{"product_id":"the-high-frequency-game-changer-isbn-9780470770382","title":"The High Frequency Game Changer","description":"The financial industry's leading independent research firm's forward-looking assessment into high frequency trading  \u003cp\u003eOnce regarded as a United States-focused trend, today, high frequency trading is gaining momentum around the world. Yet, while high frequency trading continues to be one of the hottest trends in the markets, due to the highly proprietary nature of the computer transactions, financial firms and institutions have made very little available in terms of information or \"how-to\" techniques. That's all changed with \u003ci\u003eThe High Frequency Game Changer: How Automated Trading Strategies Have Revolutionized the Markets\u003c\/i\u003e. In the book, Zubulake and Lee present an overview of how high frequency trading is changing the face of the market. The book\u003cbr\u003e \u003c\/p\u003e \u003cul\u003e \u003cli\u003eExplains how we got here and what it means to traders and investors\u003c\/li\u003e \u003cli\u003eDetails how to build a high frequency trading firm, including the relevant tools, strategies, and trading talent\u003c\/li\u003e \u003cli\u003eDefines key components common to HFT such as algorithms, low latency trading infrastructure, collocation etc.\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003ci\u003eThe High Frequency Game Changer\u003c\/i\u003e takes a highly controversial and extremely complicated subject and makes it accessible to anyone with an interest or stake in financial markets.\u003c\/p\u003e \u003cp\u003eIntroduction xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xiii\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Birth of High Frequency Trading: Equity Markets Go Electronic 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefining High Frequency Trading 2\u003c\/p\u003e \u003cp\u003eWho are the High Frequency Traders? 6\u003c\/p\u003e \u003cp\u003eImpact of High Frequency Trading 9\u003c\/p\u003e \u003cp\u003eBuilding a High Frequency Trading Team 13\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Market Structure 15\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOrder Handling Rules of 1997 16\u003c\/p\u003e \u003cp\u003eGrowth of Electronic Communication Networks 17\u003c\/p\u003e \u003cp\u003eRegulation National Market System 22\u003c\/p\u003e \u003cp\u003eMarket Fragmentation versus Competition 28\u003c\/p\u003e \u003cp\u003eDark Pools 32\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Trading Infrastructure 47\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRise of High Performance Technology Vendors 49\u003c\/p\u003e \u003cp\u003eKey Components of High Performance Infrastructure 52\u003c\/p\u003e \u003cp\u003eFeed Handlers 52\u003c\/p\u003e \u003cp\u003eTicker Plant 54\u003c\/p\u003e \u003cp\u003eMessaging Middleware 55\u003c\/p\u003e \u003cp\u003eStorage 58\u003c\/p\u003e \u003cp\u003eNetworking 59\u003c\/p\u003e \u003cp\u003eColocation 60\u003c\/p\u003e \u003cp\u003eSponsored Access 61\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Liquidity 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHFT as Liquidity Providers 71\u003c\/p\u003e \u003cp\u003eFlash Crash 72\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Trading Strategies 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eExamples of Algorithms 77\u003c\/p\u003e \u003cp\u003eOrder Types 78\u003c\/p\u003e \u003cp\u003eFlash Orders 79\u003c\/p\u003e \u003cp\u003eHigh Frequency Trading and Predatory Strategies 79\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Expansion in High Frequency Trading 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFutures 81\u003c\/p\u003e \u003cp\u003eFixed Income 84\u003c\/p\u003e \u003cp\u003eForeign Exchange Market 85\u003c\/p\u003e \u003cp\u003eEquity Options 92\u003c\/p\u003e \u003cp\u003eOver the Counter Derivatives 94\u003c\/p\u003e \u003cp\u003eExpansion into Global Markets 94\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Positives and Possibilities 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCommoditizing High Frequency Trading 106\u003c\/p\u003e \u003cp\u003eTrading Technology Demands and Preferences 108\u003c\/p\u003e \u003cp\u003eInternal Focus 109\u003c\/p\u003e \u003cp\u003eChoosing Vendors 110\u003c\/p\u003e \u003cp\u003eFinding the Next Opportunity 111\u003c\/p\u003e \u003cp\u003eIssues and Risks 114\u003c\/p\u003e \u003cp\u003eOrder Routing Gets Smart 115\u003c\/p\u003e \u003cp\u003eSmart Order Routing’s Future 118\u003c\/p\u003e \u003cp\u003eIs Artificial Intelligence Next? 121\u003c\/p\u003e \u003cp\u003eEconomic Indicators 121\u003c\/p\u003e \u003cp\u003eNews 122\u003c\/p\u003e \u003cp\u003eSecurities and Exchange Commission Filings 123\u003c\/p\u003e \u003cp\u003eThe Pseudo-Semantic Web 125\u003c\/p\u003e \u003cp\u003eGoing Global 128\u003c\/p\u003e \u003cp\u003eThe Next Wave 129\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Credit Crisis of 2008: The Blame Game 131\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eU.S. Federal Reserve 131\u003c\/p\u003e \u003cp\u003eRegulatory Agencies 132\u003c\/p\u003e \u003cp\u003eCredit Agencies 132\u003c\/p\u003e \u003cp\u003ePoliticians 132\u003c\/p\u003e \u003cp\u003eEnd-Users of Derivative Products 133\u003c\/p\u003e \u003cp\u003eRecent Regulatory History 134\u003c\/p\u003e \u003cp\u003eFinancial Modernization Act of 1999 134\u003c\/p\u003e \u003cp\u003eCommodity Futures Modernization Act of 2000 134\u003c\/p\u003e \u003cp\u003eDodd Frank Wall Street Reform Act of 2010 135\u003c\/p\u003e \u003cp\u003eEnding Too Big to Fail Bailouts 136\u003c\/p\u003e \u003cp\u003eCreating Transparency and Accountability for Derivatives 137\u003c\/p\u003e \u003cp\u003eHedge Funds 137\u003c\/p\u003e \u003cp\u003eCredit Rating Agencies 138\u003c\/p\u003e \u003cp\u003eExecutive Compensation and Corporate Governance 138\u003c\/p\u003e \u003cp\u003eImpact of Potential Regulations and Rule\u003c\/p\u003e \u003cp\u003eChanges—Securities and Exchange Commission\u003c\/p\u003e \u003cp\u003eConcept Release 139\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Conclusion 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGlossary 143\u003c\/p\u003e \u003cp\u003eAbout the Authors 149\u003c\/p\u003e \u003cp\u003eIndex 151\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePAUL ZUBULAKE\u003c\/b\u003e is a senior analyst at Aite Group, LLC, specializing in financial, energy and commodities futures, and options markets. His expertise includes how the application of technology, such as algorithmic trading and FIX protocol, is playing an ever-increasing role in futures and options trading. \u003c\/p\u003e\u003cp\u003e\u003cb\u003eSANG LEE\u003c\/b\u003e is a cofounder of Aite Group, LLC and currently serves as the managing partner. Mr. Lee's expertise lies in the securities and investments vertical and has advised many global financial institutions, software\/hardware vendors, and professional services firms in sell-side and buy-side electronic trading technology and market structure. \u003c\/p\u003e\u003cp\u003eLee and Zubulake have both been quoted extensively in the media, including in the \u003ci\u003eWall Street Journal, New York Times, the Washington Post, Financial Times, Business Week, Reuters, the Chicago Tribune\u003c\/i\u003e, and other publications.   \u003c\/p\u003e\u003cp\u003eThe transformation from a human based trading model to an electronic model has been one of the most important technological advances of modern investing. But this transformation has not come without controversy. Instead of calling in your orders to a broker who then would execute it via a floor exchange, the order now is instantly transmitted to the various market venues. The market has a new player, but it is not a person, it is a machine that can replicate the role of a liquidity provider but at a much higher rate of speed and efficiency. Sometimes controversial and most times misunderstood, the role of the automated trader is one of major importance in today's ever-changing marketplace.  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eThe High-Frequency Game Changer\u003c\/i\u003e offers a forward looking overview of the high-frequency trading trend—including the movement into other asset classes, global domination, and retail traders getting into the game. The book examines who \"high-frequency traders\" are and analyzes the impact of high-frequency trading on the rest of the marketplace—in particular how it affects liquidity and trading strategies. The authors detail the far-reaching effects, both positive and negative, of this trend, looking at its effect on futures markets, global markets, quantitative trading, future regulatory changes, and more.  \u003c\/p\u003e\u003cp\u003eThe high-frequency trader story is one of how the shift of power in a profitable business can create a firestorm of misunderstanding. \u003ci\u003eThe High-Frequency Game Changer\u003c\/i\u003e cuts through the confusion and shows how you can make the most of a fundamental change in the markets that is here to stay.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47990257844453,"sku":"NP9780470770382","price":60.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470770382.jpg?v=1761787096","url":"https:\/\/k12savings.com\/es\/products\/the-high-frequency-game-changer-isbn-9780470770382","provider":"K12savings","version":"1.0","type":"link"}