{"id":63620,"date":"2021-06-01T12:11:26","date_gmt":"2021-06-01T16:11:26","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/paul-misle\/"},"modified":"2024-04-12T10:01:51","modified_gmt":"2024-04-12T14:01:51","slug":"paul-misle","status":"publish","type":[3766],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/paul-misle\/","title":{"rendered":"Paul Misle of Scotiabank: Crises are a good source of learning"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69ff21f6c9ddc]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6c9ddc'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Paul Misle of Scotiabank: Crises are a good source of learning<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6d254d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">June 1, 2021<\/p>\n<div class=\"wpb_content_element bbg-card  quote\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><div class=\"noBackground\"\n><\/p>\n<div class=\"quote-content-wrapper\">\n<div class=\"quotebody\">\n<p class=\"large\">\u201cFrom the inclusion perspective, I believe we are making great progress, yet there\u2019s some work to be done, I think we are on the right track and I am glad to see it.\u201d<\/p>\n<div class=\"cite\">\n<p>\n          <strong>Paul Misle<\/strong><br \/>\n          <span class=\"attribution\"><\/span>\n        <\/p>\n<\/p><\/div><\/div><\/div>\n<\/div>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Paul Misle<\/strong><br \/>\nHead of Global Capital Markets | Scotiabank, Chile<\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div><div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:300px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"552\" height=\"552\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Paul-Misle-715-x-715.jpg\" class=\"bbg-single-image__image attachment-medium\" alt=\"Paul Misle 715 x 715\" title=\"Paul-Misle-715-x-715\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Paul-Misle-715-x-715.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/Paul-Misle-715-x-715.jpg 715w\" sizes=\"auto, (max-width: 552px) 100vw, 552px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6def13'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>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 \u2014 known throughout the world as \u201cthe tequila effect.\u201d<\/p>\n<p>\u201cFinancial crises have always been a source of learning for those of us who work in capital markets,\u201d he reflects.<\/p>\n<p>All of these increasingly recurrent crises have expanded his expertise and experience: \u201cThey\u2019ve enabled me to see things from a different perspective,\u201d he explains.<\/p>\n<p>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. \u201cThey also touched on issues such as our fiscal policy and monetary policy,\u201d he says.<\/p>\n<p>Misle applies lessons learned from a crisis in various areas. For example, the COVID-19 health emergency showed him that it\u2019s possible to work at a trading desk from home. \u201cThe idea behind the trading desk is that we\u2019re 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,\u201d he says.<\/p>\n<p>\u201cThis 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.\u201d<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6e12d2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Working with new rules<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Misle points out that another crisis that led to major changes and lessons was the one in 2008 \u2014 because it forced world leaders to create new regulations.<\/p>\n<p>\u201cThis 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,\u201d he says.<\/p>\n<p>\u201cThis 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.\u201d<\/p>\n<p>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.<\/p>\n<p>\u201cHowever, new generations already come with a built \u2018chip\u2019 of what\u2019s good and bad. Besides that, they\u2019ve lived through these crises up close and personal, which is also reflected in the decisions we make as a bank and as an institution,\u201d he explains.<\/p>\n<p>\u201cFor 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 \u2014 and even drives your operations.\u201d<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6e2f15'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Constant change<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>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.<\/p>\n<p>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.<\/p>\n<p>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\u2019s very happy to live there.<\/p>\n<p>\u201cIn Chile, my career has always been in the banking industry, always at trading desks, although I was always performing different tasks. I\u2019ve worked in asset liability management, market risk (which at first was a unit within the bank\u2019s 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.\u201d<\/p>\n<p>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.<\/p>\n<p>\u201cThere are many people who don\u2019t necessarily like Alan Greenspan and even blame him for many of the problems we face today, but I think it\u2019s more about his contributions,\u201d Misle says.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6e4a65'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Inclusion in progress<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>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.<\/p>\n<p>\u201cIn 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\u2019ve seen how more women have started working at the trading desk, which used to be a man\u2019s world. We haven\u2019t reached the levels we\u2019d like to, but the doors are always open,\u201d he says.<\/p>\n<p>\u201cAnd, from an inclusion point of view, I think we\u2019re also making considerable progress. Even though we still have a way to go, I think we\u2019re on the right track, and I\u2019m happy to see that.\u201d<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6e6475'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Finding balance in life<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Misle spends his free time with his children, but also likes watching documentaries and TV shows about history. \u201cToday learning is much more entertaining. Children and young people have access to information and education in a totally different way than we had before,\u201d he points out.<\/p>\n<p>He says that keeping informed is important to his work: \u201cBloomberg is a very powerful tool that makes it easy to consume a lot of information in a short time.<\/p>\n<p>\u201cI also follow social networks, especially Twitter, because I think it\u2019s a platform that has played a very important role in all communication and decision-making processes. I don\u2019t necessarily agree 100% with many of the things I see there, but it\u2019s one of the most up-to-date existing sources of information. [News] first breaks on Twitter, and then everywhere else.\u201d<\/p>\n<p>Misle is a self-proclaimed \u201cfrustrated pilot,\u201d because he enjoys aviation very much. \u201cUnfortunately, in my time, the only possible way to become a pilot was through the Air Force, and I just couldn\u2019t get used to the military structure,\u201d he says.<\/p>\n<p>\u201cLater, 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\u2019s 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\u2019s why I studied finance.\u201d<\/p>\n<p>His recommendation to upcoming generations is to find a good work-life balance. \u201cIn any career, it\u2019s common to worry a lot about work and abandon other things. I\u2019m very grateful for everything that has happened in my professional career, but I think I\u2019ve left aside some personal aspects. In the long run, it\u2019s good to keep a balance of all things, and perhaps I\u2019ve missed a little there,\u201d he admits.<\/p>\n<p class=\"small\">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.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6e7f6b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6e9801'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>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.<\/p>\n\n<\/div>\n\n<div\n  id=\"cta_2203025341930421433\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/go-getters\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Learn more\"\n        >\n                      Learn more\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6ebf34'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black bbg-row--full-bg-bleed\" data-anchor='row-69ff21f6ed534'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Insights<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['69ff21f6efdb2'] = 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it.\u201d<\/p>\n","protected":false},"author":1857,"featured_media":63636,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-qa.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"","footnotes":""},"categories":[453],"tags":[],"series":[],"class_list":["post-63620","post","type-post","status-publish","format-standard","hentry","category-markets","type-qa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paul Misle of Scotiabank: Crises are a good source of learning | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"\u201cFrom the inclusion perspective, I believe we are making great progress, yet there\u2019s some work to be done, I think we are on the right track and I am glad to see it.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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