Paul Zubulake, Sang Lee
The High Frequency Game Changer (eBook, ePUB)
How Automated Trading Strategies Have Revolutionized the Markets
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Paul Zubulake, Sang Lee
The High Frequency Game Changer (eBook, ePUB)
How Automated Trading Strategies Have Revolutionized the Markets
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The financial industry's leading independent research firm's forward-looking assessment into high frequency trading Once regarded as a United States-focused trend, today, high frequency trading is gaining momentum around the world. Yet, while high frequency trading continues to be one of the hottest trends in the markets, due to the highly proprietary nature of the computer transactions, financial firms and institutions have made very little available in terms of information or "how-to" techniques. That's all changed with The High Frequency Game Changer: How Automated Trading Strategies Have…mehr
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The financial industry's leading independent research firm's forward-looking assessment into high frequency trading Once regarded as a United States-focused trend, today, high frequency trading is gaining momentum around the world. Yet, while high frequency trading continues to be one of the hottest trends in the markets, due to the highly proprietary nature of the computer transactions, financial firms and institutions have made very little available in terms of information or "how-to" techniques. That's all changed with The High Frequency Game Changer: How Automated Trading Strategies Have Revolutionized the Markets. In the book, Zubulake and Lee present an overview of how high frequency trading is changing the face of the market. The book * Explains how we got here and what it means to traders and investors * Details how to build a high frequency trading firm, including the relevant tools, strategies, and trading talent * Defines key components common to HFT such as algorithms, low latency trading infrastructure, collocation etc. The High Frequency Game Changer takes a highly controversial and extremely complicated subject and makes it accessible to anyone with an interest or stake in financial markets.
Produktdetails
- Produktdetails
- Verlag: John Wiley & Sons
- Seitenzahl: 176
- Erscheinungstermin: 18. Februar 2011
- Englisch
- ISBN-13: 9781118019689
- Artikelnr.: 37341419
- Verlag: John Wiley & Sons
- Seitenzahl: 176
- Erscheinungstermin: 18. Februar 2011
- Englisch
- ISBN-13: 9781118019689
- Artikelnr.: 37341419
PAUL ZUBULAKE is a senior analyst at Aite Group, LLC, specializing in financial, energy and commodities futures, and options markets. His expertise includes how the application of technology, such as algorithmic trading and FIX protocol, is playing an ever-increasing role in futures and options trading. SANG LEE is a cofounder of Aite Group, LLC and currently serves as the 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. Lee and Zubulake have both been quoted extensively in the media, including in the Wall Street Journal, New York Times, the Washington Post, Financial Times, Business Week, Reuters, the Chicago Tribune, and other publications.
Introduction xi Acknowledgments xiii Chapter 1 Birth of High Frequency Trading: Equity Markets Go Electronic 1 Defining High Frequency Trading 2 Who are the High Frequency Traders? 6 Impact of High Frequency Trading 9 Building a High Frequency Trading Team 13 Chapter 2 Market Structure 15 Order Handling Rules of 1997 16 Growth of Electronic Communication Networks 17 Regulation National Market System 22 Market Fragmentation versus Competition 28 Dark Pools 32 Chapter 3 Trading Infrastructure 47 Rise of High Performance Technology Vendors 49 Key Components of High Performance Infrastructure 52 Feed Handlers 52 Ticker Plant 54 Messaging Middleware 55 Storage 58 Networking 59 Colocation 60 Sponsored Access 61 Chapter 4 Liquidity 71 HFT as Liquidity Providers 71 Flash Crash 72 Chapter 5 Trading Strategies 75 Examples of Algorithms 77 Order Types 78 Flash Orders 79 High Frequency Trading and Predatory Strategies 79 Chapter 6 Expansion in High Frequency Trading 81 Futures 81 Fixed Income 84 Foreign Exchange Market 85 Equity Options 92 Over the Counter Derivatives 94 Expansion into Global Markets 94 Chapter 7 Positives and Possibilities 105 Commoditizing High Frequency Trading 106 Trading Technology Demands and Preferences 108 Internal Focus 109 Choosing Vendors 110 Finding the Next Opportunity 111 Issues and Risks 114 Order Routing Gets Smart 115 Smart Order Routing's Future 118 Is Artificial Intelligence Next? 121 Economic Indicators 121 News 122 Securities and Exchange Commission Filings 123 The Pseudo-Semantic Web 125 Going Global 128 The Next Wave 129 Chapter 8 Credit Crisis of 2008: The Blame Game 131 U.S. Federal Reserve 131 Regulatory Agencies 132 Credit Agencies 132 Politicians 132 End-Users of Derivative Products 133 Recent Regulatory History 134 Financial Modernization Act of 1999 134 Commodity Futures Modernization Act of 2000 134 Dodd Frank Wall Street Reform Act of 2010 135 Ending Too Big to Fail Bailouts 136 Creating Transparency and Accountability for Derivatives 137 Hedge Funds 137 Credit Rating Agencies 138 Executive Compensation and Corporate Governance 138 Impact of Potential Regulations and Rule Changes--Securities and Exchange Commission Concept Release 139 Chapter 9 Conclusion 141 Glossary 143 About the Authors 149 Index 151
Introduction. Acknowledgments. Chapter 1 Birth of High Frequency Trading:
Equity Markets Go Electronic. Defining High Frequency Trading. Who are the
High Frequency Traders? Impact of High Frequency Trading. Building a High
Frequency Trading Team. Chapter 2 Market Structure. Order Handling Rules of
1997. Growth of Electronic Communication Networks. Regulation National
Market System. Market Fragmentation versus Competition. Dark Pools. Chapter
3 Trading Infrastructure. Rise of High Performance Technology Vendors. Key
Components of High Performance Infrastructure. Feed Handlers. Ticker Plant.
Messaging Middleware. Storage. Networking. Colocation. Sponsored Access.
Chapter 4 Liquidity. HFT as Liquidity Providers. Flash Crash. Chapter 5
Trading Strategies. Examples of Algorithms. Order Types. Flash Orders. High
Frequency Trading and Predatory Strategies. Chapter 6 Expansion in High
Frequency Trading. Futures. Fixed Income. Foreign Exchange Market. Equity
Options. Over the Counter Derivtives. Expansion into Global Markets.
Chapter 7 Positives and Possibilities. Commoditizing High Frequency
Trading. Trading Technology Demands and Preferences. Internal Focus.
Choosing Vendors. Finding the Next Opportunity. Issues and Risks. Order
Routing Gets Smart. Smart Order Routing's Future. Is Artificial
Intelligence Next? Economic Indicators. News. Securities and Exchange
Commission Filings. The Pseudo-Semantic Web. Going Global. The Next Wave.
Chapter 8 Credit Crisis of 2008: The Blame Game. U.S. Federal Reserve.
Regulatory Agencies. Credit Agencies. Politicians. End-Users of Derivative
Products. Recent Regulatory History. Financial Modernization Act of 1999.
Commodity Futures Modernization Act of 2000. Dodd Frank Wall Street Reform
Act of 2010. Ending Too Big to Fail Bailouts. Creating Transparency and
Accountability for Derivatives. Hedge Funds. Credit Rating Agencies.
Executive Compensation and Corporate Governance. Impact of Potential
Regulations and Rule Changes--Securities and Exchange Commission Concept
Release. Chapter 9 Conclusion. Glossary. About the Authors. Index.
Equity Markets Go Electronic. Defining High Frequency Trading. Who are the
High Frequency Traders? Impact of High Frequency Trading. Building a High
Frequency Trading Team. Chapter 2 Market Structure. Order Handling Rules of
1997. Growth of Electronic Communication Networks. Regulation National
Market System. Market Fragmentation versus Competition. Dark Pools. Chapter
3 Trading Infrastructure. Rise of High Performance Technology Vendors. Key
Components of High Performance Infrastructure. Feed Handlers. Ticker Plant.
Messaging Middleware. Storage. Networking. Colocation. Sponsored Access.
Chapter 4 Liquidity. HFT as Liquidity Providers. Flash Crash. Chapter 5
Trading Strategies. Examples of Algorithms. Order Types. Flash Orders. High
Frequency Trading and Predatory Strategies. Chapter 6 Expansion in High
Frequency Trading. Futures. Fixed Income. Foreign Exchange Market. Equity
Options. Over the Counter Derivtives. Expansion into Global Markets.
Chapter 7 Positives and Possibilities. Commoditizing High Frequency
Trading. Trading Technology Demands and Preferences. Internal Focus.
Choosing Vendors. Finding the Next Opportunity. Issues and Risks. Order
Routing Gets Smart. Smart Order Routing's Future. Is Artificial
Intelligence Next? Economic Indicators. News. Securities and Exchange
Commission Filings. The Pseudo-Semantic Web. Going Global. The Next Wave.
Chapter 8 Credit Crisis of 2008: The Blame Game. U.S. Federal Reserve.
Regulatory Agencies. Credit Agencies. Politicians. End-Users of Derivative
Products. Recent Regulatory History. Financial Modernization Act of 1999.
Commodity Futures Modernization Act of 2000. Dodd Frank Wall Street Reform
Act of 2010. Ending Too Big to Fail Bailouts. Creating Transparency and
Accountability for Derivatives. Hedge Funds. Credit Rating Agencies.
Executive Compensation and Corporate Governance. Impact of Potential
Regulations and Rule Changes--Securities and Exchange Commission Concept
Release. Chapter 9 Conclusion. Glossary. About the Authors. Index.
Introduction xi Acknowledgments xiii Chapter 1 Birth of High Frequency Trading: Equity Markets Go Electronic 1 Defining High Frequency Trading 2 Who are the High Frequency Traders? 6 Impact of High Frequency Trading 9 Building a High Frequency Trading Team 13 Chapter 2 Market Structure 15 Order Handling Rules of 1997 16 Growth of Electronic Communication Networks 17 Regulation National Market System 22 Market Fragmentation versus Competition 28 Dark Pools 32 Chapter 3 Trading Infrastructure 47 Rise of High Performance Technology Vendors 49 Key Components of High Performance Infrastructure 52 Feed Handlers 52 Ticker Plant 54 Messaging Middleware 55 Storage 58 Networking 59 Colocation 60 Sponsored Access 61 Chapter 4 Liquidity 71 HFT as Liquidity Providers 71 Flash Crash 72 Chapter 5 Trading Strategies 75 Examples of Algorithms 77 Order Types 78 Flash Orders 79 High Frequency Trading and Predatory Strategies 79 Chapter 6 Expansion in High Frequency Trading 81 Futures 81 Fixed Income 84 Foreign Exchange Market 85 Equity Options 92 Over the Counter Derivatives 94 Expansion into Global Markets 94 Chapter 7 Positives and Possibilities 105 Commoditizing High Frequency Trading 106 Trading Technology Demands and Preferences 108 Internal Focus 109 Choosing Vendors 110 Finding the Next Opportunity 111 Issues and Risks 114 Order Routing Gets Smart 115 Smart Order Routing's Future 118 Is Artificial Intelligence Next? 121 Economic Indicators 121 News 122 Securities and Exchange Commission Filings 123 The Pseudo-Semantic Web 125 Going Global 128 The Next Wave 129 Chapter 8 Credit Crisis of 2008: The Blame Game 131 U.S. Federal Reserve 131 Regulatory Agencies 132 Credit Agencies 132 Politicians 132 End-Users of Derivative Products 133 Recent Regulatory History 134 Financial Modernization Act of 1999 134 Commodity Futures Modernization Act of 2000 134 Dodd Frank Wall Street Reform Act of 2010 135 Ending Too Big to Fail Bailouts 136 Creating Transparency and Accountability for Derivatives 137 Hedge Funds 137 Credit Rating Agencies 138 Executive Compensation and Corporate Governance 138 Impact of Potential Regulations and Rule Changes--Securities and Exchange Commission Concept Release 139 Chapter 9 Conclusion 141 Glossary 143 About the Authors 149 Index 151
Introduction. Acknowledgments. Chapter 1 Birth of High Frequency Trading:
Equity Markets Go Electronic. Defining High Frequency Trading. Who are the
High Frequency Traders? Impact of High Frequency Trading. Building a High
Frequency Trading Team. Chapter 2 Market Structure. Order Handling Rules of
1997. Growth of Electronic Communication Networks. Regulation National
Market System. Market Fragmentation versus Competition. Dark Pools. Chapter
3 Trading Infrastructure. Rise of High Performance Technology Vendors. Key
Components of High Performance Infrastructure. Feed Handlers. Ticker Plant.
Messaging Middleware. Storage. Networking. Colocation. Sponsored Access.
Chapter 4 Liquidity. HFT as Liquidity Providers. Flash Crash. Chapter 5
Trading Strategies. Examples of Algorithms. Order Types. Flash Orders. High
Frequency Trading and Predatory Strategies. Chapter 6 Expansion in High
Frequency Trading. Futures. Fixed Income. Foreign Exchange Market. Equity
Options. Over the Counter Derivtives. Expansion into Global Markets.
Chapter 7 Positives and Possibilities. Commoditizing High Frequency
Trading. Trading Technology Demands and Preferences. Internal Focus.
Choosing Vendors. Finding the Next Opportunity. Issues and Risks. Order
Routing Gets Smart. Smart Order Routing's Future. Is Artificial
Intelligence Next? Economic Indicators. News. Securities and Exchange
Commission Filings. The Pseudo-Semantic Web. Going Global. The Next Wave.
Chapter 8 Credit Crisis of 2008: The Blame Game. U.S. Federal Reserve.
Regulatory Agencies. Credit Agencies. Politicians. End-Users of Derivative
Products. Recent Regulatory History. Financial Modernization Act of 1999.
Commodity Futures Modernization Act of 2000. Dodd Frank Wall Street Reform
Act of 2010. Ending Too Big to Fail Bailouts. Creating Transparency and
Accountability for Derivatives. Hedge Funds. Credit Rating Agencies.
Executive Compensation and Corporate Governance. Impact of Potential
Regulations and Rule Changes--Securities and Exchange Commission Concept
Release. Chapter 9 Conclusion. Glossary. About the Authors. Index.
Equity Markets Go Electronic. Defining High Frequency Trading. Who are the
High Frequency Traders? Impact of High Frequency Trading. Building a High
Frequency Trading Team. Chapter 2 Market Structure. Order Handling Rules of
1997. Growth of Electronic Communication Networks. Regulation National
Market System. Market Fragmentation versus Competition. Dark Pools. Chapter
3 Trading Infrastructure. Rise of High Performance Technology Vendors. Key
Components of High Performance Infrastructure. Feed Handlers. Ticker Plant.
Messaging Middleware. Storage. Networking. Colocation. Sponsored Access.
Chapter 4 Liquidity. HFT as Liquidity Providers. Flash Crash. Chapter 5
Trading Strategies. Examples of Algorithms. Order Types. Flash Orders. High
Frequency Trading and Predatory Strategies. Chapter 6 Expansion in High
Frequency Trading. Futures. Fixed Income. Foreign Exchange Market. Equity
Options. Over the Counter Derivtives. Expansion into Global Markets.
Chapter 7 Positives and Possibilities. Commoditizing High Frequency
Trading. Trading Technology Demands and Preferences. Internal Focus.
Choosing Vendors. Finding the Next Opportunity. Issues and Risks. Order
Routing Gets Smart. Smart Order Routing's Future. Is Artificial
Intelligence Next? Economic Indicators. News. Securities and Exchange
Commission Filings. The Pseudo-Semantic Web. Going Global. The Next Wave.
Chapter 8 Credit Crisis of 2008: The Blame Game. U.S. Federal Reserve.
Regulatory Agencies. Credit Agencies. Politicians. End-Users of Derivative
Products. Recent Regulatory History. Financial Modernization Act of 1999.
Commodity Futures Modernization Act of 2000. Dodd Frank Wall Street Reform
Act of 2010. Ending Too Big to Fail Bailouts. Creating Transparency and
Accountability for Derivatives. Hedge Funds. Credit Rating Agencies.
Executive Compensation and Corporate Governance. Impact of Potential
Regulations and Rule Changes--Securities and Exchange Commission Concept
Release. Chapter 9 Conclusion. Glossary. About the Authors. Index.