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 )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 )Edgar Perez, The Speed Traders Workshop 2012 Shanghai, Covered by China Business Network (CBN)
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。
与现有主流的投资方法不同，Edgar Perez介绍，高频交易并不关注宏观经济和行业公司基本面，亦不关注其技术走势，高频交易中盈利的关键就在于速度，“只要你比别人快，就能胜出”。此 外，决定高频交易胜败的还在于“买”与“卖”的决定。因此简单来说，想要倚赖高频交易盈利，最为重要的，就是比别人更快地“买入”或“卖出”。
Read Full Post | Make a Comment ( 1 so far )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。
To read the full article please click here.
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。
To read the full article please click here.
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 )Trying to Blame High-frequency Trading for Facebook’s Nasdaq IPO Eclipse? Look Elsewhere
Bob Greifeld, Nasdaq OMX’s Chief Executive Officer, has said on Sunday that the 20-minute delay in trading of Facebook’s $16bn offering last Friday had been caused by a millisecond systems blip due to the largest IPO auction “in the history of mankind”. The exchange had found itself in the spotlight after Facebook failed to deliver a first-day “pop” to investors, instead almost falling below its issuing price of $38. The shares, having risen briefly, quickly fell away to close the day with a gain of just 0.6%, at $38.23.
The fact that the glitch is just coming just weeks after BATS Global Markets, a firm that catered mainly to speed traders, was forced to withdraw its IPO after technical problems, nicely plays into the hands of critics who blame high-frequency trading for all types of financial and economic malaise.
For instance, Giuseppe Vegas, Chairman of Consob, Commissione Nazionale per le Società e la Borsa, Italy, suggested last week that high-frequency trading may pose systemic threats to markets and warrant bans. “Legislators and authorities need to ask themselves if certain types of innovation are good or bad for savers,” Vegas said in a speech at the Italian securities market regulator’s annual meeting in Milan today. Legislators shouldn’t hold back from “simply banning the spreading of dangerous practices and products,” he said.
“Financial innovation can be positive but legislators and authorities must avoid that it becomes a mechanism that wipes out families’ savings,” he said. That begs the question of the real possibility of high-frequency trading having any impact on families’ savings.
Nasdaq has now laid out the details of the glitch. In spite of testing 1bn in trading volumes under 100 scenarios, the exchange was caught by surprise when cancellations of trades kept interrupting the computer system’s attempt to complete the auction and produce an initial price for Facebook’s opening. Nasdaq says it designed its “IPO cross”, the process of calculating the opening price, in such a way that would allow continuous trading through an auction at the behest of its customers and has used the system in previous IPOs.
But in processing the huge volume of Facebook trades, it added two milliseconds to the time it took to produce an opening price. In those extra two milliseconds, orders to cancel the trades kept interrupting the auction process. That doesn’t seem to touch high-frequency trading at all, as shares were not even changing hands yet. As a result of the glitch the exchange decided to print the opening trade manually but was then forced to delay the process of confirming individual trades.
Systems blips and glitches will always happen as humans cannot possibly test all scenarios technical implementations will face. People can take advantage of financial innovation in a number of ways and it’s the role of regulators to make sure these ways are within the existing legal framework. Financial innovation travels fast and now becomes not a challenge for single regulatory bodies but for all of them to coordinate the best way to approach regulation and keep markets transparent and fair for all participants worldwide.
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 )Warsaw, Kiev, Beijing, Shanghai, Jakarta, Seoul, London, Hong Kong, Moscow… Not Lady Gaga’s ‘Born This Way Ball’ Tour
The Speed Traders Workshop 2012
The Speed Traders unveiled dates today for Edgar Perez’s full-day seminars, The Speed Traders Workshop 2012: How Algorithmic and High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX in Europe, presentations that will be followed by the rest of the world including dates in Southeast Asia, Latin America and North America, as published at http://www.TheSpeedTradersWorkshop.com.
The Speed Traders Workshop 2012 Hong Kong, Sao Paulo, Seoul and Kuala Lumpur put Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.TheSpeedTraders.com), published by McGraw-Hill Inc. (2011) and currently being translated into Chinese and Portuguese, on the map as the preeminent global expert in algorithmic and high-frequency trading.
The global high-frequency tour’s first leg will hit Europe and Asia through early June, encompassing 5 presentations at major financial centers that include Warsaw, Kiev, Beijing, Shanghai, Jakarta and Seoul. Perez will also present in New York and London. Beyond that, current plans call for him to visit Hong Kong in August, followed by Moscow, Dubai, Kuala Lumpur and Singapore towards the beginning of the fall, and then Chicago in October.
Perez is widely regarded as the preeminent speaker in the specialized area of high-frequency trading. Perez has been featured on CNBC Cash Flow (with Oriel Morrison), CNBC Squawk Box (with Geoff Cutmore), BNN Business Day (with Kim Parlee), TheStreet.com (with Gregg Greenberg), Channel NewsAsia Business Tonight and Cents & Sensibilities (with Lin Xue Ling), NHK World, iMoney Hong Kong, Hedge Fund Brief, The Wall Street Journal, The New York Times, Dallas Morning News, Valor Econômico, The Korea Herald, FIXGlobal Trading, The Korea Times, TODAY Online, Oriental Daily News and Business Times.
Perez has been engaged to present to the U.S. Securities and Exchange Commission, CFA Singapore, Hong Kong Securities Institute, Courant Institute of Mathematical Sciences at New York University and Pace University, among other public and private institutions. In addition, Perez has spoken at a number of global conferences, including Harvard Business School’s Venture Capital & Private Equity Conference (Boston), High-Frequency Trading Leaders Forum New York, Chicago and London (http://www.HFTLeadersForum.com), MIT Sloan Investment Management Conference (Cambridge), Institutional Investor’s Global Growth Markets Forum (London), Technical Analysis Society (Singapore), TradeTech Asia (Singapore), FIXGlobal Face2Face (Seoul) and Private Equity Convention Russia, CIS & Eurasia (London).
Perez was a vice president at Citigroup, a senior consultant at IBM, and a consultant at McKinsey & Co. in New York City. Perez has an undergraduate degree from Universidad Nacional de Ingeniería, Lima, Peru (1994), a Master of Administration from Universidad ESAN, Lima, Peru (1997) and a Master of Business Administration from Columbia Business School, New York, with a dual major in Finance and Management (2002). He belongs to the Beta Gamma Sigma honor society. Perez resides in the New York City area and is an accomplished salsa and hustle dancer.
The Speed Traders Workshop 2012 kicks off 2012 with a series of presentations in the world’s most important financial centers: Warsaw, Poland, May 11; Kiev, Ukraine, May 18; New York, May 22; Beijing, China, May 30; Shanghai, China, June 6; Jakarta, Indonesia, June 13; Seoul, South Korea, June 21; London, June 26; Mexico City, Mexico, July 27; Hong Kong, August 4; Moscow, Russia, August 10; Dubai, UAE, September 9; Kuala Lumpur, Malaysia, September 12; Singapore, September 15, and Chicago, October 2.
Read Full Post | Make a Comment ( 1 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 )Why Emerging Markets Represent the Future for HFTs at The Speed Traders Workshop 2012 Sao Paulo, February 8th
The Speed Traders Workshop 2012 Sao Paulo at BM&FBovespa
Emerging markets are an inviting target for high-frequency traders going forward, proclaims Advanced Trading’s Justin Grant. He contrasted it to a suggestion by Utah Senator Orrin Hatch to institute a tax on high-frequency trading. One of these key markets is Brazil, where Mr. Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University, will lead The Speed Traders Workshop 2012 Sao Paulo: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, February 8th, BM&FBovespa.
Earlier this year, the note continues, India’s Bombay Stock Exchange predicted computer based-trading in its $1.5 trillion stock market will double over the next three years. Meanwhile the Association of South East Asian Nations (ASEAN) is planning to debut the ASEAN Trading Link next year, which would electronically link exchanges in Thailand, Singapore and Malaysia. Vietnam, the Philippines, and Indonesia are also slated to link their exchanges to ASEAN Trading Link in 2012. Liquidity in those markets will undoubtedly surge as they mature, making them an enticing target for high-frequency trading firms.
Brazil probably represents the best opportunity for high-frequency traders over the near term. Earlier this month it lifted a financial transaction tax of its own for foreign investors and the BM&FBovespa has been aggressive in its efforts to boost trading volumes and attract liquidity.
So even as lawmakers in the U.S. and Europe weigh the merits of a Tobin Tax, a world of opportunity awaits high-frequency traders overseas. Perhaps the CBO is wrong in its assessment. The U.S. doesn’t need a tax to diminish its role as the premier market. Seems that’s happening anyway.
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.
How Traders Profit With Computers Set at High Speed at The Speed Traders Workshop 2012 Sao Paulo, February 8th
Edgar Perez, The Speed Traders
Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University, will provide an Understanding of High Frequency Trading in Equities and other Asset Classes 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. Among other topics, Mr. Perez will discuss:
· 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
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 )‘How Speed Traders Leverage Cutting-Edge Strategies in the Post-Flash Crash World’ at São Paulo School of Economics, Fundação Getulio Vargas, with Edgar Perez
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.
Read Full Post | Make a Comment ( None so far )The Speed Traders Selected Modern Finance Book of 2011
The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), by Mr. Edgar Perez , has been selected as Modern Finance Book of 2011 by prestigious financial blog Modern Finance Report. As another year draws to a close, editors at Modern Finance Report shared with readers some of their favorite business books of the year.
From Modern Finance Report, “high-frequency trading (HFT) is the most controversial form of investing today, and speed traders have generally flown under the radar; in the name of protecting the algorithms they have spent so much time perfecting, they almost never talk to the press and disclose as little as possible about how they operate—until now.” Modern Finance Report cites then Bart Chilton, United States Commodity Futures Trading Commissioner: “Edgar’s book is fantastic . . . I recommend it highly.”
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 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 )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, 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 )Long-Term Investors’ Fears Driving Increased Volatility
The Speed Traders' Edgar Perez with BNN's Kim Parlee
For Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), increased volatility experienced by financial markets is being driven by long-term investors’ fears. Mr. Perez, who was recently featured on BNN’s Business Day and interviewed by Kim Parlee, reflected that similar concerns drove volatility to record heights during the Great Depression and Black Monday.
The stock market crash on October 29, 1929 set in motion a series of events that led to the Great Depression, but in fact, the American economy and global economy had been in turmoil six months prior to Black Tuesday, and a variety of factors before and after that fateful date in October caused and exacerbated the Great Depression. While America prospered during the 1920s, most of Europe, still reeling from the devastation of World War I, fell into economic decline. America soon became the world’s banker, and as Europe started defaulting on loans and buying less American products, the Great Depression spread. With only loose stock market regulations in place before the Great Depression, investors were able speculate wildly, buying stocks on margin, needing only 10% of the price of a stock to be able to complete the purchase. Rampant speculation led to falsely high stock prices, and when the stock market began to tumble in the months leading up to the October 1929 crash, speculative investors couldn’t make their margin calls, and a massive sell-off began. While the great rise in the stock market (from 181 points in early 1928 to 381 points in September 1929) was fueled by optimism and false hope, the plunge was flamed by stark fear.
Similar situation happened on Black Monday, the name given to Monday, October 19, 1987, when stock markets around the world ‘crashed’, shedding a huge value in a very short period. The crash began in Hong Kong, spread west through international time zones to Europe, hitting the United States after other markets had already declined by a significant margin. At the time, economists feared that if the U.S. economy faltered, the entire world economy would stumble and fall into recession again, as it had in 1981–82. Many observers now believe the panic of Black Monday simply reflected a spreading fear that the world situation was rapidly becoming unmanageable.
Fast forward to 2011, CNN’s Richard Quest concludes too that the causes of this latest crisis are fear, worry and concern, three uncomfortable bedfellows that have wreaked havoc on the world’s financial markets. “What pushed everyone over the edge was the debt ceiling debacle and the downgrading of U.S. debt by ratings agency Standard & Poor’s, that was followed by a 630 point fall in the Dow Jones index.”
Fear that the world situation is becoming unmanageable is driving long-term investors to dump equities and look for protection in less risky instruments, ironically, recently S&P downgraded U.S. treasuries. Economists at JPMorgan, in their weekly reprise of economic developments, blamed the recent global stock selloff on “a sense of policy paralysis in the U.S. and Europe, which has driven home the point that there is no cavalry to ride to the rescue.” While the sentiment is the same as in the 20s, 1987 and now, certain market participants will always look for a culprit, role played by high-frequency trading this time. No doubt if another crisis comes our way in the future, another group will receive the blame, only to be absolved by financial historians.
The Speed Traders' Edgar Perez on BNN's Business Day
BNN’s Business Day puts a spotlight on the stocks and stories expected to move the markets, and then switches to minute-by-minute coverage throughout the trading day in Canada and the U.S. Kim Parlee, Marty Cej, Frances Horodelski, and Martin Baccardax along with BNN‘s team of reporters and expert guests provide comprehensive reporting along with the best background and analysis in the business. Business News Network (BNN) is the Canadian English language cable television business channel; BNNbroadcasts programming related to business and financial news and analysis.
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade. For more about The Speed Traders, readers can visit its Facebook and Twitter pages, as well as the most popular online retailers, including Amazon, Barnes & Noble and Borders, among others.
Mr. Perez is widely regarded as the pre-eminent networker in the specialized area of high-frequency trading. He has been featured on CNBC Cash Flow with Oriel Morrison (http://video.cnbc.com/gallery/?video=2023403523), BNN Business Day with Kim Parlee (http://watch.bnn.ca/business-day/august-2011/business-day-august-19-2011/#clip519647), TheStreet.com with Gregg Greenberg (http://www.thestreet.com/video/11144274/high-frequency-traders-not-the-enemy.html), and Channel NewsAsia Cent & Sensibilities with Lin Xue Ling, and engaged as speaker at Harvard Business School’s 17th Annual Venture Capital & Private Equity Conference, High-Frequency Trading Leaders Forum 2011 (New York, Chicago, Hong Kong, Sao Paulo, Singapore), CFA Singapore, Hong Kong Securities Institute, Courant Institute of Mathematical Sciences at New York University (New York), Global Growth Markets Forum (London), Technical Analysis Society (Singapore), Middle East Hedge Funds Investors Summit 2012 (Riyadh, Saudi Arabia), among other global forums.
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 Renowned Speed Trader, Humans Not Allowed Anywhere Near High-Frequency Execution System
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.
Read Full Post | Make a Comment ( None so far )Edgar Perez, Author of The Speed Traders, to Host High-Frequency Trading Happy Hour Chicago Tuesday 26
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 host High-Frequency Trading Happy Hour Chicago (http://hfthappyhourchicago.eventbrite.com), at Public House this Tuesday July 26, from 6:00 p.m. to 9:00 p.m. Traders, quants, investors, managers, and industry professionals will be in attendance at High-Frequency Trading Happy Hour Chicago, which follows recent presentations by Mr. Perez in New York, Hong Kong, and Singapore.
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 has recently been featured on CNBC, TheStreet.com and Channel NewsAsia, and engaged as speaker at Harvard Business School’s 17th Annual Venture Capital & Private Equity Conference, Columbia Business School’s Career Management Center and Alumni Club of New York, High-Frequency Trading Leaders Forum 2011, CFA Singapore, Hong Kong Securities Institute, News and Sentiment Trading, Waters USA 2011, among other prestigious global forums.
RSVP for High-Frequency Trading Happy Hour Chicago at http://hfthappyhourchicago.eventbrite.com.
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.
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