Bagaimana-untuk-cepat-membangun-a-frekuensi tinggi-perdagangan-sistem

Bagaimana-untuk-cepat-membangun-a-frekuensi tinggi-perdagangan-sistem

Simulasi sistem perdagangan
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Sumber satu atap Anda untuk teknologi perdagangan otomatis multi-aset Sekarang Anda dapat mengatur, mengotomatisasi dan mengoptimalkan aktivitas perdagangan global Anda dengan efisiensi yang lebih besar dengan sistem manajemen eksekusi broker-netral. InfoReach menyediakan perangkat lunak perdagangan berkinerja tinggi dan terintegrasi untuk pengelolaan pesanan dan perdagangan. Konektivitas global. Eksekusi pasar, manajemen risiko. Analisis biaya transaksi (TCA) dan banyak lagi. Pemimpin industri yang diakui dalam pengembangan teknologi kekuatan perusahaan independen sejak tahun 1995, InfoReach memberikan solusi perangkat lunak manajemen eksekusi yang komprehensif dan konektivitas latensi rendah ke komunitas perdagangan institusional global. Integrasi penuh dengan alat perdagangan cerdas seperti algoritma. Analisis perdagangan preinpost dan pengendalian risiko memungkinkan klien untuk melakukan keputusan investasi dengan kecepatan dan kontrol yang meningkat. Teknologi yang terus diperbarui membantu perusahaan dari semua ukuran bersaing lebih efektif di pasar yang berubah dengan cepat. Solusi untuk setiap langkah proses perdagangan dapat dikonsolidasikan ke dalam sistem perdagangan manajemen eksekusi tunggal yang menyederhanakan infrastruktur meja perdagangan Anda dan menstandarisasi proses. Dengan teknologi yang dibangun dari bawah ke atas untuk mendukung perdagangan multi-aset. Anda menikmati perdagangan tanpa batas melintasi ekuitas. pilihan. Berjangka. Forex. pendapatan tetap. Swap suku bunga dengan fungsi spesifik aset. Konektivitas broker-netral berbasis FIX memungkinkan Anda menukar apa, di mana, dan dengan siapa Anda inginkan di seluruh dunia. Penyedia solusi siap jual kilat Solusi InfoReach dirancang untuk pengguna canggih yang menginginkan fungsionalitas dan peralatan terbaik di kelas tanpa menunggu lama untuk pengiriman. Perangkat lunak manajemen pelaksanaan kami siap dalam perdagangan dengan sedikit kebutuhan untuk kustomisasi, dan mendukung segudang gaya dan strategi perdagangan. Dengan waktu penyebaran rata-rata hanya 3 minggu, kami menetapkan standar emas untuk pengiriman dan servis. Manfaatkan kesempatan trading dengan sebaik-baiknya sambil mengendalikan biaya Apakah Anda membeli sisi atau sisi penjualan, InfoReach menawarkan kemampuan dan alat canggih yang dapat membantu Anda menemukan dan memanfaatkan peluang pasar baru, mengotomatisasi strategi trading, meminimalkan risiko, meningkatkan kualitas pelaksanaan, mengurangi biaya transaksi dan Ikuti perubahan dalam struktur pasar dan peraturan, termasuk: Analisis perdagangan preatpost Konektivitas FIX menjadi sumber utama likuiditas global untuk ekuitas. pilihan. Berjangka. Forex. pendapatan tetap. Swap tingkat suku bunga Low-latency, eksekusi volume perdagangan yang tinggi Manual, perdagangan algoritmik dan otomatis Pengembangan dan lingkungan pengujian kotak hitam Grafik, grafik interaktif dan pemantauan posisi real-time Akses ke layanan perantara global dan strategi untuk perdagangan multi-dan lintas-aset Pasar langsung Akses (DMA) Perdagangan frekuensi tinggi dan mesin pengembangan algoritmik Kontrol risiko Manajemen pesanan (sisi penjualan) Pelaporan peraturan (sisi penjualan) Desktop Konsolidasi Buat lingkungan perdagangan yang disesuaikan Semua solusi kami dapat disesuaikan dan disampaikan dalam sistem perdagangan otomatis terpadu yang memenuhi Kebutuhan pengelolaan dan pelaksanaan perdagangan spesifik Anda. Atau Anda bisa memilih komponen teknologi pilihan yang akan digunakan secara mandiri dan terintegrasi ke dalam sistem yang ada. Dengan pilihan pemasangan di tempat atau hosting di salah satu pusat data global kami, InfoReach mempermudah penginstalan ke perangkat lunak manajemen pesanan eksekusi terbaik. Multi-strategi, multi-aset EMS Jadilah orang pertama yang memanfaatkan peluang pasar baru dan melakukan transaksi dengan biaya efektif di banyak broker, tempat, instrumen dan geografi dengan Sistem Manajemen Eksekusi Multiguna, broker-neutral. Cakupan kelas multi-aset yang benar merampingkan alur kerja trader dan menghilangkan kebutuhan akan banyak platform. Anda dapat mengakses dan menggunakan keseluruhan layanan broker (urutan routing, akses pasar langsung (DMA), strategi, dll.) Untuk beberapa kelas aset melalui satu titik akses, menghemat waktu, sumber daya dan biaya. Perangkat lunak manajemen perdagangan kami mudah digabungkan dengan Sistem Manajemen Pesanan. Memungkinkan para pedagang untuk melakukan pesanan panggung dan menerima eksekusi secara real time. Sementara konektivitas FIX dengan sebagian besar penyedia OMS sudah ada, integrasi baru dapat diselesaikan dengan cepat dalam beberapa hari. Teknologi kekuatan perusahaan mendukung beberapa strategi dan strategi trading InfoReach berteknologi tinggi untuk mengaktifkan perdagangan otomatis dan algoritmik dengan latency rendah dan throughput yang tinggi. Fleksibilitas dan skalabilitasnya mendukung segudang gaya dan strategi perdagangan, memungkinkan Anda mengejar alpha dan mengurangi dampak pasar. Lebih banyak kecepatan dan kontrol dalam proses eksekusi pesanan Sistem manajemen perdagangan kami menawarkan fungsionalitas out-of-the-box yang hebat yang memungkinkan pedagang sisi beli melakukan perdagangan dengan peningkatan kecepatan dan kontrol: Kemampuan trading yang maju untuk saham tunggal dan daftar dan termasuk portofolio, indeks, Pasang, dan perdagangan multiday basket Perdagangan antar ekuitas. pilihan. Berjangka. Forex. pendapatan tetap. Swap suku bunga dari satu tinta tunggal, dengan fungsionalitas spesifik aset (termasuk pesanan berkaki ganda untuk opsi dan opsi berjangka) Teknologi broker-netral memungkinkan Anda membuat, mengalokasikan, dan menjalankan pesanan Anda dengan beberapa broker melalui satu antarmuka dan titik masuk Interaktif Grafik, grafik dan peta panas membantu Anda dengan cepat melihat dan bertindak sesuai peluang pasar Pemantauan posisi real-time memberikan pandangan aktivitas yang terkonsolidasi di seluruh pasar global untuk beberapa kelas aset Perdagangan multi-broker berbasis web dengan layanan cadangan OMS cadangan EMS Akses ganda Meja perdagangan pialang dan layanan eksekusi algoritmik di seluruh dunia dari PC yang siap Internet menggunakan portal perdagangan Brokereach (Brokereach) kami. Aplikasi perdagangan berbasis web sederhana ini memungkinkan Anda menggabungkan pesanan dan eksekusi di beberapa tempat dan memantau aktivitas perdagangan secara real time. Anda dapat terhubung ke jumlah broker yang tidak terbatas melalui satu titik akses tanpa biaya. Brokereach juga bisa berfungsi sebagai layanan gratis untuk backup OMS atau backup EMS Anda. Server aman kami dapat secara teratur menyimpan data eksekusi perdagangan Anda sepanjang hari termasuk posisi eksekusi dan residual. Ini memungkinkan Anda untuk dengan cepat melepas atau menyelesaikan perdagangan saat sistem perdagangan biasa Anda mengalami gangguan. Pelajari lebih lanjut tentang solusi sisi beli kami Untuk mempelajari lebih lanjut tentang perangkat lunak pengelolaan perdagangan InfoReach, kunjungi: Trading Risk Controls Sekarang Anda dapat melihat dan mengendalikan risiko secara global di semua aktivitas dan sistem perdagangan secara real time. Kontrol risiko otomatis dari InfoReach memungkinkan Anda menerapkan hierarki pengamanan dan batasan di berbagai variabel, seperti pedagang, instrumen, posisi, unit dan tujuan. Pemeriksaan risiko pra- dan at-trading memantau semua variabel risiko dan memicu peringatan bila diperlukan, sehingga memungkinkan pengguna menyesuaikan perdagangan atau memblokir pelepasan pesanan yang tidak sesuai. Batas risiko teknologi mencakup perintah yang berasal secara manual, algoritmik, melalui API atau dari EMS pihak ketiga lainnya. Penilaian risiko pesanan didasarkan pada kumpulan informasi arus transaksi yang tersedia termasuk data pesanan dan pelaksanaan dan data pasar. Menangkap atau mengendalikan risiko secara real time Tidak masalah apa, di mana atau dengan siapa Anda berdagang, perusahaan Anda dapat mengurangi risiko ketika pihak-pihak yang berkepentingan dengan perdagangan atau pasar yang lebih luas dapat terkena dampak negatif dengan pesanan yang diinginkan. Misalnya, Anda dapat: Mencegah kesalahan pada jari lemak Hindari dampak pasar yang merugikan dengan membandingkan urutan terhadap metrik seperti volume rata-rata yang diperdagangkan yang dihitung dari instrumen Tetapkan toleransi risiko individu untuk dana, rekening, strategi, pedagang dan instrumen (sekuritas) Mencegah keliru Perintah dari algoritma yang melarikan diri Periksa pesanan yang dimasukan sebagai kesalahan atau melebihi toleransi risiko apa pun, seperti mengambil posisi terlalu besar Pesanan bendera yang melebihi ambang risiko internal lainnya Dapatkan tampilan terkonsolidasi dari paparan risiko keseluruhan perusahaan Paparan risiko dapat terjadi Dilihat untuk berbagai tingkatan termasuk klien, akun, pedagang, meja perdagangan dan perusahaan. Dan jika perusahaan Anda menggunakan lebih dari satu aplikasi perdagangan dan atau melakukan perdagangan melalui beberapa broker, batas risiko InfoReach membatasi teknologi dapat menggabungkan informasi dari sistem perdagangan lainnya dan memberikan pandangan terkonsolidasi tunggal tentang keterpaparan risiko global di seluruh kelas aset. Penyebaran yang mudah ke lingkungan perdagangan Teknologi pengendalian risiko kami termasuk dalam TMS InfoReach kami. Prelude dan HiFREQ multi-broker sistem perdagangan. Dan sekarang juga tersedia sebagai modul independen terpisah untuk perusahaan yang menggunakan EMS lain dan OMS s. Itu memungkinkan untuk menerapkan batasan risiko yang telah dikonfigurasi secara mulus ke keseluruhan arus pesanan Anda. Mesin algoritmik berfrekuensi tinggi Menguasai teknologi untuk latensi rendah, algoritma perdagangan frekuensi tinggi tanpa harus membangun dan memelihara infrastruktur khusus Anda sendiri. HiFREQ adalah perangkat lunak perdagangan frekuensi tinggi kami yang mendukung perdagangan berbasis strategi otomatis untuk ekuitas, futures, opsi dan valuta asing. Ini menyediakan semua komponen penting untuk memfasilitasi throughput puluhan ribu pesanan per detik pada latency sub-milidetik. Akses algoritma perdagangan frekuensi tinggi dari broker dan penyedia lainnya dan menerapkan strategi perdagangan yang kompleks di seluruh kelas aset. Buat, back-test dan gunakan strategi perdagangan proprietary di lingkungan pengembangan kotak hitam. Scalable, arsitektur broker-netral memungkinkan Anda menjalankan beberapa strategi secara bersamaan dan menyebarkannya ke beberapa server di berbagai pusat informasi dan pusat bisnis broker. HiFREQ adalah perangkat lunak HFT add-on untuk platform trading InfoReach yang memanfaatkan arsitektur three-tier dan FIX Engine kami yang terukur untuk memastikan kapasitas throughput berkecepatan tinggi dan tinggi. Pesanan dapat diarahkan ke tujuan yang sesuai dengan FIX global. Perangkat lunak HFT HiFREQ kami juga tersedia secara independen sebagai solusi perdagangan kotak hitam turnkey. Konektivitas FIX broker global Arsitektur broker-netral dan jaringan perutean pesanan yang luas memungkinkan Anda mengakses setiap tujuan di Jaringan Pertukaran Informasi Finansial Global secara cepat dengan biaya dan waktu minimum. InfoReach saat ini terhubung ke lebih dari 140 broker, ECN, MTF, bursa, ATS, kolam gelap, dealer dan bank FX, dan sumber likuiditas global utama lainnya untuk ekuitas. pilihan. Berjangka. Forex. pendapatan tetap. Swap suku bunga Anda dapat mengakses keseluruhan layanan broker, termasuk perutean pesanan, akses pasar langsung (direct market access / DMA) dan strategi. Lebih dari 500 algoritma eksekusi broker yang telah diperbaharui di beberapa kelas aset dapat diakses dari satu sistem saja yang menghemat waktu, sumber daya dan biaya Anda. Untuk memastikan kinerja yang superior, kehandalan, latensi rendah dan throughput yang tinggi, InfoReach memasok konektivitas pasar dan broker melalui InfoReach FIX Network (IFN) miliknya sendiri. Sementara banyak destinasi sudah disertifikasi, konektivitas FIX ke tujuan yang sesuai dapat dibuat easilyndashoften dalam beberapa hari. Sebagai manfaat tambahan, IFN menyediakan fitur peringatan waktu nyata yang memberi tahu pedagang kapan pun tujuan perdagangan di jaringan konektivitas kami menjadi tidak tersedia, terlepas dari apakah perubahan pesanan atau pesanan sedang dimainkan. Ini memberi Anda kesempatan untuk mengarahkan pesanan ke broker yang ada dengan baik sebelum penutupan pasar. Bagi mereka yang ingin menyesuaikan dan memelihara jaringan FIX-routing FIX mereka sendiri. Perangkat lunak IFN tersedia untuk pembelian dari InfoReach. Untuk mempelajari lebih lanjut, kunjungi InfoReach Financial Information Exchange Network Untuk melihat daftar sebagian dari broker algos yang ada saat ini melalui jaringan konektivitas Financial Information Exchange, kunjungi algoritma eksekusi broker broker Algorithm trading adalah alat penting dalam upaya pengembangan dan pelestarian alfa, dan InfoReach Teknologi dirancang sejak hari pertama untuk memungkinkannya mencapai tingkat efisiensi tertinggi. Jadi, platform perdagangan TMS dan Prelude kami mencakup rangkaian algoritma pra-bangun untuk strategi eksekusi populer. Dan kami menyediakan kode sumber sehingga klien dapat dengan mudah menyesuaikan dan menguji kembali algoritma. Pedagang sisi beli juga dapat mengakses lebih dari 500 algoritma eksekusi yang diperbarui di beberapa kelas aset dari lebih dari 40 broker global dan penyedia pihak ketiga. Dengan integrasi yang mulus ke dalam platform eksekusi perdagangan multi-broker. InfoReach klien dapat memperoleh keuntungan dalam pasar yang berubah dengan cepat dan sangat kompetitif. Untuk yang paling dalam perdagangan kotak hitam, InfoReach menawarkan mesin algoritme HiFREQ kami untuk pembuatan dan penerapan strategi frekuensi tinggi. HiFREQ dapat digunakan secara terpisah sebagai solusi perdagangan kotak hitam yang berdiri sendiri, atau sebagai bagian dari platform trading InfoReach TMS atau Prelude. Apapun solusi yang Anda pilih, teknologi InfoReach dapat menghemat waktu dan biaya pengembangan algos Anda sendiri dari bawah ke atas. Dan jaringan konektivitas rendah-latency kami dapat membantu memastikan kinerja eksekusi terbaik di pasar global hari ini. Pelajari lebih lanjut tentang algoritma eksekusi yang tersedia melalui platform trading InfoReach Portofolio dan meja kas OEMS sisi penjualan untuk perdagangan global Sekarang perusahaan penjual menjual dapat mengotomatisasi dan mengoptimalkan semua portofolio dan perdagangan pesanan tunggal dengan satu solusi hemat biaya. Sistem Pengelolaan Pemesanan dan Eksekusi InfoReach (OEMS) mengintegrasikan fungsionalitas OMS dengan alat perdagangan cerdas dan kemampuan eksekusi lanjutan dari sistem manajemen perdagangan kekuatan perusahaan. Jawaban teknologi yang elegan bagi mereka yang mencari yang terbaik dari kedua dunia yang bersatu dalam satu platform yang dapat disesuaikan. Perangkat lunak manajemen perdagangan kami menyediakan meja perdagangan sell-side dengan teknologi dan peralatan untuk menerima pesanan klien dan keranjang melalui siklus eksekusi yang paling efisien. Dimulai dengan analisis pra-perdagangan dari pesanan yang dimaksudkan oleh klien, TMS Jual Beli Area-Runcing secara ketat membungkus siklus eksekusi perdagangan dengan analisis pra-perdagangan, perdagangan dan pasca perdagangan. Ini melacak kinerja melawan berbagai tolok ukur dan membuat trader dan klien mengikuti kemajuan dan hasil eksekusi. Dengan teknologi EMS yang dirancang khusus untuk perdagangan dengan volume tinggi, InfoReach OEMS memungkinkan penanganan dan pengelolaan pesanan berkapasitas tinggi yang cepat. Pedagang bisa membalikkan bahkan ribuan-nama keranjang dalam hitungan detik. Algoritma built-in. Integrasi dengan ratusan algoritma pihak ketiga. Konektivitas ke beragam pasar global dan kemampuan untuk menyesuaikan logika eksekusi dan routing memberi pedagang sisi jual dengan seperangkat alat unggulan untuk meningkatkan kinerja pelaksanaan. Dapatkan kekuatan untuk berbuat lebih banyak dengan sistem manajemen perdagangan tunggal: Mengotomatiskan proses pengelolaan perdagangan dan pesanan yang lengkap mulai dari penerimaan pesanan klien hingga analisis perdagangan pasca eksekusi hingga pelaporan peraturan (OATS dan TRFACT) Mengelola fasilitasi, agen dan perdagangan utama, pembuatan pasar , Pemeriksaan pra-perdagangan. Penanganan kesalahan eksekusi dan pelaporan peraturan Meningkatkan kinerja dengan kemampuan saham dan daftar-trading mutakhir termasuk indeks, pasang. Dan perdagangan keranjang multiday Dengan cepat mengakses likuiditas dan menerapkan strategi algoritmik di berbagai tempat dan tujuan dengan jaringan konektivitas berbasis FIX kami Tangkap peluang pasar saat ini dengan grafik interaktif, grafik dan peta panas Memantau semua posisi perdagangan global (dieksekusi, dieksekusi sebagian dan Pesanan kerja) secara real time melintasi instrumen dan akun Mengelola risiko dengan kontrol risiko otomatis. Terapkan hierarki pengamanan dan batasan di berbagai variabel (seperti pedagang, instrumen, posisi, unit dan tujuan) dan memicu peringatan untuk menyesuaikan pesanan perdagangan atau blok Selain itu, perangkat lunak pengelolaan perdagangan InfoReach dapat diintegrasikan dengan mesin algoritme HiFREQ kami ke Memfasilitasi throughput puluhan ribu pesanan per detik pada latency sub-milidetik. HiFREQ menyediakan semua komponen penting untuk pembuatan, pengujian dan penerapan strategi frekuensi tinggi. Untuk mempelajari lebih lanjut, kunjungi mesin algoritmik frekuensi tinggi. Buat lingkungan perdagangan yang disesuaikan dengan penyebaran kilat-cepat Sementara OEMC InfoReach hadir dengan sebagian besar fungsi siap pakai di luar kotak, ini dapat disesuaikan untuk memenuhi kebutuhan pengelolaan dan pelaksanaan perdagangan spesifik Anda. Dengan pilihan pemasangan di tempat atau hosting di salah satu pusat data global kami, InfoReach rata-rata waktu penyebaran industri terdepan hanya 3 minggu Perdagangan multi-broker berbasis web dengan layanan untuk backup OMS cadangan OMS Akses beberapa meja perdagangan brokerage Dan layanan eksekusi algoritmik di seluruh dunia dari PC yang siap Internet menggunakan portal perdagangan Brokereach (Brokereach) kami. Aplikasi berbasis web sederhana ini memungkinkan Anda mengkonsolidasikan pesanan dan eksekusi di beberapa tempat dan memantau aktivitas perdagangan secara real time. Anda dapat terhubung ke jumlah broker yang tidak terbatas melalui satu titik akses tanpa biaya. Brokereach juga bisa berfungsi sebagai layanan gratis untuk backup OMS atau backup EMS. Server aman kami dapat menyimpan data eksekusi perdagangan Anda secara rutin sepanjang hari termasuk posisi eksekusi dan residual. Ini memungkinkan Anda untuk dengan cepat melepas atau menyelesaikan perdagangan saat sistem perdagangan biasa Anda mengalami gangguan. Direct Market Access InfoReach menawarkan infrastruktur Direct Market Access (DMA) untuk menghubungkan sisi jual dengan tujuan perdagangan di seluruh dunia secara langsung atau melalui broker DMA. Klien OEMS kami juga dapat memperluas layanan DMA ke klien buy-side mereka sehingga memungkinkan mereka bersaing lebih efektif untuk bisnis. Dengan konektivitas yang siap ke sumber likuiditas global utama termasuk bursa, ECN, MTF, ATS, dealer FX dan bank, perusahaan penjual dapat meningkatkan tingkat layanan perdagangan yang mereka berikan kepada klien. Dan dengan teknologi perdagangan yang mendukung jenis pesanan khusus bursa, para pedagang dapat memperlancar manajemen pesanan dan memperbaiki pelaksanaan perdagangan. Direkayasa untuk perdagangan berkinerja tinggi yang andal Seperti semua teknologi InfoReach lainnya. Infrastruktur DMA kami secara khusus dirancang untuk mendukung latensi rendah, perdagangan dengan volume tinggi. Arsitektur fleksibel dan terukur kami dapat dikonfigurasi untuk mendukung persyaratan DMA global sistem algo berkecepatan tinggi dan throughput tinggi sampai pengelolaan dan pelaksanaan pesanan perusahaan. Dan beberapa lokasi bersama di pusat data strategis global memungkinkan kami memberi Anda akses pasar yang lebih cepat dan lebih efisien. Sebagai penyedia terpercaya teknologi perdagangan perusahaan independen sejak tahun 1995, InfoReach menawarkan keandalan dan layanan tak tertandingi yang dapat diandalkan perusahaan Anda untuk mengandalkan akses pasar langsung dari deployndash dan sponsor. Konektivitas Global FIX Dapatkan konektivitas berkinerja tinggi yang andal ke tujuan manapun di Jaringan Penukaran Informasi Keuangan global (FIX) dengan minimum waktu dan biaya. Jaringan Feline InfoReach (IFN) menyediakan konektivitas FIX ke sumber likuiditas global utama untuk ekuitas. pilihan. Berjangka. Forex. pendapatan tetap. Swap suku bunga Anda dapat mengakses bursa, ECN, MTF, ATS, kolam gelap, dealer dan bank FX, dan mitra lainnya melalui satu gerbang tunggal. Arsitektur unik kami untuk konektivitas Financial Information Exchange memastikan kinerja, keandalan, latensi dan throughput rendah yang superior. IFN dapat menangani volume pesanan yang sangat tinggi, memperbaiki dan mengeksekusi termasuk beberapa keranjang dari ribuan nama masing-masing. Model multi-hub yang khas menghilangkan kemacetan Jaringan hub and talk yang khas menyediakan konektivitas FIX melalui satu titik (hub) ke beberapa peserta perdagangan (jari-jari). Tapi karena SEMUA pesan dari SEMUA pihak pertama harus diterima dan diurai oleh hub bersama yang sama sebelum diarahkan ke tujuan yang sesuai, kemacetan dalam antrian pesan dan throughput biasa terjadi. Jaringan Financial Information Exchange menyediakan beberapa koneksi (hub) melalui gateway perantara individu. Peserta perdagangan dapat mengirim pesanan dan menerima eksekusi secara bersamaan, sehingga memastikan throughput yang lebih besar dan akses pasar global yang lebih cepat. Kenyamanan dan keandalan IFN menawarkan administrasi FIX lengkap, manajemen konektivitas dan 247 dukungan global. Semua disediakan oleh tim jaringan FIX berpengalaman yang mengurangi organisasi Anda dari beban kerja teknis dan beban tanggung jawab. Terlebih lagi, arsitektur sistem ketersediaan IFN yang tinggi, beberapa gateway dan infrastruktur jaringan yang berlebihan menjamin keandalan operasi perdagangan Anda. Ideal untuk perusahaan yang menginginkan manfaat infrastruktur dan konektivitas pesan FIX berperforma tinggi dengan harga terjangkau, InfoReach FIX Network tersedia untuk penyebaran segera. Untuk mempelajari lebih lanjut tentang konektivitas Financial Information Exchange kami, kunjungi InfoReach FIX Network. Algoritma eksekusi Kemampuan menjual sisi untuk memberikan algoritma eksekusi ke sisi pembelian pada waktu yang tepat merupakan komponen penting untuk bersaing dalam bisnis klien dan mendapatkan arus pesanan. Teknologi InfoReach dirancang sejak hari pertama untuk memungkinkan pengembangan dan pengguliran algoritma dengan tingkat efisiensi tertinggi. Untuk mulai dengan, OEMS kami mencakup seperangkat algoritma pra-bangun untuk strategi pelaksanaan yang populer. Dan kami menyediakan kode sumber sehingga klien dapat dengan mudah menyesuaikan dan menguji kembali algoritma. TMS Jual-Beli AreaR juga menawarkan lingkungan pengembangan kotak hitam untuk Anda buat, uji balik dan penggunaan strategi perdagangan eksklusif. Arsitektur skalabel memungkinkan Anda menjalankan beberapa strategi secara bersamaan dan menerapkannya di beberapa server di berbagai tujuan dan pusat data. Untuk low-latency, high-frequency trading (HFT). InfoReach menawarkan mesin algoritme HiFREQ kami. Anda bisa mengembangkan, menguji dan menyesuaikan algos untuk perdagangan ekuitas, futures, options dan foreign exchange dengan kapasitas throughput puluhan ribu pesanan per detik pada latency sub-milidetik. Untuk mempelajari lebih lanjut, kunjungi mesin algoritmik frekuensi tinggi. Selain itu, InfoReach menyediakan akses ke algoritme di beberapa kelas aset dari lebih dari 40 broker global dan penyedia pihak ketiga. Integrasi tanpa batas dengan OEMS kami memungkinkan para pedagang untuk segera menerapkan strategi untuk mendapatkan keuntungan dalam pasar yang berubah dengan cepat dan sangat kompetitif. Apapun solusi yang Anda pilih, teknologi InfoReach dapat menghemat waktu dan biaya pengembangan algos Anda sendiri dari bawah ke atas. Dan jaringan konektivitas rendah-latency kami dapat membantu memastikan kinerja eksekusi terbaik di pasar global hari ini. Pelajari lebih lanjut tentang algoritma eksekusi yang tersedia melalui platform trading InfoReach Analisis biaya transaksi Meningkatkan kualitas eksekusi, mengoptimalkan strategi perdagangan dan meningkatkan efisiensi operasional dengan analisis perdagangan interaktif dan Analisis Biaya Transaksi (TCA) yang meningkat. InfoReach Second Opinion adalah layanan independen yang mengintegrasikan analisis biaya transaksi pra-perdagangan dan historis dengan analisis real-time untuk membantu Anda mempertahankan alpha dan mengurangi biaya transaksi. Analisis pra- dan di-perdagangan memperkirakan biaya perdagangan dan dampak pasar untuk kondisi pasar saat ini. Format interaktif membantu pedagang dengan cepat memilih dan menyesuaikan strategi eksekusi berdasarkan perubahan saat-saat. Dan analisis pasca perdagangan menilai kinerja dan biaya eksekusi setelah sebuah perdagangan selesai. Opini Kedua juga menjelaskan pedagang waktu dan kebosanan saat menggunakan analisis pra-perdagangan untuk menyusun strategi pelaksanaan untuk keranjang dan portofolio besar. Ini bisa menjadi keuntungan besar saat berhadapan dengan portofolio seratus dan seribu instrumen. Proyeksi yang lebih akurat untuk pelaksanaan order real-time Opini Kedua berjalan satu langkah di luar perangkat lunak TCA yang khas dengan mempertimbangkan variabel perdagangan dan pasar real-time, termasuk volume, volatilitas dan tren pasar serta kemajuan pelaksanaan pesanan yang diinginkan. Berdasarkan kondisi pasar dan status eksekusi, ia memperkirakan perkiraan proyeksi dan memperbarui perkiraan perubahan yang signifikan. Pedagang kemudian bisa menyesuaikan jalannya eksekusi untuk residual trading sepanjang hari untuk mengejar alpha dan mengurangi risiko. Integrasi mulus dengan penyedia lain Opini Kedua hadir terintegrasi dengan platform trading InfoReach atau tersedia melalui API sebagai layanan broker-netral independen. Selain itu, ia dapat mengintegrasikan perangkat lunak TCA dari penyedia lain, yang memungkinkan Anda melihat dan membandingkan penilaian perdagangan dari berbagai sumber di satu layar. Pedagang dapat melihat analisis perdagangan langsung dari bahan baku perdagangan mereka atau komponen lain dari lingkungan perdagangan mereka. Untuk mengetahui bagaimana Opini Kedua dapat membantu Anda memperbaiki kualitas pelaksanaan perdagangan untuk instrumen dan portofolio individual, kunjungi Analisis biaya transaksiPerhatikan: Bagian 1 dari esai ini muncul di Contributoria yang berabad-abad. Ini diterbitkan dan dimodifikasi di sini di bawah lisensi Creative Commons. Bagian 1 (3500 Kata) A 900 juta mikrodetik primer pada perdagangan frekuensi tinggi Dalam waktu yang dibutuhkan Anda untuk membaca kalimat ini, algoritma frekuensi tinggi (HFT), terhubung ke bursa saham melalui infrastruktur perdagangan latency8221 yang kuat, dapat membuat , Mungkin, 1.000 perdagangan. Saya katakan mungkin, karena itu sangat tergantung pada berapa lama Anda berhenti sejenak pada koma yang saya masukkan ke dalam kalimat tersebut. Jika Anda memiliki individu dengan rasa hormat yang tinggi terhadap koma, Anda mungkin memberi kesempatan pada algoritma ini untuk memasukkan beberapa ratus pesanan lagi. Saya hanya menjelaskan hal ini. Itu berarti komputer yang dimiliki (atau disewakan) oleh perusahaan di suatu tempat dapat 1) mengisap data dari bursa saham, 2) memprosesnya melalui sistem aturan langkah demi langkah kode (algoritma) untuk membuat keputusan tentang apakah akan melakukan perdagangan atau tidak , 3) mengirim pesan kembali ke bursa dengan perintah untuk kepemilikan saham di sebuah perusahaan 8211 misalnya, perusahaan yang membuat mainan anak-anak 8211 4) mendapatkan pesanan yang telah dieksekusi dan dikonfirmasi, dan 5) ulangi ini mungkin 250 kali per detik . Yah, bisa lebih atau kurang dari itu, juga, dan sejujurnya, hanya sedikit orang yang tampaknya benar-benar tahu seberapa cepat mesin algoritmik ini berdagang. Tapi bahkan jika hanya bertransaksi 50 kali per detik, atau bahkan hanya 10 kali per detik, itu masih sangat tidak manusiawi dengan cepat. Setelah bekerja di pasar perdagangan keuangan 8211 meskipun di pasar swalayan over-the-counter yang jauh lebih lambat 8211 dan telah mengerjakan berbagai kampanye advokasi yang terkait dengan perdagangan keuangan, ini adalah topik yang mempesona saya. Tujuan dari bagian ini, bagaimanapun, tidak harus meyakinkan Anda apakah HFT adalah barang yang baik atau buruk. Sebaliknya, ini adalah untuk menyediakan beberapa bingkai untuk melihat fenomena tersebut, dan untuk memahami debat dan berita yang niscaya akan terus ditulis tentang hal itu di tahun-tahun mendatang. 1.1: Menempatkan HFT dalam konteks MANUSIA: SO SLOOOWWWW Ada suatu masa, di masa lalu yang jauh di tahun 1970an, ketika perdagangan bursa saham pada dasarnya adalah domain eksklusif aktor manusia. Entah itu investor jangka panjang yang berhati-hati yang membeli portofolio saham untuk dana pensiun, atau spekulan beli beli koloni dengan cepat, prosesnya selalu dibatasi oleh kecepatan pikiran manusia, dan waktu yang dibutuhkan untuk benar-benar Mengambil telepon dan melakukan pemesanan. Bahkan spekulan tercepat masih butuh beberapa menit untuk menyelesaikan perdagangan. Saat ini, ini tidak lagi terjadi. Pertemuan teknologi komputer, teknik pengkodean dan infrastruktur komunikasi telah memungkinkan pedagang untuk mengotomatisasi proses berpikir manusia dengan mengubahnya menjadi algoritma yang dapat dieksekusi dengan menggunakan sinar cahaya di kabel serat optik. Waktu yang dibutuhkan untuk menyelesaikan perdagangan telah menyusup ke ranah milidetik dan bahkan mikrodetik, seperseribu detik dan sepersejuta detik. Hal ini telah membawa kehidupan dunia perdagangan frekuensi tinggi yang surealis. Ini tidak pernah berkembang entah dari mana, sejak masa-masa awal perdagangan 8221 di tahun 80-an, secara bertahap semakin cepat dan cepat, tapi baru beberapa tahun terakhir orang mulai memperhatikannya. Secara khusus, ini muncul kedepan saat terjadi Flash Crash of 2010, ketika pasar saham AS secara tidak dapat dijelaskan jatuh dan kemudian melakukannya dengan sendirinya dalam beberapa menit, sebuah peristiwa yang banyak dikaitkan dengan algoritma HFT menjadi kacau. 1.2: Bagaimana perasaan saya terhadap hal ini, saya kira tidak tahu bagaimana perasaan Anda mengenai hal ini. Orang-orang secara rutin mengkhawatirkan hal-hal yang tidak berbahaya, dan secara rutin benar-benar tidak tahu akan hal-hal yang sangat berbahaya. Yang bisa kita katakan adalah bahwa bagi banyak orang biasa melakukan pekerjaan sehari-hari yang melibatkan kerja sebenarnya, konsep seorang pedagang robot membuat 100 perdagangan dalam waktu yang dibutuhkan mereka untuk menyesap secangkir teh. Mereka merasa tidak nyaman Praktiknya mungkin tampak tidak wajar, atau kompleks, atau di luar kendali, atau hanya aneh. Bahkan jika tampaknya tidak membahayakan, itu sulit untuk bahkan mengkonseptualisasikan apa adanya. Maksud saya, insinyur kedirgantaraan melakukan sesuatu yang cukup rumit dan saya tidak dapat memberi tahu Anda bagaimana mereka melakukannya secara teknis, tapi bagaimanapun saya mengerti apa yang mereka lakukan secara prinsip: Mereka merancang mesin terbang yang memungkinkan orang melakukan perjalanan jauh. Perancang algoritma perdagangan frekuensi tinggi, di sisi lain, melakukan apa yang sebenarnya Baik, kita tahu mereka menghasilkan uang, tapi biasanya orang menghasilkan uang dengan melakukan sesuatu yang memiliki nilai guna bagi masyarakat, seperti memasang pipa ke toilet atau merancang bisnis Anda. Kartu atau menyembelih sapi untuk membuat hamburger. Jika kita harus bertanya apa tujuan HFT di sisi lain, orang mungkin akan berhenti sebentar sebelum mencoba menjawabnya. Ketidakjelasan teknik dan tujuan secara alami menimbulkan kecurigaan bahwa ini hanyalah skema lain oleh elit keuangan yang membengkak untuk mengekstrak lebih banyak dari masyarakat. Atau tentu saja, bagi profesional keuangan yang bekerja di HFT, orang-orang yang panik tentang hal itu mungkin dipandang sedikit seperti petani takhayul dan bodoh yang tidak mengerti pasar. Mereka ingin orang menimpa perasaan intuitif bahwa ada sesuatu yang asing dengan HFT, dan hanya untuk bersantai: 8220Kami adalah ilmuwan, orang-orang rasionalis yang berhasrat keras, menghentikan omelan Anda yang tidak berdasar mengenai hal ini. Ini sangat alami. Kami tidak akan menghasilkan uang jika layanan kami tidak dapat digunakan oleh para ekonom pasar tertentu dan sering menambahkan kemarahan moral secara eksplisit: 8220Kami membantu pasar dengan menawarkan layanan likuiditas dan penemuan harga yang berharga. Jika Anda menghentikan kami, kalian semua akan menderita.8221 1.3: Perdagangan, perdagangan teknis, hingga perdagangan, sampai HFT Letsel mengambil langkah mundur, dan mencoba memasukkan aktivitas ini ke dalam konteks. Pasar keuangan seperti pasar saham memfasilitasi pembelian dan penjualan instrumen keuangan, yang merupakan kontrak yang memberi Anda hak untuk menerima pengembalian dari waktu ke waktu. Mereka cenderung menjadi tuan rumah pemain yang berbeda dengan cakrawala waktu yang berbeda. Di luar cincin Anda mendapatkan investor institusi besar seperti dana pensiun. Mereka tiba di pasar sesekali dan melakukan investasi besar, membeli sejumlah besar saham, seringkali dengan maksud untuk menahan mereka selama beberapa tahun. Then, in the inner rings, you get faster, more fickle, players 8211 we might call them traders 8211 who make money by jumping in and out of markets, like nimble sharks swimming between the slower pods of huge whales. Not all trading is the same though. If you want to conceptualise the road to high-frequency trading. Start by understanding the general concept of trading . Financial traders buy and sell financial instruments, such as shares in companies. They hope to buy at a lower price than they sell at, thereby making a profit. Now understand Technical Trading . Traders have different techniques of speculation. They may, for example, spend hours researching the records of a particular company to make assessments, a practice called fundamental trading. Alternatively, they may analyse the activities of other traders in a market to make decisions. This technical analysis of price, order and volume data generated by other traders leads to technical trading . Now imagine that automated into Algorithmic Trading . One might decide to automate the process of technical trading, such that an algorithm analyses an incoming stream of price, order and volume data and makes trades under certain conditions. We call this algorithmic trading. (note: its possible to make a distinction between algorithmic and automated trading, but for ease lets just assume these are the same) Then imagine that sped up into High-Frequency Trading . If you accelerate that process of automated algorithmic trading to extreme speeds, you are doing high-frequency trading. HFT is thus best initially thought of as very fast algorithmic trading . which itself is automated technical trading, which itself is a sub-branch of broader trading. It can be contrasted with, for example, slower, fundamental trading, which is what people like George Soros do (he and his analysts actually sit in a room and watch the world and then make big bets on it). Finally, remember that we can again contrast this entire world of trading with the world of long-term investing . which is what the big, slow pension funds do. To return to the earlier ecosystem analogy, then, HFT firms are kind of like piranhas among the sharks among the whales.NOTE: If you have enjoyed this so far, you might like my book 1.4: How to set up an HFT firm MUST. BE. FASTEST Different trading organisations might have slightly different reasons to engage in HFT. Some big banks, for example, use it as a tool to take a big order and fragment it into lots of small orders, like using a dispersion nozzle to turn a fire-hose jet into a fine market mist that people don8217t readily notice. Many HFT players, though, are pure short-term speculators, specialist proprietary trading firms and hedge funds. If you wanted to set one of these up, here are some things you8217d do. Firstly, get some start-up money - either your own or from some really rich people. Secondly, incorporate and capitalise a company (maybe set up a management company in London, where you actually sit and work, and then create a separate firm in the Cayman Islands that actually holds the money, and then draw up a contract that says that the London one works for the Cayman one). Then you hire some people, perhaps through a specialist recruitment agency, or perhaps by popping onto LinkedIn to search for HFT professionals. Maybe you8217d like to hire Steve. who knows how to make expensive HFT hardware work for you, or Fabio who can write you C code and build your software architecture. Mark here has almost nothing written on his profile, which suggests he works exclusively through headhunters, typical of ex-Cambridge, ex-Goldman Sachs employees. Offer this prime talent lots of money, and get them to design some algorithms. Start with the conceptual design and then get your C guy to code it for you. You might even want to patent your algorithms. or the systems architecture you8217ve designed. This isn8217t a pedantic technical article about the exact nature of HFT technology though. There are huge amounts of jargon-laden bumf and geeky discussions on the internet if you8217re really interested in the tech, but the essence of what you have to do is this: you must cut some kind of a deal with a brokerage firm and a stock exchange to get your awesome algorithm as close to the stock exchange as possible . You must minimise the physical distance between the computer your algorithm is in, and the computer that the exchange8217s order-matching system is in, so that the two can enter into an intense, light-speed dialogue with each other. There is a whole arcane technical sub-field around such low-latency direct market access infrastructure. Normally, if a person wants to buy or sell shares, they8217d have to go via a broker who is a member of the exchange they want to buy or sell shares on. That takes waaaaaaay too long for an HFT trader though. Screw that, you need to go directly into the heart of the exchange without passing through normal brokerage processes. Ideally, you want to find a way to directly co-locate with an exchange, which is a fancy way of saying you need to literally set up your computer in the room next to their computers. To sort out co-location, check out the services offered by NYSE. Nasdaq. London Stock Exchange. Eurex. CME and even the Johannesburg Stock Exchange. Here is the Toyko Stock Exchange describing the difference between its co-location area and its proximity area (both give you a 100-200v power source, but the co-location area has a greater cooling capacity of 8kVa, so you might want to use that if your algorithm is likely to make the computer melt). Here is a promotional video they made about it. The exchanges have a whole raft of 8220connectivity8221 services. Maybe this involves giving you nice high-spec cable and cooling systems, whilst also setting you up with premium data feeds. Needless to say, the whole array comes with an (initially) baffling array of jargon - a lot of it associated with the tech stack - but in the end it comes down to a pretty simple formula: You lease a computer next to the exchange. You install your algorithms into it. The exchange then sends your algorithms a big data feed through a cable, your algorithms process it and shoot orders back through the cable. And you try to design your rig so that it does this all faster than anyone else. Maybe you8217ll sit in an office a few kilometres away monitoring it all, building a newer version of your system. If you need help setting all this up, you can pick up some low-latency trading infrastructure support and consultancy from the likes of Sungard. Cisco. Algospan. Interactive Data. and Lato Networks. Otherwise, learn from the existing masters, the actual HFT firms that have already got this stuff down. Like most powerful, behind-the-scenes institutions, these firms often have obscure, unrecognised names and uninformative, slightly vague websites. Check out, for example, Virtu. ATD. KCG. Tradebot. Tradeworx. Liquid Capital. Chopper Trading. Citadel8217s Tactical Trading Fund. Tower Research and RGM . 1.5: Perfect the electronic Art of War PIMP MY ALGORITHM Now, it8217s not like these firms all use the same strategies. Some use statistical analysis and arbitrage of various sorts, while others operate exclusively in 8220market microstructure8221 strategies, which seem to involve knowing the intimate electronic guts of the exchange systems and how they can be, um, taken advantage of. One might engage in flash trading. which some argue is a form of legalised front-running. You might bludgeon markets with orders through 8221order stuffing 8243 (what HFT whistle-blower Dave Lauer calls a financial DDOS attack ). You may layer orders across a market like fairy dust, perhaps trying to incite outbreaks of 8221momentum ignition 8220, which appears to be a form of subtle market manipulation. Some have aggressive trading strategies aimed at proactively following trends and taking opportunities, while others might be more passive, like electronic Aikido -bots using minimal exertion of energy. It8217s worth taking a read of this piece by Irene Aldridge if you8217re interested in some of the strategies. This introduction here is also useful. As an aside, if you wish to get a feel for the language and spirit of the scene, it8217s always worth browsing the techie discussions of the professional finance quants on places like the Wilmott Forums. Such people are immersed in the nitty gritty of day-to-day finance and generally have a decent knowledge of this stuff. If you8217re game for grappling with jargon, check out a user like Quantumar, who likes to lay down a stream of financial cowboy speak (It doesn8217t matter if you don8217t understand it, but it8217s useful to mine these conversations for clues): 8220Most of HFT is a very simple speed game of arbitrage. They either arb cash vs futures markets or in equities they get hittaken in one ECN and sellbuy on somewhere else, either all or most of the money is made from a fraction of rebates in market making equities. Some few firms do milliseconds momentum trading, they realise someone is coming in with orders and they jump ahead of the orders (because they are faster to reach the market) they push the market one cent and sell back to the original buyer8230 They also use flash orders to jump ahead of big orders. Some also look into depth of book and try to trade as well. There are a few more strategies they use in equities. Also some firms look at options markets and arb the delta hedgers. Most of the strategies are not mathematical but related to microstructure of the markets8230 These shops are ultra high frequency shops, there could be up to millions of orders a day depending on how many markets and how actively they trade. They require mostly really good C skill sets, API connectivity knowledge on the software side. Hardware side they require really low level hardware knowledge such as bypassing the stack and tricking kernels. They also look for lanwan guys who can push data a few microseconds faster in the network. They use very expensive and specialised equipment. A simple switch that is decently fast costs 50K8230 All the data that is available to HF groups is available to all traders, the difference is they trade on that information before you can even receive it in your computer. How fast they can get it and react in the market is the difference. They are dealing with single-digit microsecond latencies in their networks and computers, not milliseconds.8221 1.6: The (narrow) academic debate Away from all the Youtube video explanations. journalistic reporting and forum discussions on HFT, there is obviously also a body of academic research. If you8217re looking for robust arguments rather than Quantumar8217s gunslinging 82208217let me tell you how it is8221 street-smarts, the research-oriented individual might browse the academic journals. There is research emerging from finance and economics departments, unsurprisingly, but also from a few other disciplines. A friend of mine who teaches university-level finance noted that a potential problem in HFT research is that researchers rely on HFT firms to give them data and hence are always at risk of being intellectually captured by the firms they rely upon, perhaps even engaging in forms of self-censorship. To add to that, the research often seems to try be as dry and technical as possible it sounds like it emerges in a world without politics, culture or history, or, for that matter, actual people, making it deathly dull and hard to read. The research questions are narrow, with an obsessive focus on questions like HFT8217s impact on liquidity and price discovery . In essence, liquidity refers to how easy it is to trade. If I arrive in a market and I8217m immediately able to sell or buy, there is high liquidity. If, on the other hand, it takes me a long time to buy or sell, there is low liquidity. Some of the debate around HFT and liquidity concerns whether HFT adds to, or just absorbs, liquidity. In other words, do HFT firms, on net, help other participants to trade more easily, or do they get in the way This debate includes questions of whether the liquidity they might offer is real or not. For example, the robot traders may constantly signal that they8217re willing to trade, and then run away. Price discovery is a somewhat fetishised term for the process whereby the apparently correct price for something is figured out through a group of market participants 1) reacting to information by 2) placing buy and sell orders that are 3) mediated through some market infrastructure. So if it8217s announced that a firm is about to go bankrupt and the stock price suddenly rockets upwards, it8217s likely that something has gone wrong with the price discovery process. The question is, does HFT help reveal the true sentiment in a market, or does it just cause instability and weird anomalies like the Flash Crash There is also an emergent body of research on whether what HFT firms do is legal, or constitutes some form of market manipulation or 8220front-running8221 at the expense of other market participants. And, finally, we are starting to see a trickle of articles about the human dimensions of HFT, the actual people who run these operations, the politics of it all, the anthropology and how it reflects the broader trajectory of the global economy. at a later date I will hopefully update this with a proper database of this research 1.7: Research, and lobbying, informs a regulatory debate PRESENT YOUR IMPARTIAL EVIDENCE Much of the news on HFT is about the political battles and the threats of regulators to clamp down on it. Theoretically, the regulatory debate is supposed to be informed by the academic research, but of course we might also suspect that the regulatory debates are equally informed by lobbying . Lobbying itself often takes the form of groups picking particular academic research pieces to showcase to regulators. The Modern Markets Initiative. for example, has curated a heartwarming selection of friendly research articles to back up its claim that HFT creates a market utopia that 8220saves individual investors8217 money by lowering the cost of trades8221 and that it 8220democratises today8217s marketplace8221. When not getting spammed by such transparently self-serving groups, the regulatory bodies have been putting a fair amount of research into this themselves, churning out papers and briefings. They might also receive submissions from those firms and reforms groups that are on the warpath against HFT. This includes groups like Themis Trading. who, in the words of author Michael Lewis, have 8220done more than anyone to explain and publicise the predation in the new stock market8221 (see their extensive collection of critical HFT research ). Other critics include data provider Nanex and the aforementioned David Lauer. There is also a whole raft of renegade financial pundits from the financial blogosphere who speak out against it. Types of regulations that are being suggested include taxation of HFT (something along the lines of a financial transaction tax), and regulations concerning the speed of trading, the order size, and order-to-trade ratio (how many orders a trader can put in, relative to how many times they actually trade). These debates are at various stages in the US, the EU and Asia. Take a look, for example, at the German High-Frequency Trading Act . Incidentally, it8217s worth looking at the dynamics of similar regulatory battles over commodity market speculation. Commodity exchanges like CME Group pointed to a single study by a dude at the University of Illinois to argue for why speculation didn8217t negatively destabilise commodity prices, despite the fact that many other studies argued it did. HFT firms, like commodity trading firms, take advantage of the complexity of the situation and slowness of regulators. They implicitly take the position that 8220until it8217s proven wrong, it8217s right8221, rather than 8220until it8217s proven right, we should take precautions8221. NOTE: If youd like to support my ongoing Creative Commons writing, please consider buying me a virtual beer PART 2 (4500 words) Five frames through which to view HFT WHAT DO YOU WANT TO SEE To some extent, I am indifferent as to whether or not HFT disrupts markets. Partly this is because I don8217t take markets to be some kind of holy construct that obviously serve humankind, and that thus cannot be defiled. I mean markets have long been institutions of systematised abuse, where those with more power can use the apparently apolitical act of exchange to extract advantage. But, let8217s for a moment imagine that market infrastructures do generate some kind of mysterious holy force that always makes society better off. What exactly does HFT do to help this Well, the refrain from the proponents is that HFT facilitates liquidity in markets for financial instruments. This statement comes complemented by wrath-of-god like warnings about what will happen if this liquidity is reduced. If you allow liquidity to go down, your grandmothers pension will suffer Goddamn LIQUIDITY is always trotted out like it8217s the greatest service to humankind since fire was invented. Now, I don8217t like to be (too) judgmental, but in the grand scale of societal injustices, 8216slightly lower liquidity in Microsoft shares8217 barely ranks, and in the grand scale of human achievements, 8216slightly higher liquidity in Microsoft shares8217 barely ranks either. It8217s not like the creator of the algorithm has invented a new way to harvest energy from lightning bolts. And certainly, using your university degree in advanced computing to contribute to microscopically more accurate 8216price discovery8217 doesn8217t mean you get to go down in the grand book of human virtue. But of course, this whole appeal to morality from the lobbyists is obviously completely disingenuous. It8217s not like people are getting jobs in HFT firms because theyre possessed with an evangelical desire to improve liquidity to help pensioners. Creating an epic light-speed infrastructure array to exploit microscopic price discrepancies has got about as much to do with helping pensioners as Formula 1 racing has to do with improving transportation for the elderly. 2.1: The unstoppable progress of rational agents without agency WERE INDEPENDENT AGENTS, RESPONDING RATIONALLY TO INCENTIVES Regardless of appeals to the morality of HFT, there is another more subtle line. Note the name of the aforementioned pro-HFT lobby group 8211 The Modern Markets Initiative . The name is a deliberate attempt to paint anyone who is concerned about HFT as an enemy of modern progress, standing in the way of the inevitable triumph of a more efficient, rational world. The tech-as-progress dogma is widely entrenched in our society, like a hard-to-remove piece of social malware that disarms peoples critical impulses. The luddite impulse is ridiculed, rather than celebrated as a healthy skepticism towards tools of the powerful. But this tech fetishism becomes even more entrenched when it meets with the mainstream economics belief in the virtue and inevitability of rational economic agents pursuing self-interest . It8217s here that the dual utopian visions of tech-as-unstoppable-progress and markets-as-unstoppable-progress merge into one stream. If the technology can be built, and provided that some kind of profit can be made by entrepreneurs taking the short-term opportunity to build it, an inertia sets in, an imagined inability to stop the 8216progress8217, regardless of whether it is actually useful in the long term or not. Attempting to stand in the way of such a stream of individual actions is seen as futile, and even unjust, like trying to stop a river flowing down a hill. Indeed, this is part of the implicit background thinking that leads to terms like 8216arms race8217 being used to describe the development of HFT (and other technologies). If one entrepreneur doesn8217t do it, another will . Ever heard a tech person saying you cannot stop technology There is a deep irony to this vision. Above all, there is a distinct lack of agency projected when people insist that 8216this cannot be stopped8217, but it gets coupled with a vision of thousands of entrepreneurs all individually impelled through 8216agency8217 towards something that will occur regardless of whether they choose to make it occur or not. In other words, a kind of agency towards executing a preordained plan. This vision of the rational-agent-without-agency is something that plagues much mainstream thinking on economics, a strange blend of extolling the virtue of the risk-taking individual whilst simultaneously asserting that they8217re irrelevant, mere puppets acting out the will of 8216the market8217. Here, for example, is big-shot venture capitalist Mark Cuban explaining his take on HFT: 8216If you know the game is rigged and that it is legal to participate in this rigged game, would you do everything possible to participate if you could Of course you would . Its a statement dripping in contradictory ambiguity, a vision of independent agents acting like pre-programmed robots that have to abide by some imagined law of economics. MUST.PARTICIPATE.IN.RIGGED.GAME. In reply Id say: No Mark, I am not a character out of an Econ 101 textbook. I am perfectly capable of overriding the impulse to play the rigged game, and to decide to not play it. In saying it is inevitable, you8217re just trying to justify your own inability to do that. The problem, though, is that provided enough people think like Mark, the inertia continues to be presented as natural . a collective action problem portrayed as a liberator of previously unrealised human potential. 2.2: Automation: People create robots to crunch (big) data GOOD DOG, GO FETCH To be one of the aforementioned economic agents in the HFT space, you need to master three things. Firstly, you need to master the physical hardware: the actual wires, cables and microwave towers. Then, you must be able to master the data streams travelling through those wires, to collect it and arrange it in an efficient manner. Then you must be master of the algorithm that knows what to do based on that data. The algorithm is your automated avatar in the marketplace, 8216thinking8217 and acting on your behalf. Your algos must work with lots of data, but it8217s worth noting that not everyone perceives HFT as a realm of 8216big data8217. The hype around big data, to some extent, concerns the growing capability to do real-time processing of huge dams of data (like modelling of climate on supercomputers), but 8216real-time8217 doesn8217t necessarily mean microsecond-level speed. It makes no difference whether it takes you 5 minutes or 20 microseconds to know a hurricane is forming. Much HFT, on the other hand, is more about brute reaction time to a high pressure hose of data, rather than a dam. That said, being able to react at microsecond speed to colossal dams of data is emerging. The HFT company Tradebot (based in this building in Kansas City), has been known to trade a billion shares in one day, making millions of individual trades. In their own words, 8220Market data changes trigger our system to produce new orders in a few hundred nanoseconds. We collect and analyze billions of data rows to find the edge. Our Hadoop cluster is over two petabytes.8221 A Hadoop cluster is an array for holding massive amounts of data, and two petabytes is 2 million gigabytes. How many gigabytes is your computer Regardless of whether all HFT strategies should be considered a realm of Big Data, HFT is a subset of the broader realm of algorithmic trading, which is on the cutting edge of financial data science more generally. To create financial algorithms often first involves 8216back-testing8217 potential algorithms on huge banks of historical market data, essentially engaging in 8220what if I8217d done this between 1980 and the present8221 time-travel exercises. If you find an algo that seems to work on past data, you can crystalise it, then send it to work on real-time data in the present. John Fawcett of Quantopian notes with a certain amount of joy how automated algorithms 8220remove human emotion and bias from trading decisions8221, opening up a brave new world of emotionless finance. You use statistical back-testing to find the most 8216rational8217 strategy, then lock it in a hard-coded shell that 8220never falls prey to sentimental pitfalls8221. You too can now isolate and strip away your emotion from your rationality, automating your rational self in the form of your very own algorithm that you can keep like a pet, or a slave, to do things for you. 2.3: Automation: Robots create (big) data to crunch people NETWORK, OR SPIDERS WEB We tend to understand the concept of actively using technology to achieve certain ends (exercising agency), but we find it harder to conceptualise the potential loss of agency that technology can bring. It8217s a phenomenon perhaps best demonstrated with email . I can use email to exercise my agency in this world, to send messages that make things happen. At the same time, it8217s not like I truly have the option to not use email. In fact, if I did not have an email account, I would be severely disabled. There is a contradiction at play: The email empowers me, whilst simultaneously threatening me with disempowerment if I refuse to use it. In HFT and algorithmic trading more generally, we have a range of disparate players each individually working on building little pieces of the infrastructure and single algorithms that they control. When we zoom out though, we might see the outlines of something bigger. While individual algorithms appear as isolated, individual slaves to creative masters, the collective array of algos can begin to seem like a spiders web displaying emergent properties that are not under the control of any particular human master. Or, lets put it this way: Traditional sci-fi depictions of artificial intelligence always show an individual mad genius building and unleashing an overlord computer that then kind of behaves like a hyper-powerful human. In reality, if an overlord technological system was to be built, it would not be a single computer, and neither would it be built by a single mad genius, and it wouldnt really look or feel anything like a human. It would be an interwoven mesh of technology, brought to life by individuals who never explicitly designed it, with no obvious human face or interface. In reality we already see these emergent forms all around us, but are not well trained to recognise them. They emerge whenever humans 8216lock themselves in8217 to reliance on a technological infrastructure, and lock themselves in to a point where they cannot pull back out due to the interconnections and dependencies that subsequently emerge. Those infrastructures then, have a certain power over society, even though their individual nodes may be under the control of particular people. I have previously referred to this concept 8211 albeit in a different context 8211 as the Techno-Leviathan. technological infrastructures that seem passive and neutral but that contain a kind of latent organising force over the people who seemingly contract into using them. So, the question to ponder is whether, when viewed collectively . we might begin to imagine the high speed mesh of individual algorithms as resembling one a giant robot, brought to life by hapless human agents-without-agency, all believing themselves to be shit-hot independent gunslingers of the market, but actually just a disconnected workforce for an emergent AI. Or at least that8217s what Stephen Hawking might argue . Even if you dont buy that abstract concept, we might look into the more concrete realm of individual algorithms to see the shifting power dynamics: there is much excitement about 8216machine-learning8217, the creation of self-teaching algorithms that seek constant enlightenment and self-improvement, creating their own personalities. Artificial intelligence is not just being able to process stuff, it8217s the ability to learn. Indeed, the FT8217s Sally Davies notes that 8220GFT, which works with big global investment banks, has partnered with Massive Analytic, a big data start-up, to develop trading software based on 8220artificial precognition8221. Even if it doesnt end up in the realm of Minority Report, it stands to be a total mindfuck for regulators. 2.4: Disconnected boys with dangerous toys NERD CULTURE MEETS JOCK CULTURE Having detoured into the possibilities for an emergent rise of the machines, we might go back down to earth and look into the human world of HFT. Who are the individual people involved, and what are the cultural dynamics Obviously there are many different types of people involved in HFT. Im sure many of them are lovely, but the last algo trader-boy I met was a guy from Ronin Capital who happened to be one of the most condescending assholes I8217ve experienced in a while, coming packaged with one of those heavy-set wrist-watches and a shirt with expensive fibres, both marking out a rising member of the financial elite. He spent a lot of time in the gym, because you dont develop big muscles from sitting behind a computer. This seemed to fit quite well with the pseudo Samurai aesthetic of his firm. If you enter Ronin8217s website, there are gong sounds and pictures of swords, as if the traders behind the interface of the computers want to imagine themselves engaged in hand-to-hand combat with a vicious opponent that could actually kill them. Of course, given that they are probably educated at elite universities, it is unlikely that they8217ve ever had any exposure to actual bodily harm, and probably never will. This is a dynamic in the financial sector more broadly: highly educated people, frequently male, induced into believing they8217re engaged in some kind of mortal combat, despite the fact that they8217re surrounded with abundant opportunities and money, and despite the fact that they8217re sitting in an air-conditioned office at a computer engaged in nothing remotely like combat or physical hardship. This pseudo-battle is perhaps best exemplified by TradeBot, who without a trace of irony state that: The stock market is tough. It owes us nothing. It punishes our mistakes. Others have more money, more power, more connections. We are underdogs. We keep learning. We innovate. Every day is a new fight. Technology is our weapon. We make millions of small trades. We cut losses. We identify opportunities. We focus. The market can be beaten. We love the game. When assessing these banal market-as-mortal-combat statements, I like to use the WWII Grandfather Test . which involves me asking myself what my grandfather would say about it. He was a bomber pilot during WWII and got shot down over Germany, crash-landing a flaming heap of metal on the coastline after probably killing a lot of people with incendiary bombs. Ask your granddad: what do you think about Tradebot8217s battle with the 8216the market8217 I don8217t know about your granddad, but I like to think mine would have said, 8216I have no bloody idea what they are doing, but I know it has no connection to real people living in real places8217 . Seriously Tradebot, if you really think you8217re so tough, go do some shipbreaking in Bangladesh. and you8217ll quickly discover that an actual battle isn8217t a 8216game8217. Indeed, you can always sense something is a realm of cushioned elites when the language is all about 8216players8217 jostling with each other. Sports and games are simulacrums of combat, not actual combat. You only perceive the real world as a 8216game8217 when you8217re in certain types of environments that provide a big cushion to protect you 8211 like an elite, global city, for example. There is a particular urban geography to these infantile computer games. When one is sitting in a nice modern city full of other fairly superficial activities, things like HFT gain a certain legitimacy. They are creatures of urban, tech-centric society, where couches, excel-spreadsheets and lattes abound. It8217s only in such a setting that you can imagine grown adults bickering with each other over the meterage of cable connecting them to a stock exchange. Imagine the furious exec shouting at the co-location manager, 8216Our cable is a metre longer than Tradebot8217s cable, why the fuck did you allow that We8217ve lost a nanosecond8217 It8217s kind of embarrassingly juvenile when you stand back a moment, look through granddad8217s eyes, and watch a serious-faced discussion about whether C or Java will achieve the holy grail of zero latency. We8217re not talking about old-school realpolitik here, where some tycoon is battling another tycoon for control of some vast mining territory. Regardless of whether HFT is damaging or not, its just kind of. um. lame. 2.5: HFT and the financialisation of meaningless noise AS YOU CAN SEE, OUR PRODUCT CAPTURES MEANINGFUL MARKET MOVEMENTS 8216Financialisation8217 is a term laden with various interpretations, but it tends to refer to the increasing importance of the financial sector in overall economic life, the infusion of financial sector norms and morality into everyday culture, and the process by which previously uncommoditised things get turned into financial products that can be traded on financial markets. That8217s a pretty broad description, so I prefer to initially think of financialisation as the end result of things being made 1) ownable 2) investable and 3) tradable. The greater the intensity and extent of these elements, the greater the degree of financialisation of that thing. Ownable means the thing can be claimed by someone, and that they can exclude others from its use. 8216Ownability8217 relies on being able to isolate and separate something off from things around it. For example, the enclosure movement involved turning land into demarcated parcels that could be separated from each other and privately owned Investable means turning the thing owned into an asset that delivers returns over time. While a piece of land might be something that you can own, and have an emotional connection too, you might begin to view it as an asset when it is used to produce yields over time. It might be perceived as a generic investment, rather than a piece of land with a particular history and life Tradable means that asset can be passed on to others Still, moving land from person to person is slow and personal. Land only really gets financialised with it is turned into a generic 8216asset class8217 that disconnected investors can quickly buy into or out of. So, imagine a financialisation process in this sequence: I own a farm. I can use it to make food I own a share in my neighbour8217s farm. I can claim a portion of the produce I own a share in a small private farming company. I get annual monetary dividends and read the reports I own a share in a large publicly traded farming corporation. I get monetary dividends and can sell my shares to others at any point on the stock exchange I own a share in a huge agriculture exchange-traded fund (ETF) that owns shares of farming corporations all over the world I own a share in a hedge fund that rapidly trades a portfolio of such ETFs, and bets on such ETFs via derivatives We might say that financialisation is the creeping process by which new frontiers of ownership are isolated, and turned into investable products that a wide, disconnected range of dispassionate investors can emotionlessly slide into and trade with each other. The more distant you are from the thing you8217re invested in, and the easier it is to trade, and the faster the trading, the more disconnection you can experience. But, there is a point when the speed of trading hits a tipping point, and takes you into a realm that is no longer about the farm, or anything real for that matter, at all . This is where HFT take us. While it ostensibly seems to be about the trading of shares on stock-markets (and other things like currencies), in reality HFT has nothing to do with shares. The 8216thing8217, or object that is being traded is not actually a financial instrument, but rather it is the microscopic tremblings of a financial instrument. This is a subtle point to convey. Much normal speculative trading is done fast, with a trader quickly buying something and then trying to sell it to someone else. Nevertheless, there is always a sense of a thing being manipulated in some way. Just like when you are flipping a hot potato, there is always a brief moment of being invested in the heat of the real world, even if fleeting, and there is always some residual awareness that there is some reality to the thing. In the case of a BP share, for example, the share has a reality based the fact that it is a legal claim upon what BP owns. It is thus directly connected to the real world outlook of those oil fields and pipelines. We call traders who make assessments of that reality fundamental traders: They might say I think OPEC is going to decrease supply and thereby boost the price of oil, and thereby boost BPs profit. I will therefore buy this BP share that allows me to benefit from any perceived increase in the value of BP8217s collective assets. The actions of such fundamental traders give rise to a second-degree reality that is exploited by traders who watch the data they generate. We call this technical trading. Such traders may say Market data suggests that a lot of people are currently buying BP shares. I am going to ride with this sentiment. Both of these techniques rely on a type of sentience, an awareness of some external reality and an ability to reason about it. In the case of fundamental trading, its the awareness about some new development in the world of oil. In the case of technical trading, its the awareness of some new trend that is developing among other traders. For something to contain meaning, in the human sense of the word, it should be something that is open to human experience . There are many things that are not open to human experience - for example, perceiving radio waves - and in a sense that takes them out of the realm of meaning. Sure, we can use instruments to detect radiowaves, and try make meaning out of the resultant observations, but radio waves cannot ever really mean anything to us in their raw state. The key thing about a radiowave though, is that its existence does not depend upon human observation. It exists regardless of whether you can perceive it or not. A share is nothing like this. A share, by definition, is a politically constructed claim on a politically constructed company that is run by humans, doing things that are perceivable by humans. Its value does not exist outside of human assessment of how well that is being done, and there is no hidden reality to a company that operates outside the realm of human experience. We cannot say something like well, we cannot see BP, but we know it exists through experiments at CERN . BP, unlike radio-waves, has no microsecond reality. In other words, nothing can meaningfully change in such a legally constructed entity in the imperceptible space of microseconds. Thus, when you in fact do dip into the realm of microseconds, it is highly implausible that an automated trading algorithm is actually being exposed to external 8216outside information8217 that has anything to do with either BPs operations, or observation of an emergent trend in people trading BP shares. At that level, all youre doing is highly precise arbitrage activities in microscopic inconsistencies in peoples perceptions, or perceptions of perceptions, of reality. The activity going on at the molecular microsecond level is by definition, not about the thing being traded. The sheer emotional disconnection engendered by the technological medium, combined with the sheer speed means that this certainly cannot be thought of as trading in things at all. This is the isolation of, and subsequent trading of microscopic, subconscious instability. It is the financialisation of meaningless noise, something that previously wasnt subjected to commodification. The algos have an internal world, like the internal world we see in those electron microscope pictures where tiny, imperceptible flakes of dust appears as a whole landscape with valleys and hills. From the perspective of an atom, that world means a lot, but from the perspective of humans, the internal contours of a speck of dust are irrelevant and meaningless. Likewise, at microsecond level, you8217re trading meaninglessness. In closing: Parasitic algorithmic surrealism One common problem in thinking about HFT, though, is that people8217s minds run away with them. They feel panicked by how alien it seems, having visions of extreme market meltdown as rogue algorithms run everything in a giant psychedelic orgy of routers. Its worth taking a breath before stressing out too much. While it8217s true that the algorithms might exist in serene, unreal bubbles, at some point they are constrained by the reality of the world. Take, for example, the Flash Crash. It was a momentary breach where rogue algorithms painted a warped picture of reality, but minutes later the real world kicked back in and the algos had their collective wills bent back. If Wallmart goes bankrupt, the value of a Wallmart share will tank, and if an algorithm says otherwise, it will be crushed by the legal reality that the shareholders of Wallmart are going to get blasted out of the water. There are probably limits on how much HFT can proliferate. I mean, a parasite relies upon an ecosystem to survive, and in the end, HFT algos have to feed off something. In this case, it8217s probably the big institutional investors - the whales that make up the baseload order flow of the market - that host the HFT parasite. The question is not so much whether HFTs can 8216take over8217 a market, but rather whether they disrupt it, exert a new cost on it, or otherwise cause a nuisance. (of course, if youre an industry lobbyist, you might alternatively suggest that they 8216offer useful services8217 and improve the ecosystem) To me, though, the really interesting question about HFT is not this banal fixation on whether it disrupts markets or not. Its the cultural and political elements. Its how such a ridiculous thing can be viewed as legitimate . And, its the sheer physicality of it, the fact that it appears ephermeral yet relies upon huge real world infrastructure to engage in the essentially meaningless activity. And, it is the geography. Its a technology set that attempts to eliminate distance and time, but perception of distance and time are two main components of a sense of difference between places. Eliminate the sense of distance and the time it takes to get there, and you can create the homogenising illusion of being in many places at once simultaneously. The computer interface at a global HFT firm, presiding over multiple global markets, is an agent of bland homogenisation. Above all, though, HFT is an agent of financial surrealism. We make electricity by burning real fossil fuels dredged out of the Niger Delta, and then waste that running servers doing something that cannot even be represented. Serious-faced men have serious-faced meetings about it, but they might just as well be wearing pink unicorn outfits in a Neverland dream. Seriously, WTF are you doing Further reading: People to follow for up-to-date HFT info And finally. These pieces take me ages to write, so if youd like to support my ongoing Creative Commons writing, please consider buying me a virtual beer. Cheers The funny bit about this statement: quotI mean, aerospace engineers do something that8217s pretty complex and I can8217t tell you how they technically do it, but I nevertheless understand what they do in principlequot Is that computers design the flying machines now, and engineers direct the machines which design them. This is a decent overview: aero.stanford.edureportsvkievolutionarykrooa.pdf I39m sure they do Mason. My point here wasn39t so much whether or not computers are involved in aerospace engineering, but rather the fact that we have an intuitive grasp of the end goal of aerospace engineering (which we often don39t have with HFT) Well written and you make some thought-provoking points at the end. I don39t think your understanding of automated trading is particularly nuanced (I run a trading firm) but it does not necessarily detract from your point. Keep in mind that these trading firms are able to make money because there are eager and willing counterparties looking to trade. If you want to argue that the world would be better off if all this short term trading could be somehow abolished, I could be persuaded to agree. Unfortunately no one involved (the buyers -- or more likely agents thereof -- or the sellers, in this market for instantaneous liquidity) are particularly interested in that scenario. Best Introduction of High Frequency trading I have ever read. Great article. Paul Great piece, thanks Would just question your claim about there being no legal or political reality in the microsecond realm. We can make authority over any social category rest with whatever we like, even if that state of affairs is never observed.high frequency accusing a former employee of using Goldman Sachss high-frequency trading program to build the platform for a competitors high-frequency program). The report examines the facts about high-frequency trading (HFT) in foreign exchange (FX), including its definition, effect on other market participants, behaviour in normal and stressed times, and key differences compared with HFT in equities. Since then, technology has accelerated, with high-frequency trading platforms ramping up the speed to milliseconds and more recently to microseconds. High-frequency trading adds liquidity, speeds execution and narrows spreads. These investors want access to low-latency algorithmic and high-frequency trading strategies across multiple asset classes. While PR Newswire had previously declined to provide its primary direct data feed to high-frequency traders, todays agreement turns that practice into a formal policy at the company, and requires PR Newswires customers to certify annually that the direct data feeds they receive will not be used for high-frequency trading . Edgar Perez, author of The Speed Traders, will conduct the most thorough review of high-frequency trading at his upcoming The Speed Traders Workshop 2012 Mexico City: How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX, July 27 ( Moreover, the demand for low-latency connectivity and proximity hosting services is rapidly growing in Asia as the adoption of high-frequency trading (HFT) strategies increases. The Speed Traders Workshop 2012 DVD Video Package reveals how high-frequency trading players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds from the U. NASDAQ: AVNW), a leading expert in microwave networking solutions, announced today that it has reached an agreement with McKay Brothers, LLC, a leading provider of low-latency private carrier services to High-Frequency Trading (HFT) firms, to deliver low-latency wireless transport equipment and services for McKay Brother s microwave network connecting Chicago and New York City financial centers. Trading firms looking to execute high-frequency trading strategies (HFT) on U. 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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