Algo Trading News Headlines 6/5/2018

Commissions Slump as Mifid II, Algo Trading Take Bites Out of Brokers


The commissions that brokers take from trade executions dropped sharply in the first quarter after the enactment of new European rules on research unbundling, increasing downward pressure on an area that has already felt the effects of moves away from high-touch strategies.

Photo by  Markus Spiske  on  Unsplas

Photo by Markus Spiske on Unsplas

Welch: A super cycle has arrived


“The reemergence of the algo boys and the HFT (high frequency trading) funds has sparked the largest rally with commodities in eight months. After declining for a record five years in a row, it seems the odds are high that hard assets in general will post a year-over-year gain. For agricultural producers that is great news because selling into a rising market is far more profitable than selling into a declining market.”

Ex-Goldman Sachs Programmer Seeks to Overturn Code Theft Conviction


Former Goldman Sachs Group Inc. programmer Sergey Aleynikov on Monday filed a new challenge to his criminal conviction of stealing computer code from the investment bank when he left for another job. Aleynikov, whose case partly inspired Michael Lewis’ bestselling book “Flash Boys” on high-frequency trading in the U.S. equity market, previously had his conviction overturned by the judge who oversaw his 2015 trial in Manhattan Supreme Court.

Making sense of quants


Finally, is quant the magic panacea and answer to the kind of cross-asset correlation that we saw during the global financial crisis? I doubt it. A black swan event, by definition, comes from where you don’t expect. If quant has helped iron out cross-asset correlation, then different forces will probably come into play to bring on the next crisis — or it wouldn’t be a crisis. And as more and more quant funds start playing on particular risk factors, their behaviour is bound to influence the market, which always reacts on itself. Quants may start to influence the very terms of the equations they seek to rely on. That is one way that crises tend to develop.

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