Durham Medical Books > Investing > New PDF release: All About High-Frequency Trading

New PDF release: All About High-Frequency Trading

By Michael Durbin

ISBN-10: 0071743448

ISBN-13: 9780071743440

A designated PRIMER ON ultra-modern so much refined AND debatable buying and selling TECHNIQUE

Unfair . . . marvelous . . . unlawful . . . inevitable. High-frequency buying and selling has been defined in lots of other ways, yet something is for sure--it has remodeled making an investment as we all know it.

All approximately High-Frequency Trading examines the perform of deploying complex computing device algorithms to learn and interpret marketplace task, make trades, and pull in large profi ts―all inside of milliseconds. no matter what your point of making an investment services, you are going to achieve beneficial perception from All approximately High-Frequency Trading's sober, goal causes of:

  • The markets during which high-frequency investors function
  • How high-frequency investors profi t from mispriced securities
  • Statistical and algorithmic ideas utilized by high-frequency investors
  • Technology and methods for construction a high-frequency buying and selling method
  • The ongoing debate over the benefi ts, dangers, and ever-evolving way forward for high-frequency trading

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Extra info for All About High-Frequency Trading

Sample text

Want to buy these securities? Someone will sell you up to 600 of them for a dollar and ten cents. Want to sell? Someone is willing to buy as many as 500 for a buck. Note, by the way, the identity of quoters is not revealed. Only the exchange knows who is bidding and offering. These four numbers, visible at all times to anyone with an interest in trading on the exchange, are known collectively as the BBO for “best bid and offer” and at first glance might seem rather uninteresting. There are at least two things, though, that make them extremely interesting.

The essential goal of this sell-side trader is the same as market-makers in the days way before the machines took over, that is, to buy on the bid and sell on the offer, buying low and selling high, in order to earn the spread. Due to things like decimalization, advancements in computing technology, and increased competition, however, the high-frequency trader must resort to more innovative, aggressive, and (some would say) predatory strategies than those of traditional market-makers. We’ll examine some of those strategies in the next chapter.

If the stories of the high-frequency trading bonanza are even somewhat on the mark, you might as well set the wayback machine to 1849 and ask the successful gold miner to show you his stake and let you dig around for awhile. Indeed, the high-frequency trader will be even more protective than the 49er because trading strategies are extraordinarily portable. 29 Aside from this obvious profit protection motive, it’s also plausible that some HFT firms may not want anyone to ever know what they did to extract their gold—and to have those actions examined under the klieg lights of ethics and legality, even after their stake is mined out.

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All About High-Frequency Trading by Michael Durbin

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