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This has happened already, BATS was started by a HFT and subsequently the Wall street firms bought equities in it. I had a cup of coffee with head of one of these "traditional" exchanges recently, and I wondered out loud why no one has come up with a "no-fee" exchange (zero market data and zero...

Just noticed this thread. To the original poster, one possibility is to associate you self with one of the many FinTech firms in either HK and SG, and then gain a visa that way. Both locations are heavily promoting FinTech startup industry, so visas are relatively easy to obtain. If you need...

Wrapping hedge funds (or some ppl call it alternative investments) in a variable annuity is nothing new, there were some bankers walking around structuring stuff like this almost 20 years ago. That's when I first heard of it. But on the other hand, as HNW market grows (and grows and grows)...

The problem with Brad (Katsuyama) is that he has antagonized I would say a lot of Wall Street firms. I have met some of the IEX guys, and had a cup of coffee in their offices. I like them, and I agree to some extent about Brad's "observations" on the market, maybe not his conclusion (that the...

In my opinion, having dealt with regulators and enforcement agencies before, is that they are focused on "damaging to the general public", far more than the amount of illegal gains. In the FX Benchmark rigging case, naturally more of the "general public" are potentially damaged by the collusion...

The actual indictment here: https://www.justice.gov/opa/press-release/file/1026696/download Couple of observations. The indictment is basesd on telephone conversations (seems from the trading desk) and chats (seems primarily Bloomberg chats), both are recorded and can easily be subpoena-ed...

This is surprising. Rob Bogucki is very well known in FX Options trading, he was at Lehman for a long time then Barclays. To arrest him directly means the Feds have direct and concrete evidence on him. Good for the Feds. I remember when I first started out in the Biz as a junior coffee fetcher...

Impressive, but two different perspectives. Look at it this way, Virtu has always been a high-frequency proprietary trading operation (one that revenue growth has stalled, mind you). The KCG that was bought by Virtu, is essentially Dan Coleman's vision, he tried to get KCG to operate less as a...

No just that, the key problem with MF was the co-mingling of client segregated funds and firm capital. That's not just improper, it is illegal and has rings of fraud because customer were deceived in that their funds are segregated and guaranteed. To sau he got off lightly would be a huge...

Likely by SEC market surveillance first, all broker / dealers regularly receive SEC surveillance requests to retrieve trading records for suspicious accounts (I have gotten a few when I briefly running Ops at a brokerage firm). Results of aggregated suspicious trading record are then forwarded...

Wow, this is bringing back memories. I started my academic career as an AI researcher (ok, I was just a kid grad student back then) in late 80s when "traditional" AI was all the rage. Anyone here remember the Fifth Generation Computer project? Look it up on Wikipedia if you don't know. I...

Largely echo the sentiment here. The leading HFT firms today are far larger than more profitable than I could have even imagined those years ago. But the diversification into different asset classes (both inside and outside of US) have largely happened, i.e., XTX and the FX market. I actually...

Here is the main problem with FIX/FAST, it doesn't lend itself well to either a "fast" hardware implementation and parallelization as most of the processing is sequential. There are ways to speed up FIX/FAST parsing (by essentially guess-timating some lengths, and parallelizing that way), but...

A few things are going on at Getco, not just trading volume. Getco is certainly not as profitable as before, but I think that's pretty much most of the HFT industry (i run a HFT operation myself, so I would know a little). Two, Dan Colemen bacame CEO of Getco in Feb, since then he has been...

Ok, I will bite. Those who know me knows that I am not a .NET person by any means. But for a large number of concurrent lightweight threads (with the computing threads and I guess the arbitrage opportunity seeking threads), I would think some language constructs like "coroutines" maybe close...

This "trick" (called "zero copy ethernet", google the term), have been around at least 15 years (I heard about it when I was doing some linux kernel stuff in early 1990s), and is well known to almost all linux hackers. Basically, in a standard OS setup, to send a piece of data, it is first...

Even today, at around 3M mark, there are quite a few investment vehicles that would give you approx 8% annual return without much risk (i.e., risk level much lower than your standard Bond / Equity mix). And we all know this is during one of the lowest historical interest rate periods. If you...

Hmmm, late to the discussion, again. I have been involved with a rather length discussion via e-mail on the macro trends of global economy. Disclosure: For the record, I have a HFT system running in E-mini S&P 500 and other E-mini products. Actually I "know" the Disruptor rather well, I...

That's fine, note I didn't say those "customers" are without BD. And we are talking about clearing only, not clearing and execution. We are talking about Apples and Oranges here, since the person who started this topic wants to know about B/D rates, this is what B/Ds are getting, that's all...

The numbers mentioned here by Winston are least what I know of as some of the lowest rates. I have seen .5 mils (5 cents per thousand) with full pass thrus, this wasn't just in the last 2 years, this goes back at least 5 years (when I left the sell side). Right now I believe if you talk to...