Institute of Technology in Stockholm with a master’s degree in computer engineering, Augustsson began her career at Cinnober. Soon, she moved from developer into a technical sales support role and worked on a variety of projects in this position. She also spent 14 months in New York as onsite support at the American Stock Exchange (AMEX).
“I am very lucky to have the experience in New York because it is a big financial center,” Augustsson said. “While working on the AMEX trading floor, I was able to learn the rationale behind the trading.”
One of Augustsson’s biggest projects as an architect and developer was the trading system that Cinnober built for Turquoise, a European hybrid system launched by a conglomerate of banks to coordinate on and off exchange traded derivatives clearing.
Technology & the Derivatives Industry
The derivatives industry is quickly evolving because of Dodd Frank regulation, which among other things, has pushed off exchange-traded derivatives, also known as over the counter (OTC) contracts, on to exchange platforms.
Augustsson believes people with technology skills should get involved with regulatory matters.
“Technology is the driver and for the derivatives industry, it means there are no limitations,” she said. “My concern is that the regulators don’t know enough about technology so they sometimes make the wrong decisions when writing rules. I think the technology-skilled people need to be involved in regulation as well. Why, for example, is risk in real time not a requirement in many markets? Why is there not a discussion around real-time settlement?”
With the knowledge to ask the tough questions and the guts to start an industry discussion, it is no wonder Augustsson was able to climb the ladder at Cinnober. She was promoted to head of sales in January 2012 and offered the role of CEO just 10 months later.
Practice Makes Perfect
One of the factors Augustsson credits to her career success is that she played a variety of sports from the time she was four-years-old. Handball, which she played for 20 years, was her favorite.
“You have to understand the game and always be one step ahead,” she said. “I had very good split vision.”
According to the CEO, there are a lot of similarities between sports and the office.
“You learn the value of team work, how to give and take feedback on performance. Nowadays people often ask if I work a lot of over time. I just see it as I’m practicing,” she said.
Women in Tech Stand Out
While we’ve all heard about the challenges of being a woman in a male-dominated industry, with the tech industry being painted in a particularly harsh light, Augustsson asserts that being a woman in the male-dominated tech industry actually worked to her advantage.