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You mean the firm on 2nd (or 3rd) floor of CBOT building, rite? If so, they are a fairly friendly firm, and have been long time members of CBOT and NYMEX (since early 80s I believe), trading mostly in physical commodities, cotton, precious metals, etc, at least that's what they were doing a...

Heh, it is amazing that 3 yrs into it, a lot of the ppl in the pictures have left. Will went to Teza. Jatin (and most of his team) went to Jefferies. Phil (head of equities at the time) is now running some special situation restructuring (aka MBS). The RBS floor is dead, with RBS...

Gorman, good god. And he hired Greg Flaming (former president of ML) to run the IM business for Morgan a month or two ago. I have had my own run ins with Gorman a slightly different life ago, while he may appear to be smart / polished on the outside, he make terrible decisions. He was a...

You are right, Open outcry is one of the most efficient forms of non verbal communication ... outside of automated matching engines. To me at least, this is as significant as when silent movies started to give away to "talkies". And that's all it is. Or Let's not forget, before McNulty...

Frankly, as someone who have spent time on the floor, and even know some of the characters interviewed in the movie, I don't get what the big deal is. It is like the whole movie want ppl to feel "sorry" for the "loss of an institution", when the whole *concept* of the market is survival of the...

There seems to be some confusion here. So let me clarify. There are prop desks, and agency desks where their traders are allowed to trade a limited "proprietary book", these are very different things. The pure prop desks, and I have a few friends who are head of some of these in ibanks, are...

Since I am a seat holder (prices definitely was a little below 2.5M then), let me describe the basic process. First thing you need to do is to form a clearing relationship with a CBOE clearing firm. Look it up (or call CBOE) to get a list of clearing firms. Then you will need to do a...

Everything you wrote is categorically false. Sure, HFT is not quite what the media portrays out to be, but to say thing is like "HFT is not profitable without flash orders", is ludicrous.

Heh, Tradeworx, it is amazing how ppl repackage themselves as HFT outfits, when they don't have anything to do HFT at all. Tradeworx, if i remember correctly, was a retail investment analytics provider started maybe in '98 - '99. It is sad that ppl are just attaching themselves to HFT, just...

For the record, I am a member of CME and Eurex, and frankly the membership process to become members of those exchanges are, how do I put it? Trivial. From what my attorney is telling me, the TMX participant has to be registered with IRROC (?), which is basically the canadian version of NASD...

I talked to TMX recently about participating data directly. And it is really very cheap just to go direct from the TMX Datalinx. http://www.tmx.com/en/data/product_sheets/ TMX is making a big push to solicit high frequency trading systems into their product offerings. So why not just go...

I wrote a little library that uses the "cmpxchg" (for single processor) and the "lock cmpxchg" (for multi processor) assembler instructions, for both inter thread queuing and thread safe memory pooling (note I didn't say allocation). I wrote the whole thing in C, using a strange "template-like"...

Actually I know this person, Adam is / was never on the trading floor, he is more of a product manager type. So I won't call him a "rat" or anything even close to that. He is actually quite young, i believe got his MBA around 2003 or so. But, if SEC had to go down this far to get a COO...

All the "enhancements" you mentioned are already parts of any good automated trading system today. Let's talk about some possible technical challenge, if that's what you are interested in. I will give you two, one very technical, one very analytical. Technical, an universal Exchange /...

Unbelievable. Being a owner and operator of HFT strategies, i am amazed at the attentions that this really very "niche" business is getting. And suddenly firms like Getco are on the front pages of magazines (Forbes, WSJ). And I have seen plenty of automated systems driven "action" that...

Ok, apologies in advance I am going to sound arrogant here, but bear with me. 50,000 r/t ES is not that much. At 1.5-2M daily volume, that's only 2.5-3.5%, that's kinda of low for a high frequency trading system. I personally know of systems that do 10-20% of some products daily volume...

Two comments. One, I disagree HFT is only practicable for IB desks and "hedge funds", sure it takes a certain lvl of capital investment (as you say, "Fire power") and fixed cost platform building to play in the HFT game, but it is not all that high, really. We are not talking about 100M or...

I am sorry, but I couldn't resist. As a former academic myself (handful of journal publications to my name, and most not related to finance), I am curious to what your actual academic background is. What's your area of mathematical research? Your posts has been remarkably lacking in any...

We started with the CME RLC legacy and FIXFAST feeds. I wrote the original RLC code, it was your standard fixed length string cut up routine, nothing fancy. In fact, we were about 80% into a fairly conventional (table lookup) implementation of FIXFAST, and for the life of me, I couldn't...

Looks like Pantor reached 66M msgs / sec, they can process 8 GB/s out of 10 GB/s network interface. Rolf Anderssen (Pantor's CEO, former CTO of OMX and Stockholm Stock Exchange), also chairs the FIXFAST working group. http://ipip.intel.com/go/wp-content/uploads/2009/03/iif_summer08.pdf As...