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The Speed Traders: An Insider's Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World Hardcover – May 13, 2011
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From the Back Cover
High-frequency trading (HFT) is the most controversial form of investing today, and speed traders have generally flown under the radar. In the name of protecting the algorithms they have spent so much time perfecting, they almost never talk to the press and disclose as little as possible about how they operate―until now.
The Speed Traders reveals how leading HFT players are succeeding in the global markets and driving the development of algorithmic trading at breakneck speeds.
The Speed Traders includes personal interviews with the masters of the HFT universe, who shed light on what HFT is, the essential role it plays in the world’s most active exchanges, and how they generate consistent profits at unprecedented rates and volumes. Among the HFT luminaries you’ll hear from are:
- Manoj Narang, Founder and CEO of Tradeworx
- Adam Afshar, President of Hyde Park Global Investments
- Aaron Lebovitz, Managing Director at Infinium Capital Management
- John Netto, President of M3 Capital
- Stuart Theakston, Head of High-Frequency Trading at GLC
- Peter van Kleef, CEO of Lakeview Arbitrage
About the Author
Edgar Perez is a former McKinsey & Company consultant, chief operating officer of UltraHF Capital, a hedge fund running highfrequency trading strategies, and founder of Golden Networking, a premier networking community for business executives, entrepreneurs, and investors. He holds a Masters in Business Administration from Columbia Business School where he was elected to the Beta Gamma Sigma honor society. He is widely regarded as the preeminent networker in the high-frequency trading and alternative investments worlds, as host of the popular monthly High-Frequency Trading Happy Hour business receptions in New York City, which were featured in The Wall Street Journal and Los Angeles Times. Perez was also a presenter at the Harvard Business School Venture Capital and Private Equity Conference. He resides in the New York City area.
More About the Author
Mr. Perez has been interviewed on CNBC Cash Flow, CNBC Squawk Box, BNN Business Day, CCTV China, Bankier.pl, TheStreet.com, Leaderonomics, GPW Media, Channel NewsAsia Business Tonight and Cents & Sensibilities. In addition, Mr. Perez has been featured on Sohu, News.Sina.com, Yicai, eastmoney, Caijing, ETF88.com, 360doc, AH Radio, CNFOL.com, CITICS Futures, Tongxin Securities, ZhiCheng.com, CBNweek.com, Caixin, Futures Daily, Xinhua, CBN Newswire, Chinese Financial News, ifeng.com, International Finance News, hexun.com, Finance.QQ.com, Finance.Sina.com, The Korea Times, The Korea Herald, The Star, The Malaysian Insider, BMF 89.9, iMoney Hong Kong, CNBC, Bloomberg Hedge Fund Brief, The Wall Street Journal, The New York Times, Dallas Morning News, Valor Econômico, FIXGlobal Trading, TODAY Online, Oriental Daily News and Business Times.
Mr. Perez has been engaged to present to the CME Group's Global Financial Leadership Conference 2012, U.S. Securities and Exchange Commission (Washington DC), CFA Singapore, Hong Kong Securities Institute, Courant Institute of Mathematical Sciences at New York University, University of International Business and Economics (Beijing), Hult International Business School (Shanghai) and Pace University (New York), among other public and private institutions. In addition, Mr. Perez has spoken at a number of global conferences, including Harvard Business School's Venture Capital & Private Equity Conference (Boston), High-Frequency Trading Leaders Forum (New York, Chicago), MIT Sloan Investment Management Conference (Cambridge), Institutional Investor's Global Growth Markets Forum (London), Technical Analysis Society (Singapore), TradeTech Asia (Singapore), FIXGlobal Face2Face (Seoul) and Private Equity Convention Russia, CIS & Eurasia (London).
Mr. Perez was a vice president at Citigroup, a senior consultant at IBM, and a strategy consultant at McKinsey & Co. in New York City. Mr. Perez has an undergraduate degree from Universidad Nacional de Ingeniería, Lima, Peru (1994), a Master of Administration from Universidad ESAN, Lima, Peru (1997) and a Master of Business Administration from Columbia Business School, New York, with a dual major in Finance and Management (2002). He belongs to the Beta Gamma Sigma honor society. Mr. Perez resides in the New York City area and is an accomplished salsa and hustle dancer.
Top Customer Reviews
The author seems to know a lot of people in the HFT world but it's not clear that he actually knows anything about HFT himself. If he does, he certainly didn't share it in the text. Rather, he just lets his friends share their vague and uniteresting thoughts on how to be successful in HFT. But the author makes no attempt to analyze those thoughts or even explain to a lay reader what the interviewees are talking about.
I happened to belong to the first category, and if you are too--and I suspect that most of you reading this review-- are, you will be reading clear, detailed explanations of the phenomenon that the news and the media did not do a good enough job of explaining. On CNN two years ago, we heard about the speculation that Speed Traders were behind the Flash Crash and were imbued with fear of how technology could threaten the returns of our portfolios. What we didn't hear was the background story and more importantly, how the culprit of the Crash was ultimately judged to be a hedge fund that had nothing to do with Speed Traders. This book elucidates this event.
Reading this book, I felt that the picture that the media had painted of the "card counting" of the stock market had changed. Speed Trading is completely independent of "Buffetian" long term strategies. They operate on completely different time frames and have very little effect on the profits long term portfolios will yield. I became excited to learn about a stock market that exists in parallel, but virtually independent of the one we are used to hearing about.
Now, what if I was someone who worked in a Speed Trading firm? Well I'm not, but I think a key message of the book is that the future of High Frequency Trading is not simply just advancing the algorithms to continue gaining an advantage over your competitors--its also to spread awareness of what HFT really is-- to change the public opinion painted by the media.Read more ›
In this book, Edgar Perez illustrates what high-frequency trading is--- using computer programs based on the mathematic models to detect and trade millions of stocks in microseconds. Nowadays, people hold different concepts of high-frequency trading. Does that matter? Yes, because how we define high-frequency trading will determine what financial regulators will come up with in order to keep markets fair for all participants.
Besides the clear illustration of the concept, Edgar Perez introduces several practitioners who explain how high-frequency trading works in practice. As a foreign student in the U.S., knowing that high frequency trading is quite popular around the Western world and still on its beginning stages in China is pretty inspiring to explore this further. I do think now this is a MUST read book for those who are interested in the financial markets, trading and investing, especially for expert human traders who can make the most from these techniques.
Most Recent Customer Reviews
This is the 1st book I ever read about trading, and in particular high-frequency trading and I know that I was just lucky to have chosen the best book about HFT so far. Read morePublished on July 2, 2012 by Lan L. Le
The Speed Traders, by Edgar Perez, touches up on many aspects of high frequency trading. There are obviously various different books that touch upon high frequency trading but The... Read morePublished on June 30, 2012 by JQ91
I have read several books about trading in general and high-frequency trading in particular, but this one really stands out with its quality. Read morePublished on June 30, 2012 by Xavi_us
As a high technical trading strategy, high frequency trading has become more and more important. The Speed Traders by Edgar Perez is a great book focused on the topic at hand. Read morePublished on June 29, 2012 by sky552
The Speed Traders, by Edgar Perez, is a terrific book for those who are interested in trading, investing or finance. Read morePublished on June 28, 2012 by HighFrequency
The Speed Trader's, written by Edgar Perez, offers cutting-edge intelligence on the relatively concealed industry of High-Frequency-Trading. Read morePublished on June 27, 2012 by Sramirez
The book written by Edgar Perez: The Speed Traders, An Insider's Look At The New High-Frequency Phenomenon That is Transforming The Investing World, has provided us with valuable... Read morePublished on June 27, 2012 by Kevin