Practitioners
HFT Who’s Who Joining me at High-Frequency Trading Leaders Forum 2013 London
Mr. Edgar Perez, author of The Speed Traders and the forthcoming Knightmare on Wall Street
A who’s who of the high-frequency trading world will be joining me next week at Golden Networking’s High-Frequency Trading Leaders Forum 2013 London, “Strategic and Tactical Insights for Investors, Speed Traders, Brokers and Exchanges”, March 21, forum that will provide attendees in London with the most up-to-date review of where this ever-changing industry stands through an inspiring keynote speeches and thought-provoking panels with leaders in the field:
- Professor Alex Preda, Professor of Accounting, Accountability and Financial Management, King’s College
- Ms. Arlene McCarthy, Vice Chair – Economics and Monetary Affairs Committee and Draftsperson, Market Abuse Directive, European Parliament
- Ms. Carol Clark, Sr. Policy Specialist, Federal Reserve Bank of Chicago
- Mr. Chris Skinner, Chairman, Financial Services Club
- Professor Daniel Beunza, Lecturer, London School of Economics
- Professor Dave Cliff, Department of Computer Science, University of Bristol
- Mr. David Mills, Sales Director EMEA, Azul Systems
- Mr. Giovanni Beliossi, Managing Partner, FGS Capital
- Mr. Hirander Misra, Chairman, Forum Trading Solutions
- Professor Juan Pablo Pardo-Guerra, Lecturer, London School of Economics
- Dr. Magrino Bini, Statistical Arbitrage Portfolio Manager, Millennium Partners
- Mr. Philip Stafford, FT Trading Room Deputy Editor, Financial Times
- Professor Philip Treleaven, Director, PhD, Centre in Financial Computing, UCL
- Mr. Philippe Guillot, Executive Director of the Markets Division, Autorité des Marchés Financiers (AMF)
- Mr. Sam Tyfield, Partner, Vedder Price, P.C.
- Mr. Stuart Theakston, Head of Research and Automated Trading, GLC
- Dr. Tommi A. Vuorenmaa, Head of Research & Trading, Valo Research and Trading
- Mr. VJ Angelo, Director, Global Markets Exchange Group
- Professor Walter Distaso, Professor of Financial Econometrics, Imperial College London
High-Frequency Trading Leaders Forum 2013, “Strategic and Tactical Insights for Investors, Speed Traders, Brokers and Exchanges” (http://www.HFT-Leaders-Forum.com) will bring insights for investors and speed traders who need to protect and refine their competitive advantage in a world dominated by algorithmic and high-frequency trading. Recognized practitioners, regulators, experts, and strategists will return to High-Frequency Trading Leaders Forum 2013 to provide attendees with the information they are looking for in an open and unbiased environment, highly conducive to the most efficient and effective networking.
Topics that will be discussed at High-Frequency Trading Leaders Forum 2013 (http://www.HFT-Leaders-Forum.com) include the movement toward emerging markets, every time more attuned to the use of bots, the regulatory environment, how new technologies are changing the game, including a look at the upcoming regulatory changes that no doubt will be precipitated by Knight Capital’s trading glitch.
High-Frequency Trading Leaders Forum 2013 (http://www.high-frequency-trading-conference.com) is produced by Golden Networking (http://www.goldennetworking.net), the premier networking community for business executives, entrepreneurs and investors.
Read Full Post | Make a Comment ( None so far )The Perennial Profit Challenge: 2013 Roadmap for World Exchanges
Edgar Perez and Sir Richard Branson
Financial exchanges play a vital role in economic development as one of the primary tools for the allocation of capital in both developed economies and emerging ones. The indices created using the platforms provided by global exchanges are used by the financial services industry and the government as barometers of economic health and a predictor of national financial well-being.
However, the exchanges model has changed dramatically over the past decade starting with demutualization. The first wave began with the Stockholm Stock Exchange (STO) in 1993 and included the Bombay Stock Exchange (BSE) in 1995 and Borsa Italiana (BVME) in 1997. Demutualization was followed by a second stage in which a number of exchanges became publicly traded and profit-seeking companies listed on their own platform, with the Australian Securities Exchange (ASX) being the first to follow this model in 1998. Such restructurings are still taking place in exchanges all over the world.
Exchanges have come under increasing regulatory attention. In the US, for instance, the Securities and Exchange Commission is expanding an enforcement probe into a broader look at how exchanges develop new products, communicate with investors and provide incentives to trade; this was sparked partly by an SEC probe into trading order types apparently benefiting high-speed traders, whose activity comprises more than half of all stock-trading volume.
As companies exercise more flexibility in seeking to raise capital outside their national boundaries, the environment has become even more competitive for exchanges. Furthermore, they are hugely capital intensive (mostly due to the IT infrastructure required for increasingly high frequency trading), reason why some exchanges are looking to grow through acquisitions in order to enjoy greater economies of scale.
While these challenges are common to exchanges worldwide, the impact on their bottom lines has been rather diverse. For instance, the Philippines Stock Exchange (PSE) doubled its profit in the first nine months of 2012 compared to last year. While the exchange benefited tremendously from the favorable economic environment and sky-high optimism in the country, there were a number of reforms implemented by the PSE, including the rollout of a new trading system, extension of trading hours and implementation of multiple regulatory and governance enhancements.
London Stock Exchange (LSE) reported a profit for the first half of the year nearly unchanged from last year as strong performance in information services helped offset weak capital markets. The exchange highlighted the benefits of its increasingly diversified international group and the growth from its Information, Post Trade and Technology businesses; the exchange reported a 66 percent increase in Information Services revenue, while Capital Markets revenue dropped 19 percent.
On the other side of the spectrum, NYSE Euronext, the operator of the New York Stock Exchange and other stock exchanges, announced that its third-quarter profit fell 46 percent, which the company attributed to reduced average daily trading volumes, primarily related to its derivatives business. It said its results last year were helped by the extreme volatility of the markets in Europe and the United States due to debt concerns. Certainly, volatility has declined considerably since then, reaching multi-year lows in August 2012.
Exchanges are responding to this increasing competition in a number of ways. Negotiating mergers has been the first option considered by a number of companies, only to be derailed in some cases by regulators or rebuffed by targets. NYSE Euronext face resistance from European regulators on its proposed combination with Deutsche Boerse; ASX’s agreement with Singapore Exchange (SGX) fell through as well; LSE dropped its bid for Toronto Stock Exchange (TSX) after its owners spurned them in favor of the bid from a group of Canadian banks and pensions. However, that doesn’t mean that exchanges will not attempt to find combinations that don’t run afoul of regulations, just because mergers almost in all cases strive to provide an avenue to widen their business model and to exploit economies of scale, economies of network, cross selling opportunities and trading hours; for instance in Asia, Tokyo and Hong Kong shortened their midday halt to one hour last year, while Singapore scrapped its lunch break altogether, joining Australia, South Korea and India on the list of exchanges that have uninterrupted trading days.
Second, developing cutting edge-edge technology and its further commercialization is paving the way to extract additional profits from investments already paid. For instance, LSE leveraged its IT investments with the adoption of an outsourced managed services model that allowed the exchange to run other exchanges, such as the Johannesburg Stock Exchange, using its own platform. Building a major technology franchise through outsourcing was vital for the LSE if it was to continue to compete with the likes of NYSE Euronext and Nasdaq OMX, which had extended their brand and influence in several emerging markets through major technology deals.
Finally, exchanges are standing up to the challenge of diversifying their business model. Exchanges that were primarily focused on cash trading decided to integrate services such as the trading of derivative financial instruments markets. As it was the case for LSE, information services delivered in machine-readable format are providing growth opportunities for exchanges worldwide; RapiData, company acquired by Nasdaq OMX, enabled the company to deliver U.S. government and other economic news directly from the source to customers interested in receiving information in an electronic feed, giving them instant access to events that are incorporated into algorithmic trading systems. The perennial appetite of high-frequency and algorithmic trading firms for faster access to trading data is also encouraging exchanges to provide colocation services that bring all participants equal access to their matching engines. Ultimately, exchanges will be forced to explore all upstream and downstream opportunities in the production chain of the exchange industry, from the above mentioned information services upstream to the integration of clearing and settlement services downstream.
Revenues at exchanges will need to evolve from its reliance on volume-dependent fees and commissions for a range of activities (including trading, listing, clearing, settlement, depository, custody and nominee services) to uncorrelated income sources that might not have existed just a few years ago; the infrastructure they have, the data they manage and proximity to their matching engine are all key assets that need to be fully exploited if exchanges are to succeed in 2013 and beyond.
Read Full Post | Make a Comment ( 1 so far )Real Time HFT Regulation Imperative for Edgar Perez at CME Group’s Global Financial Leadership Conference in Naples Beach, FL
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 @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.
Read Full Post | Make a Comment ( None so far )High-Frequency Strategists and Quants on Red Alert: The Speed Traders Workshop 2012 in Chicago
It 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.
Read Full Post | Make a Comment ( None so far )The New York Times: Don’t Ban the Trades; Regulate Them in Real Time
In 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.
Read Full Post | Make a Comment ( None so far )美高频交易专家： 速度与策略决定成败
2008年金融危机以来，许多对冲基金纷纷倒闭，投资者们也谨慎地捂紧钱袋，然而，有一种交易模式却在不断扩张，以它为商业模式的基金也如雨后春笋，这就是高频交易（High-Frequency Trading）。这种盈利模式的核心竞争力在哪里，前景又如何？
2008年金融危机以来，许多对冲基金纷纷倒闭，投资者们也谨慎地捂紧钱袋，然而，有一种交易模式却在不断扩张，以它为商业模式的基金也如雨后春笋，这就是高频交易（High-Frequency Trading）。这种盈利模式的核心竞争力在哪里，前景又如何？
近日，美国高频交易专家、《交易快手：透视正在改变投资世界的新兴高频交易》作者埃德加·佩雷斯（Edgar Perez）接受第一财经日报《财商》记者专访。他表示，实现毫秒或微秒交易的速度是高频交易的核心竞争力。目前，在发达的市场如美国和欧洲，高频交易已 占到交易量的一半以上。而假以时日，中国有望成为世界上最大的高频交易市场。
埃德加·佩雷斯小档案
“唯一成就大事的方法是做你热爱的事。如果你还没有发现它，就继续寻找，不要气馁。当你找到它的时候，你的心会让你知道。”埃德加·佩雷斯告诉记者，这是他的座右铭。
对于佩雷斯来说，金融领域是他热爱的事业。在获得哥伦比亚MBA学位后，他曾任花旗银行副总经理、麦肯锡公司的顾问。作为事业的高潮，他撰写了《交 易快手：透视正在改变投资世界的新兴高频交易》。该书的英语版本由麦格劳 – 希尔公司出版（2011年），今年，中国金融出版社（2012年）把它翻译成中文，目前，该书的印尼语和葡萄牙语版本正在翻译中。
《交易快手：透视正在改变投资世界的新兴高频交易》对高频交易进行了独到的分析。这到底是一种什么样的曾经“令人充满恐惧的技术”？它如何搞乱市 场？如何在两年前“闪电崩盘”中推波助澜？这本书告诉读者，媒体曾经渲染的股市“算牌”的现象已经改变。高频交易完全独立于“巴菲特式”的长期战略，它们 运作于完全不同的时间框架，并对长期投资组合产生的利润影响非常小。
佩雷斯对于高频交易的热爱并不止于写书。为了让更多的人了解这一金融市场的新趋势，他创立了交易快手工作室，并任课程主管，讲解高频率交易者如何利用有利可图的策略，来寻找股票、期权、期货和外汇中的阿尔法 。在此之前，他是纽约大学理工学院的兼职教授，教授算法交易和高频财务。
佩雷斯对中国等新兴经济国家有着浓厚的兴趣。2009年，他创立了致力于金融社交活动的黄金网络公司，并建立25000人的数据库。公司定期在纽约为金融人士举办针对中国等新兴经济体的聚会或者讲座，受到热烈欢迎，并被《纽约时报》等报道。他曾经多次接受中文媒体的采访，甚至在他Linkedin上的简历，也使用了中英双语。
Read Full Post | Make a Comment ( None so far )High-Frequency Trading World’s Capital Moving to China with The Speed Traders Workshop 2012 Shanghai and Hong Kong
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.com, The 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.
Read Full Post | Make a Comment ( None so far )The Best High Frequency Trading Book Now Available in Mandarin, Courtesy of Chinese Financial Publishing House
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
Caixin Media Covers The Speed Traders Workshop 2012 in China
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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Read Full Post | Make a Comment ( None so far )The Speed Traders Workshop 2012: News Coverage From China Business Network (CBN)
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。高
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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Read Full Post | Make a Comment ( 1 so far )The Speed Traders Workshop 2012 Shanghai at Hult International Business School
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.
Read Full Post | Make a Comment ( None so far )Miss It at Your Own Risk: World’s Only High Frequency Trading Seminar, Now in China
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.
Read Full Post | Make a Comment ( None so far )What is Hotter than Facebook’s IPO for High Frequency Traders in Warsaw, Poland, and Kiev, Ukraine
As 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 Herald, FIXGlobal 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.
Read Full Post | Make a Comment ( None so far )Edgar Perez, The Speed Traders Workshop 2012 Kuala Lumpur, Featured by BFM 89.9, Malaysia’s Top Business Station
Edgar Perez, The Speed Traders Workshop 2012
Edgar Perez, author of The Speed Traders, and presenter at upcoming The Speed Traders Workshop 2012 Kuala Lumpur: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, April 12th, was recently featured by BFM 89.9, Malaysia’s top business station; the podcast can be downloaded at http://www.bfm.my/2012-04-09-speed-traders-edgar-perez.html and http://podcast.bfm.my/podcast/e?file=assets/files/Resource_centre/2012_04_09_Edgar_Speed.mp3&t=High-FrequencyTrading.
Trading of equities on Bursa will be a new ballgame once computer-driven ultra-high frequency trading is introduced, said Mr. Perez, author and former Citigroup vice president. He added that high-speed trading already makes up six per cent of trades on the Bursa derivatives market and the stock exchange operator was reported to be gearing up for the introduction of ultra-fast trading of equities.
“Perez, who is conducting a workshop on HFT in Kuala Lumpur on April 12, also said that in order to minimize the latency of the trading systems, co-location is an inherent part of HFT. ‘As speed traders try to reduce any latency, they will want to trade from computers hosted on the exchanges themselves,’ he said. While such fast trading might not seem to appeal to long-term investors who focus on company fundamentals, Perez said that those with a long investment horizon are adapting some of the techniques HF traders have pioneered.”
Mr. Perez is widely regarded as the preeminent speaker and networker 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) and currently being translated into Chinese and Portuguese, course director of The Speed Traders Workshop 2012, How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (Hong Kong, Sao Paulo, Seoul, and Kuala Lumpur).
Read Full Post | Make a Comment ( None so far )The Speed Traders Workshop 2012 in Seoul, Kuala Lumpur and a Financial Center Near You
Edgar Perez, The Speed Traders Workshop 2012
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 The Speed Traders Workshop 2012: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX. Mr. Edgar Perez, course director, will bring his well-attended workshops to Seoul, South Korea, March 28, and Kuala Lumpur, Malaysia, April 12.
The Speed Traders Workshop 2012 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. This workshop, led by Mr. Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, reveals how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil.
The Speed Traders Workshop 2012 in Seoul and Kuala Lumpur kicks off a series of presentations in the world’s most important financial centers: Doha, Qatar, April 18, Warsaw, Poland, May 11; Kiev, Ukraine, May 18; Singapore, May 26; Beijing, China, May 30; Shanghai, China, June 6; Jakarta, Indonesia, June 13; Mexico City, Mexico, July 27; Hong Kong, August 4, and Moscow, Russia, August 10.
Read Full Post | Make a Comment ( 1 so far )‘High Frequency Trading: Time to Slow Down?’, with Edgar Perez, The Speed Traders, at High Frequency Trading Happy Hour
Edgar Perez, The Speed Traders Workshop 2012
Mr. Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.TheSpeedTraders.com), and presenter of The Speed Traders Workshop 2012, “How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX” (http://www.TheSpeedTradersWorkshop.com), will speak at upcoming Golden Networking’s High Frequency Trading Happy Hour New York (http://hfthappyhournewyork.eventbrite.com), on ’High Frequency Trading: Time to Slow Down?’, March 13, at 6PM.
Mr. Perez’s presentation will provide a revealing overview of what high frequency traders should expect in the next months on the regulatory front. Mr. Perez is widely regarded as the preeminent speaker in the specialized areas of high-frequency trading. Mr. Perez has been featured on CNBC Cash Flow (with Oriel Morrison), CNBC Squawk Box (with Geoff Cutmore), BNN Business Day (with Kim Parlee), The Street (with Gregg Greenberg), Channel NewsAsia Asia Business Tonight and Cents & Sensibilities (with Lin Xue Ling), NHK World, iMoney Hong Kong, Hedge Fund Brief, The Wall Street Journal, The New York Times, Dallas Morning News, Los Angeles Times, TODAY Online,Oriental Daily News and Business Times.
The Speed Traders Workshop 2012, reveals how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil. Upcoming dates for The Speed Traders Workshop 2012 include Seoul, March 28, Kuala Lumpur, April 11, Doha, April 18, Warsaw, May 11, Kiev, May 18, Singapore, May 26, Beijing, May 30, Shanghai, June 6, Jakarta, June 13, Mexico City, July 27, Hong Kong, August 4, and Moscow, August 10.
Read Full Post | Make a Comment ( None so far )Edgar Perez Moderating Investing in Asia Panel at VC & PE Conference at Harvard Business School
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).
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 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.
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.
Alta frequência deve Girar 20% da Bolsa até o Fim do Ano na BM&FBovespa, Declarou Edgar Perez, Autor de The Speed Traders
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.
Read Full Post | Make a Comment ( None so far )Edgar Perez, The Speed Traders Workshop 2012 Sao Paulo, Quoted by CNBC on Can ‘Trading on Tweets’ Really Make Money?
Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University
Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University and presenter at The Speed Traders Workshop 2012 Sao Paulo: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, February 8th, BM&FBovespa, was quoted by CNBC.com on the note “Can ‘Trading on Tweets’ Really Make Money?“.
CNBC’s Antonya Allen pointed out that social media websites like Twitter and Facebook have become increasingly important to high frequency traders looking to anticipate market moves before they happen; however, she asked, could they eventually become as significant as traditional business news providers in the world of high speed trading?
Edgar Perez, author of The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That Is Transforming the Investing World, said he has not come across a trader who had made money from information supplied on social networking sites. In his book, Edgar Perez follows six high speed traders and examines how ultra fast trading could develop in the future.
“I would be very interested in seeing cases where people actually made money using information from Twitter. Remember there’s a lag there of time and with high frequency trading you want to make sure you connect directly and don’t have any third party providers for information,” Perez explained.
Mr. Perez is widely regarded as the preeminent speaker and networker in the specialized area of high-frequency trading. He has been featured on CNBC Cash Flow (with Oriel Morrison), CNBC Squawk Box (with Geoff Cutmore), BNN Business Day (with Kim Parlee), TheStreet.com (with Gregg Greenberg), Channel NewsAsia Asia Business Tonight and Cents & Sensibilities (with Lin Xue Ling), NHK World, iMoney Hong Kong, Hedge Fund Brief, The Wall Street Journal, The New York Times, Dallas Morning News, Los Angeles Times, TODAY Online, Oriental Daily News and Business Times. He has been engaged as speaker at Harvard Business School’s 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), TradeTech Asia (Singapore), FIXGlobal Face2Face (Seoul), and 2nd Private Equity Convention Russia, CIS & Eurasia (London), among other global forums.
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. 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.
Read Full Post | Make a Comment ( None so far )High Frequency Trading in Brazil, Mirage or Miracle? Find out at The Speed Traders Workshop 2012 Sao Paulo, February 8th
The Speed Traders Workshop 2012 Sao Paulo
Christian Zimmer, Head of Quantitative Trading and Research, and Hellinton Hatsuo Takada, Quantitative Trader, of Itaú Asset Management, compare the term high-frequency trading (HFT) to ‘Cleopatra’– sexy and mysterious and everyone is keen to know more about it. But the term HFT speaks for itself, so is it wasting time to go over it again? Probably not for the attendees to The Speed Traders Workshop 2012 Sao Paulo: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, February 8th, BM&FBovespa, to be led by Mr. Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University.
Zimmer and Hatsuo suggest at FIX GLOBAL TRADING to look at the underlying trading strategies. The incentives an exchange should create to attract flow must be adjusted to the strategies that are really needed. Each strategy deserves a different set of policies and this will help the diversification of the traders’ strategies.
A trader using a market maker strategy can live with exchange fees as long as the bid-ask spread is sufficiently high. If the spread narrows, the costs become crucial and the exchange must lower the fees in order to keep this client in the market. On the other hand, a directional trader has different issues; if the fees are high, a trader must wait longer for a relevant price move so that they can capitalize on their position. Contrary to the market maker, the directional trader loves to see narrow bid-ask spreads. There would be no need to lower fees when the spread is close. The same is true for the statistical arbitrage traders.
When looking at the third party analyses of HFT in the international markets, Zimmer and Hatsuo see that the most common strategy is the market maker approach. This fact is strongly influenced by market fragmentation, which they do not have in Brazil. Fragmentation creates new intermarket trades, which could qualify as arbitrage trades, but not necessarily as market maker trades. Fragmentation also makes exchanges and other venues compete for the customers that provide liquidity and, as a result, give incentives to market makers. As mentioned above, Brazil does not have a fragmented market and BM&FBOVESPA does not see it necessary to ask for more liquidity. At least not as long as international capital flows are strong and increasing. Liquidity is needed in second tier shares and below.
The Speed Traders Workshop 2012 Sao Paulo, led by Edgar Perez, author, 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. 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.
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.
Read Full Post | Make a Comment ( None so far )’7-Star’ Trading Workshop in the Land of Burj Al Arab: The Speed Traders Workshop 2012 Dubai, January 25
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.
Read Full Post | Make a Comment ( None so far )Edgar Perez at 2nd Private Equity Convention Russia, CIS & Eurasia, Sofitel London St James
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.
Read Full Post | Make a Comment ( None so far )Only Days Before The Speed Traders Workshop 2011 Hong Kong, HFT 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.
Read Full Post | Make a Comment ( None so far )Edgar Perez, The Speed Traders, Presenting Strategies to Find Alpha in Equities, Options, Futures and FX in Dubai, January 25
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.
Read Full Post | Make a Comment ( 1 so far )The Present and Future of High Frequency Trading at Middle East Hedge Funds Investors Summit 2012, Dubai, UAE
Jumeirah Beach Hotel, Dubai, UAE
The Present and Future of High Frequency Trading is the topic Mr. Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com) and Adjunct Professor at the Polytechnic Institute of New York University will present at the upcoming Middle East Hedge Funds Investors Summit 2012, January 23-24, Jumeirah Beach Hotel, Dubai, UAE.
The Middle East Hedge Funds Investors Summit 2012 is the region’s premier meeting place for Middle East Institutional Investors, SWFs, Pension and Insurance Funds, HNWIs, Investment Houses and Family Offices. In an exclusive association with CNBC Arabiya, Middle East Hedge Funds Investors Summit 2012offers unique access to the region’s alternatives and hedge funds investors and an expert speaker faculty featuring Regional Investors, Economists, and Investment gurus, Wealth Managers, Strategists and Star Managers.
The Middle East Hedge Funds Investors Summit 2012 brings insights from top Middle East investors on how and why Middle East investors are responding as New Portfolio Managers with New Mandates post Madoff. With Middle East investors contributing on a host of influential topics and panels, attendees get real insights into what needs to be done and required by these Middle East investors to overcome the hurdles for successful hedge fund investing. Attendees hear the latest investment strategies discussed to get an in depth analysis of the Investors take on the key issues of Liquidity, Risk, Transparency, Portfolio Management, Due Manager Selection, Benchmarking and the performance of Managers, Funds and Alpha.
Mr. Perez, widely regarded as the preeminent speaker and networker in the specialized area of high-frequency trading, will cover the following themes in his speech:
- High-frequency trading definition, strategies and what it really means for investors
- Trading technology and systems that enable high-frequency trading
- High-frequency trading and SF and FoHF strategies
- Defining the impact of high-frequency trading on market structure
- Alpha-generating opportunities by trading new asset classes
The Speed Traders Workshop 2011 (http://www.thespeedtradersworkshop.com), led by Mr. Perez in the world’s most important financial centers, 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 Dubai, Sao Paulo, Jakarta, Singapore, Hong Kong, Seoul and Shanghai. 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
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.
Read Full Post | Make a Comment ( None so far )Edgar Perez, The Speed Traders, Featured on Channel NewsAsia on Roll-out Plan of ASEAN Trading Link
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), was featured on Channel NewsAsia, Asia Business Tonight, on the upcoming roll-out plan of ASEAN Trading Link.
The roll-out plan of the ASEAN Trading Link will see the collaboration of seven major stock exchanges in Asia, and experts have warned stock exchanges to approach the plans with deliberation. Announced on Thursday, the first stage will have the Singapore Exchange and Bursa Malaysia connected by June 2012. However, experts said there could be challenges along the way.
The Speed Traders author Edgar Perez said: “It’s been difficult in regulating markets individually – the US markets and specifically European countries’ and each country in Asia. Imagine what is going to be the case whenever you have different exchanges that are totally interconnected? At this moment, we are living in a world where… any change in any part of the world can easily be transmitted to other exchanges. Therefore, the potential for trouble exists there and it’s probably higher than in the past.”
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.
Read Full Post | Make a Comment ( None so far )Edgar Perez, The Speed Traders, Keynote Speaker at TradeTech Asia, Singapore
.jpg "The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World")
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), will be presenting at TradeTech Asia, Singapore, November 16, on “High Frequency Traders – The New Masters of the Universe?”. The presentation can be downloaded through this link (http://www.TheSpeedTradersWorkshop.com).
TradeTech Asia, with over 650+ attendees, 300+ buy-side traders, senior representatives from the major exchanges, regulators, brokers and technology experts, is a one-stop-shop for the latest updates in electronic equity trading and more. Topics to be covered include algorithmic trading, dark pools, market fragmentation, country-specific updates and international case-studies. This year’s event also features specific streams dedicated to high-frequency trading and related IT architecture, and another focusing on hedge funds trading and investment across Asia.
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, BNN Business Day with Kim Parlee, TheStreet.com with Gregg Greenberg, Channel NewsAsia Cent & Sensibilities with Lin Xue Ling, The Wall Street Journal, The New York Times, The Dallas Morning News, Los Angeles Times, iMoney Hong Kong, Hedge Fund Brief, Oriental Daily News Hong Kong, and more. He has been 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 (Dubai, UAE), among other global forums.
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency 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.
Read Full Post | Make a Comment ( None so far )Edgar Perez, The Speed Traders, Opening Keynote Speaker at FIXGlobal Face2Face, Seoul, South Korea
FIXGlobal Face2Face
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), will be presenting at FIXGlobal Face2Face, Seoul, South Korea, November 25, on “The Present and Future of High-Frequency Trading“.
Every year, over 200 industry professionals gather in Westin Chosun at the FIXGlobal Face2Faceforum to discuss the latest issues that are affecting the industry, from trading practices, through to the use of technologies. With the use of FIX Protocol in Korea breaks down fairly evenly in the Securities and Futures arenas and a strong growth potential of FIX Protocol adoption across Asset Managers, both new adoptions or migrating from non-standard FIX implementations, the event will continue to bring you the latest information on the usage of FIX on different stages of within the trading cycle.
FIXGlobal Face2Face forums feature lively debate between experts, sharing ideas and insight on implementing an effective electronic tradingstrategy, global exchanges competition, the use of algorithmic trading strategies etc. in Korea and regionally and what it means to the markets going forward.
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.
Read Full Post | Make a Comment ( None so far )Edgar Perez, Author, The Speed Traders, Keynote Speaker at High Frequency Trading Leaders Forum Singapore
Edgar Perez, Author, The Speed Traders
Edgar Perez, Author, The Speed Traders, will be featured Keynote Speaker at High-Frequency Trading Leaders Forum 2011 Singapore (http://www.HFTLeadersForum.com), November 21-23, forum organized by Golden Networking in the world’s major financial centers, including New York, Chicago, Hong Kong, Sao Paulo and London.
Mr. Perez is widely regarded as the pre-eminent networker in the specialized area of high-frequency trading. He is author of The Speed Traders, published by McGraw-Hill, founder of Golden Networking and host of High-Frequency Trading Happy Hour business receptions in New York City, Chicago, London, Hong Kong and Singapore.
Mr. Perez has been featured on CNBC Cash Flow (with Oriel Morrison), BNN Business Day with Kim Parlee, TheStreet.com (with Gregg Greenberg), Channel NewsAsia (with Lin Xue Ling), iMoney Hong Kong, Hedge Fund Brief, The Wall Street Journal, The New York Times, Dallas Morning News and Los Angeles Times. He has been 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), Middle East Hedge Funds Investors Summit 2012 (Dubai, UAE), among other global forums.
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, 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.
Read Full Post | Make a Comment ( None so far )Edgar Perez Presenting at Institutional Investor’s Global Growth Markets Forum in London
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), will be presenting at Institutional Investor’s Global Growth Markets Forum, Achieving International Investment Standards, in Waldorf Hilton, London, November 2nd. He will be interviewed on the topic “High-Frequency Trading Opportunities in Emerging Markets”.
The stock exchanges and the securities houses in many growth markets globally are keen to increase capital inflows, and this means improving the factors international investors care about most: regulations, rules, and infrastructure. These exchanges and brokerages understand that, to capitalize on investors’ growing appetite for emerging markets/frontier assets, they need to be able to offer US and European institutions comfort their investments are being made in an efficient, transparent, and globally competitive manner.
This Global Growth Markets Forum, co-hosted by Institutional Investor and Marco Polo Capital Markets, will assess the steps exchanges and other important players in these economies now driving global economic growth are taking to achieve international standards. Experts will evaluate the progress of the exchanges and the securities houses regarding each of the central pillars of sound investing: regulation, compliance, and execution. Delegates will acquire an in-depth understanding of the investment opportunities and the status of the capital markets in the global growth markets from the leading domestic security houses and other experts.
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.
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, BNN Business Day with Kim Parlee, TheStreet.com with Gregg Greenberg, Channel NewsAsia Cent & Sensibilities with Lin Xue Ling, The Wall Street Journal, The New York Times, The Dallas Morning News, Los Angeles Times, iMoney Hong Kong, Hedge Fund Brief, Oriental Daily News Hong Kong, and more. He has been 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.
Read Full Post | Make a Comment ( None so far )Why Does Perez Illuminate the World of Speed? Insights from The Speed Traders Workshop 2011
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 Chicago, Sao Paulo, Singapore and Hong Kong. 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.
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.
Read Full Post | Make a Comment ( None so far )Market Expert Speak: High-Frequency Trading Should be Regulated, Not Stopped
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.
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.
Read Full Post | Make a Comment ( None so far )First Ever: The Speed Traders Workshop 2011 with Author Edgar Perez, in Hong Kong, Chicago, Sao Paulo and Singapore
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.
Read Full Post | Make a Comment ( None so far )Trading Rooms’ Managing Director to Order 100 Copies as Gifts: The Speed Traders a Must-Have Book
The Speed Traders, by Edgar Perez
Eugene Steele, Managing Partner at Trading Rooms, and FOREX trader with more than 30 years of experience, knows a thing or two about trading. That is why he decided to order 100 copies of The Speed Traders as gifts. Why? The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World is “a must have book”, he said. “Full of information of the history of speed in trading and the main players in its development. The future of trading for those that are not long-term investors.”
Mr. Steele continues: “Trading Rooms provides day traders when they absolutely need speed and more. There are over 500,000 home traders using old computers, slow connections and no one to work with against the big guys. The Speed Traders clearly shows that is a foolish way to trade. We provide fiber optics to the market, the newest fastest custom trading computers, and soon servers at the exchanges. Our growth will make the 800 internet trading rooms a thing of the past. There is a new day in trading and speed is the key. Edgar Perez is the poster child.”
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.
Read Full Post | Make a Comment ( None so far )For Tradeworx’s Manoj Narang, High-Frequency Traders are Among the Most Responsible and Risk-Averse Players in the Market
For Manoj Narang, Chief Executive Officer of Tradeworx, one glaring misconception is that high-frequency trading generates massive profits for Wall Street. First of all, he says, Wall Street has very little to do with high-frequency trading, and second, the profits are actually very modest. He adds: “People have the misconception that high-frequency trading practitioners have a kind of ‘cowboy mentality’ and that the markets are like the Wild West as a result. Nothing could be further from the truth. high-frequency trading are among the most responsible and risk-averse players in the market. They have never been implicated in any sort of wild risk-taking behavior, which is quite a contrast from the Wall Street traders who nearly brought the global economy to total collapse in 2008.”
Manoj Narang, CEO, Tradeworx
Mr. Narang, 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, founded Tradeworx in 1999 with the goal to democratize the role of advanced technology in the financial markets. Tradeworx also operates a quantitative hedge fund business that currently manages hundreds of millions of dollars in assets, as well as an in-house proprietary trading business focused on high-frequency trading strategies. Tradeworx trades U.S. equities and will eventually expand to all other electronic markets. As most high-frequency trading firms, Tradeworx doesn’t accept external capital, because the capital requirements are very low. The main use of outside capital in the world of high-frequency trading is to fund R&D and operations, not to actually trade the capital.
Mr. Narang finally adds: “high-frequency trading provides a valuable service to the market, and earns a relatively tiny profit in return. Let’s consider this, when an individual investor executes a 200-share order in their online brokerage account, the investor pays a broker five cents per share to execute the trade. The broker does not risk any of its own capital to do this; all he does is route the order to the exchange or to a market-maker. The player on the other end who actually provides a fill for the trade is a high-frequency trader. The high-frequency trader not only risks his own capital to provide the required liquidity, but in exchange, only receives about 1/50th of the compensation that the broker, who takes no risk whatsoever, makes on the very same trade. If people have a grievance with the financial establishment, they should ask their broker why they need to earn fifty times the amount that the liquidity provider earns, despite the fact that they are not even risking any capital on the trade!”
Read Full Post | Make a Comment ( None so far )High-Frequency Trading is just Automating the Routine Tasks that Traders have been Performing for Decades, Says Infinium’s Aaron Lebovitz
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, 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.”
Read Full Post | Make a Comment ( None so far )Unfair to Blame High-Frequency Trading for Market Crashes, The Speed Traders’ Edgar Perez to CNBC’s Oriel Morrison
Edgar Perez, Author, The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, spoke with CNBC Cash Flow’s Oriel Morrison about the criticism high-frequency trading has experimented since it started being covered by the mainstream media; the interview is available on CNBC’s website at http://video.cnbc.com/gallery/?video=2023403523.
Oriel Morrison with Edgar Perez
CNBC’s Oriel Morrison, in particular, asked Mr. Perez his opinion regarding the criticism high-frequency trading has received. “Edgar, let’s take a look at some of the criticism because there has been a lot of controversy with kind of trading. Now, fairness has certainly been an issue that has been raised when it comes to this. Can there be fairness without transparency because with the speed of these trades, you simply you can’t get the transparency that you may well have if you have an institution putting on a big trade at any one point in time?”
Mr. Perez pointed out that some of the criticism is unfair and doesn’t address the right issues. “As I mention in my book, The Speed Traders, there has been a lot of criticism since 2009. And, I think that was influenced by the flash crash that happened last year. When that happened, people thought, ‘This is high-frequency traders. They are there in the market. They were not 10 years ago, so flash crashes didn’t happen before.’ But to be fair, we have market crashes all the time. We had the Great Depression. We had Black Monday. And, in those cases, you cannot say that high-frequency trading was prevalent. So, if you look at those occasions, long term investors are always the catalysts. Humans are very emotional and when they see bad news – and that’s what happened on May 6th – they will try to sell. Of course, computers in that day – May 6th – contributed to that decline in the markets in a very quick fashion. But at the same time, once the market came down, the market went up again very quickly because of computers. So, if you look at Black Monday, it took a month for the markets to recover. In this case, with the flash crash, it took 20 minutes for the market to recover. So, definitely, computers accelerate changes but it will be unfair to exclusively blame computers for this.”
The Speed Traders, http://www.TheSpeedTraders.com, 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.
Read Full Post | Make a Comment ( None so far )The Speed Traders’ Author, Edgar Perez, Presented to a Packed Room at Hong Kong Securities Institute
Edgar Perez, Author, The Speed Traders, at Hong Kong Securities Institute
Edgar Perez, Author, The Speed Traders, presented to a packed room of almost 200 attendees at the Hong Kong Securities Institute (http://www.hksi.org/eng/membership/event/m062811ps.html), professional body that aims to raise the standards of securities and finance practitioners in Hong Kong, on The Present and Future of High-Frequency Trading.
Mr. Perez described high-frequency trading as the natural progression of technology applied to the investing and trading worlds. In the process, high-frequency trading has certainly unmasked structural issues in the U.S. equity markets that are currently being examined by legislators and regulators in an effort to further strengthen financial markets. He indicated that, on balance, the impact of high-frequency trading is positive for all other market participants thanks to the increased liquidity it provides to retail and institutional investors.
The Hong Kong Securities Institute was officially formed in December 1997 as a professional body to raise the standards of securities and finance practitioners in Hong Kong. In setting standards for professional excellence in Hong Kong, the Hong Kong Securities Institute offers a platform where individuals can gain the skills, and achieve the necessary professionalism and personal competence as they proceed towards further career advancement. The Hong Kong Securities Institute provides continuous professional development by offering comprehensive examinations and an extensive programme of training courses and events. Finance professionals benefit from Hong Kong Securities Institute membership programme which provides invaluable support and professional recognition from industry peers.
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.
Read Full Post | Make a Comment ( None so far )The Speed Traders’ Edgar Perez to CNBC’s Oriel Morrison, Criticism of High-Frequency Trading Phenomenon Unfair
The Speed Traders' Edgar Perez to CNBC's Oriel Morrison, Criticism of High-Frequency Trading Phenomenon Unfair
Edgar Perez, author, The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, explained in detail the role high-frequency trading has been playing in the equity markets to CNBC Cash Flow’s Oriel Morrison; the interview is available on CNBC’s website at http://video.cnbc.com/gallery/?video=2023403523. High-frequency trading, in which computers may buy and sell thousands of shares in fractions of a second, had come under criticism after the Dow Jones Industrial Average lost almost 1,000 points intraday on May 6, 2010, before recovering just as quickly.
Mr. Perez described high-frequency trading as the natural progression of technology applied to the investing and trading worlds. In the process, high-frequency trading has certainly unmasked structural issues in the U.S. equity markets that are currently being examined by legislators and regulators in an effort to further strengthen financial markets. He indicated that, on balance, the impact of high-frequency trading is positive for all other market participants thanks to the increased liquidity it provides to retail and institutional investors.
High-frequency traders replace traditional specialists in providing liquidity in a much more competitive frame work. Liquid and efficient capital markets are extremely important for economic development. While some feel that high-frequency traders spending millions of dollars on infrastructure to be a few microseconds faster than the other guy, is somehow, from a social perspective, not money “well spent”, it can be argued that this is just the way that competitive markets find equilibrium.
The Speed Traders: An Insider's Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World
As expressed by Stuart Theakston, Head of Quantitative Research and Automated Trading with GLC and one of the practitioners featured in The Speed Traders, high-frequency trading has all the attributes required to make a perfect scapegoat:
- It is hard to understand, or at least, it takes a bit of effort to understand (even professional long-only institutional investors have difficulty understanding it)
- It is fairly exclusive, as the firms involved, either have no incentive to talk about what they do (because they are proprietary trading firms and don’t need to attract external capital), or are not allowed to (because they are hedge funds and have regulatory constraints on marketing themselves)
- It employs individual participants having very high levels of academic qualifications, mostly PhDs
- It has some large dollar numbers associated with it (though more in terms of turnover than profitability, as further detailed in The Speed Traders)
- It has lots of terminology associated with it that sounds geeky and confusing to the uninitiated: ‘microsecond’, ‘co-location’, ‘momentum ignition’, ‘temporal arbitrage’ etc.
- Some intelligent, well informed and eminently quotable people are railing against it (Mario Gabelli, Paul Wilmott, Richard Bookstaber, among others)
- It is prone to occasionally be a contributory factor (or, in fact, its switching off was a contributory factor) to events perceivable by the public, like the “flash-crash”
The Speed Traders, http://www.TheSpeedTraders.com, 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.”
Read Full Post | Make a Comment ( 1 so far )Book Review: ‘The Speed Traders’, by Seeking Alpha’s Brenda Jubin
“High-frequency trading has mesmerized people in search of easy money, has challenged regulators, and has been an easy target for the press. In “The Speed Traders: An Insider’s Look at the New High-Frequency Phenomenon That Is Transforming the Investing World” (McGraw-Hill, 2011) Edgar Perez tries to set the record straight. Alternating between an annotated timeline of the development of high-frequency trading and interviews with top high-frequency traders, Perez illuminates the world of speed.”
“We normally think of high-frequency trading as super-fast order processing, measured in microseconds. And, yes, it is. But a traders’s data feed (whether market quotes or news feed) also has to be lightning fast, as does his database management system.”
Perez explores the charges that have been brought against high-frequency trading and for the most part, with the help of his interviewees, tries to dispel them. Did high-frequency trading cause the Flash Crash? No. As David Cummings, chairman of Tradebot Systems, wrote: ‘Who puts in a $4.1 billion order without a limit price? The trader at Waddell & Reed showed historic incompetence.’”
“Some traders also point the finger at the practice of busting trades, which can punish liquidity providers. The Speed Traders offers a sympathetic portrait of an industry that is often demonized. By tracing its roots (going back to Instinet, which began operating under an unwieldy name in 1970), Perez demonstrates it to be a logical development of technological change in the financial markets. By separating out some controversial practices, such as flash orders, from high-frequency trading, Perez makes it more defensible. All in all, an enlightening book.”
Read Full Post | Make a Comment ( 1 so far )The Real Story Behind the Flash Crash in ‘The Speed Traders’, The Most Comprehensive Book on High-Frequency Trading
The Speed Traders: An Insider's Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World
The real story behind the flash crash, the sudden decline and ultimate recovery of the U.S. financial markets on May 6, 2010, is described in unprecedented detail in The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), book by recognized author Edgar Perez.
Building on interviews with influential high-frequency traders that experienced the flash crash first-hand, Mr. Perez has been able to build a narrative that captures the readers’ attention. Referring to Manoj Narang, Chief Executive Officer of Tradeworx, the book says: “As early as May 7, 2010, it was pretty apparent to him what had happened. Investors were on hair-trigger alert because of a huge run-up (around 70 percent in 12 months) in stock prices, because of recent weakness (down around 7 percent for the week before May 6), and because of geopolitical events, particularly the threat that Greece and other European nations would default on their sovereign debt. Into this economic backdrop a mutual fund dumped around $4 billion worth of Standard & Poor’s (S&P) E-Mini futures contracts into the open market, setting off a self-reinforcing wave of selling. Mr. Narang has calculated that the mutual fund’s trade had a likely impact of about 3 percent on the S&P 500 Index’s price over the course of a few minutes. This was a rather large impact, particularly at a time when the market was already spooked. Thus a snowball quickly turned into an avalanche as investors’ stop-loss orders were repeatedly set off at lower and lower levels.”
The book explains that no matter what regulators do as part of liquidity obligations, no matter how much they force people to stay in the market, there will be times when herd like behavior among long-term investors will see them all stampeding for the exits at the same time; there simply won’t be enough high-frequency trading to cover the demand for liquidity. Liquidity crises are not driven by the lack of liquidity but by the demand for liquidity. This is why Mr. Narang thinks that it is a bit misguided on the part of regulators to try to prevent flash crashes from occurring. In order to prevent liquidity crises from occurring, regulators would need to prevent herd like behavior among long-term investors, because that’s what causes bubbles and that’s what causes liquidity crises.
Read Full Post | Make a Comment ( 2 so far )Book Launch Party for “The Speed Traders” on May 10, W Hotel in New York City
The New York City book launch party for “The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World”, by Edgar Perez, will be held on May 10th, 2011, at 6:00 p.m., at the Whiskey Blue in the W Hotel. Guests are encouraged to RSVP at http://thespeedtradersnyc.eventbrite.com.
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. In this new title, The Speed Traders, Edgar, founder of the prestigious business networking community Golden Networking (http://www.goldennetworking.net), opens the door to the secretive world of high-frequency trading (HFT). Inside, prominent figures of HFT drop their guard and speak with unprecedented candidness about their trade.
Edgar begins with an overview of computerized trading, which formally began on February 8, 1971, when NASDAQ launched the world’s first electronic market with 2,500 over-the-counter stocks and which has evolved into the present-day practice of making multiple trades in a matter of microseconds. He then picks the brains of today’s top players. Manoj Narang (Tradeworx), Peter van Kleef (Lakeview Arbitrage), and Aaron Lebovitz (Infinium Capital Management) are just a few of the luminaries who decided to break their silence and speak openly to Edgar. Virtually all of the expertise available from the world of speed trading is packed into these pages.
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.
Mr. Perez is widely regarded as the pre-eminent networker in the specialized area of high-frequency trading. He is the founder of Golden Networking and host of High-Frequency Trading Happy Hour business receptions (http://www.hfthappyhour.com) in New York City, which have drawn the world’s top industry practitioners. He has organized high-frequency trading forums (http://www.hftleadersforum.com) and workshops (http://www.hftexpertsworkshop.com), as well as conferences on subjects as diverse as hedge funds, derivatives, private equity, distressed investing, and China, attracting thousands of executives and professionals in the world’s major business centers. Mr. Perez has presented at Harvard Business School‘s 17th Annual Venture Capital & Private Equity Conference and at forums organized by Columbia Business School‘s Career Management Center and Alumni Club of New York.
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, with a dual major in Finance and Management (2002). He is a member of the Beta Gamma Sigma international honor society. Mr. Perez resides in the New York City area and is an accomplished salsa and hustle dancer.
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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