21 September 2016

Ping test to IB servers

The following is the result of my ping tests to various IB servers from Singapore with a fiber optic connection.

AMERICA - EASTPRIMARYgdc1.ibllc.com236ms
AMERICA - EASTBACKUPgdc1_hb1.ibllc.com236ms
AMERICA - CENTRALPRIMARYcdc1.ibllc.com236ms
AMERICA - CENTRALBACKUPcdc1_hb1.ibllc.com236ms

18 September 2016

Firm where ‘Flash Crash trader’ first worked fails

Comments: Futux website is offline. Prior to this, they have an office address in Singapore.

The firm that taught Navinder Sarao, the alleged Flash Crash trader, how to play the markets has gone bust after one of its largest traders took out an injunction against it, having been told that he was unable to withdraw millions of pounds of his own money from it.

Futex is understood to have called in administrators last month after the action taken by Gabriele Gandini, an algorithmic trader who told the firm that he wanted to leave.

Maker of Po Chai Pills kicks off HK$750 million IPO to fund expansion plans in Asia

Comments: Now for something closer to home. Local Chinese will know this product very well!

Jacobson Pharma Corp, Hong Kong’s largest generic drug firm and maker of the Po Chai Pills used by generations of the city’s residents, is seeking to raise HK$750 million in an initial public offer.

The company will sell 437.5 million shares at a price range of between HK$1.28 to HK$1.72 per share, 10 per cent of which are reserved for retail investors.

17 September 2016

High Frequency Traders Elbow Their Way Into the Currency Markets

High-speed electronic market making, already widespread in stocks, is getting a grudging welcome from currency markets. They don’t have much choice.

Algorithmic traders have more than tripled foreign-exchange volumes over the last three years, seizing opportunities as Wall Street banks withdraw from currency dealing, according to Aite Group, a consultant in Boston. The new group of market makers is trading almost $200 billion a day. While that may seem small in the context of the sprawling global currency market, consider this for perspective: Stock trading on all U.S. exchanges totals about $270 billion a day.

09 June 2016

Soros Said to Return to Hands-On Trading, Sees Market Shifts

Billionaire investor George Soros has become more involved in trading at his family office, concerned about the outlook for the global economy and the risk that large market shifts may be at hand, according to a person familiar with the matter.

Soros, 85, has been spending more time in the office directing trades and recently oversaw a series of big, bearish investments, said the person, who asked not to be identified discussing private information. Soros Fund Management LLC sold stocks and bought gold and shares of gold miners last quarter, anticipating weakness in various markets, according to a government filing.

24 May 2016

MAS and SGX problems are coming home to roost

Whenever I am asked about my interactions with MAS and SGX from my past 10 over years of working experience, I always state that I am underwhelmed by the people in those organizations. A lack of passion, directions and understanding of the financial industry. It seems the problems are coming home to roost.

 A lot of the bad eggs are 'hatching' the recent years. Maybe an accumulation of bad leadership and decisions over the years have lead to an implosion of sorts. Much like the local SMRT train issues and the Great Financial Crisis of 2008 where errors were accumulated to an overwhelming state of affairs.

17 May 2016

Soros Fund Management doubles bet against the S&P 500 in 1st quarter

Billionaire investor George Soros, who has been warning that the 2008 financial crisis could be repeated due to China's economic slowdown, on Monday disclosed his doubled wager against the S&P 500 in the first quarter.

Soros Fund Management said it owned a 2.1-million-share "put" option in the SPDR S&P 500 exchange-traded fund (ETF) which tracks the benchmark U.S. stock index. That was up from about 1 million shares in the option in the fourth quarter, it said in a filing with the U.S. Securities and Exchange Commission.

03 May 2016

Hedge Funds Under Attack as Steve Cohen Says Talent Is Thin

In less than seven days, hedge funds have been subject to a three-pronged attack by some of the biggest names in finance.

Steve Cohen, the billionaire trader whose former hedge fund had racked up average annual returns of 30 percent before pleading guilty to securities fraud three years ago, became the latest critic of the business, saying he’s astounded by its shortage of skilled people.

“Frankly, I’m blown away by the lack of talent,” Cohen said at the Milken Institute Global Conference in Beverly Hills, California, on Monday. “It’s not easy to find great people. We whittle down the funnel to maybe 2 to 4 percent of the candidates we’re interested in. Talent is really thin.”

02 May 2016

Machine Learning For Stock Trading Strategies

The idea of using computers to trade stocks is hardly new. Algorithmic trading (also known as algo trading or black box trading which is a subset of algo trading) has been around for well over a decade and rapidly gaining in popularity. Here’s a look at algorithmic trading as a percentage of market volume:

Source: Morton Glantz, Robert Kissell. Multi-Asset Risk Modeling: Techniques for a Global Economy in an Electronic and Algorithmic Trading Era.

01 May 2016

Nine things you need to know about working for systematic macro hedge funds

1. Systematic macro funds use a simple three stage investment process which can be used to trade globally 24 hours a day

1. Collect huge datasets from a diverse range of sources;
2. Analyse the date to find persistent patterns; and finally
3. Encode trading rules into a computer-based program to profit from the identified patterns.

2. Systematic macro hedge funds aren’t limited to trading one particular product or market

3. Systematic macro hedge funds are mostly about identifying and following trends

4. They also look for ‘counter-trends’…

5. And for ‘relative value trends,’ and for ‘seasonal trends’