My Machine Articles - Automated Trader

‘My Machine’ Algorithmic Trading Articles & Financial Insight

My Machine is AT's cover story and is an interview with a leading member of the buyside who is active in algorithmic and / or automated trading.

  • QuantCore: Little fund in Big ChinaQuantCore: Little fund in Big China

    SUBSCRIBERS ONLYMartin Lockstrom is a Swedish national operating a quant fund out of Shanghai - a choice he made with his family after falling in love with the country from his days as an academic in the region. Automated Trader talks to him about the opportunities and technical realities of starting a little fund in big China.

  • Alpha in the machineAlpha in the machine

    SUBSCRIBERS ONLYMarco Fasoli started using artificial intelligence and machine learning systems while completing a PhD in natural sciences at Cambridge University. He went on to become a co-founder of Titian Global Investments, applying advanced predictive technologies to financial markets as the firm's managing partner. And he's since acquired another title: co-founder of QuantBridge, a joint venture between Titian and Thayer Brook aiming to become a strategic hub for quant talent. Automated Trader talks to Fasoli about the systems that guide QuantBridge's trading decisions and finds out about his future plans for technology development, which he believes could cause a major shake-up in the retail investor space

  • Trading that worx - Mike Beller, CTO of Tradeworx, talks about  the ultra-highs and lows of trading and techTrading that worx - Mike Beller, CTO of Tradeworx, talks about the ultra-highs and lows of trading and tech

    SUBSCRIBERS ONLYMike Beller hadn't expected to end up in financial services, having started in telecom early on in his career. Feeling that the research and analysis side of telecom was a bit of an echo chamber, Beller decided it was time for a switch. He eventually landed at Tradeworx, ultimately becoming CTO of the firm and its infrastructure affiliate, Thesys Technologies.

  • Post-Trade Prosperity - One buy-side firm's experience FIXing its  trade confirmation processPost-Trade Prosperity - One buy-side firm's experience FIXing its trade confirmation process

    SUBSCRIBERS ONLYWhen many people think of Kansas, they tend to picture flat, rural landscapes and farmers -- in other words, hardly the sort of place you'd expect to find financial pioneers who are looking to change the nature of international trading processes. Scott Atwell, who looks after trading and connectivity for American Century Investments in Kansas City, tells Automated Trader's Adam Cox about the work he and other buy-side firms have been doing on post-trade processes and the benefits automation can bring.

  • The scientific methodThe scientific method

    SUBSCRIBERS ONLYSystematic Alpha Management has been using cutting-edge trading techniques since 2001, some of which are based on scientific principles. Peter Kambolin, the fund's chief executive officer, and Alexei Chekhlov, head of research, talk to Automated Trader's Adam Cox about their methods and their experiences using tools such as the formulae used to understand wind turbulence in order to navigate the markets.

  • The art of the fast exitThe art of the fast exit

    SUBSCRIBERS ONLYIf anyone deserves the label 'market veteran', it may be Jim Moore. Since getting into the business in the late 1960s, he's worked with some of the biggest names around. He also embraced algorithmic trading early on. Adam Cox talks to Jim about his trading techniques and investment philosophy.

  • Me and My Machine - Step by stepMe and My Machine - Step by step

    SUBSCRIBERS ONLYBefore Fabien Oreve joined Dexia Asset Management two years ago, the group did not even use algorithms to trade equities. Now the total is 10%, and the plan is for that to keep rising. Adam Cox talks to Fabien, the group's global head of trading, about why he favours a slow-but-steady approach to automation.

  • In the worx: What Manoj Narang thinks about regulation, Europe,  volatility and a lot moreIn the worx: What Manoj Narang thinks about regulation, Europe, volatility and a lot more

    SUBSCRIBERS ONLYManoj Narang wears a lot of hats. He's a technologist who built a low-latency platform and developed a monitoring system for the US SEC. He's an executive who runs a hedge fund and an HFT group. And he's an outspoken champion of data-driven decision-making. So why is he promoting ideas that could hurt his business?

  • An AXA to grindAn AXA to grind

    SUBSCRIBERS ONLYYou might think Christophe Roupie already has enough on his plate. He runs the trading operation for one of the biggest asset managers in the world, with a 55-strong team in London, Paris and Connecticut and he has plans for a presence in Hong Kong. But he is also keen to spend more time in Brussels. As he tells Automated Trader Editor Adam Cox, the buy side can do a lot more to work with regulators and ensure more sensible rules are put in place.

  • Charles Huang: One in a billionCharles Huang: One in a billion

    SUBSCRIBERS ONLYHe was at university by the age of 14. A decade later he became the youngest-ever senior vice president at Prudential Securities. Skip ahead a few years and he was buying a Chinese commodities exchange, soon to be transformed into a high-tech trading operation. Charles Huang is clearly someone who knows how to do things quickly. Now, as chief executive of Bond Trust, he is staking out new territory on the Chinese mainland as one of the few local investment companies to employ algorithmic trading techniques. Adam Cox hears all about his remarkable story and what he thinks of the trading scene in China.

  • Asia's biggest fund takes an algorithmic passage to IndiaAsia's biggest fund takes an algorithmic passage to India

    SUBSCRIBERS ONLYJul 16th, 2012 - Eastspring Investments is the largest fund manager in Asia with some 2,000 employees. Adam Cox caught up with one of them, Sanjay Awasthi, a Singapore-based director at the firm who trades the fast-moving Indian markets. Sanjay got his start with India's financial regulator and has witnessed India's evolution from a cash-only market with three-week settlement periods to the hyper-fast, colourful market it is today. He says India has a reputation for being extremely porous, so when a fund the size of Eastspring wades in ($80 billion and counting), the use of algorithms becomes critical.

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLY"There was no budget constraint, just a goal," says Richard Franklin, CEO of Boronia Capital, summarising his brief to start with a 'clean slate' and deliver a fully automated and co-located trading operation. How often do you get to say that, and how often do you achieve such a goal - as Richard Franklin did without significant disruption, while maintaining a significant alpha generating outcome, and within a few years? Andy Webb went to meet Richard Franklin and Boronia Capital's head of research, Chris Mellen.

  • Algos with a human touchAlgos with a human touch

    SUBSCRIBERS ONLY...and humans with an algo touch. Andy Webb spoke to Evan Hochstein, CIO, GHF Group, about the technology needed to give a human trader an algo-edge, and vice-versa.

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLYThere are beginners in this business... and there are beginners. GHF Group is the second kind. Big and global, GHF Group is an established financial services holding company that includes diverse, independent businesses: global clearing, investments, and trading. The trading business includes experienced traders and other market professionals, and has recently started a move into "the business of algorithms" that so far, has looked less like a learning experience for the Group, and more like a potentially big opportunity for the rest of us - for quants, model-builders and just about anybody else with an idea worth automating. Andy Webb went to meet Ron Hertshten, a managing director in GHF Group who is responsible for algo trading, to discuss.

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLY"Gold is a key component of every investor's portfolio", says Cristiano Migliorini, head of quantitative research for Union Bancaire Privee (UBP)'s UBAM Gold + Fund. "Gold provides an effective hedge against monetary debasement, inflation and equity market shocks. Yet, simply going long gold has disadvantages." So how do you invest - trade - advantageously in gold, and what role does automation play in the process? Andy Webb went to meet the UBAM Gold + team.

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLYSonia Schulenburg is CEO of Level E Capital, and thus the principal human intelligence behind the MAYA Fund, which uses 'cutting-edge advances' in artificial intelligence to make its investment decisions. The fund has been fully invested since January 2011. Dr Schulenburg says: "Since then we have been proud to be ranked consistently in the Top 10 Long/Short Equity funds by the global hedge fund databases we report to, both in performance and low volatility." That's quite something, and William Essex went to find out more.

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLY24FX Management’s Andy Schnappberger describes annual returns above 20% and a total return since launch of 900% as “not that amazing”. We disagree. The firm was launched in 2001 and provides “specialised currency risk management for an exclusively international client base”. The approach is to “focus solely on our specific areas of core competence in the field of fx trading, technical analysis and advisory”. Larry Levy went to meet Andy Schnappberger, and found him looking for partners to launch a fund.

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLYFounded in January 2010 by Brian Tehako, TnT Group specialises in intra-day trading of futures products “in a macro-economic style” that innovates by combining automation with a conventional prop shop. Driven by the belief that communication is key to success, TnT Group is open to ideas from traders, and, as Larry Levy discovers, represents a compelling argument that HFT is not the only future.

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLYFor this month’s interview, we brought together former Brevan Howard COO of Trading, Mike Khorrami, now a Partner at Kiski Group*, and Marc H Malek, Managing Partner, Conquest Capital Group, to discuss Conquest’s approach to systematic trading, trend-following, codified position management and supervised automation.

  • The Automated Trader InterviewThe Automated Trader Interview

    FREE ARTICLEStephane Coquillaud is a relative newcomer to algo trading with a long background in exotic option trading and risk management. He algo-trades G5 Forex currencies for Toronto Dominion Bank Securities (TD Securities), using a market-model concept and artificial intelligence techniques. In this time of heightened anxiety about market and wider risk, not to mention regulation, how does Stephane Coquillaud navigate the complexities of the currency markets, and what technology does he iuse to do it? Larry Levy, Automated Trader’s globetrotting Head of Photography, went to meet him at TD Securities’ very new London headquarters, at Number Sixty Threadneedle Street, to find out.

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLYYou go live with your own FX fund in January 2009, and by the year end in January 2010, you’re up 33%. If you’ve got a track record that also includes starting out in model development while still at school, then running an IT company before selling it to go into electronic trading and then high-speed algorithmic FX arbitrage, that makes you interesting. Larry Levy went to meet Duncan MacInnes, CEO and head of trading at Xenfin Capital.

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLYMaintaining performance during volatility regime change has always been a key challenge for investment managers, but never more so than over the last couple of years. Automated Trader’s CEO, John Howard, spoke to Philip Stoltzfus and Scott Ganis of Thayer Brook Partners about their systematic approach to maintaining returns as volatility becomes a moving target.

  • Me and My Machine:  The Automated Trader InterviewMe and My Machine: The Automated Trader Interview

    SUBSCRIBERS ONLYFor many in the world of automated trading, low latency is critical to their trading performance. By contrast, for Florida-based III, it’s just one component among many. Automated Trader’s Editor, William Essex, spoke to David Allen, III’s portfolio manager, about this. While they were at it, they also discussed “appropriate automation”, artificial intelligence, data interpolation, integrating fundamental data, data maintenance, synthetic markets, in house and outsourced and avoiding the herd - among other things…

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLYWe vary the theme this month, away from this feature’s customary focus on a purely “machine-driven” fund. John Howard, Publisher of Automated Trader, went to meet the team behind the Danix Master Fund, where a system-based approach co-exists happily with, and complements, a much more hands-on style of trading.

  • The Automated Trader InterviewThe Automated Trader Interview

    SUBSCRIBERS ONLYSuccess at Bluecrest Capital is a team effort, says president Leda Braga. With the company’s two funds, BlueTrend and BlueMatrix, up by 43.35% and 8.81% respectively over 2008, we think that says a lot about the quality of the teamwork there. Automated Trader’s publisher, John Howard, went to meet three key members of the Bluecrest team.

  • Me and My  Machine:  The Automated  Trader InterviewMe and My Machine: The Automated Trader Interview

    FREE ARTICLELaunched in November 2007, the Ion Fund is “a 100% systematic fund designed to operate in highly liquid and listed instruments” [major stocks, stock indices, government bonds and currencies]. It came through 2008, the year of vanishing liquidity and corporate bail-outs, with a net 2008 return of 24% (fund objective: an uncorrelated 20%pa). How does a fund like that provide a return like that in a year like that? The Ion Fund’s manager Dennis Lohfert spoke to Automated Trader’s Editor, William Essex, about achieving outperformance in interesting times.

  • Dark Pools continue to grow with LeveL leading with more connectivity Dark Pools continue to grow with LeveL leading with more connectivity

    FREE ARTICLENovember 4th, 2008 - LeveL ATS continues expansion, Sterling Financial latest to connect

  • Me and My Machine: The Automated Trader InterviewMe and My Machine: The Automated Trader Interview

    SUBSCRIBERS ONLYMiles Kumaresan, Head of Quantitative Trading at TransMarket Group Ltd, talks to Automated Trader’s Editor, William Essex, about the development of the company’s High Frequency Quantitative Trading Group.

  • OceanWood Capital goes live on Capstone to boost front officeOceanWood Capital goes live on Capstone to boost front office

    FREE ARTICLEOctober 23rd, 2008 - Fidessa LatentZero extends its hedge fund client base

  • Only the versatile need applyOnly the versatile need apply

    SUBSCRIBERS ONLYLegal and General Investment Management (LGIM) has some £300bn in assets under management invested globally. Almost half of this is invested in equities. Mary McCave, LGIM’s senior equity dealer, discusses how LGIM’s trading desk stays on top of the trade.

  • Morganís MissionMorganís Mission

    QUALIFIED REGISTRANTS & SUBSCRIBERSAs one of the worldís largest fund managers, JPMorgan Asset Managementís trading operations increasingly resemble those of an agency broker. Daemon Bear, Head of Equity Trading, and Kristian West, Head of Trading Strategy, who recently joined from Barclays Capital, explain the tools and processes employed by the firm in pursuit of best execution.

  • Cream RisingCream Rising

    REGISTERED VIEWERSBlackCat Trading Technologiesí Matthew Breakwell and John Reeve explain their distinctive approach to building a quantitative trading platform and outline their plans for exploiting it.

  • Plimsoll Takes the PlungePlimsoll Takes the Plunge

    REGISTERED VIEWERSTo offer greater diversification to investors, US-based Plimsoll Capital introduced Armada, a portfolio of automated strategies. Tom Parry, Director of Algorithmic Trading, tells AT how the FX-focused asset manager built the platform on which Armada now sails.

  • Communicating Ltd: The Trader Stripped BareCommunicating Ltd: The Trader Stripped Bare

    REGISTERED VIEWERSCommunicating Ltdís path to becoming one of Londonís most profitable trading operations started with a revolutionary matching engine that fitted on a floppy disk. Vladan Jovanovic, Managing Director, tells AT how a stripped-down approach to trading and technology has been a consistent factor behind Communicatingís success.

  • Empirical execution: Aspect CapitalEmpirical execution: Aspect Capital

    FREE ARTICLEAspect Capital has a long pedigree as a systematic money manager. As such, it has been well placed to make a logical progression to automated and algorithmic trading. AT talks to Rob Wakefield, Aspectís chief operating officer, about the firmís recent activities in these areas and its empirical approach to order execution and algorithms.

  • The Boys from BalchugThe Boys from Balchug

    FREE ARTICLEDmitry Bourtov runs the US-based hedge fund Solaris, as well as heading a group at the Moscow offices of data vendor CQG that combines the activities of a quant shop and a specialist financial software developer. Bourtov talks to AT about the process by which he and his team design and manage a fleet of automated trading models across hundreds of markets around the globe.

  • My Machine: The AT Interview - Algo RealityMy Machine: The AT Interview - Algo Reality

    FREE ARTICLEInvestment management firm T. Rowe Price, headquartered in Baltimore, Maryland, has more than USD300bn under management. The company has a global presence and in common with other major asset managers uses execution algorithms in its various locations. AT talks to Clive Williams, head of European Equity Trading at T. Rowe Priceís London office about his deskís experience with and expectations of algorithmic trading.

  • My Machine: The AT Interview - Amplitude Capital: Precision Automation

    FREE ARTICLEAutomation, both in terms of trading and back office processes, is an intrinsic part of Amplitude Capital’s day to day operation. AT talks to two of Amplitude’s principals, CEO Karsten Schroeder and CFO John Harrison about the firm’s technology, methods and ambitions.

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