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Hit a brickwall with prop trading/HFT firms
Hi, I am looking for some advice please. I am 35 computer networks engineer with 2:2 from a low ranking UK university. 2 years ago, I start doing some work learning python/maths and developing trading strategies to learn about quant trading hoping to land a role at a prop/MM firm. I have now applied...
Is it possible to break into HFT/Market making without a summer internship in the space?
Hi yall, Long story short, I followed the crowd and wanted to do IBD until I realized that HFT was really what I wanted. I had very little time to prepare and eventually didn't filter through despite getting super days at a couple of firms. This summer I'm working as a trade ops intern at a megafund...
Vatic Labs
Any info on the firm? How is it doing these days? I heard they are expanding into long term stat arb (hedge fund-like) now. Is it a good or bad sign (was not a good sign for the likes of Teza for sure)? How is the culture/hours/bonuses there?
% payout in HFT
Hi, I have joined last year a well known HFT firm as a junior. Since then I have created entirely on my own several strategies which have performed very well at minimum cost (no crazy microwaves link etc). Because I wanted to join this good firm and I was fairly junior I didn't negociate my comp to...
Tier 3 IB Markets Internship or HFT Trading Firm Internship??
I'm in my second year studying Maths at a Target Uni in the UK and I need advice in which one of these two internships to go for: The first internship is in the Markets Division (Cross-Asset) at a Tier 3 Investment Bank in London. The second internship is as a Trading Intern at a high-frequency...
POWERFUL TRADERS' ARCHIVE
Hello Traders! Here is a place of silence, reflection, logic and research ... We are always glad to your interest, questions and thoughts ... We just contemplate and rest after a hard day ...))) Regards, Team Traders "PowerfulTraders"
Q&A: I worked as a CTO at prop-shop doing high frequency trading (HFT)
Hello everybody! I've been very lucky to end up doing what I'm doing My expertise is building low latency trading systems for HFT strategies. I led the software development to do high-frequency trading, executing several different strategies. Nowadays, I started my own consulting firm and working on...
Audited Sharpe Ratio of 3+
Hi, I traded spot FX from 2006-2008 and US and International Equities from 2008-2016, during which time I built up an impressive track record with a Sharpe Ratio of above 3 the entire time with almost no losing months. I also co-founded a successful retail stock brokerage during that time. You might...
Are the markets rigged?
So back in my junior year of college i came across flash boys and became obsessed for a little while about markets and their infrastructure. After rereading the book recently i was curious if anyone has ever had actual experience with not being able to get the shares you wanted because of the "front...
Prop/HFT guys: What happens if your trade fizzles out?
The options markets are just total trash these days. I was making a lot, but it's been awful since the election. No action. Where is the Trump vol? Do you guys just wait for vol to return when this happens? Try to find a new niche?
Potamus Trading - heard of it?
Anyone hear of Potamus Trading out of Boston? What little I have read and seen on LinkedIn - turnover isn't so hot but still looking for more information about the firm. Thanks.
Do You Think the Market Is Rigged?
I just started reading Flash Boys: A Wall Street Revolt and I'm not the least bit surprised that I love it so far. Michael Lewis is out promoting the book, naturally, and he caused something of a shitstorm on CNBC yesterday by claiming that the market is rigged due in large part to high frequency...
IRS Ends "Basket Options": Effect on Hedge Funds?
In July, the IRS officially classified "basket options" as "listed transactions" and required retro-active reporting back to 2011. These "options" were used to convert short term capital gains taxes on trades into long term capital gains, which is about 1/2 the tax rate. Reports indicate that...
Well Known HFT Algos
Hello Everyone, I am a relative newbie to HFT and have started reading about things only recently. I was wondering if there are any common/well known market making HFT strategies or Algos that are well known on the street or a implemented by a number of people on the street. I know a lot of what...
Three Strikes of the New Financial Regulation: Part 2: Dubious Economics of Financial Transactions Tax
by Dr Constantin Gurdgiev, Adjunct Assistant Professor of Finance with Trinity College, Dublin You can read Part 1: The Financial Transactions Tax here . For the global financial sector analysts, there are three major regulatory headaches these days: the looming threat of the Financial Transactions...
Quantitative Research Consultant at WorldQuant LLC
Recently I’ve been accepted into WorldQuant’s research consultant program. Right now, the first round of eliminations has not occurred but for all prospective researchers, here is a personal valuation on the program. The Basics: As a quantitative research consultant, my job is to use statistical...
My review of Michael Lewis’ Flashboys: A Wall Street Revolt
‘Socialism’, Albert Einstein said, is humanity’s attempt ‘to overcome and advance beyond the predatory phase of human development’, and for G.A. Cohen ‘every market … is a system of predation.’ It reminds me of the FX HFT market. Imagine a large men’s club, the larger men in one...
Is Goldman Shuttering Sigma X?
We might be witnessing the first casualty of the Flash Boys backlash. Goldman Sachs is said to be considering closing its dark pool Sigma X. The question in my mind is why. There are a number of potential reasons, but here's what I think is most likely (in order of likelihood): They're responding to...
Michael Lewis and His New Book on High Frequency Trading
Editor note: There's also a a good complement to this post: Do You Think The Market is Rigged For the last year Michael Lewis , the writer of the Big Short , has been writing his new book Flashboys. Flashboys discusses the topic of High frequency trading , a topic that has been a hot issue in the...
What's your opinion about HFT - High Frequency Trading?
Just read Flashboys and am really confused. If the book's arguments are correct then IEX is definetely a great idea, but what if it's biased? It still odd that the author promotes an exchange and represent Brad Katsuyama as the hero of the financial markets. How good is HFT for the markets? Does it...
Please explain HFT market making/arbitrage
Background - I'm a student one year away from graduating a STEM subject trying to explore as many avenues in securities based finance. Recently met a European firm at a careers fair which refereed to themselves as being a HFT in multiple asset classes involved in market making and statistical...
Zero Latency in the City
No, it's not a new HBO show starring Sarah Jessica Parker as a lovelorn quant. It's Volta , the first bulletproof data center built in London in the past ten years. At a cost of more than $40 million, its proximity to the financial heart of The City is geared towards shaving milliseconds off...
Interview With Startup HFT Shop - What To Expect?
Title says it all for the most part, I've been speaking with the founder for a little while now and he'd like to bring me in for an interview. If I look at past employees or current employees on LinkedIn, I notice that they have a variety of backgrounds, so not quite sure what to expect. I guess...
The Real Impact of HFT And What You Don't Know
NNT has it right when he talks about fragility in the context of financial markets. For example, in 2010 the Flash Crash caused a near 1K point plunge in the DJIA. In 2012, a rogue algorithm executed on the NASDAQ botched the BATS IPO and caused similar problems again on April 4th. Last August,...
Cuban: What Business Is Wall Street In?
Mod note: Best of Eddie, this was originally posted on 9/25/12. It's hard not to like Mark Cuban. The guy is the quintessential American success story. He was a "C" student who partied his ass off, but when he buckled down and got serious he created an empire. But he doesn't have a very high opinion...
What Is Algorithmic Trading And How Does It Work?
Big hair, Ray Bans, and excess...ah, the 80’s! Gone are the halcyon days of hustling traders verbally duking-it-out and acting like a schoolyard full of hormonal teenage boys. Today, trading consists of Big Data, casual dress, and caffeine. Programs compete on milliseconds for the best execution...
Commissions and HFT
How much does a HFT trader pay in commissions? Do they even pay on a per share basis? If they are charged the normal $.01/share I can't imagine them making any money. Thanks!
Already too late to learn HFT programming?
Hello world... Swept away by the financial press' tsunami-like reaction to Michael Lewis's Flash Boys, I was reading a great commentary on FT about how the markets need to be fixed, in order to regain investor confidence and trust. Great article from people who really know what they're talking...
Excerpt from Michael Lewis - Flash Boys
Can't post links, but if you google "ny times flash boys" and go to the first proper link, there is an excerpt from the new book About 30 minutes of reading time here on high frequency trading . Pretty interesting stuff, although I get the impression that this book will not be as funny as Liar's...
Frequent Batch Auctions
http://faculty.chicagobooth.edu/eric.budish/research/HFT-FrequentBatchA… http://web.law.columbia.edu/sites/default/files/microsites/law-economic… http://dealbook.nytimes.com/2014/03/18/schneiderman-announces-inquiry-i… [quote=TL;DR] Central point: HFT arms race is a symptom of a basic flaw in...
Money & Speed: Inside the Black Box
The following is a fantastic documentary on high frequency trading produced by a Dutch TV news program. It focuses on the flash crash of May 6, 2010 but covers most aspects of HFT in depth, and it's really well done and entertaining. It might open your eyes to a few things (like how much they...
Is there a platform that allows retail investors to participate in HFT?
If so, what are your thoughts on it? If not, do you think that such a platform could ever be successful?
Reuters, Michigan, and HFT
Hi everyone, Hope you're all enjoying your Fridays! I recently read an article on dealbreaker (http://dealbreaker.com/2013/06/lots-of-people-think-paying-for-news-sho…) regarding the express release of Michigan's consumer sentiment survey to certain high paying subscribers on Reuters. This morning...
Preferential Data For A Fee
The media, specifically CNBC and WSJ , seem to be jumping on a story about Thompson Reuters offering data to traders who pay additional fees earlier than they are available to the general public.
Knight's Algo Gets Off the Chain
When I saw the news yesterday that Knight Capital was directing customers to "trade elsewhere", my initial reaction was, "Jesus Christ, not another one stealing customer funds!?!" So I was almost relieved to find out that it wasn't theft but the rather more mundane occurrence of a high-frequency...
What is HFT?
This is no doubt a naive question and stupid sounding question, but I'm dead serious. I've read a lot, and talked to industry people, but I still feel like I'm failing to comprehend the primary strategy in this game. I'm not trying to break in or anything (not like I'd have a chance, but just wanted...
Does Trading Really Need to Justify It's "Societal Value"?
I go to a target where everyone and their little sister wants to go finance, and an interesting trend I've noticed is that people that I know are interested in finance frequently cite their reason to go pursue investment banking over trading because it creates "societal value", or something along...
Is a CS background necessary for HFT?
So I recently met with an alumnus who is a quant developer at a small HFT shop. He told me that the majority of the traders at the firm have no programming skills and only input parameters into their software while watching the markets to trade, and that the quants and developers were responsible...
TED on HFT
My apologies to the HFT crowd and those in know as this video will be very much an informative rehash for you. That said, I know there are a lot of prospective monkeys here with questions about high frequency trading . Many others struggle in your debates, arguments and discussions with non-industry...
HFT internship path
Hi guys, I don't know if this is necessarily the right place to ask this, but I have a question pertaining to internships working towards an high frequency trading gig down the line. I know that most of the guys in HFT are masters/PhD degrees in CS /Math/Stats, but I'm wondering if there is anything...
"Dark Pools"
I just started reading "Dark Pools" and I'm confused as to how one starts an algo/ hft trading firm. Three guys discussed in the book so far are Blair Hull , Dan Mathisson, and Haim Bodek. Two of the guys have math degrees, but no CS . So my question is: do these guys pick up the coding aptitude on...
HFT And Technical Analysis
Whether or not you believe in TA, doesn't the fact that most trading is now done by computers deal it a serious (possibly fatal) blow?
How do banks, hedge funds, and prop shops trade/invest?
How do different firms and desks within firms trade/invest? What is their performance? How do they measure their performance/risk/consistency? What is it like to work for them. I'd like both comments about different industries from talking to people and actual experience (you should indicate this in...
Flash Crash 2: The Smash'n'Grab
WTF Just Happened to Silver?
Anyone watching the global spot market for silver right now? I have about 100k invested in silver and needless to say the 1% per minute drop before was scary as hell. Any ideas as to what caused it? And what silver will open at in the U.S. tomorrow? It's coming back strongly, but an 8% loss is crazy...
NYC HFT
Currently working for a large HFT prop firm in Chicago and curious about what's out there in New York. My experience is primarily in equities market making. Firms I know of there: -HRT -Tradeworx -Virtu -Tower Research -Getco - is their NY presence significant or is it mostly floor guys for their...
HFT Masters
I'm currently an undergrad and was looking around at U of Chicago's website. I noticed they had a master in financial math. I was wondering if this is a good way to break into algo trading firms or is a degree in pure math a lot better? Any insight would be great.
How stressful is algo trading
So I just accepted an offer at an algo prop shop in Chicago, and I'm wondering how stressful doing HFT actually is compared to traditional (manual) trading. I keep hearing that people burn out really fast and that the industry is very stressful in general but most of the people I know at this...
WSO's Most Wanted CEOs
Inspired by a recent employer attractiveness survey , Jorge, an obscure yet devastatingly handsome writer for the world’s premiere finance community, Wall Street Oasis, has decided to run a survey on who are the most attractive CEO’s in Wall Street to work for. Choosing from over 20 nominees...
U.S. Goes to Bat for Goldman's Black Box
Federal prosecutors have filed an unusual request in the case against former Goldman Sachs programmer Sergey Aleynikov - they want the courtroom cleared. As in, no outside witnesses. No press, no gallery, and they've also requested that all records of the trial be sealed. The bar for clearing a...
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