Real Time HFT Regulation Imperative for Edgar Perez at CME Group’s Global Financial Leadership Conference in Naples Beach, FL

Posted on November 17, 2012. Filed under: Conference, Exchanges, Flash Crash, Practitioners, Regulations, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Madeleine Albright, Edgar Perez and Condoleezza Rice at CME Group's Global Financial Leadership Conference 2012

Madeleine Albright, Edgar Perez and Condoleezza Rice @CMEGroup’s GFLC12

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.

The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World

The Speed Traders @CMEGroup’s GFLC12

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.

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Edgar Perez Joining Thought Leaders at CME Group’s Global Financial Leadership Conference

Posted on October 18, 2012. Filed under: Conference, Event Announcements, Regulations, Strategies, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Edgar Perez, The Speed Traders, Joining Thought Leaders at CME Group's Global Financial Leadership ConferenceEdgar 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.

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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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Why Should I Urgently Schedule The Speed Traders Workshop 2012 Vienna?

Posted on September 13, 2012. Filed under: Exchanges, Flash Crash, Regulations, Securities and Exchange Commission, Workshop | Tags: , , , , , , , , , , , , , , , , , , , , , , , , |

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

ECB’s Ewald Nowotny. Credit: Reuters/Heinz-Peter Bader

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.

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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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High-Frequency Trading World’s Capital Moving to China with The Speed Traders Workshop 2012 Shanghai and Hong Kong

Posted on July 26, 2012. Filed under: Conference, Event Announcements, Exchanges, Practitioners, Regulations, Strategies, Workshop | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

2012国际高频交易高峰研讨会・上海 - The Speed Traders Workshop 2012 Shanghai, China: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, with author Mr. Edgar Perez

2012国际高频交易高峰研讨会・上海

The high-frequency trading world’s capital is moving to China this August with Mr. Edgar Perez, author of The Speed Traders, and former McKinsey & Co. consultant and New York University Adjunct Professor, presenting The Speed Traders Workshop 2012: How Algorithmic and High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, in Shanghai and Hong Kong.

Top securities firms and traders from China, Hong Kong and Singapore trading at Zhengzhou Commodity Exchange (ZCE), Shanghai Stock Exchange (SSE), Dalian Commodity Exchange (DCE), Shanghai Futures Exchange (SHFE), Hong Kong Stock Exchange (HKEx), and Singapore Stock Exchange (SGX), are joining these enlightening workshops, which display an agenda full of information and insights, as can be seen through the following sessions:

1.      Understanding High Frequency Trading in Equities and other Asset Classes

  • The need for speed and sophisticated computer programs in generating, routing, and executing orders
  • Co-location and individual data feeds to minimize latency
  • Time-frames for establishing and closing highly-liquid positions
  • Review of the most important strategies: market making, trend following, value arbitrage and others

2.      Key Enablers for High Frequency Trading

  • Technological innovation: computing power, complex event processing, and low-latency bandwidth
  • Shift to electronic trading and the rise of alternative trading systems
  • In-depth look at strategies high frequency traders leverage to find alpha in equities, options, futures and FX
  • The profitability of typical high frequency trading strategies and its evolution

3.      Global Regulatory Overview: from the U.S. and Europe to China and Brazil

  • Regulations in place before the “flash crash”
  • Proposed regulatory initiatives after the “flash crash” in the U.S. and Europe, circuit breakers, limit up limit down and consolidated audit trail
  • High frequency trading in Asia, from Japan, Singapore and India to Hong Kong and China
  • Regulating speed trading to samba beats: Brazil and Mexico

4.      The Future of High Frequency Trading

  • Enhancing profitability: from equities to FX to cross-asset trading
  • High frequency trading in the world: from the U.S. and Europe to China and Brazil
  • Adding ammunition to the high frequency trader toolkit, FPGA, GPUs and enhanced technologies
  • Turning the tables on high frequency trading: the transparency challenge for the buy-side

Mr. Perez has been interviewed on CNBC Cash Flow, CNBC Squawk Box, BNN Business Day, CCTV China, Bankier.pl, TheStreet.com, Leaderonomics, GPW Media, Channel NewsAsia Business Tonight and Cents & Sensibilities. In addition, Mr. Perez has been featured on Caixin, Futures Daily, Xinhua, CBN Newswire, Chinese Financial News, ifeng.com, International Finance News, hexun.com, Finance.QQ.com, Finance.Sina.comThe Korea Times, The Korea Herald, The Star, BMF 89.9, iMoney Hong Kong, CNBC, Bloomberg Hedge Fund Brief, The Wall Street Journal, The New York Times, Dallas Morning News, Valor Econômico, FIXGlobal Trading, TODAY Online, Oriental Daily News and Business Times.

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The Best High Frequency Trading Book Now Available in Mandarin, Courtesy of Chinese Financial Publishing House

Posted on July 9, 2012. Filed under: Book Review, Exchanges, Flash Crash, Operations, Practitioners, Securities | Tags: , , , , , , , , , , , , , , , , , , |

The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World

The Speed Traders

The Speed Traders, Edgar Perez’s ground breaking work on high frequency trading, is now available in Mandarin, Courtesy of Chinese Financial Publishing House.  Unlike other works about HFT, Perez’s book provides readers with fresh, candid insight from the industry’s top HFT players.

Praise for The Speed Traders:

“Edgar’s book is fantastic . . . I recommend it highly.”
—Bart Chilton, Commissioner, United States Commodity Futures Trading Commission (CFTC)

“I have interviewed the most successful high-frequency traders in New York and Chicago, but I have learned so much more by reading Perez’s book. He covers the most relevant topics we need to know today and tomorrow.”
—Mark Abeshouse, Chairman, Augustus Capital

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Caixin Media Covers The Speed Traders Workshop 2012 in China

Posted on June 14, 2012. Filed under: Exchanges, Operations, Practitioners, Private Equity, Securities, Strategies | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2012

2012年6月第二个交易日,上证指数因为特殊的波动引发市场关注。来自监管当局的消息称,交易所已经注意到了市场中的高频交易,但未发现有市场操纵行为。

将通过计算机控制的高频交易(High-frequency Trading,简称HFT)行为与人为的操纵市场联系到一起引人无限遐思。高频交易到底是加剧市场波动还是缩短市场波动?如何监管高频交易?是否应该像 对“粮仓中的老鼠”一样,限制高频交易?这都是摆在全球监管者面前的一道难题。尤其对于散户众多的中国证券市场,高频交易又会成为何种角色?

“美国各界仍在争论,焦点是该不该对高频交易有限制,高频交易到底是利大于弊还是弊大于利。”纽约华尔街一家全球宏观型对冲基金数量交易组的数量投资经理杨旭对财新记者表示。

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The Speed Traders Workshop 2012: News Coverage From China Business Network (CBN)

Posted on June 13, 2012. Filed under: Economy, Exchanges, Operations, Practitioners, Private Equity, Regulations, Securities, Strategies | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Mr. Edgar Perez, Director of The Speed Traders Workshop

Edgar Perez援引数据介绍指出,目前在美国证券市场中的整体成交金额中有56%来自高频交易,而这种交易手法也是伴随着科技的发展、市场的竞争、以及监管政策的变化,在证券市场中自然演进所出现的。

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)。

Edgar Perez援引数据介绍指出,目前在美国证券市场中的整体成交金额中有56%来自高频交易,而这种交易手法也是伴随着科技的发展、市场的竞争、以及监管政策的变化,在证券市场中自然演进所出现的。

高频交易主要以电脑完成交易,数据处理可以在毫秒(0.001秒)之间,人力根本无法与之匹配,因此该种交易主要依赖先进的科学技术和电脑算法。高频交易的主要策略包括电子化交易、趋势追踪、相对价值套利、流动性监测、新闻解读分析和投资基金方法等。

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The Speed Traders Workshop 2012 Shanghai at Hult International Business School

Posted on June 3, 2012. Filed under: Economy, Event Announcements, Exchanges, Fixed Income, Practitioners, Private Equity, Securities, Strategies, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Mr. Edgar Perez, Author of          The Speed Traders

Edgar Perez, Author, The Speed Traders, Speaker at The Speed Traders Workshop 2012 Shanghai: How Algorithmic and High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, June 6

New York, NY, May 26, 2012 — Edgar Perez will be the presenter at upcoming The Speed Traders Workshop 2012 Shanghai: How Algorithmic and High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, June 6, to be held at Hult International Business School’ Shanghai campus.

Hult International Business School (formerly known as the Arthur D. Little School of Management) is a top business school with campuses in Boston, San Francisco, London, Dubai and Shanghai. It offers a range of business-focused degree programs including MBA, Executive MBA, Master and Undergraduate degrees. Hult is affiliated with the privately held company EF Education First and is named for EF’s founder, Bertil Hult. The school is incorporated as Hult International Business School, Inc., which is a not-for-profit organization incorporated under Massachusetts law.

Hult has a list of faculty which is on par with other business schools, and includes many faculty members from colleges in the northeast of the USA. Some of the Hult faculty also teaches at Babson College, Harvard, INSEAD and other business schools.

Hult organizes the Hult Global Case Challenge, an annual international case competition that takes on global social challenges by generating ideas and solutions from students from around the world. The organization is a member of the Clinton Global Initiative. At the event, student teams of five from business schools from around the world are invited to participate at one of five international locations where teams compete to develop the best solutions around the proposed challenge area. Cities of competition include Boston, San Francisco, London, Dubai and Shanghai, where The Speed Traders Workshop 2012 will be held.

Mr. Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, published by McGraw-Hill Inc. (2011) and currently being translated into Chinese, 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.

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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Miss It at Your Own Risk: World’s Only High Frequency Trading Seminar, Now in China

Posted on June 1, 2012. Filed under: Economy, Event Announcements, Exchanges, Fixed Income, Practitioners, Private Equity, Securities, Strategies, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2012

Edgar Perez, Author, The Speed Traders, Speaker at The Speed Traders Workshop 2012: How Algorithmic and High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, Shanghai (June 6)

Mr. Edgar Perez, author, The Speed Traders, and former McKinsey & Co. consultant, is leading the world’s only high frequency trading seminar, aptly called The Speed Traders Workshop 2012: How Algorithmic and High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, for the first time in China.  The Speed Traders Workshop will next take place in Shanghai on June 6.

Mr. Edgar Perez is widely regarded as the preeminent speaker in the specialized area of high-frequency trading.  He is author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, published by McGraw-Hill Inc. (2011) in English and China Financial Publishing House (2012) in Chinese. In addition, Mr. Edgar Perez is course director of The Speed Traders Workshop 2012, How Algorithmic and High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (Hong Kong, Sao Paulo, Seoul, Kuala Lumpur, Warsaw and Kiev).

Mr. Edgar Perez has been featured on CNBC Cash Flow (with Oriel Morrison), CNBC Squawk Box (with Geoff Cutmore), BNN Business Day (with Kim Parlee), TheStreet.com (with Gregg Greenberg), Channel NewsAsia 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, Valor Econômico, FIXGlobal Trading, TODAY Online, Oriental Daily News and Business Times.

In the last months, Mr. Edgar 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. Edgar 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.

The Speed Traders Workshop 2012 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 kicks off a series of presentations in the world’s most important financial centers: Jakarta, Indonesia, June 13; Mexico City, Mexico, July 27; Hong Kong, August 4, and Moscow, Russia, August 10.

Mr. Edgar Perez is one of the great business networkers and motivators on the business 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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Trying to Blame High-frequency Trading for Facebook’s Nasdaq IPO Eclipse? Look Elsewhere

Posted on May 21, 2012. Filed under: Economy, Exchanges, Regulations, Securities and Exchange Commission, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2012, How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FXBob Greifeld, Nasdaq OMX’s Chief Executive Officer, has said on Sunday that the 20-minute delay in trading of Facebook’s $16bn offering last Friday had been caused by a millisecond systems blip due to the largest IPO auction “in the history of mankind”. The exchange had found itself in the spotlight after Facebook failed to deliver a first-day “pop” to investors, instead almost falling below its issuing price of $38. The shares, having risen briefly, quickly fell away to close the day with a gain of just 0.6%, at $38.23.

The fact that the glitch is just coming just weeks after BATS Global Markets, a firm that catered mainly to speed traders, was forced to withdraw its IPO after technical problems, nicely plays into the hands of critics who blame high-frequency trading for all types of financial and economic malaise.

For instance, Giuseppe Vegas, Chairman of Consob, Commissione Nazionale per le Società e la Borsa, Italy, suggested last week that high-frequency trading may pose systemic threats to markets and warrant bans. “Legislators and authorities need to ask themselves if certain types of innovation are good or bad for savers,” Vegas said in a speech at the Italian securities market regulator’s annual meeting in Milan today. Legislators shouldn’t hold back from “simply banning the spreading of dangerous practices and products,” he said.

“Financial innovation can be positive but legislators and authorities must avoid that it becomes a mechanism that wipes out families’ savings,” he said. That begs the question of the real possibility of high-frequency trading having any impact on families’ savings.

Nasdaq has now laid out the details of the glitch. In spite of testing 1bn in trading volumes under 100 scenarios, the exchange was caught by surprise when cancellations of trades kept interrupting the computer system’s attempt to complete the auction and produce an initial price for Facebook’s opening. Nasdaq says it designed its “IPO cross”, the process of calculating the opening price, in such a way that would allow continuous trading through an auction at the behest of its customers and has used the system in previous IPOs.

But in processing the huge volume of Facebook trades, it added two milliseconds to the time it took to produce an opening price. In those extra two milliseconds, orders to cancel the trades kept interrupting the auction process. That doesn’t seem to touch high-frequency trading at all, as shares were not even changing hands yet. As a result of the glitch the exchange decided to print the opening trade manually but was then forced to delay the process of confirming individual trades.

Systems blips and glitches will always happen as humans cannot possibly test all scenarios technical implementations will face. People can take advantage of financial innovation in a number of ways and it’s the role of regulators to make sure these ways are within the existing legal framework. Financial innovation travels fast and now becomes not a challenge for single regulatory bodies but for all of them to coordinate the best way to approach regulation and keep markets transparent and fair for all participants worldwide.

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What is Hotter than Facebook’s IPO for High Frequency Traders in Warsaw, Poland, and Kiev, Ukraine

Posted on May 4, 2012. Filed under: Event Announcements, Exchanges, Flash Crash, Practitioners, Strategies | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

The Speed Traders Workshop 2012, How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FXAs reported by Bloomberg, Facebook Inc.’s $11.8 billion initial public offering will cement the status of 27-year-old Mark Zuckerberg as one of the world’s richest men and put his social network among the highest-valued companies in the U.S. Facebook is offering about 337.4 million shares for $28 to $35 each, according to a regulatory filing yesterday. At the upper end of that range, the co-founder’s stake would be $17.6 billion, making him richer than Microsoft Corp.’s Steve Ballmer and Russian steel billionaire Vladimir Lisin, who are both twice his age, according to the Bloomberg Billionaires Index.

Zuckerberg, who began the service for Harvard classmates as a 19-year-old in his dorm room, built Facebook into the most popular social-networking site in the world, topping 900 million users last quarter. Now he has to prove he has the leadership skills to deliver enough growth to justify the company’s valuation, said Paul Saffo, managing director at Discern Analytics in San Francisco.

That being said, investors and traders in Poland and Ukraine will be paying close attention to Edgar Perez’s The Speed Traders Workshop 2012, “How Algorithmic and High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX” (http://www.TheSpeedTradersWorkshop.com) on May 11 in Warsaw and May 18 in Kiev. Edgar Perez is widely regarded as the preeminent expert in the specialized area of high-frequency trading; he is the 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), published by McGraw-Hill Inc. (2011).

The Speed Traders Workshop 2012 Warsaw and Kiev 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.

Edgar Perez has been featured on CNBC Cash Flow (with Oriel Morrison), CNBC Squawk Box (with Geoff Cutmore), BNN Business Day (with Kim Parlee), TheStreet.com (with Gregg Greenberg), Channel NewsAsia 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, Valor Econômico, The Korea HeraldFIXGlobal Trading, The Korea Times, TODAY Online, Oriental Daily News and Business Times.

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 public and private institutions. In addition, Mr. Perez has spoken at a number of global conferences, including Harvard Business School’s Venture Capital & Private Equity Conference (Boston), High-Frequency Trading Leaders Forum (New York, Chicago, London), MIT Sloan Investment Management Conference (Cambridge), Institutional Investor’s Global Growth Markets Forum (London), Technical Analysis Society (Singapore), TradeTech Asia (Singapore), FIXGlobal Face2Face (Seoul) and Private Equity Convention Russia, CIS & Eurasia (London).

Mr. Perez was a vice president at Citigroup, a senior consultant at IBM, and a consultant at McKinsey & Co. in New York City.  Mr. Perez has an undergraduate degree from Universidad Nacional de Ingeniería, Lima, Peru (1994), a Master of Administration from Universidad ESAN, Lima, Peru (1997) and a Master of Business Administration from Columbia Business School, New York, with a dual major in Finance and Management (2002). He belongs to the Beta Gamma Sigma honor society. Mr. Perez resides in the New York City area and is an accomplished salsa and hustle dancer.

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Warsaw, Kiev, Beijing, Shanghai, Jakarta, Seoul, London, Hong Kong, Moscow… Not Lady Gaga’s ‘Born This Way Ball’ Tour

Posted on April 20, 2012. Filed under: Event Announcements, Exchanges, Regulations, Strategies, Technology | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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

The Speed Traders Workshop 2012

The Speed Traders unveiled dates today for Edgar Perez’s full-day seminars, The Speed Traders Workshop 2012: How Algorithmic and High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX in Europe, presentations that will be followed by the rest of the world including dates in Southeast Asia, Latin America and North America, as published at http://www.TheSpeedTradersWorkshop.com.

The Speed Traders Workshop 2012 Hong Kong, Sao Paulo, Seoul and Kuala Lumpur put 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), published by McGraw-Hill Inc. (2011) and currently being translated into Chinese and Portuguese, on the map as the preeminent global expert in algorithmic and high-frequency trading.

The global high-frequency tour’s first leg will hit Europe and Asia through early June, encompassing 5 presentations at major financial centers that include Warsaw, Kiev, Beijing, Shanghai, Jakarta and Seoul. Perez will also present in New York and London. Beyond that, current plans call for him to visit Hong Kong in August, followed by Moscow, Dubai, Kuala Lumpur and Singapore towards the beginning of the fall, and then Chicago in October.

Perez is widely regarded as the preeminent speaker in the specialized area of high-frequency trading. Perez has been featured on CNBC Cash Flow (with Oriel Morrison), CNBC Squawk Box (with Geoff Cutmore), BNN Business Day (with Kim Parlee), TheStreet.com (with Gregg Greenberg), Channel NewsAsia 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, Valor Econômico, The Korea Herald, FIXGlobal Trading, The Korea Times, TODAY Online, Oriental Daily News and Business Times.

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 public and private institutions. In addition, Perez has spoken at a number of global conferences, including Harvard Business School’s Venture Capital & Private Equity Conference (Boston), High-Frequency Trading Leaders Forum New York, Chicago and London (http://www.HFTLeadersForum.com), MIT Sloan Investment Management Conference (Cambridge), Institutional Investor’s Global Growth Markets Forum (London), Technical Analysis Society (Singapore), TradeTech Asia (Singapore), FIXGlobal Face2Face (Seoul) and Private Equity Convention Russia, CIS & Eurasia (London).

Perez was a vice president at Citigroup, a senior consultant at IBM, and a consultant at McKinsey & Co. in New York City. Perez has an undergraduate degree from Universidad Nacional de Ingeniería, Lima, Peru (1994), a Master of Administration from Universidad ESAN, Lima, Peru (1997) and a Master of Business Administration from Columbia Business School, New York, with a dual major in Finance and Management (2002). He belongs to the Beta Gamma Sigma honor society. Perez resides in the New York City area and is an accomplished salsa and hustle dancer.

The Speed Traders Workshop 2012 kicks off 2012 with a series of presentations in the world’s most important financial centers: Warsaw, Poland, May 11; Kiev, Ukraine, May 18; New York, May 22; Beijing, China, May 30; Shanghai, China, June 6; Jakarta, Indonesia, June 13; Seoul, South Korea, June 21; London, June 26; Mexico City, Mexico, July 27; Hong Kong, August 4; Moscow, Russia, August 10; Dubai, UAE, September 9; Kuala Lumpur, Malaysia, September 12; Singapore, September 15, and Chicago, October 2.

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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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