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Peter Nabicht, 12Sided Technology – The Implied Job Descriptions in Finance Feature,MarketsWiki Education,MWEd,Mwiki,ReformWiki,Tech / HFT,Video

“Markets are an ultra-complex socio-technical system. That is a thing; Google it. There are three examples regularly given of such systems – huge cities, the space shuttle program, and financial markets. That’s how complex and interconnected we are.” Have you ever lost a million dollars in 4 ½ seconds? Neither have we. Peter Nabicht, however, once wrote an algorithmic trading program that did exactly that, when one of his teammates misplaced a decimal on a minor tweak to the algo. Though the blame could have easily gone to Nabicht and/or one his colleagues, none of them was fired over the…

John Lothian Newsletter: Forex’s ‘Last Look’ Practice Gets Curbed; Wall Street Is Using the Power of Dodd-Frank Against Itself; Exchanges to police position limits – CFTC John Lothian Newsletter,Newsletter

First Read Bits & Pieces By John J. Lothian Futures Magazine is changing its name. Forty-three years after changing its name from Commodities to Futures, Futures Magazine will become Modern Trader, according to its editor in a video interview with a Chicago futures broker. Futures Magazine Editor Dan Collins spilled the beans in a video interview with Price Group energy broker Phil Flynn on the Price Futures Group’s YouTube channel. That fact alone speaks volumes to the changes in the media space and the markets Futures has faced since last changing its name. The re-booted magazine will feature 20 new…

John Lothian Newsletter: Speed Trading Heavyweight Allston Pulls Out of Stock Market; Borsa Istanbul in talks over stake sale; CME Starts Gold Futures in Hong Kong in Price-Benchmark Race John Lothian Newsletter,Newsletter

First Read On Voluntary Subscriptions By John Needham, Needham Consulting I am a believer that folks should use whatever free resources available to them, both professionally and personally. Facebook, Twitter, LinkedIn, and Instagram are examples of services that are free for ordinary users/consumers, and I use all of them, for personal or professional purposes. (Sometimes I use one or more of them for both.) My usage for each of these services is based on their cost to me – nothing! If one or more of these services started to charge for the servies, then I’d make a value judgement on…

Keep it Simple: Peter Nabicht on Liquidity and Simplicity of Market Structure Interview,Regulation,Tech / HFT,Video

Today’s financial markets can be summed up in three words – global, fast, and complex. But as the market structure evolves, so must the regulatory structure that oversees it. John Lothian News has spoken with several industry experts to create this series on the evolution of financial market structure. In Part 1, industry spokesman Peter Nabicht looked at the sudden interest in high frequency trading in the wake of Michael Lewis’ book Flash Boys, and voiced concern that hasty changes to market structure may have unintended consequences. (View Part 1) In Part 2, Nabicht explains in greater detail the market…

Flash Point: Peter Nabicht Talks HFT, Innovation and Misinformation Interview,Tech / HFT,Video

Today’s financial markets can be summed up in three words – global, fast, and complex. But as the market structure evolves, so must the regulatory structure that oversees it. John Lothian News has spoken with several industry experts to create this series on the evolution of financial market structure. In Part 1, industry spokesman Peter Nabicht appreciates the sudden interest in high frequency trading in the wake of Michael Lewis’ book “Flash Boys”, which alleges that U.S. markets are “rigged” in favor of certain participants. While open discussions are a positive and changes may be warranted, Nabicht cautions that changes…

John Lothian Newsletter: CME to list iron ore futures on electronic trading platform; Investors “over-estimate” impact of OTC reforms; Rising Bank Profits Tempt a Push for Tougher Rules John Lothian Newsletter,Newsletter

CME Group plans to list its iron ore futures products on Globex beginning in May, in a bid to boost participation. OTC market rule changes aren’t bothering the wholesale participants nearly as much as investors, who are far gloomier about the expected loss of business. Bank earnings are rolling in and looking great, and with those cheerier skies come worries that regulators may see opportunities to inject more clouds. In today’s First Read, take a look at JLN’s latest video interview; this time, Raj Mahajan of Allston Trading talks high-frequency trading with Jim Kharouf. And John Lothian makes a guest…

Raj Mahajan, Allston Trading CEO, Talks HFT and the Business of Prop Trading Interview,Regulation,Tech / HFT,Video

Raj Mahajan

Raj Mahajan took the reins at Allston Trading as CEO in September 2012 and has spent a good deal of his time looking at the issue of high frequency trading (HFT). Allston has been one of the proprietary trading firms who has been willing to publicly discuss HFT, regulation and the future of that form of trading. Mahajan spoke with JLN’s editor-in-chief Jim Kharouf about HFT as well as the business challenges and opportunities for prop firms. Raj Mahajan Resources Raj Mahajan on MarketsWiki (link) Allston Trading on MarketsWiki (link) High Frequency Trading on MarketsWiki (link) High Frequency Trading Regulation…

FIA Panel: Perspectives on High-Frequency Trading and its Overall Impact on the Market (Part 1/3) Regulation,Tech / HFT,Video

FIA HFT Panel

Part one of the FIA’s Perspectives on High-Frequency Trading and its Overall Impact on the Market. [Part 2]  [Part 3] September 1, 2011 – The Union League Club – Chicago Event Description: Since the introduction of faster speeds, smarter algorithms and real-time data, the financial markets have emerged with increased opportunities and innovative challenges. While some believe the high barriers to entry decrease diversity, others say high-frequency trading increases liquidity, narrows spreads and enhances market efficiency. With a panel of industry experts, the FIA IT Division sets out to reveal the overall impact of high-frequency trading, explore common misconceptions and…

FIA Panel: Perspectives on High-Frequency Trading and its Overall Impact on the Market (Part 2/3) Regulation,Tech / HFT,Video

FIA HFT Panel

Part two of the FIA’s Perspectives on High-Frequency Trading and its Overall Impact on the Market. [Part 1]  [Part 3] September 1, 2011 – The Union League Club – Chicago Event Description: Since the introduction of faster speeds, smarter algorithms and real-time data, the financial markets have emerged with increased opportunities and innovative challenges. While some believe the high barriers to entry decrease diversity, others say high-frequency trading increases liquidity, narrows spreads and enhances market efficiency. With a panel of industry experts, the FIA IT Division sets out to reveal the overall impact of high-frequency trading, explore common misconceptions and…