Still Waiting on Real Time Regulation 3 Years after Flash Crash, May 6th, 2010
The Speed Traders’ Edgar Perez
On May 6th, 2010, the U.S. stock markets experienced an unusual decline (and an immediate upswing) that temporarily erased $1 trillion in market value (the Dow Jones Industrial Average plunged about 1000 points) and puzzled both actors and experts following the markets. Given the ongoing controversy about “flash orders” and its portrayed usage by high-frequency traders, this incident was quickly referred as the flash crash and just as quickly blame fell on the electronic trading industry. While it is true that some high-frequency trading firms stopped running their algorithms when the decline started (human traders stopped participating in the markets in Black Monday as well), some of them stayed in the market, and helped the markets recover just as quickly as the decline happened.
Fast forward two years and we find a twit from the Associated Press with supposedly breaking news that President Obama was injured due to explosions at the White House. That report made $136 billion in market value temporarily disappear, with the Dow Jones Industrial Average quickly dropping 150 points before swinging back.
Examples of dramatic swings can go all the way back to the origins of stock markets. We only need to take a look at Black Monday, October 19th, 1987, when the Dow Jones Industrial Average dropped by 508 points, 22.61%; by the end of October, stock markets in the United States had fallen by 22.68%, not showing any improvement for many weeks. Meanwhile, on May 6th, the Dow Jones had regained most of the drop only twenty minutes later.
Like major technology innovations in the past, computer trading was blamed for Black Monday back in 1987; as observed by economist Richard Roll though, program trading strategies were used primarily in the United States, and not in markets such as Australia and Hong Kong where the crisis started. Therefore, it is unsurprising by now that high-frequency trading has been blamed for the flash crash, the now called Twitter crash, and mini-flash crashes of certain stocks, commodities and currencies.
As Manoj Narang, CEO, Tradeworx, says in my book The Speed Traders, no matter what regulators do, there will be times when herd-like behavior among long-term investors will all be stampeding for the exits at the same time, and simply there won’t be enough high-frequency trading to cover the demand for liquidity. That is exactly what happened on May 6th, as described in painstaking detail in the CFTC/SEC report of September 30th, 2010; the report made clear that a mutual fund, identified by Reuters back in May 14 as Waddell & Reed Financial Inc., initiated a program to sell a total of 75,000 E-Mini contracts (valued at approximately $4.1 billion), certainly influenced by the pessimism in the markets due to street protests in Greece, among other reasons; the computer algorithm used to trade the position in the futures markets was set to target an execution rate set to 9% of the trading volume calculated over the previous minute, but without regard to price or time. Similarly, we will always experience technology and human errors. Dave Cummings, Chairman, Tradebot, would ask about the flash crash, “Who puts in a $4.1 billion order without a limit price?” That was the catalyst that initiated the flash crash. Knight Capital Group Inc.’s $440 million trading loss in August 1st, 2012, when the firm lost approximately $10 million per minute, is another recent example that comes to mind.
On March 7th, 2013, the U.S. Securities and Exchange Commission announced Regulation SCI (Systems Compliance and Integrity). As explained by Commissioner Luis A. Aguilar, the proposed rule would move beyond the current voluntary program and require entities to establish, maintain, and enforce written policies and procedures reasonably designed to ensure that its systems have adequate levels of capacity, integrity, resiliency, availability, and security to maintain the entity’s operational capability and promote the maintenance of fair and orderly markets, mandate participation in scheduled testing of the operation of the entity’s business continuity and disaster recovery plans, including backup systems, and coordinate such testing on an industry- or sector-wide basis with other entities, and finally make, keep, and preserve records relating to the matters covered by Regulation SCI, and provide them to Commission representatives upon request.
Electronic trading, like any other area of finance, should have sensible regulations imposed to promote sound trading practices and protect the average American investor from predatory behavior. If a market participant who does not use high-frequency trading believes that he or she cannot enter into fair transactions, then that individual will not invest in that market. But regulators could restore trust in the market without eliminating high-speed trading. They simply must be armed to analyze trading activity in real time.
In an area of finance predicated on speed, regulation must be as well. Real-time information would allow regulators to see everything that is occurring in the markets, no matter how quickly the order information is being posted and transactions are occurring. This would require significant commitments to invest in both human capital and information technology, but the investment is worthwhile: it is vital for regulators to level the playing field of electronic trading in general.
Real-time policing for potential malfeasance is the most efficient way to regulate high-frequency trading. Analysis of real-time data would provide for effective regulation of these trades. This in turn would provide peace of mind for market participants big and small.
Having spoken with professionals in the world’s most important financial centers, I can attest that America’s capital markets continue being the envy of the world, thanks to the innovation people like high-frequency traders, educated in the country’s top schools, bring to the markets. Let’s allow innovations like high-frequency trading to continue and regulators to police them accordingly, and not try to ban them, as vocal activists tried once with major innovations such as automobiles and derivatives.
Read Full Post | Make a Comment ( None so far )Edgar Perez Joining Thought Leaders at CME Group’s Global Financial Leadership Conference
Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, will join global thought leaders at CME Group’s Global Financial Leadership Conference (GFLC), Nov. 12-14, 2012, at the Ritz-Carlton Beach Resort in Naples, Fla. The GFLC is an exclusive event that brings together decision-makers from the world’s leading financial institutions to discuss emerging geopolitical trends, debate critical economic issues and provide perspectives on future developments in the financial marketplace.
Keynote speakers for this year’s conference include Sir Richard Branson, Founder, Virgin Group, and Condoleezza Rice, U.S. Secretary of State (2005-2009). Additional featured speakers include Madeleine Albright, former U.S. Secretary of State; James Carville, Political Strategist; Richard Kauffman, Senior Advisor to the U.S. Secretary of Energy; Ted Koppel, award-winning journalist; John Lipsky. First Deputy Managing Director, IMF (2006-2011); Karl Rove, former U.S. Deputy Chief of Staff to President George W. Bush; and Jimmy Wales, Founder, Wikipedia.
Previous GFLC events have hosted opinion leaders and luminaries such as President Bill Clinton, 42nd President of the United States and founder of The William J. Clinton Foundation; President George W. Bush, 43rd President of the United States of America and Founder of the George W. Bush Foundation; David Gergen, CNN senior political analyst; and Katie Couric, Award-Winning Journalist and Author. Other featured speakers include Arianna Huffington, President and Editor-in-Chief of Huffington Post Media Group; Robert Merton, Nobel Prize Winning Economist and Professor of Economics, MIT; Myron Scholes, Nobel Prize Winning Economist and Chairman, Platinum Grove Asset Management; Paul Tudor Jones, Founder of Tudor Investment Corporation; Michael Lewis, best-selling author of Liar’s Poker, Moneyball and The Big Short; Robert Rubin, former U.S. Treasury Secretary; and Daniel Yergin, Pulitzer prize-winning author and authority on international politics, economics and energy. To access previous GFLC video, photo and press highlights, as well as 2012 conference information, visit the conference website at http://www.gflc.com.
Read Full Post | Make a Comment ( None so far )Edgar Perez, The Speed Traders Workshop 2012 Sao Paulo, Quoted by CNBC on Can ‘Trading on Tweets’ Really Make Money?
Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University
Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University and presenter at The Speed Traders Workshop 2012 Sao Paulo: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, February 8th, BM&FBovespa, was quoted by CNBC.com on the note “Can ‘Trading on Tweets’ Really Make Money?“.
CNBC’s Antonya Allen pointed out that social media websites like Twitter and Facebook have become increasingly important to high frequency traders looking to anticipate market moves before they happen; however, she asked, could they eventually become as significant as traditional business news providers in the world of high speed trading?
Edgar Perez, author of The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That Is Transforming the Investing World, said he has not come across a trader who had made money from information supplied on social networking sites. In his book, Edgar Perez follows six high speed traders and examines how ultra fast trading could develop in the future.
“I would be very interested in seeing cases where people actually made money using information from Twitter. Remember there’s a lag there of time and with high frequency trading you want to make sure you connect directly and don’t have any third party providers for information,” Perez explained.
Mr. Perez is widely regarded as the preeminent speaker and networker in the specialized area of high-frequency trading. He has been featured on CNBC Cash Flow (with Oriel Morrison), CNBC Squawk Box (with Geoff Cutmore), BNN Business Day (with Kim Parlee), TheStreet.com (with Gregg Greenberg), Channel NewsAsia Asia Business Tonight and Cents & Sensibilities (with Lin Xue Ling), NHK World, iMoney Hong Kong, Hedge Fund Brief, The Wall Street Journal, The New York Times, Dallas Morning News, Los Angeles Times, TODAY Online, Oriental Daily News and Business Times. He has been engaged as speaker at Harvard Business School’s 17th Annual Venture Capital & Private Equity Conference, High-Frequency Trading Leaders Forum 2011 (New York, Chicago, Hong Kong, Sao Paulo, Singapore), CFA Singapore, Hong Kong Securities Institute, Courant Institute of Mathematical Sciences at New York University (New York), Global Growth Markets Forum (London), Technical Analysis Society (Singapore), TradeTech Asia (Singapore), FIXGlobal Face2Face (Seoul), and 2nd Private Equity Convention Russia, CIS & Eurasia (London), among other global forums.
The Speed Traders Workshop 2012 Sao Paulo will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil. The Speed Traders Workshop 2012 Sao Paulo kicks off a series of presentations in the world’s most important financial centers: Dubai, January 25; Seoul, South Korea, March 28; Kuala Lumpur, Malaysia, April 11; Warsaw, Poland, May 11; Kiev, Ukraine, May 18; Singapore, May 26; Shanghai, China, June 6; Jakarta, Indonesia, June 13; Mexico City, Mexico, July 27; Hong Kong, August 4, and Moscow, Russia, August 10.
Read Full Post | Make a Comment ( None so far )High Frequency Trading in Brazil, Mirage or Miracle? Find out at The Speed Traders Workshop 2012 Sao Paulo, February 8th
The Speed Traders Workshop 2012 Sao Paulo
Christian Zimmer, Head of Quantitative Trading and Research, and Hellinton Hatsuo Takada, Quantitative Trader, of Itaú Asset Management, compare the term high-frequency trading (HFT) to ‘Cleopatra’– sexy and mysterious and everyone is keen to know more about it. But the term HFT speaks for itself, so is it wasting time to go over it again? Probably not for the attendees to The Speed Traders Workshop 2012 Sao Paulo: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, February 8th, BM&FBovespa, to be led by Mr. Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University.
Zimmer and Hatsuo suggest at FIX GLOBAL TRADING to look at the underlying trading strategies. The incentives an exchange should create to attract flow must be adjusted to the strategies that are really needed. Each strategy deserves a different set of policies and this will help the diversification of the traders’ strategies.
A trader using a market maker strategy can live with exchange fees as long as the bid-ask spread is sufficiently high. If the spread narrows, the costs become crucial and the exchange must lower the fees in order to keep this client in the market. On the other hand, a directional trader has different issues; if the fees are high, a trader must wait longer for a relevant price move so that they can capitalize on their position. Contrary to the market maker, the directional trader loves to see narrow bid-ask spreads. There would be no need to lower fees when the spread is close. The same is true for the statistical arbitrage traders.
When looking at the third party analyses of HFT in the international markets, Zimmer and Hatsuo see that the most common strategy is the market maker approach. This fact is strongly influenced by market fragmentation, which they do not have in Brazil. Fragmentation creates new intermarket trades, which could qualify as arbitrage trades, but not necessarily as market maker trades. Fragmentation also makes exchanges and other venues compete for the customers that provide liquidity and, as a result, give incentives to market makers. As mentioned above, Brazil does not have a fragmented market and BM&FBOVESPA does not see it necessary to ask for more liquidity. At least not as long as international capital flows are strong and increasing. Liquidity is needed in second tier shares and below.
The Speed Traders Workshop 2012 Sao Paulo, led by Edgar Perez, author, The Speed Traders, will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil. The Speed Traders Workshop 2012 Sao Paulo kicks off a series of presentations in the world’s most important financial centers: Dubai, January 25; Seoul, South Korea, March 28; Kuala Lumpur, Malaysia, April 11; Warsaw, Poland, May 11; Kiev, Ukraine, May 18; Singapore, May 26; Shanghai, China, June 6; Jakarta, Indonesia, June 13; Mexico City, Mexico, July 27; Hong Kong, August 4, and Moscow, Russia, August 10.
Mr. Perez is one of the great business networkers and motivators on the lecture circuit; he is available worldwide for the following speaking engagements: Present and Future of High-Frequency Trading, The Real Story behind the “Flash Crash”, Networking for Financial Executives, and Business Networking for Success.
Read Full Post | Make a Comment ( None so far )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 Present and Future of High Frequency Trading at FEA USP Sao Paulo with Edgar Perez, The Speed Traders Workshop 2012
The Speed Traders Workshop 2012 Sao Paulo
Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University, will speak on The Present and Future of High Frequency Trading at Faculdade de Economia, Administração e Contabilidade, Universidade de São Paulo (FEA USP), Brazil, January 31st, 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:
· High-Frequency Trading is a set of tools that encompasses a rather diverse number of strategies that prioritize speed, low-latency, volume, liquid instruments and short timeframes
· High-Frequency Trading has been referred to as the natural progression of technology applied to the investing and trading worlds
· In the process, High-Frequency Trading has unmasked structural issues in the U.S. equity markets that are currently being examined by legislators and regulators
· Speed traders will continue finding alpha-generating opportunities by trading new asset classes in new geographies employing more sophisticated tools than ever
Faculdade de Economia, Administração e Contabilidade, Universidade de São Paulo (FEA USP), or School of Economics, Business and Accounting at the University of São Paulo, is a teaching and research institution renowned across the world for its excellence in academic production and undergraduate and graduate programs. The FEA-USP was founded more than 60 years ago to prepare professionals in business, economics and accounting in a nation whose economy was going through a process of democratization after World War II. The school’s initial goal, one which exists to this day, was to form professionals who can contribute to society and make a difference in a positive way. Decades after its creation, FEA continues to set national and international standards in its field. The school follows the high standards of the University of São Paulo and combines its knowledge of the Brazilian reality with the methodology of reputed international institutions to distinguish itself in the preparation of economists, administrators and accounting specialists.
Mr. Perez will also present at BM&FBovespa The Speed Traders Workshop 2012 Sao Paulo: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, on February 8th. This workshop 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, and 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 )’7-Star’ Trading Workshop in the Land of Burj Al Arab: The Speed Traders Workshop 2012 Dubai, January 25
Burj Al Arab, Dubai - The World's Only 7-Star Hotel
Burj Al Arab, the luxury hotel in Dubai, United Arab Emirates managed by the Jumeirah Group and built by Said Khalil, characterizes itself as the world’s only “7-star” property. Why? It features the tallest atrium lobby in the world at 180 meters. It is formed by the building’s V-shaped span, which dominates the interior of the hotel, and takes up over 1/3 of the interior space. It is one of the most expensive hotels in the world. The cost of staying at a suite begins at $1,000 per night. The Royal Suite is the most expensive, at $28,000 per night. Such hyperbole is not unlike terms employed to describe high-frequency trading, topic of Edgar Perez’s The Speed Traders Workshop 2012Dubai on January 25.
Mr. Edgar Perez, author of The Speed Traders, and Adjunct Professor at the Polytechnic Institute of New York University, will lead The Speed Traders Workshop 2012 Dubai: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (http://www.thespeedtradersworkshop.com), on January 25, 2012. The Speed Traders Workshop 2012 Dubai opens the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms they have spent so much time perfecting, speed traders almost never talk to the press and disclose as little as possible about how they operate. The Speed Traders Workshop 2012 Dubai will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil. Highlights of The Speed Traders Workshop 2012Dubai include:
· The first and most comprehensive initiation to the world of high-frequency trading
· Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
· Strategies high frequency traders leverage to find alpha in equities, options, futures and FX
· Latest update on high-frequency trading in the world and current regulatory initiatives
· Techniques to detect high-frequency trading in the markets
· Key enablers of high-frequency trading in the U.S., Europe and Asia
· Proposed regulatory initiatives after the “flash crash”
· Up-to-date review of the future of high-frequency trading
The Speed Traders Workshop 2012 Dubai kicks off a series of presentations in the world’s most important financial centers: Sao Paulo, Brazil, February 8; Seoul, South Korea, March 28; Kuala Lumpur, Malaysia, April 11; Warsaw, Poland, May 11; Kiev, Ukraine, May 18; Singapore, May 26; Shanghai, China, June 6; Jakarta, Indonesia, June 13; Mexico City, Mexico, July 27; Hong Kong, August 4, and Moscow, Russia, August 10.
Read Full Post | Make a Comment ( None so far )Coming to the Largest City in South America: The Speed Traders Workshop 2012 Sao Paulo, February 8th
The Speed Traders Workshop 2012 Sao Paulo
Sao Paulo is the largest city in Brazil, the largest city in the southern hemisphere and South America, and the world’s seventh largest city by population. The metropolis is anchor to the Sao Paulo metropolitan area, ranked as the second-most populous metropolitan area in the Americas and among the five-largest metropolitan areas on the planet. Now it is the first and only city in South America where Edgar Perez, author of The Speed Traders, is bringing The Speed Traders Workshop 2012 Sao Paulo, February 8th.
Edgar Perez, Adjunct Professor at the Polytechnic Institute of New York University, will lead The Speed Traders Workshop 2012 Sao Paulo: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (http://www.thespeedtradersworkshop.com), workshop that will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil.
The Speed Traders Workshop 2012 Sao Paulo opens the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms they have spent so much time perfecting, speed traders almost never talk to the press and disclose as little as possible about how they operate. The Speed Traders Workshop 2012 Sao Paulo will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil. Highlights of The Speed Traders Workshop 2012 Sao Paulo include:
· The first and most comprehensive initiation to the world of high-frequency trading
· Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
· Strategies high frequency traders leverage to find alpha in equities, options, futures and FX
· Latest update on high-frequency trading in the world and current regulatory initiatives
· Techniques to detect high-frequency trading in the markets
· Key enablers of high-frequency trading in the U.S., Europe and Asia
· Proposed regulatory initiatives after the “flash crash”
· Up-to-date review of the future of high-frequency trading
The Speed Traders Workshop 2012 Sao Paulo kicks off a series of presentations in the world’s most important financial centers: Dubai, January 25; Seoul, South Korea, March 28; Kuala Lumpur, Malaysia, April 11; Warsaw, Poland, May 11; Kiev, Ukraine, May 18; Singapore, May 26; Shanghai, China, June 6; Jakarta, Indonesia, June 13; Mexico City, Mexico, July 27; Hong Kong, August 4, and Moscow, Russia, August 10.
Read Full Post | Make a Comment ( None so far )Edgar Perez at 2nd Private Equity Convention Russia, CIS & Eurasia, Sofitel London St James
2nd Private Equity Convention Russia (CIS) & Eurasia, Sofitel London St James
Edgar Perez, Course Director, The Speed Traders Workshop 2011: The Present and Future of High-Frequency Trading (http://www.thespeedtradersworkshop.com), will present at the 2nd Private Equity Convention Russia (CIS) & Eurasia (http://www.gdforum.co.uk/index.php?page=11&id=7), ‘invitation-only’ event exclusively designed for leading International Investors and Limited Partners (LPs) to meet the highest-quality General Partners (GPs) operating in Russia, CIS and Eurasia. Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), will participate on the discussion ‘Is “Silicon Valley” Unique and Can it be Reproduced in Eurasia?’, with Yury Frantsuzov, Strategic Business Development Manager with Intel, Peter Loukianoff , Managing Partner with Almaz Capital Partners, and Dr. Jan Dauman, Director and Senior Partner, Russia with CET (Central Europe Trust).
The aim of this convention - “meeting of minds” is to bring together leading names in private equity from across the largest and the most interesting continents on the planet and discuss the issues and opportunities in the private equity industry, acquire new business contacts in a relaxed and comfortable environment. Three out of four BRIC countries (Russia, India and China) are located here, plus a score of other extremely interesting emerging markets and “old economies”. The potential for growth in the private equity on this continent is immense. Some discussion groups “skewed” towards Russia and the CIS private equity industry. Nevertheless, Russia is the country that lies both in Europe and Asia and a huge market in itself. We strongly believe that the most interesting opportunities lie on the borderlines of interests, discussions and in the forging of personal relationships.
2nd Private Equity Convention Russia (CIS) & Eurasiawill be held at the stunning Sofitel London St James, located in the former home of Cox’s and King’s bank in the very heart of London, England. This sympathetically renovated building is English heritage grade II listed and now houses one of London’s most unique five-star hotels - combining traditional British design with a contemporary style that is unmistakably French. Sofitel London St James has one of the finest addresses in London, right on the corner of Pall Mall and Waterloo Place. The hotel lies in the heart of St. James’s, a prestigious and lively district of London, within walking distance of St. James’s Park and Buckingham Palace. The hotel is also less than a five minute stroll from Trafalgar Square, city centre theatres and the fabulous shopping on Regent, Piccadilly, Oxford and Bond streets.
The Speed Traders Workshop 2011, led by Edgar Perez, will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil. Highlights of The Speed Traders Workshop 2011 include:
- The first and most comprehensive initiation to the world of high-frequency trading
- Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
- Strategies high frequency traders leverage to find alpha in equities, options, futures and FX
- Latest update on high-frequency trading in the world and current regulatory initiatives
- Techniques to detect high-frequency trading in the markets
- Key enablers of high-frequency trading in the U.S., Europe and Asia
- Proposed regulatory initiatives after the “flash crash”
- Up-to-date review of the future of high-frequency trading
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade. For more about The Speed Traders, readers can visit its Facebook and Twitter pages, as well as the most popular online retailers, including Amazon, Barnes & Noble and Borders, among others.
Mr. Perez, Adjunct Professor at the Polytechnic Institute of New York University, is one of the great business networkers and motivators on the lecture circuit; he is available worldwide for the following speaking engagements: Present and Future of High-Frequency Trading, The Real Story behind the “Flash Crash”, Networking for Financial Executives, and Business Networking for Success.
Read Full Post | Make a Comment ( None so far )Only Days Before The Speed Traders Workshop 2011 Hong Kong, HFT Strategies to Find Alpha in Equities, Options, Futures and FX
The Speed Traders Workshop 2011 Hong Kong
Edgar Perez will lead The Speed Traders Workshop 2011: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (http://www.thespeedtradersworkshop.com), in Hong Kong, December 12, 2011. Mr. Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), will reveal at The Speed Traders Workshop 2011 Hong Kong how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil.
Charles Li, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited (HKEx), published on 26 July an article in Chinese on HKEx’s market reform; in the article, he pointed out that the enhancement of their infrastructure was a top priority in the Strategic Plan. They had begun upgrading their trading and information systems to the next generation, building a new data centre in Tseung Kwan O and developing hosting services.
In addition, he indicated that he didn’t not agree with the view that enhancing their IT infrastructure favored high frequency traders or the large brokers. Building the IT infrastructure was for him like building a highway: “We should not abandon highway construction just because a few do not want to invest in new cars or a few fear accidents. We believe Hong Kong’s current market framework, which includes stamp duty, effectively limits high-frequency trading, just like a highway with many toll booths discourages speeding. Besides, even if we don’t build the highway, we cannot prevent others from doing so and diverting liquidity, leading to market fragmentation.” No doubt it won’t long before high-frequency trading races on Hong Kong’s fast information highways.
The Speed Traders Workshop 2011 Hong Kong (http://thespeedtradersworkshophk.eventbrite.com) opens the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms they have spent so much time perfecting, speed traders almost never talk to the press and disclose as little as possible about how they operate. The Speed Traders Workshop 2011Hong Kong will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil.
Mr. Perez is one of the great business networkers and motivators on the lecture circuit; he is available worldwide for the following speaking engagements: Present and Future of High-Frequency Trading, The Real Story behind the “Flash Crash”, Networking for Financial Executives, and Business Networking for Success.
Read Full Post | Make a Comment ( None so far )Edgar Perez, The Speed Traders, Presenting Strategies to Find Alpha in Equities, Options, Futures and FX in Dubai, January 25
The Speed Traders Workshop 2012 Dubai
Edgar Perez will lead The Speed Traders Workshop 2012: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (http://www.thespeedtradersworkshop.com), in Dubai, January 25, 2012. Mr. Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), will reveal at The Speed Traders Workshop 2012 Dubai how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil.
Dubai’s gross domestic product as of 2008 was US$ 82.11 billion. Although Dubai’s economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 6% of the emirate’s revenues. It is estimated that Dubai produces 50,000 to 70,000 barrels (11,000 m3) of oil a day and substantial quantities of gas from offshore fields. The emirate’s share in UAE’s gas revenues is about 2%. Dubai’s oil reserves have diminished significantly and are expected to be exhausted in 20 years. Real estate and construction (22.6%), trade (16%), entrepôt (15%) and financial services (11%) are the largest contributors to Dubai’s economy. Dubai’s top exporting destinations include India (US$ 5.8 billion), Switzerland (US$ 2.37 billion) and Saudi Arabia (US$ 0.57 billion). Dubai’s top re-exporting destinations include India (US$ 6.53 billion), Iran (US$ 5.8 billion) and Iraq (US$ 2.8 billion). The emirate’s top import sources are India (US$ 12.55 billion), China (US$ 11.52 billion) and the United States (US$ 7.57 billion). As of 2009 India was Dubai’s largest trade partner.
The Speed Traders Workshop 2012 Dubai opens the door to the secretive world of high-frequency trading, the most controversial form of investing today; in the name of protecting the algorithms they have spent so much time perfecting, speed traders almost never talk to the press and disclose as little as possible about how they operate. The Speed Traders Workshop 2012will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil.
Highlights of The Speed Traders Workshop 2012 Dubai include:
- The first and most comprehensive initiation to the world of high-frequency trading
- Study materials provided by Mr. Perez, author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
- Latest update on high-frequency trading in the world and current regulatory initiatives
- Techniques to detect high-frequency trading in the markets
- Key enablers of high-frequency trading in the U.S., Europe and Asia
- Proposed regulatory initiatives after the “flash crash”
- Up-to-date review of the future of high-frequency trading
Mr. Perez is one of the great business networkers and motivators on the lecture circuit; he is available worldwide for the following speaking engagements: Present and Future of High-Frequency Trading, The Real Story behind the “Flash Crash”, Networking for Financial Executives, and Business Networking for Success.
Read Full Post | Make a Comment ( 1 so far )The Present and Future of High Frequency Trading at Middle East Hedge Funds Investors Summit 2012, Dubai, UAE
Jumeirah Beach Hotel, Dubai, UAE
The Present and Future of High Frequency Trading is the topic Mr. Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com) and Adjunct Professor at the Polytechnic Institute of New York University will present at the upcoming Middle East Hedge Funds Investors Summit 2012, January 23-24, Jumeirah Beach Hotel, Dubai, UAE.
The Middle East Hedge Funds Investors Summit 2012 is the region’s premier meeting place for Middle East Institutional Investors, SWFs, Pension and Insurance Funds, HNWIs, Investment Houses and Family Offices. In an exclusive association with CNBC Arabiya, Middle East Hedge Funds Investors Summit 2012offers unique access to the region’s alternatives and hedge funds investors and an expert speaker faculty featuring Regional Investors, Economists, and Investment gurus, Wealth Managers, Strategists and Star Managers.
The Middle East Hedge Funds Investors Summit 2012 brings insights from top Middle East investors on how and why Middle East investors are responding as New Portfolio Managers with New Mandates post Madoff. With Middle East investors contributing on a host of influential topics and panels, attendees get real insights into what needs to be done and required by these Middle East investors to overcome the hurdles for successful hedge fund investing. Attendees hear the latest investment strategies discussed to get an in depth analysis of the Investors take on the key issues of Liquidity, Risk, Transparency, Portfolio Management, Due Manager Selection, Benchmarking and the performance of Managers, Funds and Alpha.
Mr. Perez, widely regarded as the preeminent speaker and networker in the specialized area of high-frequency trading, will cover the following themes in his speech:
- High-frequency trading definition, strategies and what it really means for investors
- Trading technology and systems that enable high-frequency trading
- High-frequency trading and SF and FoHF strategies
- Defining the impact of high-frequency trading on market structure
- Alpha-generating opportunities by trading new asset classes
The Speed Traders Workshop 2011 (http://www.thespeedtradersworkshop.com), led by Mr. Perez in the world’s most important financial centers, will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to Dubai, Sao Paulo, Jakarta, Singapore, Hong Kong, Seoul and Shanghai. Highlights of The Speed Traders Workshop 2011 include:
- The first and most comprehensive initiation to the world of high-frequency trading
- Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
- Latest update on high-frequency trading in the world and current regulatory initiatives
- Techniques to detect high-frequency trading in the markets
- Key enablers of high-frequency trading in the U.S., Europe and Asia
- Proposed regulatory initiatives after the “flash crash”
- Up-to-date review of the future of high-frequency trading
Mr. Perez is one of the great business networkers and motivators on the lecture circuit; he is available worldwide for the following speaking engagements: Present and Future of High-Frequency Trading, The Real Story behind the “Flash Crash”, Networking for Financial Executives, and Business Networking for Success.
Read Full Post | Make a Comment ( None so far )Edgar Perez, The Speed Traders, Today at FIXGlobal Face2Face, Seoul, South Korea
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), will present today at FIXGlobal Face2Face, Seoul, South Korea, on “The Present and Future of High-Frequency Trading“.
FIXGlobal Face2Face forums feature lively debate between experts, sharing ideas and insight on implementing an effective electronic tradingstrategy, global exchanges competition, the use of algorithmic trading strategies etc. in Korea and regionally and what it means to the markets going forward.
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade.
Read Full Post | Make a Comment ( None so far )Edgar Perez, 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, Opening Keynote Speaker at FIXGlobal Face2Face, Seoul, South Korea
FIXGlobal Face2Face
Mr. Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), will be presenting at FIXGlobal Face2Face, Seoul, South Korea, November 25, on “The Present and Future of High-Frequency Trading“.
Every year, over 200 industry professionals gather in Westin Chosun at the FIXGlobal Face2Faceforum to discuss the latest issues that are affecting the industry, from trading practices, through to the use of technologies. With the use of FIX Protocol in Korea breaks down fairly evenly in the Securities and Futures arenas and a strong growth potential of FIX Protocol adoption across Asset Managers, both new adoptions or migrating from non-standard FIX implementations, the event will continue to bring you the latest information on the usage of FIX on different stages of within the trading cycle.
FIXGlobal Face2Face forums feature lively debate between experts, sharing ideas and insight on implementing an effective electronic tradingstrategy, global exchanges competition, the use of algorithmic trading strategies etc. in Korea and regionally and what it means to the markets going forward.
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade.
Read Full Post | Make a Comment ( None so far )Edgar Perez, Author, The Speed Traders, Keynote Speaker at High Frequency Trading Leaders Forum Singapore
Edgar Perez, Author, The Speed Traders
Edgar Perez, Author, The Speed Traders, will be featured Keynote Speaker at High-Frequency Trading Leaders Forum 2011 Singapore (http://www.HFTLeadersForum.com), November 21-23, forum organized by Golden Networking in the world’s major financial centers, including New York, Chicago, Hong Kong, Sao Paulo and London.
Mr. Perez is widely regarded as the pre-eminent networker in the specialized area of high-frequency trading. He is author of The Speed Traders, published by McGraw-Hill, founder of Golden Networking and host of High-Frequency Trading Happy Hour business receptions in New York City, Chicago, London, Hong Kong and Singapore.
Mr. Perez has been featured on CNBC Cash Flow (with Oriel Morrison), BNN Business Day with Kim Parlee, TheStreet.com (with Gregg Greenberg), Channel NewsAsia (with Lin Xue Ling), iMoney Hong Kong, Hedge Fund Brief, The Wall Street Journal, The New York Times, Dallas Morning News and Los Angeles Times. He has been engaged as speaker at Harvard Business School’s 17th Annual Venture Capital & Private Equity Conference, High-Frequency Trading Leaders Forum 2011 (New York, Chicago, Hong Kong, Sao Paulo, Singapore), CFA Singapore, Hong Kong Securities Institute, Courant Institute of Mathematical Sciences at New York University (New York), Global Growth Markets Forum (London), Middle East Hedge Funds Investors Summit 2012 (Dubai, UAE), among other global forums.
Mr. Perez was a vice president at Citigroup, a senior consultant at IBM, and a consultant at McKinsey & Co. in New York City. Mr. Perez has an undergraduate degree from Universidad Nacional de Ingeniería, Lima, Peru (1994), a Master of Administration from Universidad ESAN, Lima, Peru (1997) and a Master of Business Administration from Columbia Business School, with a dual major in Finance and Management (2002). He belongs to the Beta Gamma Sigma honor society. Mr. Perez resides in the New York City area and is an accomplished salsa and hustle dancer.
Read Full Post | Make a Comment ( None so far )Edgar Perez Presenting at Institutional Investor’s Global Growth Markets Forum in London
The Speed Traders
Mr. Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), will be presenting at Institutional Investor’s Global Growth Markets Forum, Achieving International Investment Standards, in Waldorf Hilton, London, November 2nd. He will be interviewed on the topic “High-Frequency Trading Opportunities in Emerging Markets”.
The stock exchanges and the securities houses in many growth markets globally are keen to increase capital inflows, and this means improving the factors international investors care about most: regulations, rules, and infrastructure. These exchanges and brokerages understand that, to capitalize on investors’ growing appetite for emerging markets/frontier assets, they need to be able to offer US and European institutions comfort their investments are being made in an efficient, transparent, and globally competitive manner.
This Global Growth Markets Forum, co-hosted by Institutional Investor and Marco Polo Capital Markets, will assess the steps exchanges and other important players in these economies now driving global economic growth are taking to achieve international standards. Experts will evaluate the progress of the exchanges and the securities houses regarding each of the central pillars of sound investing: regulation, compliance, and execution. Delegates will acquire an in-depth understanding of the investment opportunities and the status of the capital markets in the global growth markets from the leading domestic security houses and other experts.
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade.
Mr. Perez is widely regarded as the pre-eminent networker in the specialized area of high-frequency trading. He has been featured on CNBC Cash Flow with Oriel Morrison, BNN Business Day with Kim Parlee, TheStreet.com with Gregg Greenberg, Channel NewsAsia Cent & Sensibilities with Lin Xue Ling, The Wall Street Journal, The New York Times, The Dallas Morning News, Los Angeles Times, iMoney Hong Kong, Hedge Fund Brief, Oriental Daily News Hong Kong, and more. He has been engaged as speaker at Harvard Business School’s 17th Annual Venture Capital & Private Equity Conference, High-Frequency Trading Leaders Forum 2011 (New York, Chicago, Hong Kong, Sao Paulo, Singapore), CFA Singapore, Hong Kong Securities Institute, Courant Institute of Mathematical Sciences at New York University (New York), Global Growth Markets Forum (London), Technical Analysis Society (Singapore), Middle East Hedge Funds Investors Summit 2012 (Riyadh, Saudi Arabia), among other global forums.
Read Full Post | Make a Comment ( None so far )Why Does Perez Illuminate the World of Speed? Insights from The Speed Traders Workshop 2011
The Speed Traders Workshop 2011
Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), will present first ever The Speed Traders Workshop 2011, “The Present and Future of High-Frequency Trading” (http://www.thespeedtradersworkshop.com), in Chicago, Sao Paulo, Singapore and Hong Kong. The Speed Traders Workshop 2011will be extremely helpful for all delegates who are working in finance and investments, from financial institutions, investment banks, hedge funds, pension funds, broker dealers, consultancy groups, prime brokers, solution providers and exchanges, who wish to gain a thorough understanding and practical knowledge of high-frequency trading.
The Speed Traders Workshop 2011, led by Edgar Perez, author of The Speed Traders, will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil. Highlights of The Speed Traders Workshop 2011 include:
- The first and most comprehensive initiation to the world of high-frequency trading
- Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
- Latest update on high-frequency trading in the world and current regulatory initiatives
- Techniques to detect high-frequency trading in the markets
- Key enablers of high-frequency trading in the U.S., Europe and Asia
- Proposed regulatory initiatives after the “flash crash”
- Up-to-date review of the future of high-frequency trading
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade.
Read Full Post | Make a Comment ( None so far )Market Expert Speak: High-Frequency Trading Should be Regulated, Not Stopped
The Speed Traders Workshop 2011
High-frequency trading should continue to be regulated and not stopped, indicated Edgar Perez, The Speed Traders Workshop 2011: The Present and Future of High-Frequency Trading (http://www.thespeedtradersworkshop.com), on an interview with Hong Kong’s Oriental Daily News, for its column Market Expert Speak (http://orientaldaily.on.cc/cnt/finance/20110830/00275_001.html). Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), noted that high-frequency trading in particular is a development that was born out of the evolution of the regulatory environment, certainly facilitated by technology; therefore, it would be against its roots to oppose regulation per se.
As Ben van Vliet, Adjunct Professor at the Illinois Institute of Technology, says in The Speed Traders, “We all want to race fast but safe. It doesn’t do any good if someone crashes into the innocent crowd and kills people. There are external people that may be affected when things crash. What we want the government to do is to create a safe track for us to race fast.” Perez noted that regulators in the U.S. have adopted circuit breakers in May 2010 for 404 NYSE listed S&P 500 stocks and widened in September for Russell 1000 stocks to halt or slow down trades of a particular stock if the price moves 10% or more in a five-minute period; lately, they have proposed limit up, limit down rules, which would require that trades in all listed stocks be executed within a range tied to the recent prices for that security and impose a five-minute pause if trading is unable to occur within the price band for more than 15 seconds; those are measures that fall into the category of improvements to the race tracks for high-frequency trading. Additionally, they are implementing a consolidated audit trail that would help the SEC track information about trading orders so it can better understand the fast-paced markets. Ultimately, a flexible regulatory environment that can incorporate input from participants will be the optimal setting for the development of the industry.
High-Frequency Trading Should be Regulated, Not Stopped
The Speed Traders Workshop 2011, led by Edgar Perez, will reveal how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U.S. and Europe to India, Singapore and Brazil. Highlights of The Speed Traders Workshop 2011 include:
- The first and most comprehensive initiation to the world of high-frequency trading
- Study materials provided by Edgar Perez, the author of the latest book on the subject of speed trading, and a well-known presenter in America, Europe and Asia
- Latest update on high-frequency trading in the world and current regulatory initiatives
- Techniques to detect high-frequency trading in the markets
- Key enablers of high-frequency trading in the U.S., Europe and Asia
- Proposed regulatory initiatives after the “flash crash”
- Up-to-date review of the future of high-frequency trading
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time. In this new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading. Inside, prominent figures drop their guard and speak with unprecedented candidness about their trade. For more about The Speed Traders, readers can visit its Facebook and Twitter pages, as well as the most popular online retailers, including Amazon, Barnes & Noble and Borders, among others.
Read Full Post | Make a Comment ( None so far )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 Edgar Perez, Author, The Speed Traders, Increased Volumes and Volatility to Feed High-Frequency Trading on Monday
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), wrote on Modern Finance Report (http://www.modernfinancereport.com) that a short-term stock plunge (increase of volume) and a spike in volatility on Monday are reasonably expected given S&P’s downgrade of the U.S. debt rating; the U.S. stock market was coming off its worst week since the financial crisis. “So we have here two of the main requirements for high-frequency trading, volume and volatility. Therefore, it will be reasonable to expect Monday to be a busy day for speed traders, as they provide the liquidity long-term investors will need to survive the day.”
Mr. Perez indicated that he would not be inclined to kill the messenger and instead see S&P’s decision in a positive light as it should serve as an effective wake-up call to get Washington’s warring players to the negotiating table again. He gave the example of S&P’s past decision to put the UK’s AAA-rating on negative outlook in May 2009, which fueled a debate on the need for significant fiscal tightening, and tough decisions taken by the new coalition government, which were eventually rewarded by S&P with the UK’s outlook being revised back up to stable in October last year.
Mr. Perez wrote: “We cannot deny the significant psychological impact of S&P’s decision on the markets and the view of foreign governments and investors of the U.S. economy. However, I expect Monday’ stock plunge to be a short-term event that will lose steam quickly. In fact, investors can be tempted to use it as reason to snatch value plays, as there would have not been a fundamental change from where we were last Friday. At the end of the day, S&P’s main theme, that U.S. finances are in bad shape, is not news to investors and traders; for instance, Pimco, the world’s largest bond fund, had stepped away from US government debt back in March; in addition, savvy money managers had already positioned themselves for a potential rating downgrade.”
Finally, he summarized: “I agree with experts who sustain that the downgrade will not lead to sharp rises of lending rates to the corporate sector or households in the U.S., as Fitch and Moody’s still maintain their top rating for U.S. debt. Also, a sudden sell off of U.S. Treasury instruments looks unlikely, as there are still not many safe assets to replace them. Once the dust settles, attention will turn back to the economic fundamentals. Disregarding the S&P downgrade comes with high risk for the U.S. economy, particularly if Washington prioritizes electoral concerns over the long-term health of this great nation, the United States of America.”
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Read Full Post | Make a Comment ( None so far )For Tradeworx’s Manoj Narang, High-Frequency Traders are Among the Most Responsible and Risk-Averse Players in the Market
For Manoj Narang, Chief Executive Officer of Tradeworx, one glaring misconception is that high-frequency trading generates massive profits for Wall Street. First of all, he says, Wall Street has very little to do with high-frequency trading, and second, the profits are actually very modest. He adds: “People have the misconception that high-frequency trading practitioners have a kind of ‘cowboy mentality’ and that the markets are like the Wild West as a result. Nothing could be further from the truth. high-frequency trading are among the most responsible and risk-averse players in the market. They have never been implicated in any sort of wild risk-taking behavior, which is quite a contrast from the Wall Street traders who nearly brought the global economy to total collapse in 2008.”
Manoj Narang, CEO, Tradeworx
Mr. Narang, one of the leading high-frequency traders featured in Edgar Perez’s The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, founded Tradeworx in 1999 with the goal to democratize the role of advanced technology in the financial markets. Tradeworx also operates a quantitative hedge fund business that currently manages hundreds of millions of dollars in assets, as well as an in-house proprietary trading business focused on high-frequency trading strategies. Tradeworx trades U.S. equities and will eventually expand to all other electronic markets. As most high-frequency trading firms, Tradeworx doesn’t accept external capital, because the capital requirements are very low. The main use of outside capital in the world of high-frequency trading is to fund R&D and operations, not to actually trade the capital.
Mr. Narang finally adds: “high-frequency trading provides a valuable service to the market, and earns a relatively tiny profit in return. Let’s consider this, when an individual investor executes a 200-share order in their online brokerage account, the investor pays a broker five cents per share to execute the trade. The broker does not risk any of its own capital to do this; all he does is route the order to the exchange or to a market-maker. The player on the other end who actually provides a fill for the trade is a high-frequency trader. The high-frequency trader not only risks his own capital to provide the required liquidity, but in exchange, only receives about 1/50th of the compensation that the broker, who takes no risk whatsoever, makes on the very same trade. If people have a grievance with the financial establishment, they should ask their broker why they need to earn fifty times the amount that the liquidity provider earns, despite the fact that they are not even risking any capital on the trade!”
Read Full Post | Make a Comment ( None so far )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 )Edgar Perez, The Speed Traders, Keynote Speaker at High-Frequency Trading Leaders Forum 2011 Hong Kong, September 19-21
Edgar Perez, The Speed Traders, presenting at Hong Kong Securities Institute
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 give the keynote address at upcoming High-Frequency Trading Leaders Forum 2011 Hong Kong, “How Speed Traders Leverage Cutting-Edge Strategies in the Post-Flash Crash World”, September, 19-21, (http://www.HFTLeadersForum.com).
Edgar, who recently presented to a full room at the Hong Kong Securities Institute, is widely regarded as the pre-eminent networker in the specialized area of high-frequency trading. Edgar has recently been interviewed by CNBC Cash Flow (with Oriel Morrison), TheStreet.com (with Gregg Greenberg), Channel NewsAsia (with Lin Xue Ling), iMoney, Bloomberg, and Thomson Reuters, 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, and Waters USA 2011, among other prestigious 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 ( 1 so far )Edgar Perez to Host Times Square Book Launch Party for The Speed Traders in New York City
Edgar Perez, author of The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, will host their Time Square-styled launch party on July 12, from 6:00 p.m. to 9:00 p.m., at The Living Room in the W Hotel in New York City. Guests are encouraged to RSVP at here. During the scheduled event, the author will be greeting guests and signing copies of The Speed Traders.
High-frequency traders have been called many things—from masters of the universe and market pioneers to exploiters, computer geeks, and even predators. Everyone in the business of investing has an opinion of speed traders, but how many really understand how they operate? The shadow people of the investing world, today’s high-frequency traders have decidedly kept a low profile—until now. In this new title, The Speed Traders, Mr. Perez, founder of the prestigious business networking community Golden Networking, opens the door to the secretive world of high-frequency trading (HFT). Inside, prominent figures of HFT drop their guard and speak with unprecedented candidness about their trade.
Mr. Perez has recently been featured on CNBC Cash Flow (with Oriel Morrison), TheStreet.com (with Gregg Greenberg) and Channel NewsAsia (with Lin Xue Ling), 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, and Waters USA 2011, among other prestigious 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 )Unfair to Blame High-Frequency Trading for Market Crashes, The Speed Traders’ Edgar Perez to CNBC’s Oriel Morrison
Edgar Perez, Author, The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, spoke with CNBC Cash Flow’s Oriel Morrison about the criticism high-frequency trading has experimented since it started being covered by the mainstream media; the interview is available on CNBC’s website at http://video.cnbc.com/gallery/?video=2023403523.
Oriel Morrison with Edgar Perez
CNBC’s Oriel Morrison, in particular, asked Mr. Perez his opinion regarding the criticism high-frequency trading has received. “Edgar, let’s take a look at some of the criticism because there has been a lot of controversy with kind of trading. Now, fairness has certainly been an issue that has been raised when it comes to this. Can there be fairness without transparency because with the speed of these trades, you simply you can’t get the transparency that you may well have if you have an institution putting on a big trade at any one point in time?”
Mr. Perez pointed out that some of the criticism is unfair and doesn’t address the right issues. “As I mention in my book, The Speed Traders, there has been a lot of criticism since 2009. And, I think that was influenced by the flash crash that happened last year. When that happened, people thought, ‘This is high-frequency traders. They are there in the market. They were not 10 years ago, so flash crashes didn’t happen before.’ But to be fair, we have market crashes all the time. We had the Great Depression. We had Black Monday. And, in those cases, you cannot say that high-frequency trading was prevalent. So, if you look at those occasions, long term investors are always the catalysts. Humans are very emotional and when they see bad news – and that’s what happened on May 6th – they will try to sell. Of course, computers in that day – May 6th – contributed to that decline in the markets in a very quick fashion. But at the same time, once the market came down, the market went up again very quickly because of computers. So, if you look at Black Monday, it took a month for the markets to recover. In this case, with the flash crash, it took 20 minutes for the market to recover. So, definitely, computers accelerate changes but it will be unfair to exclusively blame computers for this.”
The Speed Traders, http://www.TheSpeedTraders.com, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time.
Read Full Post | Make a Comment ( None so far )The Speed Traders’ Author, Edgar Perez, Presented to a Packed Room at Hong Kong Securities Institute
Edgar Perez, Author, The Speed Traders, at Hong Kong Securities Institute
Edgar Perez, Author, The Speed Traders, presented to a packed room of almost 200 attendees at the Hong Kong Securities Institute (http://www.hksi.org/eng/membership/event/m062811ps.html), professional body that aims to raise the standards of securities and finance practitioners in Hong Kong, on The Present and Future of High-Frequency Trading.
Mr. Perez described high-frequency trading as the natural progression of technology applied to the investing and trading worlds. In the process, high-frequency trading has certainly unmasked structural issues in the U.S. equity markets that are currently being examined by legislators and regulators in an effort to further strengthen financial markets. He indicated that, on balance, the impact of high-frequency trading is positive for all other market participants thanks to the increased liquidity it provides to retail and institutional investors.
The Hong Kong Securities Institute was officially formed in December 1997 as a professional body to raise the standards of securities and finance practitioners in Hong Kong. In setting standards for professional excellence in Hong Kong, the Hong Kong Securities Institute offers a platform where individuals can gain the skills, and achieve the necessary professionalism and personal competence as they proceed towards further career advancement. The Hong Kong Securities Institute provides continuous professional development by offering comprehensive examinations and an extensive programme of training courses and events. Finance professionals benefit from Hong Kong Securities Institute membership programme which provides invaluable support and professional recognition from industry peers.
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time.
Read Full Post | Make a Comment ( None so far )The Speed Traders’ Edgar Perez to CNBC’s Oriel Morrison, Criticism of High-Frequency Trading Phenomenon Unfair
The Speed Traders' Edgar Perez to CNBC's Oriel Morrison, Criticism of High-Frequency Trading Phenomenon Unfair
Edgar Perez, author, The Speed Traders: An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, explained in detail the role high-frequency trading has been playing in the equity markets to CNBC Cash Flow’s Oriel Morrison; the interview is available on CNBC’s website at http://video.cnbc.com/gallery/?video=2023403523. High-frequency trading, in which computers may buy and sell thousands of shares in fractions of a second, had come under criticism after the Dow Jones Industrial Average lost almost 1,000 points intraday on May 6, 2010, before recovering just as quickly.
Mr. Perez described high-frequency trading as the natural progression of technology applied to the investing and trading worlds. In the process, high-frequency trading has certainly unmasked structural issues in the U.S. equity markets that are currently being examined by legislators and regulators in an effort to further strengthen financial markets. He indicated that, on balance, the impact of high-frequency trading is positive for all other market participants thanks to the increased liquidity it provides to retail and institutional investors.
High-frequency traders replace traditional specialists in providing liquidity in a much more competitive frame work. Liquid and efficient capital markets are extremely important for economic development. While some feel that high-frequency traders spending millions of dollars on infrastructure to be a few microseconds faster than the other guy, is somehow, from a social perspective, not money “well spent”, it can be argued that this is just the way that competitive markets find equilibrium.
The Speed Traders: An Insider's Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World
As expressed by Stuart Theakston, Head of Quantitative Research and Automated Trading with GLC and one of the practitioners featured in The Speed Traders, high-frequency trading has all the attributes required to make a perfect scapegoat:
- It is hard to understand, or at least, it takes a bit of effort to understand (even professional long-only institutional investors have difficulty understanding it)
- It is fairly exclusive, as the firms involved, either have no incentive to talk about what they do (because they are proprietary trading firms and don’t need to attract external capital), or are not allowed to (because they are hedge funds and have regulatory constraints on marketing themselves)
- It employs individual participants having very high levels of academic qualifications, mostly PhDs
- It has some large dollar numbers associated with it (though more in terms of turnover than profitability, as further detailed in The Speed Traders)
- It has lots of terminology associated with it that sounds geeky and confusing to the uninitiated: ‘microsecond’, ‘co-location’, ‘momentum ignition’, ‘temporal arbitrage’ etc.
- Some intelligent, well informed and eminently quotable people are railing against it (Mario Gabelli, Paul Wilmott, Richard Bookstaber, among others)
- It is prone to occasionally be a contributory factor (or, in fact, its switching off was a contributory factor) to events perceivable by the public, like the “flash-crash”
The Speed Traders, http://www.TheSpeedTraders.com, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time.”
Read Full Post | Make a Comment ( 1 so far )The Speed Traders’ Author, Edgar Perez, to Address Hong Kong Securities Institute
Edgar Perez, Author, The Speed Traders, http://www.TheSpeedTraders.com, will address a members-only session of the Hong Kong Securities Institute, professional body that aims to raise the standards of securities and finance practitioners in Hong Kong, June 28, on The Present and Future of High-Frequency Trading.
Hong Kong Securities Institute was officially formed in December 1997 as a professional body to raise the standards of securities and finance practitioners in Hong Kong. In setting standards for professional excellence in Hong Kong, the HKSI offers a platform where individuals can gain the skills, and achieve the necessary professionalism and personal competence as they proceed towards further career advancement. The HKSI provides continuous professional development by offering comprehensive examinations and an extensive programme of training courses and events. Finance professionals benefit from HKSI membership programme which provides invaluable support and professional recognition from industry peers as well as substantial discounts on a variety of HKSI programmes.
The Speed Traders, http://www.TheSpeedTraders.com, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time.
Read Full Post | Make a Comment ( None so far )The Present and Future of High-Frequency Trading at CFA Singapore, June 21st
Edgar Perez, Author, The Speed Traders, http://www.TheSpeedTraders.com, will host a lunch presentation at CFA Singapore, professional society that brings together practitioners in the investment and fund management industry, June 21, on The Present and Future of High-Frequency Trading.
High-Frequency Trading is a set of tools that encompasses a rather diverse number of strategies that prioritize speed, low-latency, volume, liquid instruments and short timeframes. According to Mr. Perez, High-Frequency Trading has been referred to as the natural progression of technology applied to the investing and trading worlds. In the process, High-Frequency Trading has unmasked structural issues in the U.S. equity markets that are currently being examined by legislators and regulators. Ultimately, speed traders will continue finding alpha-generating opportunities by trading new asset classes in new geographies employing more sophisticated tools than ever.
Established in September 1987, CFA Singapore (formerly known as the Singapore Society of Financial Analysts -SSFA) is a professional society that brings together practitioners in the investment and fund management industry in Singapore. Its principal objective is to promote and uphold professional standards and ethical practice in financial analysis and investment management in Singapore. Founded in September 1987, CFA Singapore is the first CFA Member Society of CFA Institute outside North America. The Society runs a whole host of programs for members, CFA candidates and also the investment community, including Professional Development talks and seminars, Networking sessions, CFA information sessions and examination review classes, and Career Development talks.
The Speed Traders, http://www.TheSpeedTraders.com, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time.”
Read Full Post | Make a Comment ( None so far )Golden Networking Announces Edgar Perez, Author, The Speed Traders, at High-Frequency Trading Leaders Forum 2011
Golden Networking has announced that Edgar Perez, Author, The Speed Traders, will present at their High-Frequency Trading Leaders Forum 2011, “How Speed Traders Leverage Cutting-Edge Strategies in the Post-Flash Crash World”, May 23, 24 & 25 in New York City. Mr. Perez will discuss “The Present and Future 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? In his new title, The Speed Traders, Mr. Perez opens the door to the secretive world of high-frequency trading (HFT). Inside, prominent figures of HFT drop their guard and speak with unprecedented candidness about their trade.
Mr. Perez is widely regarded as the pre-eminent networker in the specialized area of high-frequency trading. He is host of High-Frequency Trading Happy Hour business receptions in New York City, which have drawn the world’s top industry practitioners. He has organized high-frequency trading forums and workshops, as well as conferences on subjects as diverse as hedge funds, derivatives, private equity, distressed investing, and China, in the world’s major business centers. Mr. Perez has presented at Harvard Business School’s 17th Annual Venture Capital & Private Equity Conference and at forums organized by Columbia Business School’s Career Management Center and Alumni Club of New York.
For more information about High-Frequency Trading Leaders Forum 2011, visit Golden Networking‘s website or send an email to [email protected].
Read Full Post | Make a Comment ( None so far )Book Review: ‘The Speed Traders’, by Seeking Alpha’s Brenda Jubin
“High-frequency trading has mesmerized people in search of easy money, has challenged regulators, and has been an easy target for the press. In “The Speed Traders: An Insider’s Look at the New High-Frequency Phenomenon That Is Transforming the Investing World” (McGraw-Hill, 2011) Edgar Perez tries to set the record straight. Alternating between an annotated timeline of the development of high-frequency trading and interviews with top high-frequency traders, Perez illuminates the world of speed.”
“We normally think of high-frequency trading as super-fast order processing, measured in microseconds. And, yes, it is. But a traders’s data feed (whether market quotes or news feed) also has to be lightning fast, as does his database management system.”
Perez explores the charges that have been brought against high-frequency trading and for the most part, with the help of his interviewees, tries to dispel them. Did high-frequency trading cause the Flash Crash? No. As David Cummings, chairman of Tradebot Systems, wrote: ‘Who puts in a $4.1 billion order without a limit price? The trader at Waddell & Reed showed historic incompetence.’”
“Some traders also point the finger at the practice of busting trades, which can punish liquidity providers. The Speed Traders offers a sympathetic portrait of an industry that is often demonized. By tracing its roots (going back to Instinet, which began operating under an unwieldy name in 1970), Perez demonstrates it to be a logical development of technological change in the financial markets. By separating out some controversial practices, such as flash orders, from high-frequency trading, Perez makes it more defensible. All in all, an enlightening book.”
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Read Full Post | Make a Comment ( 1 so far )The Real Story Behind the Flash Crash in ‘The Speed Traders’, The Most Comprehensive Book on High-Frequency Trading
The Speed Traders: An Insider's Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World
The real story behind the flash crash, the sudden decline and ultimate recovery of the U.S. financial markets on May 6, 2010, is described in unprecedented detail in The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World (http://www.thespeedtraders.com), book by recognized author Edgar Perez.
Building on interviews with influential high-frequency traders that experienced the flash crash first-hand, Mr. Perez has been able to build a narrative that captures the readers’ attention. Referring to Manoj Narang, Chief Executive Officer of Tradeworx, the book says: “As early as May 7, 2010, it was pretty apparent to him what had happened. Investors were on hair-trigger alert because of a huge run-up (around 70 percent in 12 months) in stock prices, because of recent weakness (down around 7 percent for the week before May 6), and because of geopolitical events, particularly the threat that Greece and other European nations would default on their sovereign debt. Into this economic backdrop a mutual fund dumped around $4 billion worth of Standard & Poor’s (S&P) E-Mini futures contracts into the open market, setting off a self-reinforcing wave of selling. Mr. Narang has calculated that the mutual fund’s trade had a likely impact of about 3 percent on the S&P 500 Index’s price over the course of a few minutes. This was a rather large impact, particularly at a time when the market was already spooked. Thus a snowball quickly turned into an avalanche as investors’ stop-loss orders were repeatedly set off at lower and lower levels.”
The book explains that no matter what regulators do as part of liquidity obligations, no matter how much they force people to stay in the market, there will be times when herd like behavior among long-term investors will see them all stampeding for the exits at the same time; there simply won’t be enough high-frequency trading to cover the demand for liquidity. Liquidity crises are not driven by the lack of liquidity but by the demand for liquidity. This is why Mr. Narang thinks that it is a bit misguided on the part of regulators to try to prevent flash crashes from occurring. In order to prevent liquidity crises from occurring, regulators would need to prevent herd like behavior among long-term investors, because that’s what causes bubbles and that’s what causes liquidity crises.
Read Full Post | Make a Comment ( 2 so far )Book Launch Party for “The Speed Traders” on May 10, W Hotel in New York City
The New York City book launch party for “The Speed Traders, An Insider’s Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World”, by Edgar Perez, will be held on May 10th, 2011, at 6:00 p.m., at the Whiskey Blue in the W Hotel. Guests are encouraged to RSVP at http://thespeedtradersnyc.eventbrite.com.
High-frequency traders have been called many things—from masters of the universe and market pioneers to exploiters, computer geeks, and even predators. Everyone in the business of investing has an opinion of speed traders, but how many really understand how they operate? The shadow people of the investing world, today’s high-frequency traders have decidedly kept a low profile—until now. In this new title, The Speed Traders, Edgar, founder of the prestigious business networking community Golden Networking (http://www.goldennetworking.net), opens the door to the secretive world of high-frequency trading (HFT). Inside, prominent figures of HFT drop their guard and speak with unprecedented candidness about their trade.
Edgar begins with an overview of computerized trading, which formally began on February 8, 1971, when NASDAQ launched the world’s first electronic market with 2,500 over-the-counter stocks and which has evolved into the present-day practice of making multiple trades in a matter of microseconds. He then picks the brains of today’s top players. Manoj Narang (Tradeworx), Peter van Kleef (Lakeview Arbitrage), and Aaron Lebovitz (Infinium Capital Management) are just a few of the luminaries who decided to break their silence and speak openly to Edgar. Virtually all of the expertise available from the world of speed trading is packed into these pages.
The Speed Traders, published by McGraw-Hill Inc., is the most comprehensive, revealing work available on the most important development in trading in generations. High-frequency trading will no doubt play an ever larger role as computer technology advances and the global exchanges embrace fast electronic access. The Speed Traders explains everything there is to know about how today’s high-frequency traders make millions—one cent at a time.
Mr. Perez is widely regarded as the pre-eminent networker in the specialized area of high-frequency trading. He is the founder of Golden Networking and host of High-Frequency Trading Happy Hour business receptions (http://www.hfthappyhour.com) in New York City, which have drawn the world’s top industry practitioners. He has organized high-frequency trading forums (http://www.hftleadersforum.com) and workshops (http://www.hftexpertsworkshop.com), as well as conferences on subjects as diverse as hedge funds, derivatives, private equity, distressed investing, and China, attracting thousands of executives and professionals in the world’s major business centers. Mr. Perez has presented at Harvard Business School‘s 17th Annual Venture Capital & Private Equity Conference and at forums organized by Columbia Business School‘s Career Management Center and Alumni Club of New York.
Mr. Perez was a vice president at Citigroup, a senior consultant at IBM, and a consultant at McKinsey & Co. in New York City. Mr. Perez has an undergraduate degree from Universidad Nacional de Ingeniería, Lima, Peru (1994), a Master of Administration from Universidad ESAN, Lima, Peru (1997) and a Master of Business Administration from Columbia Business School, with a dual major in Finance and Management (2002). He is a member of the Beta Gamma Sigma international honor society. Mr. Perez resides in the New York City area and is an accomplished salsa and hustle dancer.
Mr. Perez is one of the great business networkers and motivators on the lecture circuit; he is available worldwide for the following speaking engagements: Present and Future of High-Frequency Trading, The Real Story behind the “Flash Crash”, Networking for Financial Executives, and Business Networking for Success.
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