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Informationen zum Autor PAUL ZUBULAKE is a senior analyst at Aite Group, LLC, specializing in financial, energy and commodities futures, and options markets. His expertise includes how the application of technology, such as algorithmic trading and FIX protocol, is playing an ever-increasing role in futures and options trading. SANG LEE is a cofounder of Aite Group, LLC and currently serves as the managing partner. Mr. Lee's expertise lies in the securities and investments vertical and has advised many global financial institutions, software/hardware vendors, and professional services firms in sell-side and buy-side electronic trading technology and market structure. Lee and Zubulake have both been quoted extensively in the media, including in the Wall Street Journal, New York Times, the Washington Post, Financial Times, Business Week, Reuters, the Chicago Tribune , and other publications. Klappentext The transformation from a human based trading model to an electronic model has been one of the most important technological advances of modern investing. But this transformation has not come without controversy. Instead of calling in your orders to a broker who then would execute it via a floor exchange, the order now is instantly transmitted to the various market venues. The market has a new player, but it is not a person, it is a machine that can replicate the role of a liquidity provider but at a much higher rate of speed and efficiency. Sometimes controversial and most times misunderstood, the role of the automated trader is one of major importance in today's ever-changing marketplace. The High-Frequency Game Changer offers a forward looking overview of the high-frequency trading trend?including the movement into other asset classes, global domination, and retail traders getting into the game. The book examines who "high-frequency traders" are and analyzes the impact of high-frequency trading on the rest of the marketplace?in particular how it affects liquidity and trading strategies. The authors detail the far-reaching effects, both positive and negative, of this trend, looking at its effect on futures markets, global markets, quantitative trading, future regulatory changes, and more. The high-frequency trader story is one of how the shift of power in a profitable business can create a firestorm of misunderstanding. The High-Frequency Game Changer cuts through the confusion and shows how you can make the most of a fundamental change in the markets that is here to stay. Zusammenfassung The financial industry's leading independent research firm's forward-looking assessment into high frequency trading Once regarded as a United States-focused trend, today, high frequency trading is gaining momentum around the world. Inhaltsverzeichnis Introduction xi Acknowledgments xiii Chapter 1 Birth of High Frequency Trading: Equity Markets Go Electronic 1 Defining High Frequency Trading 2 Who are the High Frequency Traders? 6 Impact of High Frequency Trading 9 Building a High Frequency Trading Team 13 Chapter 2 Market Structure 15 Order Handling Rules of 1997 16 Growth of Electronic Communication Networks 17 Regulation National Market System 22 Market Fragmentation versus Competition 28 Dark Pools 32 Chapter 3 Trading Infrastructure 47 Rise of High Performance Technology Vendors 49 Key Components of High Performance Infrastructure 52 Feed Handlers 52 Ticker Plant 54 Messaging Middleware 55 Storage 58 Networking 59 Colocation 60 Sponsored Access 61 Chapter 4 Liquidity 71 HFT as Liquidity Providers 71 Flash Crash 72 Chapter 5 Trading Strategies 75 Examples of Algorithms 77 Order Types 78 Flash Orders 79 Hig...
