State Street
Lucy Simpson
30 Apr 2025
In the latest of our Emerging Talent series of Emerging Talents, Lucy Simpson at State Street, gives us an insight into her journey as a FX Forward Rates Trader
Image: State Street
Can you give me an insight of your personal journey into the asset services industry, why did you decide this was the career for you?
My journey into the industry has been driven by my passion for markets and my competitive nature. My path has been unconventional. After gaining exposure to the financial sector through work experience in the City, I chose to forgo university.I began my career working in a portfolio management team at a FTSE 250 wealth management firm, where my enthusiasm for markets flourished.
In 2022, I secured a place on State Street’s Professional Development Program. The programme provided an incredible platform to grow my network and skillset. I had the opportunity to work within various teams, where my background, ambition, and work ethic was recognised and supported. A standout moment during the programme was attending a residential FX course with the ACI Financial Markets Association. Winning the Best Dealer Award during the course solidified my aspiration to become an FX trader.
The challenge of managing risk while identifying profitable opportunities in volatile markets perfectly align with my competitive drive and interest in macroeconomics. The dynamic and ever-evolving nature of FX markets makes it an exciting space to learn and grow. Each day, I come to work with a sense of purpose, motivated by the opportunity to engage with global markets and make a tangible impact.
What aspects of your job do you enjoy the most?
My role is intellectually stimulating, and I thrive in the dynamic, unpredictable, and high-pressure environment on the trading floor. Every day brings a fresh set of challenges and the job requires us to become experts in a host of areas, depending on prevailing market drivers. I also enjoy the collaborative nature of our team, with the opportunity to work alongside experienced traders and grow as a trader. I particularly enjoy that every decision I make has a real impact. My success fully depends on my ability to generate profits based on my insights and skills, which is something I find incredibly fulfilling.
Being fairly new to the industry, how do you find your experience compares to those who are more established? Are there pros and cons to each?
Experience is invaluable in trading. Working alongside established traders has given me the opportunity to learn from their expertise and expand my knowledge across a variety of trading strategies and FX products. My colleagues possess a deep understanding of market cycles, macro analysis and risk management as well as the ability to be ruthless in their analysis, recognise subtle market signals and remain unhindered by emotion. As someone newer to the team, I am still developing this intuitive grasp of the markets. However, my drive to become a successful trader has motivated me to absorb insights from my colleagues and continuously improve my skill set which should position me to take on a more influential role over time.
Have you noticed any misconceptions about the asset servicing industry? Is there anything in the industry you would like to see evolve or change?
I have been particularly impressed with State Street’s commitment to nurturing young talent, and the opportunities I’ve been given to kickstart my career. State Street has supported my professional development in several ways, from sending me to Boston to give client presentations to funding my CFA exams.
I am also pleased to see a strong presence of women through all ranks across the Global Markets division. I believe State Street’s focus on diversity and development sets a powerful example for the industry.
What is the training process of a new employee? Do you think it was beneficial to your role and others who may now be in the same position you were?
My training process involved four rotations within our Global Markets division, lasting six months each. This included structured learning, hands-on experience, performance reviews and mentorship. I spent time in the Securities Finance, FX Sales, FX Trading and Global Macro Strategy teams before transitioning back to FX Trading full time.
Throughout the programme, I was able to identify my strengths and areas of interest while gaining a comprehensive understanding of how various divisions within Global Markets interact and contribute to the business as a whole.
In terms of your career, where do you see yourself in a decade?
I aspire to manage a FX trading desk, collaborating with senior leadership to drive innovation, optimise performance and mentor the next generation of traders. In the meantime, I aim to deepen my expertise across all FX trading products and develop my leadership skills. By drawing on the experience I’ve gained through my PDP rotations and career as a FX trader, I would like to foster a collaborative, results driven environment that consistently delivers value to our clients. Ultimately, this role will enable me to combine my passion for markets with my commitment to have a meaningful impact as a female leader in the industry.
What advice would you give to young graduates when entering the financial services field?
Firstly, university is not the only available path towards entering the financial services industry.
Focus on gaining practical experience, learning on the job. Secondly, choose a career that you genuinely enjoy. When you are passionate about what you do, it becomes easier to stay motivated, even on the tough days.
I also recommend building a strong network and nurturing relationships with colleagues and mentors. Personally, having a mentor at State Street has been invaluable. Their guidance has been instrumental in helping me progress and achieve my goal of securing a role on the FX trading desk.
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