Paul Misle of Scotiabank: Crises are a good source of learning

“From the inclusion perspective, I believe we are making great progress, yet there’s some work to be done, I think we are on the right track and I am glad to see it.”

Paul Misle

Paul Misle, Head of Global Capital Markets at Scotiabank Chile, graduated in 1993, then went on to work in finance. He has since experienced a number of crises, starting with the devaluation of Mexican currency in early 1995 — known throughout the world as “the tequila effect.”

“Financial crises have always been a source of learning for those of us who work in capital markets,” he reflects.

All of these increasingly recurrent crises have expanded his expertise and experience: “They’ve enabled me to see things from a different perspective,” he explains.

In Chile, the many social movements already in place before the pandemic inevitably affected financial markets and other issues such as the perception of risk. “They also touched on issues such as our fiscal policy and monetary policy,” he says.

Misle applies lessons learned from a crisis in various areas. For example, the COVID-19 health emergency showed him that it’s possible to work at a trading desk from home. “The idea behind the trading desk is that we’re all in the same place, an open space where communication is fluid and timely, because we always needed to operate in a certain way and by a certain time, but that changed with the pandemic,” he says.

“This is something I never imagined I would see, or that it would work as well as it has, or that it could be implemented as quickly as it was.”

Working with new rules

Misle points out that another crisis that led to major changes and lessons was the one in 2008 — because it forced world leaders to create new regulations.

“This crisis was in many ways about ambition, what came with that, what people were being offered, which was not exactly the most appropriate thing. The goal was to earn more money and generate income, but in the long run this ends up being more expensive,” he says.

“This has been a long, complex process, which has not only operational aspects, but also behavioral ones, in terms of the people who work in finance or trading desks.”

Thus one of the most important challenges for new generations entering finance is being able to quickly adopt and adapt to global and local regulatory changes. These changes, both minor and major, have altered the way we do business today and continue to get more complex, according to Misle.

“However, new generations already come with a built ‘chip’ of what’s good and bad. Besides that, they’ve lived through these crises up close and personal, which is also reflected in the decisions we make as a bank and as an institution,” he explains.

“For new generations, the challenge is seeing how to continue doing profitable business within a regulatory environment that leads you to take a number of safeguards — and even drives your operations.”

Constant change

Dealing with changes and learning from experience are not foreign concepts for Misle. Born in Ecuador, he went to college in the U.S. after spending some time working in the hotel industry to be able to pay for it.

He studied finance and, in 1993, began working at Lehman Brothers in New York. Since all business related to Latin American markets was handled in Miami, he transferred there.

In 1995, he moved to Chile, where he still lives with his family. You can tell by his words, his demeanor, and even his accent (which gives an idea of how much time he he has been in Chile) that he’s very happy to live there.

“In Chile, my career has always been in the banking industry, always at trading desks, although I was always performing different tasks. I’ve worked in asset liability management, market risk (which at first was a unit within the bank’s trading desk, then they decided it had to be separate), and then in sales, at trading desks, until I ended up in charge of the entire business.”

Amid the people he admires are his cousin, who convinced him to study finance and helped him get the job at Lehman Brothers, and even Alan Greenspan, ex-chair of the U.S. Federal Reserve.

“There are many people who don’t necessarily like Alan Greenspan and even blame him for many of the problems we face today, but I think it’s more about his contributions,” Misle says.

Inclusion in progress

In addition to the changes brought on by crises, Misle has seen another important transformation during his more than 25-year career: inclusion in the financial world.

“In Chile, this issue has evolved a lot. When I started in 1995, if there was a single woman working in the trade, it was a lot. We’ve seen how more women have started working at the trading desk, which used to be a man’s world. We haven’t reached the levels we’d like to, but the doors are always open,” he says.

“And, from an inclusion point of view, I think we’re also making considerable progress. Even though we still have a way to go, I think we’re on the right track, and I’m happy to see that.”

Finding balance in life

Misle spends his free time with his children, but also likes watching documentaries and TV shows about history. “Today learning is much more entertaining. Children and young people have access to information and education in a totally different way than we had before,” he points out.

He says that keeping informed is important to his work: “Bloomberg is a very powerful tool that makes it easy to consume a lot of information in a short time.

“I also follow social networks, especially Twitter, because I think it’s a platform that has played a very important role in all communication and decision-making processes. I don’t necessarily agree 100% with many of the things I see there, but it’s one of the most up-to-date existing sources of information. [News] first breaks on Twitter, and then everywhere else.”

Misle is a self-proclaimed “frustrated pilot,” because he enjoys aviation very much. “Unfortunately, in my time, the only possible way to become a pilot was through the Air Force, and I just couldn’t get used to the military structure,” he says.

“Later, I decided to become a lawyer. However, I ended up going to school in the U.S. I had always wanted to return to Latin America, but it’s practically impossible to work as a lawyer in Latin America with a law degree from the U.S., which led me to reconsider my career options. That’s why I studied finance.”

His recommendation to upcoming generations is to find a good work-life balance. “In any career, it’s common to worry a lot about work and abandon other things. I’m very grateful for everything that has happened in my professional career, but I think I’ve left aside some personal aspects. In the long run, it’s good to keep a balance of all things, and perhaps I’ve missed a little there,” he admits.

Disclaimer: The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of Bloomberg.

Bloomberg invited the GETTERS of the financial market in Latin America to share their insightful stories about their careers, their success stories and the challenges they had to face while not only witnessing the development of this fast-paced environment, but actively contributing to its evolution by creating new tools, sharing best practices and inspiring change.