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The Trading Mesh

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GMEX – going to eleven?

February 27, 2015 by Fidessa   Comments (0)           

This article was originally published at the Fidessa blog, and is reproduced here with permission. By Steve Grob

The announcement that new derivatives exchange GMEX has received investment from SocGen reopened the debate here as to the future of rates trading and who the likely winners are going to be. Reliable data is hard to come by on exactly what is happening to OTC volumes and where they are going. Such evidence as does exist seems to show asteady increase in...

The Seven Pillars of Market Surveillance 2.0: Pillar #1

February 26, 2015 by Software AG   Comments (0)           

By Theo Hildyard 
In the first of a blog series outlining the Seven Pillars of Market Surveillance, we investigate the need for Market Surveillance 2.0 – a new set of requirements that will act as a kind of crystal ball that can help us to anticipate and prevent anomalous behaviors before they have any impact on the market. 
Financial markets scandals such as manipulation of the LIBOR rate and FX fixing prices, to the Flash Crash that wiped a trillion dollars off the US stock...

My HFT Trading Story: LOKESH MADAN.

February 24, 2015 by Lokesh Madan   Comments (0)           

My HFT Trading Story: LOKESH MADAN.
 

For me, having 15 Years experienced HFT & Quant Based Solutions & Fund management person, which I also enjoyed immensely, the market offered an opportunity to test myself and to prove I could generate economic profits for clients. A harsh meritocracy also has its advantages if you enjoy the daily challenge.

 

The majority of the managers that I have met have a sarcastic and self-deprecatory sense of humors and a...

Picking the right memory for your FPGA trading platform

February 17, 2015 by Cypress Semiconductors   Comments (0)           

By: Abhimanyu Vyas, Cypress Semiconductors
The last few years in algo-trading markets have seen the development of lower-latency solutions using custom hardware like FPGA solutions. FPGAs provide vast concurrent resources which can be configured to drastically reduce round trip trade latency compared to software based solutions. They are programmed to be self sufficient to process applications like data acquisition, risk matching and order processing. With Altera Arria-10 and Xilinx Ultrascale...

Best Execution – does it really have to be so hard?

February 13, 2015 by Software AG   Comments (0)           

By Nigel Farmer

It is over seven years since MiFID was introduced into the European markets, bringing with it the obligation for investment firms to ensure ‘best execution’ for their clients. Now, with MiFID II fast approaching, and as firms re-evaluate their policies and procedures, this is probably a good time to assess the current landscape in terms of what is working and what isn’t.

Unfortunately, the picture is not particularly encouraging.

According to a...

Quants: (Big) Data Whisperers

February 10, 2015 by Steve Wilcockson   Comments (0)           

Quants are interesting people. Their presence spans both new and old analytics systems, architectures and cultures. Once hailed “masters of the universe”, quants apply mathematics to drive economic growth. They help create liquidity through derivatives, trade efficiently, manage portfolios systematically and assist the financial sector in risk management. Two events have disrupted their world.
First, there was the Global Financial Crisis. A heady mix of toxic derivatives,...

BCBS239: A bad case of deja vu

February 10, 2015 by Gavin Slater   Comments (0)           

On 23rd January 2015 the BIS published its progress report on BCBS239 Principles for Effective Risk Data Aggregation and Risk Reporting. This progress report was striking in a number of ways; first, despite a significant investment there was only marginal improvement in the banks assessment of their ability to meet the principles and worryingly in some cases banks reported a downgrade of their abilities. Second, banks' failure to recognise the fundamental...

Thinking Of FPGA For Trading? Think Again!

February 6, 2015 by Redline Trading Solutions   Comments (0)           

Introduction

High Frequency Trading (HFT) is at an interesting point in its’ technology maturation lifecycle, in which many assumptions and even definitions that previously were valid now need to be rethought, particularly with regards to ultra-low latency requirements: How do you know if you are low enough? How much are you willing to invest to be lower? How do you differentiate when everyone is low? 

Part of this reassessment concerns the role of specialized hardware, notably...

Getting to Grips with Non-Functional Requirements

February 4, 2015 by The Trading Mesh   Comments (0)           

In this article, Mike O’Hara to Ash Gawthorp of The Test People, and Matt Barrett and Olivier Deheurles of Adaptive Consulting, to find out just how critical it can be for companies to take a prudent and careful approach when setting non-functional requirements for new technology.
 
 
Introduction
 
Non-functional requirements can make the difference between game-changing technology and expensive flops. A non-functional requirement doesn’t determine if the...

Return of the concentration rule

February 4, 2015 by Regulation Matters (Fidessa)   Comments (0)           

By Christian Voigt
A long time ago in a galaxy far, far away…
It is a period of calm, with primary exchanges enjoying relatively little competition thanks to concentration rules enforced in many EU countries requiring all equity business to be conducted on exchange. The arrival of a new disruptor, in the form of MiFID I, is about to turn their lives upside down forever. The blanket ban on concentration rules will allow many newcomers to start competing for business, introducing a...