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Is ‘Flashing' Just Indecent Exposure?
Recent controversy over the use of "flash" orders and their potential to give some market participants a sneak peek at liquidity before it is displayed publicly last week prompted some exchanges to withdraw their flash functionality, possibly to pre-empt…
The Center of Attention
Although low-latency has made mainstream headlines recently, thanks to a New York Times story on high-frequency trading, the most cutting-edge, low-latency trading strategies depend on the relatively un-sexy subject of co-location-installing firms'…
Have Trench Coat, Will Travel
Maybe it's because I'm watching a film adaptation of John le Carré's espionage novel Tinker, Tailor, Soldier, Spy, or maybe it's because summer is here and Tom Clancy and Robert Ludlum novels are perfect beach reading material, but for some reason I have…
The Sound and the Fury
There's been a lot of buzz in the financial markets over the past week on how a former Goldman Sachs employee, Sergey Aleynnikov, allegedly downloaded his former employer's proprietary trading "secret sauce." Some coverage in the business press…
From Russia With Latency
With a birthday coming up at the end of the month, I was expecting some cards, so I was encouraged to see one arrive in the mail this week from some business contacts in Russia. However, when I opened the envelope, I realized that all was not as it first…
Will Non-MVPs Strike Out?
The New York Yankees and New York Mets both moved into billion-dollar new stadiums this season, despite the financial constraints associated with the turbulent economy. And while I can't vouch for attendance at Citi field, the Yankees have played to sell…
It Never Rains, But It Pours
If it is the middle of June, it must be time for the Securities Industry and Financial Markets Association's (Sifma's) Technology Management Conference at the Hilton in Midtown Manhattan. In the past, the conference always marked the unofficial start of…
What Happens at SIFMA Stays at SIFMA
It's that time of year again. High-stakes rollers circle a large hall devoid of daylight. Some of them know their game, some are there to observe, others play their cards close to their chests. The players use strategies from free drinks to scantily clad…
Use the Force, Luke
I haven't spent much money on toys for myself for quite a number of years. Apart from plunking down a few dollars to replace the 3 megapixel brick of a digital camera that I have been carrying around for the past five years, I didn't have any major…
Analyze This
I write this looking out on a misty and unseasonably mild night in Astoria, with clouds shrouding tall buildings and rain pounding my window, at a time of year when the city should be sweating in the middle of an unbearable New York summer. It goes to…
Foreign Exchange Students of Latency
Much of the debate around low latency, direct feeds and capacity issues has thus far focused on the equities and options markets, with warnings that these concerns will soon expand into other asset classes such as foreign exchange. But according to a new…
The Great Race
In 1928, 199 runners participated in what the press of the day dubbed "The Bunion Derby," a 3,422.3-mile footrace between Los Angeles and New York. The race began on March 4, 1928 with only 55 runners crossing the finish line by May 26, 1928. The winner…
You Can't Always Get What You Want
... But you can get pretty close. And indexes are one way that investors can gain access to markets or sectors that they may not usually have exposure to. Some have questioned the meaningfulness of indexes as an indicator of the markets as the Dow Jones…
No Rest for the Wicked
I have always found April and May to be the two busiest months of the year. Maybe this is because winter is finally over and people have an added burst of energy. Then again, it could be that everyone is trying to accomplish everything they need to do…
Can I Get That to Go?
As I write this week's column, I'm packing for a weekend break in Boston, and wondering which restaurants I should splurge on: Should I stick to Beantown pub grub, or seek out something more civilized? We all know that fast food has advantages: it's…
This Is Not a Drill
As DWT goes to press, the World Health Organization (WHO) has not upgraded its swine flu pandemic alert status from Phase 5 to Phase 6. According to WHO, Phase 5 is characterized human-to-human transmission of the disease in two countries in a single WHO…
Data Strategies of Dragons, Tigers and Lions
For those readers who like stories about the financial data industry in Asia-Pacific, good news: We've got more for you from the region this week, following the conclusion of our Asia Roadshow with industry association FISD. (And by the way, spare a…
China in Your Hand
In the past week, I've eaten authentic Chinese bean curd and roast pigeon (served complete with beak!), donned a protective apron at a specialist tempura bar, been forcibly squeezed into a train on the Tokyo underground system, met a lot of data industry…
Here Be Pirates, Matey
The only piracy that financial technologist normally have to worry about is the unlicensed applications that have found homes within their firms. However, the maritime lawlessness happening off the shores of the Horn of Africa just may have a larger…
Speed Limits
As two of this week's top stories show, data isn't always about speed, but is often about making sure that the right data gets to the right people, with guaranteed uptime in the event of an outage from any one provider.
Seeding the Clouds
The eventual adoption of cloud computing is pretty much a no-brainer according to most financial technologists. Even adopting cloud offerings from third-party vendors is definitely in the cards. However, adopting a third-party cloud specifically designed…
Dude, Where's My Liquidity?
Finding liquidity isn't just about having the fastest data to find the best price on a particular venue; it's also about knowing where to look. And with a plethora of execution venues and data sources competing for order flow, the process of analyzing…
Shaking Up the Server Market
At press time, the industry is still waiting to hear if the rumors that have been circulating about a supposed $7 billion acquisition of Sun Microsystems by rival IBM are true. According to reports in the business press, IBM's management has signed off…
Latency Issues Continue to Drive Spend, Innovation
While the credit crunch has put the brakes on global economies, the financial markets show no signs of slowing down. Though firms are cutting back data spend wherever possible, latency remains an area where they simply can't afford not to keep spending,…