High Frequency Trading
I made my annual pilgrimage to the City of London earlier this week, in order to attend the 2016 FIX Protocol EMEA Trading Conference at Old Billingsgate. The first thing on my agenda was the keynote speech by Vince Cable, who according to his billing:
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I attended the 2015 FIX Trading Community EMEA Trading Conference yesterday at Old Billingsgate in London yesterday. You'll hear more from me about all that in due course, because I'm under strict instructions to "quote check" with assorted speakers before pressing the "Publish" button! However I am able to reveal that I bumped into Kevin Houstoun, Chairman of Rapid Addition, at the post conference "cocktail party". Kevin pointed me at his work on the UK Government's Foresight Review on the Future of Computer Trading in Financial Markets. Here's an overview of that project:
Regular readers of the Trading Gurus blog will be aware that we have been pondering the possible effects of additional regulation on markets on both sides of the Atlantic for some considerable time now. In this guest post Alex Krishtop of Edgesense Solutions speculates about what the future holds for the world's financial markets. In our view Alex's crystal ball is much clearer than those of the vast majority of market commentators.
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In a press release today Argon Design from Cambridge in the UK have announced what they describe as:
A high performance trading system using a heterogeneous mix of technologies to minimize trading latency.
The mix of technologies is provided by their use of the Arista Networks 7124FX application switch which:
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We've previously discussed a variety of academic and political views on the costs and/or benefits of high frequency trading here on the Trading Gurus blog. If that type of thing is of interest to you as well then you might want to wander over to The Economist, where a "virtual debate" is currently taking place on the topic of "This house believes that high-frequency trading contributes to the overall quality of markets".
My attention has recently been drawn to an academic research paper entitled High Frequency Trading and The New-Market Makers. The author, who is from the VU University in Amsterdam, investigates the connection between high frequency trading and the emergence of new exchanges here in Europe:
That prescient title is a quotation from a presentation given by Professor Dave Cliff of the University of Bristol at the Innovation and Algorithmic Trading conference hosted by LMAX at University College London at the end of February. I was sat at the front throughout Dave's talk, and I found myself laughing frequently. Perhaps for that very reason any shots of the back of my head have been left on the cutting room floor in the videos that have just been made available on the LMAX Trader community website. Here's Dave's extremely interesting and even more amusing presentation from that event on the subject of "Robot traders and evolving markets":
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The BBC reports this morning that Lord Myners, the UK "City minister" and former head of fund manager Gartmore, has his doubts about the development of high-frequency trading (or HFT for short). He told the BBC that: