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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 – April 22, 2011


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Product Details

  • Hardcover: 256 pages
  • Publisher: McGraw-Hill; 1 edition (April 22, 2011)
  • Language: English
  • ISBN-10: 0071768289
  • ISBN-13: 978-0071768283
  • Product Dimensions: 6.3 x 0.8 x 9.2 inches
  • Shipping Weight: 4.2 ounces (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (25 customer reviews)
  • Amazon Best Sellers Rank: #1,324,488 in Books (See Top 100 in Books)

Editorial Reviews

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

Edgar Perez is widely regarded as the preeminent global expert in the specialized area of high-frequency trading. He is author of The Speed Traders, An Insider's Look at the New High-Frequency Trading Phenomenon That is Transforming the Investing World, published in English by McGraw-Hill Inc. (2011), in Mandarin by China Financial Publishing House (2012) and currently being translated into Bahasa Indonesia. He is course director of The Speed Traders Workshop 2012, How High Frequency Traders Leverage Profitable Strategies to Find Alpha in Equities, Options, Futures and FX (Hong Kong, Sao Paulo, Seoul, Kuala Lumpur, Warsaw, Kiev, New York, Singapore, Beijing, Shanghai, Jakarta, London, Mexico City, Moscow, Ho Chi Minh, New York, Dubai and Chicago), and was Adjunct Professor at the Polytechnic Institute of New York University, where he taught Algorithmic Trading and High-Frequency Finance. He contributes regularly to The New York Times and China's International Finance News.

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.

Customer Reviews

It is impossible to learn anything from this book.
Bunnyrabbit
The book also talks about market structure and technologies people use in the High-Frequency trading world.
HighFrequency
The Speed Traders will definitely be a book worth reading for those interested in high frequency trading.
JQ91

Most Helpful Customer Reviews

10 of 11 people found the following review helpful By Bunnyrabbit on September 29, 2012
Format: Hardcover Verified Purchase
It is impossible to learn anything from this book. It has a few interviews with HFT traders that are boring and predictable where we learn relevant stuff like how they like to spend time with their families and love wall street the movie. And then it has an historical account of the evolution of electronic trading that is very dry and with the superficiality of daily news. The book "Dark Pools" is a much better choice.
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16 of 20 people found the following review helpful By DRM on December 6, 2011
Format: Hardcover
This book feels more like a collection of emails cut-and-pasted into a book than a serious effort to examine the subject of HFT.

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.
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4 of 5 people found the following review helpful By Jason on September 17, 2012
Format: Hardcover
I decided to read The Speeder Traders after finishing Dark Pools: High-Speed Traders, A.I. Bandits, and the Threat to the Global Financial System, thinking this book would offer some additional viewpoints into the world of HFT. I was disappointed to find that a vast majority of the book is a just a timeline covering various events that took place over the years that relate to automated trading. In the sections that were not a timeline, the author just inserted paragraph responses from several individuals in the industry. Most gave brief descriptions of where they saw HFT going and how there are trade-offs to consider when either building your own system or buying one. I'm not sure this book would be of any use to most readers. It just does not offer enough substance to make it worth the time.
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3 of 4 people found the following review helpful By J. Ye on June 27, 2012
Format: Hardcover
The Speed Traders is a great introduction to the high-frequency trading industry. I first opened the book with a vague understanding of what HFT truly entailed. What I acquired after reading The Speed Traders was much more than I initially anticipated. Through a series of interviews with HFT gurus and expert commentary from the author, this book reveals the very essence of speed trading in a beguiling approach by covering key market events, throughout its development in the global financial industry. One definitely gains a proper understanding of high-frequency trading, and the correlation of information and importance of every millisecond to have economies of scale over the trading process. The Speed Traders is a great investment in enhancing one's knowledge in the financial technology industry in a simplified and enjoyable manner.
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5 of 7 people found the following review helpful By Lan L. Le on July 2, 2012
Format: Hardcover
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.

The book drew a big picture of high-frequency trading, and what particularly makes this book stand out were the interviews with chief executives, fund managers and other well-known professionals in this industry. These people told the inside stories that can not be found anywhere else, and their insights are definitely very useful to outsiders who want to know more about HFT.

I could not take my eyes off and I finished the book in less than 2 days!!! Normally, I can never read a nonfiction book that fast. It is very VERY easy to digest and it is very well-written. The author, Mr. Edgar Perez, had been interviews so many times in different television channels and he is definitely my favorite author. As a college student, I find it to be perfect to learn more about HFT. It is very enlightening, very distinctive and well conceived.
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5 of 7 people found the following review helpful By skysuspended on June 30, 2012
Format: Hardcover
The Speed Traders is a book written with the intention to educate. Whether you've only heard of High-Frequency Trading because you've heard how it could mess up the market, or you work for a High-Frequency Trading firm yourself, you will still gain important insights from this book.

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.
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