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Feature: Jack Schwager - Making the grade

The number of hedge funds using automated and algorithmic trading has risen exponentially in recent years. That has made it hard for such funds to stand out from each other when pitching to allocators. One such allocator is Jack Schwager, who in addition to an illustrious career on Wall Street and the authorship of numerous investment classics, is also the principal investment manager of the Market Wizards Funds, the flagship fund of hedge funds series of the Fortune Group. AT talked to Mr Schwager about his views on automated trading and some of the criteria he uses when selecting managers.

ABN Amro Selects Vhayu Velocity to Power Algorithmic Trading and Compliance Applications for European Equities

June 19, 2007 - Vhayu, a streaming tick processing and persistence software, today announced that ABN Amro Capital Markets has selected Vhayu VelocityTM to provide real-time and historical VWAP calculations and trade volume profiles for ABN Amro�s proprietary equities trading application.

ABN Amro Selects Vhayu Velocity to Power Algorithmic Trading and Compliance Applications for European Equities

June 25, 2007 - Vhayu, today announced that ABN Amro Capital Markets has selected Vhayu VelocityTM to provide real-time and historical VWAP calculations and trade volume profiles for ABN Amro�s proprietary equities trading application.

Application Latency

As growing competition places ever greater emphasis on the fine-tuning of automated and algorithmic trading programmes, AT asks leading solutions providers for their views on the tweaks that can minimise application latency and maximise performance. With: - Ary Khatchikian, president and chief technology officer, Portware - Amir Prescher, vice president, business development, Voltaire - Matt Meinel, global director, business development, 29West - Gena Ioffe, CEO, EGAR Technology - Ali Pichvai, managing director, Quod Financial - Jonas Lindqvist, head of system development, NeoNet - Yuriy Shterk, vice president, product development, CQG - Nimrod Gindi, business development manager, Mellanox Technologies

Mr Immediate

Steve Radez, CEO of Essex Radez, has a strong claim to be the world�s first automated trader. Together with Essex Radez�s CTO, John Muelhausen, he explains how technology and automation have been constant themes in a three-decade trading career.

Looking Ahead: NY's Morning Headlines

S&P 500 Marks Biggest Advance Ever as Governments Try to Aid Credit Markets IBD http://license.icopyright.net/user/viewFreeUse.act?fuid=MTY4NzQ1Mw== Stocks Surge on Bank Aid Plans IBD http://license.icopyright.net/user/viewFreeUse.act?fuid=MTY4NzQ1OQ== NYT http://www.nytimes.com/2008/10/14/business/14markets.html?_r=1&hp&oref=slogin Intervention is Bold, But Has a Basis in History NYT http://www.nytimes.com/2008/10/14/business/economy/14nationalize.html?ref=todayspaper Why Mr Krugman Deserves His Nobel FT http://www.ft.com/cms/s/0/2d7ec3d0-9951-11dd-9d48-000077b07658.html NYT http://www.nytimes.com/2008/10/14/business/economy/14econ.html?ref=todayspaper

US Pertinent Press

Intervention is Bold, But Has a Basis in History NYT http://www.nytimes.com/2008/10/14/business/economy/14nationalize.html?ref=todayspaper S&P 500 Marks Biggest Advance Ever as Governments Try to Aid Credit Markets IBD http://license.icopyright.net/user/viewFreeUse.act?fuid=MTY4NzQ1Mw== Stocks Surge on Bank Aid Plans IBD http://license.icopyright.net/user/viewFreeUse.act?fuid=MTY4NzQ1OQ== NYT http://www.nytimes.com/2008/10/14/business/14markets.html?_r=1&hp&oref=slogin Why Mr Krugman Deserves His Nobel FT http://www.ft.com/cms/s/0/2d7ec3d0-9951-11dd-9d48-000077b07658.html NYT http://www.nytimes.com/2008/10/14/business/economy/14econ.html?ref=todayspaper US Forces Banks to Sell Stakes to Govt IHT http://www.iht.com/articles/2008/10/14/business/14treasury.php Nikkei's 14% Surge Leads Rally in Asia WSJ http://online.wsj.com/article/SB122394524827931199.html?mod=testMod NYT http://www.nytimes.com/2008/10/15/business/15markets.html?hp Europeans Roll Out the Rescues and Stocks Skyrocket ... FT http://www.ft.com/cms/s/0/a7eba3fc-992b-11dd-9d48-000077b07658.html ... But UK Plan May Have Already Cost London GBP 2bln FT http://www.ft.com/cms/s/0/f013f0e6-9965-11dd-9d48-000077b07658.html After Massive Sell-Offs Expect More Rules IHT http://www.iht.com/articles/2008/10/13/business/regulate.php Morgan Stanley Swaps a 21% Stake for $9bln from Mitsubishi UFJ IHT http://www.iht.com/articles/2008/10/14/business/14morgan.php Iceland's Woes Hurting Investment in Emerging Nations FT http://www.ft.com/cms/s/4a13ec50-9988-11dd-9d48-000077b07658.html

Canadian Financial Bail-Out for Auto-Sector

The pressure on Mr. Flaherty to provide this aid option came into play when he recognized that the U.S Administration is headed towards putting together rescue packages for U.S auto companies. The top priority for Mr. Flaherty is to ensure that banks are lending to each other and have credit available to corporate and household borrowers at a suitable price. A budget of C$250 mln has been set aside by Ottawa for innovation in the auto-sector. David Paterson, vice-president of corporate and environmental affairs for General Motors of Canada supports calls for both immediate assistance and a longer-term Canadian program similar to an existing C$25 bln fund Washington created this year. That fund is aimed at helping the industry develop more environmentally friendly technologies. Ken Lewenza, president of the Canadian Auto Workers union wants to ensure Canada does not lose out if Washington introduces a loan package with strings attached that require investment in the U.S.

With a fund being made available to auto companies who develop environmentally friendly technologies, GM has plans to produce three small or mid-size front-wheel-drive cars, as well as a hybrid version at its Oshawa plant after 2010.

Witness Currently Testifying Before House Fin. Svcs. Committee Hearing on Mortgage Modification

Mr. Benjamin Allensworth, Senior Legal Counsel, Managed Funds Association Mr. Thomas Deutsch, Deputy Executive Director, American Securitization Forum Mr. Michael Gross, Managing Director of Loan Administration Loss Mitigation, Bank of America Ms. Molly Sheehan, Senior Vice President, Home Lending Division, JPMorgan Chase

Flaherty considers selling assets to avoid deficit

Canada's Fin. Min. Jim Flaherty said the government is considering selling its assets to avoid a budget deficit according to a report in the Globe and Mail newspaper. There are already indications that Ottawa may soon be dipping under the line this year. â��That's one way of reducing a deficit or perhaps having a small surplus,â�� Flaherty is reported to have said. Holdings of the Canada Lands company are possible assets available for sale. Mr. Flaherty also said that US and Canada should work together to help the struggling auto-industry.