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Moneybrawl: Michael Lewis Takes on Goldman Sachs, HFT
August 05, 2013 @ 17:49 PM | By Phil Albinus

The author of Moneyball takes us inside how Goldman Sachs pushed to have its former top coder, Serge Aleynikov, placed in handcuffs and how the firm barely has a handle on high-frequency trading even today.

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Will the REAL OEMS Please Stand Up?
July 25, 2013 @ 16:35 PM | By Gavin Little-Gill

Many firms claim to offer an OEMS, yet there is no precise definition. Here are the top 10 features that an OEMS must have to qualify for the coveted moniker.

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Where is the Innovation in Trading Technology?
July 02, 2013 @ 13:11 PM | By Ivy Schmerken

Complaining about the sluggish state of innovation in trading technology, market participants pointed to cost pressures and low volumes.

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Have We Hit Peak HFT?
June 11, 2013 @ 12:50 PM | By Phil Albinus

The number of shares traded via high-frequency trading are down and politicians want to roll out a tax to serve as a speed bump. Some are wondering if microsecond dealings are poised to fade away.

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Trying to Ease the Pressure: System Testers in the Spotlight
May 28, 2013 @ 07:28 AM | By Stephen O'Reilly- SunGard Global Services

Following a few high-profile trading system failures, financial firms are placing more emphasis on testing, and pressure on personnel.

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Is Trading Via Microwaves Ready for Prime Time?
May 08, 2013 @ 11:43 AM | By Phil Albinus

As traders look for the fastest way to trade, one connectivity provider may have an answer: Sending data and trade orders via microwaves. So, what happens when it rains?

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HFTs Chase Speed Despite Risks and Regulations
May 02, 2013 @ 11:58 AM | By Phil Albinus

Like an addict chasing the next high while evading their family, the police and reality, high frequency traders are in a similar state of denial.

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Regulators vs HFT Firms Debate: Who Blinks First?
April 19, 2013 @ 08:20 AM | By Phil Albinus

The confusion around high frequency trading and algorithmic trading is not helping the discussion of new regulations.

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JPMorgan E-mails: "Stupid Quants"
March 19, 2013 @ 14:09 PM | By Phil Albinus

When the London Whale's losses came to light, the higher-ups inside JPMorgan looked around to share the blame.

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Bitter Hedge Fund Divorce Battles For Custody of the Algos
March 08, 2013 @ 13:20 PM | By Phil Albinus

A long-running divorce between two hedge fund giants isn't over who gets the mansion or the yacht - but who gets to keep the trading algorithms.

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Meet The Unquantables: The SEC's Quant Team Briefs the FBI
March 06, 2013 @ 11:06 AM | By Phil Albinus

The jig’s up. The SEC’s team of quants is briefing the FBI and other regulatory bodies about how you trade and evade at high speeds.

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As Profits Plummet 82 Percent Last Year, Getco Still Wants Knight Capital
February 15, 2013 @ 12:53 PM | By Phil Albinus

The high-frequency trading firm is bullish on 2013 as it pursues Knight Capital Trading and unveils plans for a new "mid-frequency" market making system.

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The SEC Squashes Nasdaq's Algo Proposal, Citing Competitive Issues with Brokers
January 18, 2013 @ 14:17 PM | By Ivy Schmerken

A proposal by Nasdaq OMX to offer benchmark order that are similar to algorithms offered by brokers, raised regulatory, risk and competitive issues at the SEC.

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Broker Says Nasdaq Caused Excessive Quote Spam in Several Stocks
November 02, 2012 @ 16:54 PM | By Justin Grant

Nasdaq rebuts charge from Themis Trading that its new pricing programs led to quote spamming.

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Despite Recent Struggles, HFTs Still Have the Advantage
October 26, 2012 @ 12:08 PM | By Justin Grant

Although high-frequency trading has wobbled a bit in the wake of weak U.S. equity trading volumes, industry consultant Haim Bodek argues on TabbForum that the market's structure remains tilted in their favor.

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As Black Monday Turns 25, Risk of Similar Crash Persists
October 19, 2012 @ 16:50 PM | By Ivy Schmerken

The speed and connectedness of today's buyers and sellers is so much faster, that if a crash occurred, it could be more devastating.

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High-Frequency Trading a Game-Changer for the Natural Gas Market
October 19, 2012 @ 11:33 AM | By Justin Grant

Fierce HFT competition has narrowed spreads to virtually nothing in equities, so traders are looking for markets with fatter margins, which makes the commodities markets attractive.

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Eladian Closure an Ominous Sign for High-Frequency Trading
October 17, 2012 @ 14:56 PM | By Ivy Schmerken

The firm appeared to want to expand into other asset classes but was brought down by the drastic slowdown in equities trading volume.

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As HFT Profits Slump, the Hot Trend Loses Some Luster
October 15, 2012 @ 13:25 PM | By Ivy Schmerken

High frequency trading firms are contracting, as profits are down 35 percent from last year, leading some to reduce staff or close altogether.

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Would Traders Want OMS/EMS Access on an iPhone?
October 12, 2012 @ 15:02 PM | By Ivy Schmerken

Mobile apps for iphones and tablets are starting to emerge in the OMS/EMS space, so that buy side traders can place a trade, rebalance a portfolio or check compliance.

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Thought Leaders

  • Ivy Schmerken, Editor at Large
    Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad number of topics including high frequency trading, algorithmic trading strategies, market structure, electronic trading in fixed income , colocation in data centers, Dodd-Frank regulation and the new derivatives landscape. Ivy meets with software companies and other innovators and writes about cloud computing, OMS/EMSs and other financial technologies.
  • Dr. John Bates, CTO, Intelligent Business Operations & Big Data, Software AG
    Dr. John Bates is a Member of the Group Executive Board and Chief Technology Officer at Software AG, responsible for Intelligent Business Operations and Big Data strategies. Until July 2013, John was Executive Vice President and Corporate Chief Technology Officer at Progress Software. John was responsible for creating, evolving and evangelizing Progress' market strategy and technology vision. Previously, John was General Manager of Progress Software's Apama Division. John was responsible for Divisional P&L including sales, marketing, products and consulting services. In 3 years John grew revenue by over 300%.
  • Andrew Waxman, Thought Leader
    Andrew Waxman writes on operational risk in capital markets and financial services. Andrew is a consultant in IBM's US financial risk services and compliance group. The views expressed her are those of his own. As an operational risk manager, Andrew has worked at some of the leading investment banks and consulting firms in Wall Street and the City of London. He writes on topics such as: rogue and insider trading, technology and markets, disaster planning, regulatory responses and risk management strategies. Andrew has a first class degree in history from Kings' College London and an MBA in finance from NYU.
  • Jennifer L Costley, Ph.D, Principal, Ashokan Advisors
    Jennifer L. Costley, Ph.D. is a scientifically-trained technologist with broad multidisciplinary experience in enterprise architecture, software development, line management and infrastructure operations, primarily (although not exclusively) in capital markets. She is also a non-profit board leader recognized for talent in building strong governance and process. Her current focus is in helping companies, organizations and individuals with opportunities related to data, analysis and sustainability. She can be reached at www.ashokanadvisors.com
  • Michael J. Levas, Founder, Senior Managing Principal, Director of Trading, Olympian Group of Investment Management Cos
    Michael J. Levas has been in the investment management business for over twenty years and is the founder,senior managing principal & director of trading at the Olympian Group of Investment Management Companies. Prior to Olympian, he was a VP and Portfolio Manager in the Private Client Group at Lehman Brothers Inc. Prior to that, he was a VP with SG Cowen, UBS PaineWebber and Bear Stearns where he managed in excess of $250 million in both institutional and retail portfolios. Mr. Levas is the former founder and managing member of Olympian Securities LLC, and is a licensed Series 24 general securities principal, Series 7 general securities representative, and a Series 65, 66 investment adviser representative with (FINRA). Mr. Levas is also the former founder and principal of Olympian Futures LLC, a former (NFA) registered introducing broker, and a licensed Series 3 associated person. Mr. Levas currently holds the Chartered Portfolio Manager (CPM) designation from the American Academy of Financial Management. Mr. Levas completed investment management studies at Harvard Business School and additionally, Mr.Levas has completed the Hedge Fund Programme at The London Business School. He is a current member of the CFA society of South Florida, Securities Traders Association of Florida, The National Association of Active Investment Managers, and formerly served on the 2008/2009 board of directors of The Hedge Fund Association. Mr. Levas is a frequent conference speaker, and commentator on the financial markets & asset management industry.He has been featured throughout the U.S.,Canada, Latin America, Europe, Asia and in numerous publications, and media outlets including BusinessWeek, Dow Jones Newswires, The Financial Times,Smart Money,Hedge Fund Manager Week, Wall Street Letter, Euromoney, Wall St.& Technology,The Economic Times, Securities Industry News, Alternative Investment Review, Advanced Trading, Markets Media Magazine, TradeTech , Reuters, Bloomberg and National Public Radio.
  • Vamsi Chemitiganti, Chief Architect, Red Hat
    As Chief Architect of Red Hat's Financial Services Vertical, Vamsi Chemitiganti is responsible for driving Red Hat's technology vision from a client standpoint. The breadth of these areas range from Platform, Middleware, Storage to Big Data and Cloud (IaaS and PaaS). The clients Chemitiganti engages with on a daily basis span marquee names on Wall Street, including businesses in capital markets, core banking, wealth management and IT operations. The other large component of his role is to work with Client CXOs and Architects to help them on key business transformation initiatives. Chemitiganti hold a BS in Computer Science and Engineering as well as an MBA from the University of Maryland, College Park. He is also a regular speaker at industry events on topics ranging from Cloud Computing, Big Data, High Performance Computing and Enterprise Middleware.
  • Sang Lee, Co-Founder, Managing Partner, Aite Group
    Sang Lee is a co-founder of and currently serves as managing partner. Mr. Lee's expertise lies in the securities and investments vertical and has advised many global financial institutions, software/hardware vendors, and professional services firms in sell-side and buy-side electronic trading technology and market structure. Prior to joining Aite Group, Mr. Lee was a founding member of Celent Communications and served as the Manager of the Securities & Investments Group as well as the Operations Group.
  • Alexander Fleiss, Chairman and Chief Investment Officer, Rebellion Research Partners LP
    Alexander Fleiss serves as Chairman and Chief Investment Officer of Rebellion Research Partners LP, a Global Macro hedge fund and financial advisory that invests across all asset classes and is based in New York. Mr. Fleiss also oversees the firm's institutional research division, Rebellion Economics, which offers coverage of 44 countries. Mr. Fleiss has spoken about Artificial Intelligence investing at conferences, colleges and in the Wall Street Journal, Fox News, BusinessWeek, Bloomberg News, Geo Magazine and Institutional Investor. Prior to co-founding Rebellion Research in 2007, Mr. Fleiss served as a Principal at KMF Partners LP, a long-short US equity fund. While at KMF, he was primarily responsible for investments in the financial service, technology and consumer industries. Mr. Fleiss began his investment career as an analyst for Sloate, Weisman, Murray & Co which was acquired by Neuberger Berman. Mr. Fleiss developed investment algorithms with the firm's CEO, Laura Sloate who is now a partner at Neuberger Berman. Mr. Fleiss received a BA Degree from Amherst College.
  • Brooke Allen, 30-Year Industry Veteran
    Brooke Allen is a 30-year industry veteran who most recently founded a quantitative trading desk now celebrating its 17th year in continuous operation. For years he wrote a monthly piece for International Family Magazine, in 2009 he founded NoShortageOfWork.com to discuss work life, and in 2011 he created Questions For Colleges (Q4Colleges.com) to discuss issues facing higher education. Now he is beginning a series for us here on his beloved Securities Industry. Before you decide to trust him or collaborate with him, look at BrookeAllen.com where you will find his Personal Disclosure Statement.
  • Sean Owens, Director, Fixed Income and Derivatives, Woodbine Associates
    Sean Owens is Director, Fixed Income at Woodbine Associates, Inc. focusing on strategic, business, regulatory, market structure, and technology issues that impact firm’s active in and supporting global fixed income and derivative markets.
  • Joe Saluzzi, Partner and co-head of equity trading, Themis Trading
    Joseph Saluzzi is partner, co-founder and co-head of equity trading of Themis Trading LLC, a leading independent agency brokerage firm that trades equities for institutional money managers and hedge funds. He is also the co-author of Broken Markets -- How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence. Mr. Saluzzi is a frequent speaker at industry conferences on issues involving market access, algorithmic trading and other sell- and buy-side concerns. He has provided expert commentary for media outlets such as CBS's 60 Minutes, BBC Radio, Bloomberg Television & Radio, CNBC, Fox Business, BNN, The New York Times, The Wall Street Journal, USA Today, Reuters, Associated Press, Los Angeles Times and Bloomberg News. Mr. Saluzzi also has authored articles for Traders Magazine, Dow Jones and Journal of Investment Compliance. Prior to Themis, Mr. Saluzzi headed the team responsible for equity sales and trading for major institutional accounts at Instinet Corporation for more than nine years. He graduated from the University of North Carolina at Chapel Hill with an MBA in Finance and received a Bachelor's Degree in Finance from New York University.
  • Sean O'Dowd, Capital Markets Program Director, Teradata
    Sean O'Dowd leads the Global Capital Markets program at Teradata for Industry and Marketing Solutions. In this role Sean focuses on industry strategy, marketing and field enablement. Areas of focus span financial market structure, regulations and technologies that impact the business models and strategies of financial markets firms (buy-side, sell-side, wealth management, custody, exchanges, and retail brokers). Topics include many of the large transformational technologies impacting capital markets, such as cloud services, mobility, information management and big/fast data, unstructured data and analytics. Additionally, Sean covers many industry specific trends and technologies including electronic trading, investment management operations, wealth management and personal finance, oversight infrastructure (Government agencies and SRO's). Sean's personal area of expertise lies within investment management, derivatives securities and trading technology.
  • Stephen Davenport, Director Equity Risk Management, Wilmington Trust Company
    Steve is responsible for developing risk-managed investment strategies for high-net-worth clients. He has a strong background in quantitative investment analysis, and a sophisticated approach to asset allocation and the use of derivatives. In particular, he has managed a call writing strategy for clients seeking additional income for the last six years. Steve began his career with State Street Global Advisors and later joined Columbia Management Investment Advisors in Boston as a senior investment advisor. During his career, Steve has focused on developing comprehensive solutions for families, executives, and entrepreneurs with concentrated stock positions. Steve holds an M.S. in Finance from Boston College's Wallace Carroll School of Management as well as bachelor's degrees in industrial engineering and mathematics/computer science from Columbia University and Providence College, respectively. Steve holds CFA designation and he is a member of Atlanta Security Analyst Society.
  • Gavin Little-Gill, Global Head of Front and Middle Office Asset Management, Managing Director, Asset Management for North America
    Gavin Little-Gill joined Linedata in 2007 and is responsible for Linedata's North American asset management business and the global front and middle office asset management businesses of Linedata. In this role, Gavin has overall responsibility for the vision, strategy and growth across the business. Prior to assuming this role, Gavin was Global Head of Asset Management Product Strategy where he oversaw global product management and strategy for all of Linedata's Asset Management Solutions. Before joining Linedata, Gavin was employed at Tower-Group for six years most recently holding the role of Group Research Director, overseeing the Securities and Investments practices. During that time, his research concentration was technology trends on the buy-side with a focus on trading technology. Prior to joining Tower Group, in 2001 Gavin spent 12 years in various capacities working in the financial industry. Two of these years' where spent at a US subsidiary of CDC-IXIS as Vice President. Prior to CDC, Gavin was with Scudder for nine years, most recently as Vice President. Gavin holds an M.S. in Finance from Boston College and a B.A. from Bates College, Maine. In addition, he has a Certificate in Pensions and Benefits from Bentley College, in Massachusetts, and has successfully passed the first exam of the C.F.A. Gavin has held Series 6, 7, 63, 24, and 26 registrations.