Alumni Industry Series | Creating value from risk: Shirley Wong (QFIN 2015) on equity derivatives trading

Many people liken trading to “gambling”. For Shirley Wong (QFIN 2015), it is closer to choreography – a disciplined dance of risk and calculation. As a director of equity derivatives trading for an international investment bank, Shirley partners with different stakeholders to design hedging and investment solutions for corporate clients on their strategic holdings. The role demands calm under pressure and a mastery of risk metrics. But to Shirley, the real challenge is not simply forecasting markets – it is planning for their unpredictability.

From market open to monitoring risk

By 8am each weekday, Shirley is already at her office in Central, reviewing overnight US market movements and global news to gauge investor sentiment. As Asia-Pacific markets come online, she tracks regional financial developments while monitoring positions and key risk indicators across her trading book. “Before markets open, I run through different Greeks of my book positions, estimate the day’s volatility from market information and plan hedging strategies accordingly,” she explains. The work demands unwavering concentration – often extending well into the night.

Shirley (front row, centre) reports that she benefited from QFIN alumni support as a student – a spirit of mentorship she continues to uphold post-graduation. (Photo courtesy of the interviewee)

Strategic solutions grounded in client needs

Equity derivatives traders do not simply buy and sell individual stocks. Instead, they structure and manage sophisticated financial instruments linked to equities or indices. Unlike flow traders who provide liquidity and deal with frequent client orders, Shirley specialises in strategic equity solutions – building large-sized, customised investment and hedging solutions for corporate clients, often involving sensitive market information. “I don’t usually face clients directly,” she says. “Instead, I collaborate closely with the sales team to understand clients’ needs, preferences and objectives, before designing tailored solutions.”

Managing pressure through mental balance

Market volatility brings tremendous pressure, but Shirley meets it with level-headed pragmatism. “Trade performance isn’t purely a reflection of individual capability; it can hinge on market conditions and client appetite,” she explains. “With the firm raising profit targets each year, mental resilience becomes essential.” To stay grounded, she practises yoga weekly and regularly shares insights with colleagues as a form of mutual support.

Shirley (front row, second from left) stays in touch with former QFIN classmates, meeting regularly to connect, catch up and share experiences. (Photo courtesy of the interviewee)

Trading is not gambling

“People often mistake what we do for gambling, as if we randomly bet on market movements,” Shirley says with a smile. “In reality, every trading decision is guided by detailed analysis, stress testing and strict risk management.” She adds that another misconception is that traders only stare at monitors all day and work in isolation. “Quite the opposite, collaboration is constant. We partner with multiple stakeholders, and hence communication skills are crucial. In a small financial community, today’s former colleague may become tomorrow’s counterpart, so maintaining strong professional relationships really matters.”

Shirley acknowledges that trading jobs are high-pressure positions that demand strong mental fortitude

Passing on the spirit of support

Shirley credits CUHK’s Quantitative Finance programme for providing her with a rigorous foundation in finance and deeply values how the department fosters connections between students and alumni: “Before interviews, they would pair us with alumni already working at those firms to share firsthand experiences. It made a huge difference,” she recalls. Today, she is committed to continuing that cycle of support. She serves on the executive committee of the Quantitative Finance Alumni Association and participates in scholarship selections, helping nurture the next generation of finance professionals.

During her studies, Shirley (second from left) proactively participated in business case competitions. (Photo courtesy of the interviewee)

Continuous learning, embracing possibilities

Shirley’s career path has been anything but linear. After graduating from CUHK Business School, she held roles at several European and US investment banks. Seeking new challenges, she later transitioned from cross asset structuring to equity derivatives trading. While the asset classes differ, she believes the underlying analytical thinking and structural skills are largely transferable – an insight that helped her adapt swiftly. To younger alumni, her advice is clear: “Don’t let your first specialisation define you. With curiosity and a willingness to learn, switching job roles and asset classes aren’t nearly as intimidating as they appear.”

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