The Gateway to Algorithmic and Automated Trading

Automated Trader Magazine Issue 16 Q1 2010

Good start, don’t you think? Marcio Castro kicked off this month’s cover-story interview by telling us that BM&FBOVESPA actually like high-frequency traders. Not only that, but they give them discounts and focus tightly on access and distribution. Turn to page 18 to find out more about an exchange where the general air of realism – we could call it enthusiasm – seems to be matched only by the standard of the technology. We still hear a lot about supposedly “emerging” markets, but if you’ve been following any of the coverage of HFT recently, you might want to set aside all that old-fashioned “emerging versus developed” talk, and divide markets instead between those where you’d be taken seriously, and those where the politicians don’t know what they’re talking about – but feel free to legislate anyway.

If you haven’t set it aside already, of course. Bob Giffords, chairman of February’s InVantage HIFREQ TRADE conference, weighs into the HFT debate by quoting – well, just about everybody – in his feature on the risks, likely rewards, potential regulatory impacts and possible futures of HFT, page 45, while on page 50, FTEN’s Valerie Bannert-Thurner looks at market-making in a fragmented trading environment. Our CEO, John Howard, talks to Philip Stoltzfus and Scott Ganis of Thayer Brook Partners on page 32, while on page 65, Kevin Covington, ITRS, puts the case for not allowing downtime at all.

Then we get to take the earplugs out. Our Founder, Andy Webb, got his hands on the Accelereyes Jacket application a little while back, and frankly, we’re very, very glad to be bringing you his report (page 54, with an extended version at www.automatedtrader.net ). Maybe we’ll get some quiet at last. It’s fast, apparently. Very fast. Very, very fast. Yes, Andy, you did mention that it’s fast. Embarrassingly fast? Yes, you said that too. Now we just have to get it back off him to put in the Technology Cupboard.

Back at the trading desk, President Obama set the parameters – yes, Andy, I know, fast – for a truly fascinating Anatomy of an Algo this month. How would you work a bank stock in the aftermath of a major presidential announcement on the future of the US banking industry? Page 75.

And if you’ve tried to get onto an aeroplane recently, try page 42.

Interesting times, eh?

William Essex

Editor

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