Weekend Edition: View from the floor

Friday 12th December 2025

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NAB’s trading division, headed by Tim McCaughey, facilitates trades requested by a range of clients, from hedge funds, through to corporates and pension funds. So how does it work? Tim says it works like a grocery store - they buy the goods, add a margin and sell on. Except its not a grocery store, its trading rooms in Australia, London, New York and Asia. But just like a retailer, the secret is knowing what to buy, how to price it and how long to hang onto it.

Phil tries to pry into how Tim and his team balance the risk in all this buying and selling, how the liquidity is managed, and the role of AI and algorithms in today’s trading environment. And has President Trump been good or bad for traders? Tim talks us through how things went on Liberation Day.

A fascinating chat, even if Tim refuses to give away the contents of his secret sauce.

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