The Gateway to Algorithmic and Automated Trading

Automated Trader Magazine Issue 34 Q3 2014

Anna Reitman

If there’s any group not particularly frazzled by constant revelations of phone tapping and metadata’d emails, it’s probably traders. Few professions are subjected to such sweeping surveillance and storage of communications. And the risk office keeps pushing out front. A trader once told me, under the watchful eye of public relations, that he doesn’t breathe near a client unless compliance is sitting next to him. It’s a change he felt everybody had just better get used to. That presence is equally close in the digital sense.

We check out the way digital eyes watch markets in ‘State of surveillance (page 18), examining how technology is being used to analyse market behaviour. We found that human systems have yet to catch up to technological ones.

Of all the market surveillance topics, cyber security (page 26) kept coming up as the next big thing that could blind side the financial industry. Every corner of the market is preparing for an attack that most experts consider inevitable. But where does automated trading fit in?

We’re also happy to catch up with Tradeworx’s chief technology officer Mike Beller (page 12). The hedge fund’s tech unit works with the US markets regulator, the Securities and Exchange Commission, on what some critics have considered

a controversial public-private partnership for surveillance in equities markets. He addresses the issues and talks about the challenges of maintaining an ultra-low latency, super-high frequency trading edge.

In Europe meanwhile, algorithms are under scrutiny thanks to the German HFT act. Rochelle Toplensky takes a look at whether the rest of the European Union will adopt similar rules within the MiFID II legislation (page 52).

Just as the European Union struggles to fulfil the vision of a single market, so too does the Association of Southeast Asian Nations (page 34) watch and learn in hopes of boosting its own collective investment potential. Sophie Lewisohn talks to people invested in the future of this region, expected to be a major area of high growth potential.

First person (page 43), our regular feature highlighting a small buy side firm, interviews the team of QLO Capital, a systematic trading fund ready to ride the wave of recovery in the CTA space.

And we’re pleased to introduce some thoughts and wisdom directly from our brilliant friends at think tanks. JWG Group takes us on a trip around the world of changing regulations (page 32), while the Thalesians’ consulting quant Saeed Amen turns up the ‘vol’ on FX (page 49).

Finally, Peek Ahead (page 68) delves into all the gossip about trader chat. Goldman’s taking on Bloomberg, and ‘anonymous source’ seems to be babble-ing about it everywhere.

Anna Reitman

Editor

annar@automatedtrader.net

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