On May 6th, 2010, the U.S. stock markets experienced an unusual decline (and an immediate upswing) that temporarily erased $1 trillion in market value (the Dow Jones Industrial Average plunged about 1000 points) and puzzled both actors and experts following the markets. Given the ongoing controversy about “flash orders” and its portrayed usage by high-frequency traders, this incident was quickly referred as the flash crash and just as quickly blame fell on the electronic trading industry. While it is true that some high-frequency trading firms stopped running their algorithms when the decline started (human traders stopped participating in the markets in Black Monday as well), some of them stayed in the market, and helped the markets recover just as quickly as the decline happened.
Fast forward two years and we find a twit from the Associated Press with supposedly breaking news that President Obama was injured due to explosions at the White House. That report made $136 billion in market value temporarily disappear, with the Dow Jones Industrial Average quickly dropping 150 points before swinging back.
Examples of dramatic swings can go all the way back to the origins of stock markets. We only need to take a look at Black Monday, October 19th, 1987, when the Dow Jones Industrial Average dropped by 508 points, 22.61%; by the end of October, stock markets in the United States had fallen by 22.68%, not showing any improvement for many weeks. Meanwhile, on May 6th, the Dow Jones had regained most of the drop only twenty minutes later.
Like major technology innovations in the past, computer trading was blamed for Black Monday back in 1987; as observed by economist Richard Roll though, program trading strategies were used primarily in the United States, and not in markets such as Australia and Hong Kong where the crisis started. Therefore, it is unsurprising by now that high-frequency trading has been blamed for the flash crash, the now called Twitter crash, and mini-flash crashes of certain stocks, commodities and currencies.
As Manoj Narang, CEO, Tradeworx, says in my book The Speed Traders, no matter what regulators do, there will be times when herd-like behavior among long-term investors will all be stampeding for the exits at the same time, and simply there won’t be enough high-frequency trading to cover the demand for liquidity. That is exactly what happened on May 6th, as described in painstaking detail in the CFTC/SEC report of September 30th, 2010; the report made clear that a mutual fund, identified by Reuters back in May 14 as Waddell & Reed Financial Inc., initiated a program to sell a total of 75,000 E-Mini contracts (valued at approximately $4.1 billion), certainly influenced by the pessimism in the markets due to street protests in Greece, among other reasons; the computer algorithm used to trade the position in the futures markets was set to target an execution rate set to 9% of the trading volume calculated over the previous minute, but without regard to price or time. Similarly, we will always experience technology and human errors. Dave Cummings, Chairman, Tradebot, would ask about the flash crash, “Who puts in a $4.1 billion order without a limit price?” That was the catalyst that initiated the flash crash. Knight Capital Group Inc.’s $440 million trading loss in August 1st, 2012, when the firm lost approximately $10 million per minute, is another recent example that comes to mind.
On March 7th, 2013, the U.S. Securities and Exchange Commission announced Regulation SCI (Systems Compliance and Integrity). As explained by Commissioner Luis A. Aguilar, the proposed rule would move beyond the current voluntary program and require entities to establish, maintain, and enforce written policies and procedures reasonably designed to ensure that its systems have adequate levels of capacity, integrity, resiliency, availability, and security to maintain the entity’s operational capability and promote the maintenance of fair and orderly markets, mandate participation in scheduled testing of the operation of the entity’s business continuity and disaster recovery plans, including backup systems, and coordinate such testing on an industry- or sector-wide basis with other entities, and finally make, keep, and preserve records relating to the matters covered by Regulation SCI, and provide them to Commission representatives upon request.
Electronic trading, like any other area of finance, should have sensible regulations imposed to promote sound trading practices and protect the average American investor from predatory behavior. If a market participant who does not use high-frequency trading believes that he or she cannot enter into fair transactions, then that individual will not invest in that market. But regulators could restore trust in the market without eliminating high-speed trading. They simply must be armed to analyze trading activity in real time.
In an area of finance predicated on speed, regulation must be as well. Real-time information would allow regulators to see everything that is occurring in the markets, no matter how quickly the order information is being posted and transactions are occurring. This would require significant commitments to invest in both human capital and information technology, but the investment is worthwhile: it is vital for regulators to level the playing field of electronic trading in general.
Real-time policing for potential malfeasance is the most efficient way to regulate high-frequency trading. Analysis of real-time data would provide for effective regulation of these trades. This in turn would provide peace of mind for market participants big and small.
Having spoken with professionals in the world’s most important financial centers, I can attest that America’s capital markets continue being the envy of the world, thanks to the innovation people like high-frequency traders, educated in the country’s top schools, bring to the markets. Let’s allow innovations like high-frequency trading to continue and regulators to police them accordingly, and not try to ban them, as vocal activists tried once with major innovations such as automobiles and derivatives.Read Full Post | Make a Comment ( None so far )
A who’s who of the high-frequency trading world will be joining me next week at Golden Networking’s High-Frequency Trading Leaders Forum 2013 London, “Strategic and Tactical Insights for Investors, Speed Traders, Brokers and Exchanges”, March 21, forum that will provide attendees in London with the most up-to-date review of where this ever-changing industry stands through an inspiring keynote speeches and thought-provoking panels with leaders in the field:
- Professor Alex Preda, Professor of Accounting, Accountability and Financial Management, King’s College
- Ms. Arlene McCarthy, Vice Chair – Economics and Monetary Affairs Committee and Draftsperson, Market Abuse Directive, European Parliament
- Ms. Carol Clark, Sr. Policy Specialist, Federal Reserve Bank of Chicago
- Mr. Chris Skinner, Chairman, Financial Services Club
- Professor Daniel Beunza, Lecturer, London School of Economics
- Professor Dave Cliff, Department of Computer Science, University of Bristol
- Mr. David Mills, Sales Director EMEA, Azul Systems
- Mr. Giovanni Beliossi, Managing Partner, FGS Capital
- Mr. Hirander Misra, Chairman, Forum Trading Solutions
- Professor Juan Pablo Pardo-Guerra, Lecturer, London School of Economics
- Dr. Magrino Bini, Statistical Arbitrage Portfolio Manager, Millennium Partners
- Mr. Philip Stafford, FT Trading Room Deputy Editor, Financial Times
- Professor Philip Treleaven, Director, PhD, Centre in Financial Computing, UCL
- Mr. Philippe Guillot, Executive Director of the Markets Division, Autorité des Marchés Financiers (AMF)
- Mr. Sam Tyfield, Partner, Vedder Price, P.C.
- Mr. Stuart Theakston, Head of Research and Automated Trading, GLC
- Dr. Tommi A. Vuorenmaa, Head of Research & Trading, Valo Research and Trading
- Mr. VJ Angelo, Director, Global Markets Exchange Group
- Professor Walter Distaso, Professor of Financial Econometrics, Imperial College London
High-Frequency Trading Leaders Forum 2013, “Strategic and Tactical Insights for Investors, Speed Traders, Brokers and Exchanges” (http://www.HFT-Leaders-Forum.com) will bring insights for investors and speed traders who need to protect and refine their competitive advantage in a world dominated by algorithmic and high-frequency trading. Recognized practitioners, regulators, experts, and strategists will return to High-Frequency Trading Leaders Forum 2013 to provide attendees with the information they are looking for in an open and unbiased environment, highly conducive to the most efficient and effective networking.
Topics that will be discussed at High-Frequency Trading Leaders Forum 2013 (http://www.HFT-Leaders-Forum.com) include the movement toward emerging markets, every time more attuned to the use of bots, the regulatory environment, how new technologies are changing the game, including a look at the upcoming regulatory changes that no doubt will be precipitated by Knight Capital’s trading glitch.
High-Frequency Trading Leaders Forum 2013 (http://www.high-frequency-trading-conference.com) is produced by Golden Networking (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs and investors.Read Full Post | Make a Comment ( None so far )
Financial exchanges play a vital role in economic development as one of the primary tools for the allocation of capital in both developed economies and emerging ones. The indices created using the platforms provided by global exchanges are used by the financial services industry and the government as barometers of economic health and a predictor of national financial well-being.
However, the exchanges model has changed dramatically over the past decade starting with demutualization. The first wave began with the Stockholm Stock Exchange (STO) in 1993 and included the Bombay Stock Exchange (BSE) in 1995 and Borsa Italiana (BVME) in 1997. Demutualization was followed by a second stage in which a number of exchanges became publicly traded and profit-seeking companies listed on their own platform, with the Australian Securities Exchange (ASX) being the first to follow this model in 1998. Such restructurings are still taking place in exchanges all over the world.
Exchanges have come under increasing regulatory attention. In the US, for instance, the Securities and Exchange Commission is expanding an enforcement probe into a broader look at how exchanges develop new products, communicate with investors and provide incentives to trade; this was sparked partly by an SEC probe into trading order types apparently benefiting high-speed traders, whose activity comprises more than half of all stock-trading volume.
As companies exercise more flexibility in seeking to raise capital outside their national boundaries, the environment has become even more competitive for exchanges. Furthermore, they are hugely capital intensive (mostly due to the IT infrastructure required for increasingly high frequency trading), reason why some exchanges are looking to grow through acquisitions in order to enjoy greater economies of scale.
While these challenges are common to exchanges worldwide, the impact on their bottom lines has been rather diverse. For instance, the Philippines Stock Exchange (PSE) doubled its profit in the first nine months of 2012 compared to last year. While the exchange benefited tremendously from the favorable economic environment and sky-high optimism in the country, there were a number of reforms implemented by the PSE, including the rollout of a new trading system, extension of trading hours and implementation of multiple regulatory and governance enhancements.
London Stock Exchange (LSE) reported a profit for the first half of the year nearly unchanged from last year as strong performance in information services helped offset weak capital markets. The exchange highlighted the benefits of its increasingly diversified international group and the growth from its Information, Post Trade and Technology businesses; the exchange reported a 66 percent increase in Information Services revenue, while Capital Markets revenue dropped 19 percent.
On the other side of the spectrum, NYSE Euronext, the operator of the New York Stock Exchange and other stock exchanges, announced that its third-quarter profit fell 46 percent, which the company attributed to reduced average daily trading volumes, primarily related to its derivatives business. It said its results last year were helped by the extreme volatility of the markets in Europe and the United States due to debt concerns. Certainly, volatility has declined considerably since then, reaching multi-year lows in August 2012.
Exchanges are responding to this increasing competition in a number of ways. Negotiating mergers has been the first option considered by a number of companies, only to be derailed in some cases by regulators or rebuffed by targets. NYSE Euronext face resistance from European regulators on its proposed combination with Deutsche Boerse; ASX’s agreement with Singapore Exchange (SGX) fell through as well; LSE dropped its bid for Toronto Stock Exchange (TSX) after its owners spurned them in favor of the bid from a group of Canadian banks and pensions. However, that doesn’t mean that exchanges will not attempt to find combinations that don’t run afoul of regulations, just because mergers almost in all cases strive to provide an avenue to widen their business model and to exploit economies of scale, economies of network, cross selling opportunities and trading hours; for instance in Asia, Tokyo and Hong Kong shortened their midday halt to one hour last year, while Singapore scrapped its lunch break altogether, joining Australia, South Korea and India on the list of exchanges that have uninterrupted trading days.
Second, developing cutting edge-edge technology and its further commercialization is paving the way to extract additional profits from investments already paid. For instance, LSE leveraged its IT investments with the adoption of an outsourced managed services model that allowed the exchange to run other exchanges, such as the Johannesburg Stock Exchange, using its own platform. Building a major technology franchise through outsourcing was vital for the LSE if it was to continue to compete with the likes of NYSE Euronext and Nasdaq OMX, which had extended their brand and influence in several emerging markets through major technology deals.
Finally, exchanges are standing up to the challenge of diversifying their business model. Exchanges that were primarily focused on cash trading decided to integrate services such as the trading of derivative financial instruments markets. As it was the case for LSE, information services delivered in machine-readable format are providing growth opportunities for exchanges worldwide; RapiData, company acquired by Nasdaq OMX, enabled the company to deliver U.S. government and other economic news directly from the source to customers interested in receiving information in an electronic feed, giving them instant access to events that are incorporated into algorithmic trading systems. The perennial appetite of high-frequency and algorithmic trading firms for faster access to trading data is also encouraging exchanges to provide colocation services that bring all participants equal access to their matching engines. Ultimately, exchanges will be forced to explore all upstream and downstream opportunities in the production chain of the exchange industry, from the above mentioned information services upstream to the integration of clearing and settlement services downstream.
Revenues at exchanges will need to evolve from its reliance on volume-dependent fees and commissions for a range of activities (including trading, listing, clearing, settlement, depository, custody and nominee services) to uncorrelated income sources that might not have existed just a few years ago; the infrastructure they have, the data they manage and proximity to their matching engine are all key assets that need to be fully exploited if exchanges are to succeed in 2013 and beyond.Read Full Post | Make a Comment ( None so far )
Real Time HFT Regulation Imperative for Edgar Perez at CME Group’s Global Financial Leadership Conference in Naples Beach, FL
In an area of finance predicated on speed, regulation must be as well, said Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.TheSpeedTraders.com), at CME Group’s Global Financial Leadership Conference (GFLC), Nov. 12-14, 2012, at the Ritz-Carlton Beach Resort in Naples, Fla. The GFLC is an exclusive event that brings together decision-makers from the world’s leading financial institutions to discuss emerging geopolitical trends, debate critical economic issues and provide perspectives on future developments in the financial marketplace.
At panel Evolving Capital Market Dynamics: Volatility, Liquidity and High Frequency Trading, moderated by Michael Mackenzie, U.S. Markets Editor, Financial Times, Perez was joined by Daniel Coleman, Chief Executive Officer, GETCO, Jeff Jennings, Global Head of Listed Derivatives, Credit Suisse, and Richard Prager, Global Head of Trading and Capital Markets, BlackRock. Perez advocated for real-time information that would allow regulators to see everything that is occurring in the markets, no matter how quickly the order information is being posted and transactions are occurring. This would require significant commitments to invest in both human capital and information technology, but the investment is worthwhile: it is vital for regulators to level the playing field of high-frequency trading, concluded Perez.
Keynote speakers for this year’s conference include Sir Richard Branson, Founder, Virgin Group, and Condoleezza Rice, U.S. Secretary of State (2005-2009). Additional featured speakers include Madeleine Albright, former U.S. Secretary of State; James Carville, Political Strategist; Richard Kauffman, Senior Advisor to the U.S. Secretary of Energy; Ted Koppel, award-winning journalist; John Lipsky, First Deputy Managing Director, IMF (2006-2011); Karl Rove, former U.S. Deputy Chief of Staff to President George W. Bush; and Jimmy Wales, Founder, Wikipedia, and 2012 Fred Arditti Innovation Award Recipient.Read Full Post | Make a Comment ( None so far )
Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, will join global thought leaders at CME Group’s Global Financial Leadership Conference (GFLC), Nov. 12-14, 2012, at the Ritz-Carlton Beach Resort in Naples, Fla. The GFLC is an exclusive event that brings together decision-makers from the world’s leading financial institutions to discuss emerging geopolitical trends, debate critical economic issues and provide perspectives on future developments in the financial marketplace.
Keynote speakers for this year’s conference include Sir Richard Branson, Founder, Virgin Group, and Condoleezza Rice, U.S. Secretary of State (2005-2009). Additional featured speakers include Madeleine Albright, former U.S. Secretary of State; James Carville, Political Strategist; Richard Kauffman, Senior Advisor to the U.S. Secretary of Energy; Ted Koppel, award-winning journalist; John Lipsky. First Deputy Managing Director, IMF (2006-2011); Karl Rove, former U.S. Deputy Chief of Staff to President George W. Bush; and Jimmy Wales, Founder, Wikipedia.
Previous GFLC events have hosted opinion leaders and luminaries such as President Bill Clinton, 42nd President of the United States and founder of The William J. Clinton Foundation; President George W. Bush, 43rd President of the United States of America and Founder of the George W. Bush Foundation; David Gergen, CNN senior political analyst; and Katie Couric, Award-Winning Journalist and Author. Other featured speakers include Arianna Huffington, President and Editor-in-Chief of Huffington Post Media Group; Robert Merton, Nobel Prize Winning Economist and Professor of Economics, MIT; Myron Scholes, Nobel Prize Winning Economist and Chairman, Platinum Grove Asset Management; Paul Tudor Jones, Founder of Tudor Investment Corporation; Michael Lewis, best-selling author of Liar’s Poker, Moneyball and The Big Short; Robert Rubin, former U.S. Treasury Secretary; and Daniel Yergin, Pulitzer prize-winning author and authority on international politics, economics and energy. To access previous GFLC video, photo and press highlights, as well as 2012 conference information, visit the conference website at http://www.gflc.com.Read Full Post | Make a Comment ( None so far )
No other than European Central Bank policymaker Ewald Nowotny called today for a regulatory ban on high-frequency trading, saying the technique of using computer algorithms to generate multiple high-speed trades had no practical value.
Reading the note from Reuters made me wonder whether Mr. Nowotny had thought about the consequences of a potential ban, when the technique already has more than 50% participation of equities trading in the continent.
“With high-frequency trading there is nothing to be regulated, it is to be banned. There is no really demonstrable net advantage from this (form of trading),” he told a panel discussion at a regulatory conference.
Mr. Nowotny, who heads the Austrian National Bank, would certainly benefit from attending one of my workshops. While I only have New York, September 25, Chicago, October 9, Dubai, October 14, Jakarta, November 16, Shanghai, November 22, and London, December 12, in my calendar for the year, I am faced with the urgent need to take my slides to Austria and add some light where darkness seems to be reigning; at least, I might schedule a stop in the Kitzbühel Alps.Read Full Post | Make a Comment ( None so far )
近日，美国高频交易专家、《交易快手：透视正在改变投资世界的新兴高频交易》作者埃德加·佩雷斯（Edgar Perez）接受第一财经日报《财商》记者专访。他表示，实现毫秒或微秒交易的速度是高频交易的核心竞争力。目前，在发达的市场如美国和欧洲，高频交易已 占到交易量的一半以上。而假以时日，中国有望成为世界上最大的高频交易市场。
对于佩雷斯来说，金融领域是他热爱的事业。在获得哥伦比亚MBA学位后，他曾任花旗银行副总经理、麦肯锡公司的顾问。作为事业的高潮，他撰写了《交 易快手：透视正在改变投资世界的新兴高频交易》。该书的英语版本由麦格劳 – 希尔公司出版（2011年），今年，中国金融出版社（2012年）把它翻译成中文，目前，该书的印尼语和葡萄牙语版本正在翻译中。
《交易快手：透视正在改变投资世界的新兴高频交易》对高频交易进行了独到的分析。这到底是一种什么样的曾经“令人充满恐惧的技术”？它如何搞乱市 场？如何在两年前“闪电崩盘”中推波助澜？这本书告诉读者，媒体曾经渲染的股市“算牌”的现象已经改变。高频交易完全独立于“巴菲特式”的长期战略，它们 运作于完全不同的时间框架，并对长期投资组合产生的利润影响非常小。
佩雷斯对中国等新兴经济国家有着浓厚的兴趣。2009年，他创立了致力于金融社交活动的黄金网络公司，并建立25000人的数据库。公司定期在纽约为金融人士举办针对中国等新兴经济体的聚会或者讲座，受到热烈欢迎，并被《纽约时报》等报道。他曾经多次接受中文媒体的采访，甚至在他Linkedin上的简历，也使用了中英双语。Read Full Post | Make a Comment ( None so far )
频交易研究专家Edgar Perez近日在与第一财经采访时表示，高频交易是一种专注于“速度（speed）”的投资方法，主要以先进的电脑技术和设备寻求在极短时间内的获利，然 而这种投资方法与巴菲特的“价值投资”哲学并不矛盾，亦有助投资者能跳出经济周期和宏观大环境的制约，寻找到不为外界环境所左右的“阿尔法”值（即超出市 场基准的收益回报）。
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Edgar Perez, author of The Speed Traders, and presenter at upcoming The Speed Traders Workshop 2012 Kuala Lumpur: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, April 12th, was recently featured by The Malaysian Insider, in their note “Get ready for super-fast trading on Bursa, says US author” (http://www.themalaysianinsider.com/business/article/get-ready-for-super-fast-trading-on-bursa-says-us-author).
Journalist Lee Wei Lian reports that trading of equities on Bursa will be a new ballgame once computer-driven ultra-high frequency trading is introduced, said Edgar Perez, author and former Citigroup vice president. He adds that high-speed trading already makes up six per cent of trades on the Bursa derivatives market and the stock exchange operator is reported to be gearing up for the introduction of ultra-fast trading of equities.
“Perez, who is conducting a workshop on HFT in Kuala Lumpur on April 12, also said that in order to minimize the latency of the trading systems, co-location is an inherent part of HFT. ‘As speed traders try to reduce any latency, they will want to trade from computers hosted on the exchanges themselves,’ he said. While such fast trading might not seem to appeal to long-term investors who focus on company fundamentals, Perez said that those with a long investment horizon are adapting some of the techniques HF traders have pioneered.”
Mr. Perez has been engaged to present to the U.S. Securities and Exchange Commission, CFA Singapore, Hong Kong Securities Institute, Courant Institute of Mathematical Sciences at New York University and Pace University, among other institutions. In addition, Mr. Perez has spoken at Harvard Business School’s Venture Capital & Private Equity Conference (Boston), High-Frequency Trading Leaders Forum (New York, Chicago, Hong Kong, Sao Paulo, London, Singapore), MIT Sloan Investment Management Conference (Cambridge), High-Frequency Trading Happy Hour (New York), Institutional Investor’s Global Growth Markets Forum (London), Technical Analysis Society (Singapore), TradeTech Asia (Singapore), FIXGlobal Face2Face (Seoul), 2nd Private Equity Convention Russia, CIS & Eurasia (London), among other global forums.Read Full Post | Make a Comment ( None so far )
Mr. Edgar Perez, author of The Speed Traders and presenter of The Speed Traders Workshop 2012, “How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX”, addressed senior officials of the U.S. Securities and Exchange Commission (SEC), federal agency that holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation’s stock and options exchanges, and other electronic securities markets in the United States. Mr. Perez’s presentation was held on Friday March 16, at the SEC headquarters in Washington DC.
The invitation received by Mr. Perez reads: “We are focused on many of the high-frequency trading issues that you discuss in your book The Speed Traders, copies of which we purchased for each of our unit supervisors. As such, we would appreciate hearing about your first-hand impressions of the high frequency and algorithmic worlds, as well as how you think current trading practices will evolve in the future.”
Mr. Perez is widely regarded as the preeminent speaker in the specialized areas of high-frequency trading. He has been featured on CNBC Cash Flow (with Oriel Morrison), CNBC Squawk Box (with Geoff Cutmore), BNN Business Day (with Kim Parlee), The Street (with Gregg Greenberg), Channel NewsAsia Asia Business Tonight and Cents & Sensibilities (with Lin Xue Ling), NHK World, iMoney Hong Kong, Hedge Fund Brief, The Wall Street Journal, The New York Times, Dallas Morning News, Los Angeles Times, TODAY Online,Oriental Daily News and Business Times. He has been engaged as speaker at Harvard Business School’s Venture Capital & Private Equity Conference, High-Frequency Trading Leaders Forum 2011, CFA Singapore, Hong Kong Securities Institute, Courant Institute of Mathematical Sciences at New York University (New York), Global Growth Markets Forum (London), Technical Analysis Society (Singapore), TradeTech Asia (Singapore), FIXGlobal Face2Face (Seoul) and 2nd Private Equity Convention Russia, CIS & Eurasia (London), among other global forums.
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency tradersmake millions—one cent at a time.
The Speed Traders Workshop 2012, reveals how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil. Upcoming dates for The Speed Traders Workshop 2012 include Seoul, March 28, Kuala Lumpur, April 12, Doha, April 18, Warsaw, May 11, Kiev, May 18, Singapore, May 26, Beijing, May 30, Shanghai, June 6, Jakarta, June 13, Mexico City, July 27, Hong Kong, August 4, and Moscow, August 10.Read Full Post | Make a Comment ( None so far )
‘High Frequency Trading: Time to Slow Down?’, with Edgar Perez, The Speed Traders, at High Frequency Trading Happy Hour
Mr. Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.TheSpeedTraders.com), and presenter of The Speed Traders Workshop 2012, “How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX” (http://www.TheSpeedTradersWorkshop.com), will speak at upcoming Golden Networking’s High Frequency Trading Happy Hour New York (http://hfthappyhournewyork.eventbrite.com), on ‘High Frequency Trading: Time to Slow Down?’, March 13, at 6PM.
Mr. Perez’s presentation will provide a revealing overview of what high frequency traders should expect in the next months on the regulatory front. Mr. Perez is widely regarded as the preeminent speaker in the specialized areas of high-frequency trading. Mr. Perez has been featured on CNBC Cash Flow (with Oriel Morrison), CNBC Squawk Box (with Geoff Cutmore), BNN Business Day (with Kim Parlee), The Street (with Gregg Greenberg), Channel NewsAsia Asia Business Tonight and Cents & Sensibilities (with Lin Xue Ling), NHK World, iMoney Hong Kong, Hedge Fund Brief, The Wall Street Journal, The New York Times, Dallas Morning News, Los Angeles Times, TODAY Online,Oriental Daily News and Business Times.
The Speed Traders Workshop 2012, reveals how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil. Upcoming dates for The Speed Traders Workshop 2012 include Seoul, March 28, Kuala Lumpur, April 11, Doha, April 18, Warsaw, May 11, Kiev, May 18, Singapore, May 26, Beijing, May 30, Shanghai, June 6, Jakarta, June 13, Mexico City, July 27, Hong Kong, August 4, and Moscow, August 10.Read Full Post | Make a Comment ( None so far )