In an industry dominated by speed, where short-term success is dependant on decisions made faster than the blink of an eye, getting traders to focus on the long-term impact of regulatory changes is like trying to get a world class sprinter to think like a marathon runner.
Sure, both pursuits involve the simple act of placing one foot in front of the other, but winning at either discipline requires completely different approaches. Day-to-day, the buyside sprinter is focused on the short-term - reacting to market signals, identifying liquidity, testing prices, and monitoring execution quality. In contrast, successful firms adapt to the ever-changing regulatory environment using a marathoner's mindset. Marathoners study their route months in advance, know where the hills are, know where the water stops are, and plan a strategy for miles twenty-four through twenty-six as much as they do miles one through five.