Can you tell me about your journey into the securities finance industry?
Growing up in Asturias, I had no family background in finance, so my interest in financial markets came entirely from personal curiosity. I had to carve out my own way, building my understanding of the profession from the ground up. From an early age, I was fascinated by financial markets and knew I wanted to work in the industry, which led me to study Economics at the University of Oviedo before moving to Madrid to complete an MSc in Finance at CUNEF.
I started my professional career at Santander Asset Management, initially as an intern before becoming a portfolio manager within the Global Multi-Asset team, specialising in European government bonds. Looking back, I could not have asked for a better environment in which to learn. Managing portfolios through the Covid-19 pandemic and a transition from negative interest rates to one of the fastest monetary tightening cycles in decades, gave me invaluable experience and helped me understand how different asset classes interact under very different market conditions. During this time, I also earned the CFA Charter, an experience that significantly strengthened my understanding of investment management and complemented the practical experience I was gaining.
Although I thoroughly enjoyed asset management, my ambition had always been to work in global markets. The opportunity to join BBVA and help build its securities finance business from an early stage was particularly exciting because it combined trading with the chance to contribute to a high-growth business with significant long-term potential. Since joining the desk, it has been incredibly rewarding to be part of an expanding franchise, contributing directly to its growth and increasing market share.
As a young professional, what aspects of your role or the industry do you find most exciting?
What excites me most about securities finance is that it sits at the heart of the financial system. It is one of the few areas where you constantly see how monetary policy, liquidity, collateral, funding, government bond markets, and bank balance sheets all interact with one another.
Working in repo has given me a much deeper understanding of the mechanisms that keep financial markets functioning efficiently and reinforced my belief that understanding these connections is essential to understanding markets as a whole.
I have always enjoyed looking at markets from a cross-asset perspective rather than focusing on a single product or asset. Securities finance allows me to do exactly that. Understanding how repo interacts with OIS, FX swaps, government bond relative value strategies, and funding markets provides a much broader perspective on how markets operate.
I also enjoy the fast pace of trading. Every day brings different market conditions, new challenges, and new opportunities to learn. That constant intellectual challenge is one of the things I value most about my role.
Many companies offer various training and development opportunities for their employees. How has your company supported your growth?
BBVA has supported my development in many ways. Beyond formal training, I have had the privilege of working alongside highly experienced professionals and outstanding mentors who have been incredibly generous in sharing their knowledge, challenging my thinking, and encouraging me to take on increasing responsibility.
One of the most rewarding aspects has been joining the securities finance desk during an important stage of its growth. Being part of a relatively new business has allowed me to contribute beyond my day-to-day trading responsibilities, gaining exposure to product development, client relationships, and strategic initiatives.
Watching the franchise evolve from its early stages into an increasingly relevant player in the market, while contributing directly to that journey, has been one of the highlights of my career. That experience has accelerated my learning far more than simply operating within a well-established structure.
The collaborative culture has also played a significant role. Markets evolve constantly, and being surrounded by colleagues who openly exchange ideas and challenge one another creates an environment where continuous learning becomes part of everyday work.
What misconceptions about working in the financial industry have you encountered, and how do you address these challenges?
One common misconception is that trading is simply about buying and selling financial instruments. In reality, it is far more complex. Success requires a combination of market expertise, quantitative analysis, technology, regulation, risk management, and constant collaboration across different teams. It also requires the discipline to stay focused on your long-term trading strategy while continuously managing short-term market dislocations and volatility.
It is not just about quoting prices. A key part of the role is engaging with clients, understanding their needs, and working alongside them as a trusted partner to help them manage risk and achieve their objectives.
When you look specifically at securities finance, the misconception becomes even greater. Even within financial markets, repo is often seen as a niche OTC product and remains relatively unknown outside the desks that use it every day. However, repo is fundamental to market liquidity, collateral management, the effective transmission of monetary policy, and facilitates the efficient use of leverage. I enjoy explaining that what may appear to be a highly specialised activity is actually one of the key building blocks of the global financial system.
What advice do you have for other young professionals aspiring to pursue a career in your industry?
My biggest piece of advice would be simple: stay curious, ask as many questions as possible, and never stop learning. Building a solid understanding of macroeconomics, fixed income, monetary policy, and market structure early in your career will give you a background that will stay with you throughout your professional life.
At the same time, do not underestimate the value of the people around you. By far the most valuable lessons I have learned have come from conversations with colleagues, discussions in meetings, and time spent on the trading floor rather than from textbooks alone. That said, I will always defend the importance of studying hard at the beginning of your career. Building strong technical foundations as early as possible allows you to make the most of every opportunity that comes afterwards.
Finally, be patient. Financial markets are complex, and developing sound judgement takes time. Stay intellectually curious, embrace challenging opportunities, and focus on learning consistently rather than trying to follow a predetermined path.
Looking ahead, where do you see yourself in the next five years in terms of your career goals and aspirations?
Over the next five years, I hope to continue developing as a trader while taking on greater responsibility. I would like to deepen my expertise across funding, collateral management, and liquidity while continuing to broaden my understanding of global markets from a cross-asset perspective.
More broadly, my ambition is to keep learning. Financial markets are constantly evolving, and that continuous evolution is one of the reasons I find this industry so engaging. I hope to remain in a role where I can combine analytical thinking, trading, and collaboration while continuing to grow both professionally and personally.
I also hope to contribute to the ambitious growth of BBVA’s securities finance franchise. Having had the opportunity to be part of its development has been one of the most rewarding aspects of my career, and I look forward to continuing to help the business expand its capabilities and strengthen its position in the market.
Image: Javier Vigo 
