The Gateway to Algorithmic and Automated Trading

Automated Trader Magazine Issue 20 Q1 2011

William Essex signature

I’m going to let him loose one of these days. Take a quick look at page 71. Second column, paragraph beginning ‘Unfortunately’. Our revered founder enjoyed reviewing Deltix’s QuantOffice so much that he wants to spend the editorial budget on live trading. Read that paragraph in full, and you will understand why I am unavailable for full and frank discussions until further notice. Read the whole review, and you will understand why we aim to return to Deltix later in the year. Andy calls his team – comprising staff members and co-opted (anonymous) volunteers from the industry – the ‘wrecking crew’. My thanks to Deltix for keeping them quiet this month.

My thanks also to Dmitry Bourtov, CEO of Unimarket Corp, John Reeve, CTO and head of trading at BlackCat Capital, Miles Kumaresan, principal and head of trading of Algonetix, Fred Pederson, business development manager at Vincorex, Thomas Parry, FX trader at Algotecture and Dr Peter Wiesing, founder and CEO of Global Arbitrage Group, for agreeing to join us this month as the founding members of our new Buyside Beat panel. The idea of the panel is to deliver a comprehensive insight into buyside thinking on some of the key issues facing our industry today – like making money, for example. It will appear regularly from now on, and if you turn to page 18, I think you will agree with me that we’ve got off to a good start.

Don’t miss this month’s Me and My Machine (page 26). Brian Tehako is an ideas man with an impressive track record, and with his TnT Group, he is transforming his vision into a very interesting reality. Osman Latif, our First Person this month (page 6) is another trader to watch, and we’ve caught him just as he weighs up a “break-out” into new markets. Mr Latif is a martial artist as well as a trader, and, ah, it seemed appropriate to let Larry Levy handle that discussion. It was, as regular readers will know from Larry’s past work, most definitely full and frank. [Larry returned safely, and we’ll be hearing from him again next month.]

On a personal note, I enjoyed the drama of this month’s Anatomy of an Algo (page 84), in which Paul Bentley, vice-president in EMEA Algorithmic Products at Citigroup Global Markets, describes the use of an intelligent algorithm to pick up a high percentage of average daily volume in an illiquid small-cap stock, without impacting the market. A good read. And we welcome two new contributors this month. Shayla Walmsley (page 36) goes in search of execution algorithms for illiquid commodities, while Sherree DeCovny (page 66) continues our quest for seamless, glitch-free systems integration.

After all, nothing’s impossible in this business.

William Essex

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