When it comes to market-making, Paul Jiganti, Managing Director at IMC Financial Markets, has seen it all. He started his career in the rough-and-tumble trading pits when the Chicago exchanges were still “open outcry.” As electronic trading supplanted the trading floors around the turn of the Millennium, Paul had to learn new skill sets to make the inevitable transition.
Today, Paul brings new business to IMC and is involved in philanthropic activities around Chicagoland. He attributes much of his career success to the networking and learning opportunities offered by STA and STAC, which he joined around 2000. “STA and STAC are a great source of information on the broader industry,” he says. “Working with the likes of Jim Toes and Jim Hyde, who work tirelessly to communicate what is happening in Washington, is a great way for IMC to keep abreast of risks or opportunities that may be coming.”
Paul can also ride a unicycle and juggle at the same time – or at least he thinks he still can. Read more about his experience with STA, STAC, and about reflections on his career as he prepares to retire from the spotlight at the end of this year and transition to a consulting role for IMC.
Why did you join STAC?
I’ve been involved with trading and market-making in Chicago for almost four decades. Early in my career I wanted to expand my understanding of what shaped financial markets and who was involved. I listened to many people on the exchange and firms’ trading floors. They all looked up to STA and urged me to get involved. It was sort of cocky for a 24-year-old to think that finance was going to be my future when I had only traded for a year and a half, but I guess it turned out to be true. Fast forward twenty years, I am a Managing Director of Business Development at IMC, a great market-making and technology firm with a long history of excellence. I'm responsible for relationships with exchanges, industry groups and potential business partners. I'm a frequent speaker on market structure panels, a former Chair of the SIFMA Listed Options Committee, and current Chair of the Listed Options Market Structure Working Group.
What professional skillset has helped you succeed in your career?
Early on, it was my loud voice and quick reaction time to a quote on the trading floors. Of course, that all went away with electronic trading in the late ‘90s and early 2000s, so I had to rely on softer more managerial skills. They all revolved around optimism. As I worked my way through various leadership positions, it became clear that I had to show and believe in a path to success to get to that goal. It all had to be based on honesty because without that, everything falls apart. People must trust your word as your bond in trading, as in life. I learned that from my first mentor, Rob Maine. He was an amazing independent trader who drilled that into my head. Not surprisingly, that is STA’s credo and the reason why being a member is so comfortable.
What would you tell your younger self just starting your career?
Keep your contacts. I have been extremely fortunate to work on the floor of the CBOE, and then at Susquehanna International Group. Over that 16-year period, I worked with incredible people. Many are scattered all over our industry in leadership positions. It’s easy to call former colleagues when working on something, knowing they speak the same language, and you have their trust. That didn’t end after SIG. I also worked at TD Ameritrade and that was a whole new group of accomplished folks to work with. For the last nine years at IMC, I’ve once again been collaborating with incredible trading talent, only they’re much younger than me and I’m no longer the mentee, but the mentor. As I reflect back while winding down my career, I find it particularly gratifying to look back at how successful so many of them have become as leaders and look forward to seeing them one day become mentors themselves.
How have STA and STAC increased the value you bring to your organization?
STA and STAC are a great source of information on the broader industry. Members work tirelessly to communicate what is happening in the local securities community and in Washington, which is a great way for IMC to keep abreast of risks or opportunities that may be coming. The national STA conference is an outstanding way to network and learn, as is the STAC annual Mid-Winter Meeting. Having been one of the point people at IMC on the STAC committees has given us a different connection with the regulators and the hill.
Why are the educational and networking opportunities STAC offers so critical to someone starting out in/looking to advance their career?
If you are in a career, and you think you want to be in it for a long time, you have to get involved. It’s the best way to see what is coming and learn from your peers.
What is your favorite event and why?
The national STA conference. Great speakers, great attendance, great networking. In the old days DC was a very cool town to run in. Orlando was a bit different, and had a new kind of appeal.
Who is someone at STA and STAC that you’d recommend new members network with and why?
Two of the truly great people that speak to everything good about our industry and STA are Jim Hyde and Kevin Skarbek. Both are generous with their time, and just all-around good people. A great STAC contact is Patty Schuler. Patty and I spent years standing next to each other on the floor, and she has been an amazing industry colleague and wonderful friend.
How do you give back to the Chicago community?
Throughout my career, making a difference has been a part of my ethos. Giving back is essential, and both IMC and the STAC Fund share this vision. In fact, this common mission was one of the key reasons I joined IMC nine years ago. I sit on the Board of the IMC Chicago Charitable Foundation, and it’s amazing to see the contribution and impact, both on a global and local level here in Chicago. We focus on early childhood and community development. I am proud of the lasting difference we are making in Chicago and beyond.
What is your superpower?
This is a hard one. Self-evaluation is difficult, but if I look back on my 360 reviews, I will have to choose optimism. I naturally try to find a solution to any problem that leads us to a better place than we are today - and hopefully better than can be imagined initially.
What’s something other members don’t know about you?
I was a mediocre gymnast in high school. Also, I can, or in the past could because it’s been a long time, ride a unicycle and juggle at the same time.
Name one industry trend that you’re keeping an eye on today
I find watching asset classes merge to be fascinating. I’m talking about packaging of assets into ETFs, defined outcome ETFs, or build-your-own and trade as a package. There are so many clever people in this industry that understand what the end user wants. I love their passion, and I am always excited to learn more from them.
