Posted on January 13, 2012. Filed under: Economy, Event Announcements, Flash Crash, Strategies | Tags: algorithmic trading, CFTC, Chicago, Citadel, CNBC, DE Shaw, Edgar Perez, EESP), Escola de Economia de São Paulo, FGV, Flash Crash, Fundação Getulio Vargas, GETCO, Hedge Funds, High-Frequency Trading, High-Frequency Trading Book, High-Frequency Trading Conference, High-Frequency Trading Leaders Forum 2011, Hong Kong, Hong Kong Securities Institute, McKinsey, Nasdaq, proprietary trading, Renaissance Technologies, Sao Paulo, São Paulo School of Economics, SEC, Securities and Exchanges Comission, singapore, Speed Traders, Standard & Poor’s (S&P) E-Mini futures contracts, The Speed Traders |
São Paulo School of Economics, Fundação Getulio Vargas
Edgar Perez will deliver an exclusive presentation on ‘How Speed Traders Leverage Cutting-Edge Strategies in the Post-Flash Crash World’ to students, faculty and alumni of the Escola de Economia de São Paulo da Fundação Getulio Vargas (FGV-EESP), Brazil, January 30th, 2012. Mr. Perez, the author of The Speed Traders, Modern Finance Bookof 2012, will review current developments in the algorithmic and high frequency worlds and opportunities and challenges for the industry moving forward.
São Paulo School of Economics (Escola de Economia de São Paulo) started the activities of its undergraduate course in 2004. Before that, the undergraduation activities of Fundação Getulio Vargas, in São Paulo, concentrated in the areas of public and private business administration. However, since the 80´s FGV already offered graduation courses in Economics at FGV-EAESP. Thus, aiming at enlarging the scope of its action, it created São Paulo School of Economics, encompassing the undergraduate course, the academic and professional graduate courses and the continuing education and specialization courses in Economics. In creating São Paulo School of Economics FGV had as its purpose the advancement of a centre of excellence in learning and research which contributed to the economic and social development of the country and to the pursuit of a national identity.
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Posted on August 3, 2011. Filed under: Event Announcements, Flash Crash, Technology | Tags: Aaron Lebovitz, Algorithm, Algorithmic Trading Compliance, Alternative Investments, Andrew Kumiega, automated trading, Bank of America, Barclays Capital, Bart Chilton, BATS Trading, Bon Pisani, Cash Flow, Chicago, Citadel, CNBC, Commodities Futures Trading Commission, Deutsche Bank, Deutsche Borse, DirectEdge, Edgar Perez, Financial Institutions, Flash Crash, Fundraising, GETCO, Golden Networking, GoldenNetworking.com, GoldenNetworking.net, Goldman Sachs, Hedge Fund Alert, Hedge Funds, Hedge Funds Leaders Forum 2010, HedgeCo, HedgeConnections, HFTExpertsWorkshop.com, HFTHappyHour.com, HFTLeadersForum.com, High Frequency Trading 911, High-Frequency Trading, High-Frequency Trading Book, High-Frequency Trading Conference, High-Frequency Trading Experts Forum 2010, High-Frequency Trading Forum, High-Frequency Trading Happy Hour, High-Frequency Trading Leaders Forum 2011, HighFrequencyTrading911.com, Hold, Hong Kong, HP, IBM, Individual Investors, Infinium Capital Management, Institutional Investors, James Austin, James Simons, Jim Simons, John Netto, LiquidNet, M3 Capital, Manoj Narang, Mary Schapiro, Merrill Lynch, Microsoft, Morgan Stanley, Nasdaq, new york, NYSE, Oriel Morrison, Prime Brokerage, Quantitative Trading, Raising Funds, Renaissance Technologies, Sao Paulo, Securities and Exchange Commission, Sell, Short Sell, singapore, Starting a Fund, Steve Kroft, Sungard, The Speed Traders, Tradeworx, Trading, Ultra High-Frequency Trading, University of Chicago |
For John Netto, one of the leading high-frequency traders featured in Edgar Perez’s The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, high-frequency trading is going to get bigger, stronger and more prevalent. “There are potential regulatory changes that might impact the growth of high-frequency trading; that is always a possibility. They have talked about co-location and proximity legislation but who knows how it all shakes and if the desired results from this legislation are accomplished.”
Netto is the Founder and President of M3 Capital. Mr. Netto has worked with buy-side firms, sell-side firms, and technology providers on more efficiently combining structure, strategy, and personnel to increase trading profits. Mr. Netto has presented on behalf of Eurex, CME Group, The ICE, ISE, Interactive Brokers, Thomson Reuters, Profit-Loss Forex Conferences and Golden Networking as well as appearing regularly on Forex TV, Fox Business Channel, The Money Show Video Network, and many other media outlets.
Mr. Netto sees more traditional investment managers expanding into high-frequency trading; more managers are using technology as in means of investing. Similarly, he sees more institutional investors allocating part of their asset base to quantitative trading strategies. He adds: “I think at this moment the future is more than just technology, as it is already very robust; it would be more about the adoption of the technology which will determine how fast things go. Not every exchange has the same technology or robust infrastructure; I think what we will see is that more and more firms, more and more exchanges around the world get caught up and then it will be about the interchangeability of the technology. And not just from a hardware standpoint but also from a software standpoint. Issues such as ‘what exchange trade data can we give up to another exchange trade data’, and ‘how that data gets aggregated’. Considering the current environment, the future will be more about data aggregation and data processing, and getting that data in the hands of the right people than who will build the fastest server.”
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Posted on July 27, 2011. Filed under: Flash Crash, Strategies, Technology | Tags: Aaron Lebovitz, Adam Afshar, Algorithm, Algorithmic Trading Compliance, Alternative Investments, Andrew Kumiega, artificial intelligence, automated trading, Bank of America, Barclays Capital, Bart Chilton, BATS Trading, Bon Pisani, Cash Flow, Chicago, Citadel, CNBC, Commodities Futures Trading Commission, Deutsche Bank, Deutsche Borse, DirectEdge, Edgar Perez, electronic financial markets, Financial Institutions, Flash Crash, Fundraising, GETCO, Golden Networking, GoldenNetworking.com, GoldenNetworking.net, Goldman Sachs, Hedge Fund Alert, Hedge Funds, Hedge Funds Leaders Forum 2010, HedgeCo, HedgeConnections, HFTExpertsWorkshop.com, HFTHappyHour.com, HFTLeadersForum.com, High Frequency Trading 911, High-Frequency Trading, High-Frequency Trading Book, High-Frequency Trading Conference, High-Frequency Trading Experts Forum 2010, High-Frequency Trading Forum, High-Frequency Trading Happy Hour, High-Frequency Trading Leaders Forum 2011, HighFrequencyTrading911.com, Hold, Hong Kong, HP, Hyde Park Global Investments, IBM, Individual Investors, Infinium Capital Management, Institutional Investors, James Austin, James Simons, Jim Simons, John Netto, LiquidNet, M3 Capital, Manoj Narang, Mary Schapiro, Merrill Lynch, Microsoft, Morgan Stanley, Nasdaq, new york, NYSE, Oriel Morrison, Prime Brokerage, Quantitative Trading, Raising Funds, Renaissance Technologies, Robotic platform, Sao Paulo, Securities and Exchange Commission, Sell, Short Sell, singapore, Starting a Fund, Steve Kroft, Sungard, The Speed Traders, Tradeworx, Trading, Ultra High-Frequency Trading, University of Chicago |
It took a while for Adam Afshar, one of the leading high-frequency traders featured in Edgar Perez’s The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, to believe that the markets were more or less efficient under normal circumstances and to realize that the analysts at most firms provided no value and sometimes a negative value. He says, “My first attempt at using the computer was to build a system to help traders have better information faster to enable them or their portfolio managers to make better decisions, a sort of hybrid system where the computers are helping the humans. But, in less than a year, I realized that discretionary human participation in selection, portfolio management , or trading was so deleterious that no amount of computer power or intellectual algorithms could mitigate it.”
Adam Afshar, Renowned Speed Trader- Hyde Park Global Investments
He adds: “It’s very important to stress this point because if the system allows human discretion at any level (idea generation, portfolio management, or trading) and your machine does not have the human discretionary elements modeled correctly in its learning algorithm (which we claim is not possible at this time), what you are left with is simply a quantitative trader that uses certain calculations to assist his or her trading. It becomes difficult or even impossible to assess whether the success or failure was due to the calculations, formula, or algorithms . Although we can argue on the pros and cons of humans as traders, we have to agree that this method is not and cannot be scientific. It is not scientific because it is not possible to backtest a model that allows any discretionary human intervention. For example, if you have computers that are generating trades, but the execution is done by humans, then we would argue that you cannot determine whether the success or failure of the system was due to its robust artificial intelligence or to a very good trader, and there is no way of testing and duplicating the results. Therefore, we would argue that any backtesting becomes essentially void.”
Hyde Park Global Investments, Afshar’s firm, is an investment and trading firm that has developed an artificial intelligence system built primarily on genetic algorithms and other evolutionary models to identify mispricings, arbitrage, and patterns for many electronic financial markets and the robotic platform to monetize the opportunities. The firm, which trades its own capital so far, potentially will accept investments from outside sources.
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