High-Frequency Strategists and Quants on Red Alert: The Speed Traders Workshop 2012 in Chicago

Posted on October 2, 2012. Filed under: Conference, Event Announcements, Practitioners, Strategies, Technology, Workshop | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2012, How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FXIt took some time, but finally it is now a reality. The Speed Traders Workshop 2012 Chicago, October 9, will finally open the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms traders and quants had spent so much time perfecting, they almost never talked to the press and disclosed as little as possible about how they operate.

The Speed Traders Workshop 2012 Chicago promises to reveal 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. The Flash Crash, the suspended BATS IPO, the botched Facebook IPO and Knight Capital’s trading malfunction  are just a few of the events in the history of high-frequency trading that will be dissected at The Speed Traders Workshop 2012.

Who should attend? Anybody involved with Algorithmic Trading, Automated Trading, Commodities, Commodities Trading, Credit Derivatives, Dark Pools Trading, Data Monitoring / Analysis, DMA Analysts, Derivatives Trading, Electronic Execution, Electronic Trading, Equity Trading, Exchange-Traded Instruments, Family Offices, Financial Engineering, Fixed Income / Currencies Trading, Futures, Hedge Funds Traders and Managers, High-Frequency Trading, Information Technology, Institutional Investors, Investment Banking, Market Makers, Operations, Options, Over-the-counter Derivatives, Portfolio Management, Proprietary Trading, Quantitative Trading, Regulatory Entities, Risk Management, Analysis and Control, Statistical Arbitrage, Structured Products Hedging and Trading Technology.

After Hong Kong, Sao Paulo, Kuala Lumpur, Seoul, Warsaw, Kiev, Beijing and Shanghai, Chicago finally has the opportunity to experience first-hand The Speed Traders Workshop 2012, seminar that will satisfy both insiders and professionals who are new to the world of high-frequency trading.

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The New York Times: Don’t Ban the Trades; Regulate Them in Real Time

Posted on August 6, 2012. Filed under: Exchanges, Flash Crash, Practitioners, Regulations, Securities and Exchange Commission, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The New York Times: Don’t Ban the Trades; Regulate Them in Real TimeIn my latest piece in The New York Times, I argue that wrongdoing existed long before the advent of high-frequency trading, and it will always be a part of markets. High-frequency trading is simply a tool; it can be positive or negative for investors and markets. To maximize the benefit and minimize the downsides, regulators need to catch up with the technology.

High-frequency trading has been under a microscope since the infamous “flash crash” in 2010. Let’s remember, though: The market rebounded that day almost as fast as it fell, and regulators ultimately determined that the crash was initiated by human error. But many in the financial sector and in government were uncomfortable at the thought that high-frequency trading programs could vaporize huge amounts of equity in a matter of minutes.

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Edgar Perez Moderating Investing in Asia Panel at VC & PE Conference at Harvard Business School

Posted on February 26, 2012. Filed under: Event Announcements, Practitioners, Private Equity, Venture Capital | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Melissa Ma, Christoph Mueller, Guang Yang, Ming Zhang and Edgar Perez

The popular Investing in Asia panel at the 18th Annual Venture Capital and Private Equity Conference at Harvard Business School, held in Boston, February 17-18, 2012, was moderated by 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).

Attendees at Investing in Asia Panel at Venture Capital & Private Equity Conference

The Investing in Asia panel drew more than 200 participants for what became an insightful and enlightening discussion led by Mr. Perez.

Guang Yang (Finergy Capital), Ming Zhang (Institute of World Economics and Politics) and Edgar Perez (The Speed Traders)

The panel reviewed investing opportunities in the biggest continent of the world, focusing on private equity activity in the major financial centers, including China, Hong Kong, Japan and Indonesia.

Full Room at Investing in Asia Panel at Harvard Business School

Distinguished members of the panel included Melissa Ma (Asia Alternatives Capital), Christoph Mueller (Shaw Kwei & Partners), Guang Yang (Finergy Capital) and Ming Zhang (Institute of World Economics and Politics).

Attendees at Investing in Asia Panel at Harvard Business School

The 18th Annual Venture Capital and Private Equity Conference was the largest and most anticipated student-run conference at Harvard Business School. Over 900 students, alumni, faculty and industry professionals joined Mr. Perez and dozens of speakers for a day to gather knowledge and share experiences.

Melissa Ma (Asia Alternatives Capital) and Christoph Mueller (Shaw Kwei & Partners)

Distinguished keynote speakers included Daniel A. D’Aniello, Founder, The Carlyle Group; Guy Hands, Founder & Chairman, Terra Firma; C. Richard Kramlich, Chairman & Co-Founder, New Enterprise Associates; and Alexander Navab, Co-Head of North American Private Equity, Kohlberg Kravis Roberts & Co.

Investing in Asia Panel at VC & PE Conference at Harvard Business School

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Asia Investing Panel Moderated by Edgar Perez Drawing Biggest Audience at Venture Capital & Private Equity Conference at Harvard Business School

Posted on February 21, 2012. Filed under: Book Review, Economy, Event Announcements, Financial Crisis | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2012, How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX

Edgar Perez, Author, The Speed Traders

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), moderated the popular Investing in Asia panel at the 18th Annual Venture Capital and Private Equity Conference at Harvard Business School, held in Boston, February 17-18, 2012.

According to the organizers, the Investing in Asia panel drew more than 200 participants for what became an insightful and enlightening discussion led by Mr. Perez. The panel reviewed investing opportunities in the biggest continent of the world, focusing on private equity activity in the major financial centers, including China, Hong Kong, Japan and Indonesia. Distinguished members of the panel included Melissa Ma (Asia Alternatives Capital), Christoph Mueller (Shaw Kwei & Partners), Guang Yang (Finergy Capital) and Ming Zhang (Institute of World Economics and Politics).

The 18th Annual Venture Capital and Private Equity Conference is the largest and most anticipated student-run conference at Harvard Business School. Over 900 students, alumni, faculty and industry professionals joined Mr. Perez and dozens of speakers for a day to gather knowledge and share experiences. Keynote speakers included Daniel A. D’Aniello, Founder, The Carlyle Group; Guy Hands, Founder & Chairman, Terra Firma; C. Richard Kramlich, Chairman & Co-Founder, New Enterprise Associates; and Alexander Navab, Co-Head of North American Private Equity, Kohlberg Kravis Roberts & Co.

Mr. Perez is widely regarded as the preeminent speaker in the specialized areas of high-frequency trading and Asia investing. He is author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, and is currently writing a book on investment opportunities in Indonesia, the world’s 4th most populous country.

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Alta frequência deve Girar 20% da Bolsa até o Fim do Ano na BM&FBovespa, Declarou Edgar Perez, Autor de The Speed Traders

Posted on February 7, 2012. Filed under: Event Announcements, Exchanges, Practitioners, Strategies, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2012 Sao Paulo, From Brazil to South Korea to Malaysia to Qatar to Poland and Beyond

Edgar Perez, The Speed Traders Workshop 2012

Edgar Perez, Professor Adjunto da Polytechnic Institute, New York University e autor de The Speed Traders, foi citado em Valor Econômico. Perez está em visita ao Brasil nesta semana para apresentar The Speed Traders Workshop 2012 São Paulo: Como Estratégias de Alta Frequência Utilizadas pelos Operadores para Aumentar os Lucros pode Encontrar Alpha em Equites, Opções e Mercados Futuros (http://thespeedtradersworkshopsaopaulo.eventbrite.com), 8 de Fevereiro.

Valor Econômico é o maior jornal de economia, finanças e negócios do Brasil; é fruto da parceira entre dois dos maiores grupos de comunicação do país, as Organizações Globo e a Folha de S.Paulo, e teve sua primeira edição lançada em 2 de maio de 2000. O Valor é reconhecido pela relevância de seu conteúdo, bem como pela profundidade com que aborda assuntos referentes ao mundo dos negócios, economia e finanças. Graças à força de sua marca, o jornal ganhou diversos prêmios e é considerado um dos três veículos mais admirados do país, na categoria Jornal.

“A clássica proposição industrial na qual a máquina substituirá o homem tem pouco a ver com a realidade da invasão dos robôs na BM&FBovespa. A nova fase de expansão dos computadores equipados por algoritmos matemáticos capazes de realizar operações ultrarrápidas no mercado nasce a partir da gestação de fatores bem humanos. Sob acirrada corrida dos investimentos em infraestrutura tecnológica, uma mão de obra cada vez mais qualificada nas corretoras e a disputa por clientes garantem a expectativa de que os negócios via alta frequência (HFT, High Frequency Trading na sigla em inglês) dobrem de tamanho rapidamente. ‘A nova plataforma será capaz de processar 200 milhões de mensagens por dia e oferecerá uma média de latência de 1,1 milissegundo’, declarou Edgar Perez, professor do Instituto Politécnico da Universidade de Nova York, em conversa com o Valor antes de viajar a São Paulo onde será palestrante de seminário sobre o tema nesta semana.”

“A colaboração mais direta da BM&FBovespa em propagar a alta frequência foi dada por meio dos descontos em emolumentos (custo cobrado pela bolsa para negociação) baseados em volume negociado. ‘Embora o HFT ainda tenha muito a avançar no Brasil para alcançar volumes de mercados desenvolvidos, o crescimento tem sido impressionante, graças à combinação de expansão dos acessos de alta frequência e políticas de descontos de custos, resultando em um aumento do volume negociado’, afirmou Edgar Perez. ‘Custos podem quebrar os modelos de negócios em alta frequência, já que as margens da maioria das estratégias são muito pequenas’, acrescentou.”

Operadores de alta frequência foram chamados de diversas maneiras:desde mestres do universo e pioneiros de mercado, para exploradores, hackers de computador e predadores. Todos  que trabalham no mercado de investimento, possuem uma opinião sobre os operadores de alta frequência, porém quantos realmente entendem como eles trabalham? Os operadores fantasma do mundo do investimento mantiveram suas técnicas escondidas de todos, até agora. The Speed Traders Workshop 2012 (http://thespeedtradersworkshop.com), ministrado por Edgar Perez, autor de The Speed Traders, Um olhar interno sobre o novo fenômeno que está transformando o mundo dos investidores, revela com que frequência os players estão obtendo sucesso no mercado global e desenvolvendo novos algorítmicos de alta velocidade, desde os EUA e Europa até Singapura, India e Brasil.

Quem deve participar de The Speed Traders Workshop 2012 São Paulo: Como Estratégias de Alta Frequência Utilizadas pelos Operadores para Aumentar os Lucros pode Encontrar Alpha em Equites, Opções e Mercados Futuros?Analístas de commodities, investidores quantitativos, analistas de creditos de derivativos, mercado de capitais, analístas de fundos de cobertura, opções, bancos de investimento, operadores de algorítimos, derivativos, operadores de alta frequência, engenheiros financeiros, operadores de capital, escritórios familiares, operadores de commodities, fundações, operadores de derivativos, futuros investidores, operadores de derivativos internacionais, gestores de carteiras, operadores virtuais, gestores de risco, produtos estruturados, instituições investidoras, tecnólogos da informação, investidores de capital e vendedores de derivativos.

The Speed Traders Workshop 2012 (http://www.TheSpeedTradersWorkshop.com) abre as portas do mundo secreto dos operadores de alta frequência: a maneira mais controversa de se investir na atualidade; Os operadores buscando proteger os algorítimos que eles passaram tanto tempo aperfeiçoando, quase nunca falam com a imprensa ou revelam detalhes sobre como eles funcionam. The Speed Traders Workshop 2012 São Paulo começa uma série de apresentações pelo mundo, nos mais importante centros financeiros: Seoul, South Korea, março 28; Kuala Lumpur, Malaysia, 11 de abril; Doha, Qatar, 18 de abril; Warsaw, Poland, 11 de maio; Kiev, Ukraine, 18 de maio; Singapore, 26 de maio; Shanghai, China, 6 de junho; Jakarta, Indonesia, 13 de junho; Mexico City, Mexico, 27 julho; Hong Kong, 4 de agosto, e Moscow, Russia, 4 de agosto.

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‘7-Star’ Trading Workshop in the Land of Burj Al Arab: The Speed Traders Workshop 2012 Dubai, January 25

Posted on January 11, 2012. Filed under: Event Announcements, Exchanges, Practitioners, Strategies, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2012 Dubai: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX

Burj Al Arab, Dubai - The World's Only 7-Star Hotel

Burj Al Arab, the luxury hotel in Dubai, United Arab Emirates managed by the Jumeirah Group and built by Said Khalil, characterizes itself as the world’s only “7-star” property. Why? It features the tallest atrium lobby in the world at 180 meters. It is formed by the building’s V-shaped span, which dominates the interior of the hotel, and takes up over 1/3 of the interior space. It is one of the most expensive hotels in the world. The cost of staying at a suite begins at $1,000 per night. The Royal Suite is the most expensive, at $28,000 per night. Such hyperbole is not unlike terms employed to describe high-frequency trading, topic of Edgar Perez’s The Speed Traders Workshop 2012Dubai on January 25.

Mr. Edgar Perez, author of The Speed Traders, and Adjunct Professor at the Polytechnic Institute of New York University, will lead The Speed Traders Workshop 2012 Dubai: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (http://www.thespeedtradersworkshop.com), on January 25, 2012. The Speed Traders Workshop 2012 Dubai opens the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms they have spent so much time perfecting, speed traders almost never talk to the press and disclose as little as possible about how they operate. The Speed Traders Workshop 2012 Dubai will reveal 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. Highlights of The Speed Traders Workshop 2012Dubai include:

·         The first and most comprehensive initiation to the world of high-frequency trading

·         Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia

·         Strategies high frequency traders leverage to find alpha in equities, options, futures and FX

·         Latest update on high-frequency trading in the world and current regulatory initiatives

·         Techniques to detect high-frequency trading in the markets

·         Key enablers of high-frequency trading in the U.S., Europe and Asia

·         Proposed regulatory initiatives after the “flash crash”

·         Up-to-date review of the future of high-frequency trading

The Speed Traders Workshop 2012 Dubai kicks off a series of presentations in the world’s most important financial centers: Sao Paulo, Brazil, February 8; Seoul, South Korea, March 28; Kuala Lumpur, Malaysia, April 11; Warsaw, Poland, May 11; Kiev, Ukraine, May 18; Singapore, May 26; Shanghai, China, June 6; Jakarta, Indonesia, June 13; Mexico City, Mexico, July 27; Hong Kong, August 4, and Moscow, Russia, August 10.

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Coming to the Largest City in South America: The Speed Traders Workshop 2012 Sao Paulo, February 8th

Posted on January 8, 2012. Filed under: Book Review, Event Announcements, Exchanges, Strategies | Tags: , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2012 Sao Paulo: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX

The Speed Traders Workshop 2012 Sao Paulo

Sao Paulo is the largest city in Brazil, the largest city in the southern hemisphere and South America, and the world’s seventh largest city by population. The metropolis is anchor to the Sao Paulo metropolitan area, ranked as the second-most populous metropolitan area in the Americas and among the five-largest metropolitan areas on the planet. Now it is the first and only city in South America where Edgar Perez, author of The Speed Traders, is bringing The Speed Traders Workshop 2012 Sao Paulo, February 8th.

Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University, will lead The Speed Traders Workshop 2012 Sao Paulo: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (http://www.thespeedtradersworkshop.com), workshop that will reveal 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.

The Speed Traders Workshop 2012 Sao Paulo opens the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms they have spent so much time perfecting, speed traders almost never talk to the press and disclose as little as possible about how they operate. The Speed Traders Workshop 2012 Sao Paulo will reveal 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. Highlights of The Speed Traders Workshop 2012 Sao Paulo include:

·         The first and most comprehensive initiation to the world of high-frequency trading

·         Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia

·         Strategies high frequency traders leverage to find alpha in equities, options, futures and FX

·         Latest update on high-frequency trading in the world and current regulatory initiatives

·         Techniques to detect high-frequency trading in the markets

·         Key enablers of high-frequency trading in the U.S., Europe and Asia

·         Proposed regulatory initiatives after the “flash crash”

·         Up-to-date review of the future of high-frequency trading

The Speed Traders Workshop 2012 Sao Paulo  kicks off a series of presentations in the world’s most important financial centers: Dubai, January 25; Seoul, South Korea, March 28; Kuala Lumpur, Malaysia, April 11; Warsaw, Poland, May 11; Kiev, Ukraine, May 18; Singapore, May 26; Shanghai, China, June 6; Jakarta, Indonesia, June 13; Mexico City, Mexico, July 27; Hong Kong, August 4, and Moscow, Russia, August 10.

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Causing Far More Vertigo than Avant-garde Burj Khalifa? Edgar Perez’s The Speed Traders Workshop 2012 Dubai, January 25

Posted on January 6, 2012. Filed under: Event Announcements, Exchanges, Strategies, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Causing Far More Vertigo than Avant-garde Burj Khalifa? Edgar Perez's The Speed Traders Workshop 2012 Dubai, January 25

Avant-garde Burj Khalifa

Burj Khalifa, known as Burj Dubai prior to its inauguration, is a skyscraper in Dubai, United Arab Emirates, and is currently the tallest manmade structure in the world, at 829.84 m. Not only that, it is the tallest skyscraper to top of antenna, the tallest structure ever built, the tallest extant structure, the tallest freestanding structure, and the building with most floors: 160. Would there be something that induces more vertigo than this avant-garde structure? Edgar Perez’s The Speed Traders Workshop 2012Dubai on January 25.

Mr. Edgar Perez, author of The Speed Traders, and Adjunct Professor at the Polytechnic Institute of New York University, will lead The Speed Traders Workshop 2012 Dubai: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (http://www.thespeedtradersworkshop.com), on January 25, 2012. Mr. Perez will reveal at The Speed Traders Workshop 2012Dubai 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.

The Speed Traders Workshop 2012 Dubai opens the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms they have spent so much time perfecting, speed traders almost never talk to the press and disclose as little as possible about how they operate. The Speed Traders Workshop 2012 Dubai will reveal 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.

The Speed Traders Workshop 2012 Dubai kicks off a series of presentations in the world’s most important financial centers: Sao Paulo, Brazil, February 8; Seoul, South Korea, March 28; Kuala Lumpur, Malaysia, April 11; Warsaw, Poland, May 11; Kiev, Ukraine, May 18; Singapore, May 26; Shanghai, China, June 6; Jakarta, Indonesia, June 13; Mexico City, Mexico, July 27; Hong Kong, August 4, and Moscow, Russia, August 10.

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Edgar Perez at 2nd Private Equity Convention Russia, CIS & Eurasia, Sofitel London St James

Posted on December 4, 2011. Filed under: Event Announcements, Exchanges, Practitioners | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2011: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX

2nd Private Equity Convention Russia (CIS) & Eurasia, Sofitel London St James

Edgar Perez, Course Director, The Speed Traders Workshop 2011: The Present and Future of High-Frequency Trading (http://www.thespeedtradersworkshop.com), will present at the 2nd Private Equity Convention Russia (CIS) & Eurasia (http://www.gdforum.co.uk/index.php?page=11&id=7), ‘invitation-only’ event exclusively designed for leading International Investors and Limited Partners (LPs) to meet the highest-quality General Partners (GPs) operating in Russia, CIS and Eurasia. 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), will participate on the discussion ‘Is “Silicon Valley” Unique and Can it be Reproduced in Eurasia?’, with Yury Frantsuzov, Strategic Business Development Manager with Intel, Peter Loukianoff , Managing Partner  with Almaz Capital Partners, and Dr. Jan Dauman, Director and Senior Partner, Russia with CET (Central Europe Trust).

The aim of this convention – “meeting of minds” is to bring together leading names in private equity from across the largest and the most interesting continents on the planet and discuss the issues and opportunities in the private equity industry, acquire new business contacts in a relaxed and comfortable environment. Three out of four BRIC countries (Russia, India and China) are located here, plus a score of other extremely interesting emerging markets and “old economies”. The potential for growth in the private equity on this continent is immense. Some discussion groups “skewed” towards Russia and the CIS private equity industry. Nevertheless, Russia is the country that lies both in Europe and Asia and a huge market in itself. We strongly believe that the most interesting opportunities lie on the borderlines of interests, discussions and in the forging of personal relationships.

2nd Private Equity Convention Russia (CIS) & Eurasiawill be held at the stunning Sofitel London St James, located in the former home of Cox’s and King’s bank in the very heart of London, England. This sympathetically renovated building is English heritage grade II listed and now houses one of London’s most unique five-star hotels – combining traditional British design with a contemporary style that is unmistakably French. Sofitel London St James has one of the finest addresses in London, right on the corner of Pall Mall and Waterloo Place. The hotel lies in the heart of St. James’s, a prestigious and lively district of London, within walking distance of St. James’s Park and Buckingham Palace. The hotel is also less than a five minute stroll from Trafalgar Square, city centre theatres and the fabulous shopping on Regent, Piccadilly, Oxford and Bond streets.

The Speed Traders Workshop 2011, led by Edgar Perez, will reveal 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. Highlights of The Speed Traders Workshop 2011 include:

  • The first and most comprehensive initiation to the world of high-frequency trading
  • Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
  • Strategies high frequency traders leverage to find alpha in equities, options, futures and FX
  • Latest update on high-frequency trading in the world and current regulatory initiatives
  • Techniques to detect high-frequency trading in the markets
  • Key enablers of high-frequency trading in the U.S., Europe and Asia
  • Proposed regulatory initiatives after the “flash crash”
  • Up-to-date review of the future of high-frequency trading

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 traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade. For more about The Speed Traders, readers can visit its Facebook and Twitter pages, as well as the most popular online retailers, including Amazon, Barnes & Noble and Borders, among others.

Mr. Perez, Adjunct Professor at the Polytechnic Institute of New York University, is one of the great business networkers and motivators on the lecture circuit; he is available worldwide for the following speaking engagements: Present and Future of High-Frequency Trading, The Real Story behind the “Flash Crash”, Networking for Financial Executives, and Business Networking for Success.

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Only Days Before The Speed Traders Workshop 2011 Hong Kong, HFT Strategies to Find Alpha in Equities, Options, Futures and FX

Posted on December 3, 2011. Filed under: Event Announcements, Exchanges, Flash Crash, Practitioners | Tags: , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2011: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX

The Speed Traders Workshop 2011 Hong Kong

Edgar Perez will lead The Speed Traders Workshop 2011: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (http://www.thespeedtradersworkshop.com), in Hong Kong, December 12, 2011. Mr. 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), will reveal at The Speed Traders Workshop 2011 Hong Kong  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.

Charles Li, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited (HKEx), published on 26 July an article in Chinese on HKEx’s market reform; in the article, he pointed out that the enhancement of their infrastructure was a top priority in the Strategic Plan.  They had begun upgrading their trading and information systems to the next generation, building a new data centre in Tseung Kwan O and developing hosting services.

In addition, he indicated that he didn’t not agree with the view that enhancing their IT infrastructure favored high frequency traders or the large brokers.  Building the IT infrastructure was for him like building a highway: “We should not abandon highway construction just because a few do not want to invest in new cars or a few fear accidents.  We believe Hong Kong’s current market framework, which includes stamp duty, effectively limits high-frequency trading, just like a highway with many toll booths discourages speeding.  Besides, even if we don’t build the highway, we cannot prevent others from doing so and diverting liquidity, leading to market fragmentation.” No doubt it won’t long before high-frequency trading races on Hong Kong’s fast information highways.

The Speed Traders Workshop 2011 Hong Kong (http://thespeedtradersworkshophk.eventbrite.com) opens the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms they have spent so much time perfecting, speed traders almost never talk to the press and disclose as little as possible about how they operate. The Speed Traders Workshop 2011Hong Kong will reveal 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.

Mr. Perez is one of the great business networkers and motivators on the lecture circuit; he is available worldwide for the following speaking engagements: Present and Future of High-Frequency Trading, The Real Story behind the “Flash Crash”, Networking for Financial Executives, and Business Networking for Success.

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Edgar Perez, The Speed Traders, Presenting Strategies to Find Alpha in Equities, Options, Futures and FX in Dubai, January 25

Posted on December 2, 2011. Filed under: Event Announcements, Exchanges, Practitioners | Tags: , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2012 Dubai: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX

The Speed Traders Workshop 2012 Dubai

Edgar Perez will lead 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), in Dubai, January 25, 2012. Mr. 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), will reveal at The Speed Traders Workshop 2012 Dubai 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.

Dubai’s gross domestic product as of 2008 was US$ 82.11 billion. Although Dubai’s economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 6% of the emirate’s revenues. It is estimated that Dubai produces 50,000 to 70,000 barrels (11,000 m3) of oil a day and substantial quantities of gas from offshore fields. The emirate’s share in UAE’s gas revenues is about 2%. Dubai’s oil reserves have diminished significantly and are expected to be exhausted in 20 years. Real estate and construction (22.6%), trade (16%), entrepôt (15%) and financial services (11%) are the largest contributors to Dubai’s economy. Dubai’s top exporting destinations include India (US$ 5.8 billion), Switzerland (US$ 2.37 billion) and Saudi Arabia (US$ 0.57 billion). Dubai’s top re-exporting destinations include India (US$ 6.53 billion), Iran (US$ 5.8 billion) and Iraq (US$ 2.8 billion). The emirate’s top import sources are India (US$ 12.55 billion), China (US$ 11.52 billion) and the United States (US$ 7.57 billion). As of 2009 India was Dubai’s largest trade partner.

The Speed Traders Workshop 2012 Dubai opens the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms they have spent so much time perfecting, speed traders almost never talk to the press and disclose as little as possible about how they operate. The Speed Traders Workshop 2012will reveal 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.
Highlights of The Speed Traders Workshop 2012 Dubai include:

  • The first and most comprehensive initiation to the world of high-frequency trading
  • Study materials provided by Mr. Perez, author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
  • Latest update on high-frequency trading in the world and current regulatory initiatives
  • Techniques to detect high-frequency trading in the markets
  • Key enablers of high-frequency trading in the U.S., Europe and Asia
  • Proposed regulatory initiatives after the “flash crash”
  • Up-to-date review of the future of high-frequency trading

Mr. Perez is one of the great business networkers and motivators on the lecture circuit; he is available worldwide for the following speaking engagements: Present and Future of High-Frequency Trading, The Real Story behind the “Flash Crash”, Networking for Financial Executives, and Business Networking for Success.

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Market Expert Speak: High-Frequency Trading Should be Regulated, Not Stopped

Posted on August 30, 2011. Filed under: Exchanges, Financial Crisis, Flash Crash, Practitioners | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2011: The Present and Future of High-Frequency Trading

The Speed Traders Workshop 2011

High-frequency trading should continue to be regulated and not stopped, indicated Edgar Perez, The Speed Traders Workshop 2011: The Present and Future of High-Frequency Trading (http://www.thespeedtradersworkshop.com), on an interview with Hong Kong’s Oriental Daily News, for its column Market Expert Speak (http://orientaldaily.on.cc/cnt/finance/20110830/00275_001.html). 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), noted that high-frequency trading in particular is a development that was born out of the evolution of the regulatory environment, certainly facilitated by technology; therefore, it would be against its roots to oppose regulation per se.

As Ben van Vliet, Adjunct Professor at the Illinois Institute of Technology, says in The Speed Traders, “We all want to race fast but safe. It doesn’t do any good if someone crashes into the innocent crowd and kills people. There are external people that may be affected when things crash. What we want the government to do is to create a safe track for us to race fast.” Perez noted that regulators in the U.S. have adopted circuit breakers in May 2010 for 404 NYSE listed S&P 500 stocks and widened in September for Russell 1000 stocks to halt or slow down trades of a particular stock if the price moves 10% or more in a five-minute period; lately, they have proposed limit up, limit down rules, which would require that trades in all listed stocks be executed within a range tied to the recent prices for that security and impose a five-minute pause if trading is unable to occur within the price band for more than 15 seconds; those are measures that fall into the category of improvements to the race tracks for high-frequency trading. Additionally, they are implementing a consolidated audit trail that would help the SEC track information about trading orders so it can better understand the fast-paced markets. Ultimately, a flexible regulatory environment that can incorporate input from participants will be the optimal setting for the development of the industry.

Market Expert Speak: High-Frequency Trading Should be Regulated, Not Stopped

High-Frequency Trading Should be Regulated, Not Stopped

The Speed Traders Workshop 2011, led by Edgar Perez, will reveal 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. Highlights of The Speed Traders Workshop 2011 include:

  • The first and most comprehensive initiation to the world of high-frequency trading
  • Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
  • Latest update on high-frequency trading in the world and current regulatory initiatives
  • Techniques to detect high-frequency trading in the markets
  • Key enablers of high-frequency trading in the U.S., Europe and Asia
  • Proposed regulatory initiatives after the “flash crash”
  • Up-to-date review of the future of high-frequency trading

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 traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade. For more about The Speed Traders, readers can visit its Facebook and Twitter pages, as well as the most popular online retailers, including Amazon, Barnes & Noble and Borders, among others.

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Long-Term Investors’ Fears Driving Increased Volatility

Posted on August 29, 2011. Filed under: Economy, Financial Crisis, Flash Crash, Strategies, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders' Edgar Perez with BNN's Kim Parlee

The Speed Traders' Edgar Perez with BNN's Kim Parlee

For 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), increased volatility experienced by financial markets is being driven by long-term investors’ fears. Mr. Perez, who was recently featured on BNN’s Business Day and interviewed by Kim Parlee, reflected that similar concerns drove volatility to record heights during the Great Depression and Black Monday.

The stock market crash on October 29, 1929 set in motion a series of events that led to the Great Depression, but in fact, the American economy and global economy had been in turmoil six months prior to Black Tuesday, and a variety of factors before and after that fateful date in October caused and exacerbated the Great Depression. While America prospered during the 1920s, most of Europe, still reeling from the devastation of World War I, fell into economic decline. America soon became the world’s banker, and as Europe started defaulting on loans and buying less American products, the Great Depression spread. With only loose stock market regulations in place before the Great Depression, investors were able speculate wildly, buying stocks on margin, needing only 10% of the price of a stock to be able to complete the purchase. Rampant speculation led to falsely high stock prices, and when the stock market began to tumble in the months leading up to the October 1929 crash, speculative investors couldn’t make their margin calls, and a massive sell-off began. While the great rise in the stock market (from 181 points in early 1928 to 381 points in September 1929) was fueled by optimism and false hope, the plunge was flamed by stark fear.

Similar situation happened on Black Monday, the name given to Monday, October 19, 1987, when stock markets around the world ‘crashed’, shedding a huge value in a very short period. The crash began in Hong Kong, spread west through international time zones to Europe, hitting the United States after other markets had already declined by a significant margin. At the time, economists feared that if the U.S. economy faltered, the entire world economy would stumble and fall into recession again, as it had in 1981–82. Many observers now believe the panic of Black Monday simply reflected a spreading fear that the world situation was rapidly becoming unmanageable.

Fast forward to 2011, CNN’s Richard Quest concludes too that the causes of this latest crisis are fear, worry and concern, three uncomfortable bedfellows that have wreaked havoc on the world’s financial markets. “What pushed everyone over the edge was the debt ceiling debacle and the downgrading of U.S. debt by ratings agency Standard & Poor’s, that was followed by a 630 point fall in the Dow Jones index.”

Fear that the world situation is becoming unmanageable is driving long-term investors to dump equities and look for protection in less risky instruments, ironically, recently S&P downgraded U.S. treasuries. Economists at JPMorgan, in their weekly reprise of economic developments, blamed the recent global stock selloff on “a sense of policy paralysis in the U.S. and Europe, which has driven home the point that there is no cavalry to ride to the rescue.” While the sentiment is the same as in the 20s, 1987 and now, certain market participants will always look for a culprit, role played by high-frequency trading this time. No doubt if another crisis comes our way in the future, another group will receive the blame, only to be absolved by financial historians.

The Speed Traders' Edgar Perez on Canada's BNN's Business Day

The Speed Traders' Edgar Perez on BNN's Business Day

BNN’s Business Day puts a spotlight on the stocks and stories expected to move the markets, and then switches to minute-by-minute coverage throughout the trading day in Canada and the U.S. Kim Parlee, Marty Cej, Frances Horodelski, and Martin Baccardax along with BNN‘s team of reporters and expert guests provide comprehensive reporting along with the best background and analysis in the business. Business News Network (BNN) is the Canadian English language cable television business channel; BNNbroadcasts programming related to business and financial news and analysis.

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 traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade. For more about The Speed Traders, readers can visit its Facebook and Twitter pages, as well as the most popular online retailers, including Amazon, Barnes & Noble and Borders, among others.

Mr. Perez is widely regarded as the pre-eminent networker in the specialized area of high-frequency trading. He has been featured on CNBC Cash Flow with Oriel Morrison (http://video.cnbc.com/gallery/?video=2023403523), BNN Business Day with Kim Parlee (http://watch.bnn.ca/business-day/august-2011/business-day-august-19-2011/#clip519647), TheStreet.com with Gregg Greenberg (http://www.thestreet.com/video/11144274/high-frequency-traders-not-the-enemy.html), and Channel NewsAsia Cent & Sensibilities with Lin Xue Ling, and engaged as speaker at Harvard Business School’s 17th Annual Venture Capital & Private Equity Conference, High-Frequency Trading Leaders Forum 2011 (New York, Chicago, Hong Kong, Sao Paulo, Singapore), 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), Middle East Hedge Funds Investors Summit 2012 (Riyadh, Saudi Arabia), among other global forums.

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First Ever: The Speed Traders Workshop 2011 with Author Edgar Perez, in Hong Kong, Chicago, Sao Paulo and Singapore

Posted on August 16, 2011. Filed under: Event Announcements, Practitioners, Strategies, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2011, "The Present and Future of High-Frequency Trading"

The Speed Traders Workshop 2011

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), will present first ever The Speed Traders Workshop 2011, “The Present and Future of High-Frequency Trading” (http://www.thespeedtradersworkshop.com), in Hong Kong, Chicago, Sao Paulo and Singapore. The Speed Traders Workshop 2011will be extremely helpful for all delegates who are working in finance and investments, from financial institutions, investment banks, hedge funds, pension funds, broker dealers, consultancy groups, prime brokers, solution providers and exchanges, who wish to gain a thorough understanding and practical knowledge of high-frequency trading.

High-frequency traders have been called many things, from masters of the universe and market pioneers to exploiters, computer geeks, and even predators. Everyone in the business of investing has an opinion of speed traders, but how many really understand how they operate? The shadow people of the investing world, today’s high-frequency traders have decidedly kept a low profile, until now. The Speed Traders Workshop 2011 opens the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms they have spent so much time perfecting, speed traders almost never talk to the press and disclose as little as possible about how they operate.

The Speed Traders Workshop 2011, led by Edgar Perez, author of The Speed Traders, will reveal 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. Highlights of The Speed Traders Workshop 2011 include:

  • The first and most comprehensive initiation to the world of high-frequency trading
  • Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
  • Latest update on high-frequency trading in the world and current regulatory initiatives
  • Techniques to detect high-frequency trading in the markets
  • Key enablers of high-frequency trading in the U.S., Europe and Asia
  • Proposed regulatory initiatives after the “flash crash”
  • Up-to-date review of the future of high-frequency trading

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 traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade.

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For Edgar Perez, Author, The Speed Traders, Increased Volumes and Volatility to Feed High-Frequency Trading on Monday

Posted on August 6, 2011. Filed under: Economy, Exchanges, Financial Crisis, Fixed Income, Securities | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

For Edgar Perez, Author, The Speed Traders, S&P Debt Downgrade Wake-Up Call to Get Serious about U.S. EconomyMr. 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), wrote on Modern Finance Report (http://www.modernfinancereport.com) that a short-term stock plunge (increase of volume) and a spike in volatility on Monday are reasonably expected given S&P’s downgrade of the U.S. debt rating; the U.S. stock market was coming off its worst week since the financial crisis. “So we have here two of the main requirements for high-frequency trading, volume and volatility. Therefore, it will be reasonable to expect Monday to be a busy day for speed traders, as they provide the liquidity long-term investors will need to survive the day.”
Mr. Perez indicated that he would not be inclined to kill the messenger and instead see S&P’s decision in a positive light as it should serve as an effective wake-up call to get Washington’s warring players to the negotiating table again. He gave the example of S&P’s past decision to put the UK’s AAA-rating on negative outlook in May 2009, which fueled a debate on the need for significant fiscal tightening, and tough decisions taken by the new coalition government, which were eventually rewarded by S&P with the UK’s outlook being revised back up to stable in October last year.

Mr. Perez wrote: “We cannot deny the significant psychological impact of S&P’s decision on the markets and the view of foreign governments and investors of the U.S. economy. However, I expect Monday’ stock plunge to be a short-term event that will lose steam quickly. In fact, investors can be tempted to use it as reason to snatch value plays, as there would have not been a fundamental change from where we were last Friday. At the end of the day, S&P’s main theme, that U.S. finances are in bad shape, is not news to investors and traders; for instance, Pimco, the world’s largest bond fund, had stepped away from US government debt back in March; in addition, savvy money managers had already positioned themselves for a potential rating downgrade.”

For Edgar Perez, Author, The Speed Traders, S&P Debt Downgrade Wake-Up Call to Get Serious about U.S. EconomyFinally, he summarized: “I agree with experts who sustain that the downgrade will not lead to sharp rises of lending rates to the corporate sector or households in the U.S., as Fitch and Moody’s still maintain their top rating for U.S. debt. Also, a sudden sell off of U.S. Treasury instruments looks unlikely, as there are still not many safe assets to replace them. Once the dust settles, attention will turn back to the economic fundamentals. Disregarding the S&P downgrade comes with high risk for the U.S. economy, particularly if Washington prioritizes electoral concerns over the long-term health of this great nation, the United States of America.”

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For Industry Veteran, High-Frequency Trading is going to get Bigger, Stronger and more Prevalent

Posted on August 3, 2011. Filed under: Event Announcements, Flash Crash, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

For John Netto, one of the leading high-frequency traders featured in Edgar Perez’s The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, high-frequency trading is going to get bigger, stronger and more prevalent. “There are potential regulatory changes that might impact the growth of high-frequency trading; that is always a possibility. They have talked about co-location and proximity legislation but who knows how it all shakes and if the desired results from this legislation are accomplished.”

Netto is the Founder and President of M3 Capital. Mr. Netto has worked with buy-side firms, sell-side firms, and technology providers on more efficiently combining structure, strategy, and personnel to increase trading profits. Mr. Netto has presented on behalf of Eurex, CME Group, The ICE, ISE, Interactive Brokers, Thomson Reuters, Profit-Loss Forex Conferences and Golden Networking as well as appearing regularly on Forex TV, Fox Business Channel, The Money Show Video Network, and many other media outlets.

Mr. Netto sees more traditional investment managers expanding into high-frequency trading; more managers are using technology as in means of investing. Similarly, he sees more institutional investors allocating part of their asset base to quantitative trading strategies. He adds: “I think at this moment the future is more than just technology, as it is already very robust; it would be more about the adoption of the technology which will determine how fast things go. Not every exchange has the same technology or robust infrastructure; I think what we will see is that more and more firms, more and more exchanges around the world get caught up and then it will be about the interchangeability of the technology. And not just from a hardware standpoint but also from a software standpoint. Issues such as ‘what exchange trade data can we give up to another exchange trade data’, and ‘how that data gets aggregated’. Considering the current environment, the future will be more about data aggregation and data processing, and getting that data in the hands of the right people than who will build the fastest server.”

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For Renowned Speed Trader, Humans Not Allowed Anywhere Near High-Frequency Execution System

Posted on July 27, 2011. Filed under: Flash Crash, Strategies, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

It took a while for Adam Afshar, one of the leading high-frequency traders featured in Edgar Perez’s The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, to believe that the markets were more or less efficient under normal circumstances and to realize that the analysts at most firms provided no value and sometimes a negative value. He says, “My first attempt at using the computer was to build a system to help traders have better information faster to enable them or their portfolio managers to make better decisions, a sort of hybrid system where the computers are helping the humans. But, in less than a year, I realized that discretionary human participation in selection, portfolio management , or trading was so deleterious that no amount of computer power or intellectual algorithms  could mitigate it.”

Adam Afshar

Adam Afshar, Renowned Speed Trader- Hyde Park Global Investments

He adds: “It’s very important to stress this point because if the system allows human discretion at any level (idea generation, portfolio management, or trading) and your machine does not have the human discretionary elements modeled correctly in its learning algorithm (which we claim is not possible at this time), what you are left with is simply a quantitative trader  that uses certain calculations to assist his or her trading. It becomes difficult or even impossible to assess whether the success or failure was due to the calculations, formula, or algorithms . Although we can argue on the pros and cons of humans as traders, we have to agree that this method is not and cannot be scientific. It is not scientific because it is not possible to backtest a model that allows any discretionary human intervention. For example, if you have computers  that are generating trades, but the execution is done by humans, then we would argue that you cannot determine whether the success or failure of the system was due to its robust artificial intelligence  or to a very good trader, and there is no way of testing and duplicating the results. Therefore, we would argue that any backtesting becomes essentially void.”

Hyde Park Global Investments, Afshar’s firm, is an investment and trading firm that has developed an artificial intelligence system built primarily on genetic algorithms and other evolutionary models to identify mispricings, arbitrage, and patterns for many electronic financial markets  and the robotic platform  to monetize the opportunities. The firm, which trades its own capital so far, potentially will accept investments from outside sources.

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High-Frequency Trading is just Automating the Routine Tasks that Traders have been Performing for Decades, Says Infinium’s Aaron Lebovitz

Posted on July 24, 2011. Filed under: Event Announcements, Flash Crash, Practitioners, Technology | Tags: , , , , , , , , , |

For Aaron Lebovitz, one of the leading high-frequency traders featured in Edgar Perez’s The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, high-frequency trading is just automating the routine tasks that traders have been performing for decades. He adds that there is a misconception that  high-frequency trading is about making money at the expense of end users. “In fact,  high-frequency trading is about innovating with  technology to reduce market frictions. When Walmart figured out how to use technology to improve logistics and reduce costs, who benefitted? The consumer. Who didn’t benefit? Sears, K-Mart, the other stores that were trying do the same thing but with a higher cost structure. The analogy is not perfect, but you get the point.”

Aaron Lebovitz

Aaron Lebovitz, Infinium Capital

Mr. Lebovitz built the Algorithmic and Event Driven Trading department at Infinium Capital Management, a proprietary capital management firm with offices in Chicago, New York and London, into an exceptional force in the industry. Infinium was founded in Chicago in 2001 and built by a core team with decades of experience in trading, software development, and financial modeling. As most  high-frequency trading firms, Infinium has no outside investors and only manages its own money. Infinium has a long history of partnering with exchanges to launch new products, increase participation in existing products and solve technology issues.

Mr. Lebovitz concludes: “The facts are that our industry has historically been secretive about its activities, for various reasons. Some of this has to do with safeguarding intellectual property, but it also has to do with the creative destruction that this technological revolution has catalyzed. Some very established, very powerful industry players saw high-frequency trading as a threat to their distribution channels, or to their trading desks’ ability to get paid for providing liquidity. That created a disincentive for high-frequency traders to advertise their presence. Now, it has become quite clear that there is a lack of information out there regarding the activities and contributions of high-frequency traders, which has in turn led to some misinformation filling the gaps. As practitioners, we have a responsibility to change that.”

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