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Mike O'Hara's Blog

ULLINK, Fiberblaze and FPGA-Based NICs for Pre-Trade Risk

September 28, 2011 Comments (0)

Readers who enjoyed our recent interview with Matt Dangerfield of Fixnetix, discussing their FPGA-based iX-eCute chip and our earlier article from David Quarrell about other potential uses for FPGA technology in HFT, may be interested to read a press release that arrived in my inbox today, announcing that ULLINK will be using an FPGA-based Network Interface Card from Fiberblaze to power its UL IRIS+ pre-trade risk product. This is just further evidence that FPGA-based solutions are increasingly...

How to Run 20-plus Pre-Trade Risk Checks in Under a Microsecond

September 20, 2011 Comments (0)

Matt Dangerfield An Interview with Matt Dangerfield With the recent introduction of SEC rule 15c3-5 (which requires all firms who provide sponsored access or DMA to ensure their clients’ orders go through adequate risk controls), vendors and service providers have been bringing some increasingly innovative solutions to market to help firms comply. However, forcing orders to go through pre-trade risk controls generally adds latency. So how can that latency be kept to an absolute minimum? Front...

HFT Is NOT Responsible for Market Volatility – You Are!

September 14, 2011 Comments (0)

Manoj Narang This is a Guest post by Manoj Narang, Founder and CEO of Tradeworx In recent months, a plethora of articles have remarked on elevated levels of market volatility, while simultaneously pointing out that computers generate an ever-growing share of the market’s volume.  The implication, or in some cases, outright accusation, is that the latter is the cause of the former.  While the recent front-page New York Times article on this topic refrains from outright casuistry, it does...

The Good and Bad of HFT and The Importance of Consistent, Informed Regulation

September 9, 2011 Comments (0)

Hirander Misra An Interview with Hirander Misra In this interview for the High Frequency Trading Review, Mike O’Hara talks to Hirander Misra, who is well-known in the electronic trading world as co-founder of Algo Technologies and a founding Director of the phenomenally successful MTF, Chi-X Europe. Earlier this year, Hirander founded Misra Ventures (http://www.misraventures.com), an independent consultancy involved in electronic trading advisory related to product development, market...

The Future of Computer Trading in Financial Markets – Working Paper

September 8, 2011 Comments (0)

In November last year, the UK Government’s Department of Business, Innovation & Skills put together a Foresight Project to look into the future of computer trading in Financial Markets, led by the Government’s Chief Scientific Adviser, Professor Sir John Beddington. The group has just released its initial Working Paper, which you can download here: The Future of Computer Trading in Financial Markets – Working Paper In the coming weeks, we’ll be providing some...

The Ebbs and Floes of the August Winter

September 5, 2011 Comments (0)

(This guest post from Louis Lovas of Xignite originally appeared on the OneMarketData blog). To behave nobly and heroically in an obviously hopeless cause is a kind of folly, but it can also constitute a kind of greatness. Despite the wrongheadedness of the enterprise, an air of transcendence arises from their sufferings. It was in vain that they died, but their deaths raised them up, as it were, and made them emblems of whatever it is in human beings that can seem sublime. - Anthony Brandt,The...

High-Frequency Trading: Alpha Discovery and the New Arms Race

September 1, 2011 Comments (0)

(This guest post from Peter Curley of Xignite originally appeared on the Xignite blog). Perhaps nowhere more in the diverse world of hedge fund strategies is the prospect of alpha decay more unsettling than at high-frequency trading firms. In many ways high-frequency trading firms are now facing a reality that other hedge funds with more esoteric strategies may one day face – too much money chasing a finite amount of alpha. The End of the Hardware Arms Race The latest figures indicate that...

An Introduction to MiFID II and its Nordic Impact

August 25, 2011 Comments (0)

(This article is reproduced with kind permission, from the TradeTech Blog) Ever since its EU-wide implementation in November 2007, the Markets in Financial Instruments Directive (MiFID) has significantly modified the structure and environment of secondary market equity trading across Europe. As the Nordic economies continue to lead on the global stage, with economic progress looking particularly strong in Swedenand Norwaythis year, the issue of regulation in this area cannot be ignored. It is...

Submersion Cooled Liquid Blades – Game-Changing Technology in the Data Centre?

August 25, 2011 Comments (0)

An Interview with Chad Attlesey & Chris Butler (part 2) Sponsored by Supermicro UK & Hardcore Computer Chris Butler Last month, in part one of our interview with Chad Attlesey, President, CTO and Co-Founder of Hardcore Computer and Chris Butler, Business Development Manager at Supermicro® UK (left), we discussed how Hardcore’s over-clocked, submersion-cooled desktops and workstations are increasingly being adopted in the dealing rooms of HFT hedge funds and proprietary trading...

Update on MiFID II from Dr Kay Swinburne Planned During TradeTech Nordic 2011

August 22, 2011 Comments (0)

Earlier this year I interviewed Dr Kay Swinburne, Conservative MEP for Wales, about the draft MiFID II legislation in Europe. If you haven’t read that interview, you can find it here: European Regulation, High Frequency Trading and the Draft MiFID Review. This morning, I received an e-mail from the folks at WBR, who are organising the TradeTech Nordic Conference in Stockholm this November, with a press release announcing that Dr Swinburne will be providing an update on the MiFID II Review...