The Curious Case of the Trader–Vendor

Tradeworx, now Thesys Group, is the latest in a series of firms that has decided to pull back from trading activities and focus on fintech. And it’s unlikely to be the last.


Tradeworx, one of the pioneers of modern high-speed trading, has invested heavily in financial technology throughout its years in existence. Low-latency routes for orders, co-location with exchange mainframes, ever-faster switches and server boxes—none of it came cheap. But it had an ace up its sleeve: It developed its own proprietary technology—its secret sauce—which allowed it to be successful in the cut-throat world of high-frequency trading (HFT). 

Soon, it began offering this technology to

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