Evacuate the Dancefloor Post: 302447598

Sponsored Content

Special Forums News, Links, Events and Announcements Complex Event Processing RSS News Evacuate the Dancefloor Post 302447598 by Linux Bot on Monday 23rd of August 2010 07:00:01 PM

08-23-2010

Registered User

Evacuate the Dancefloor

John Bates
08-23-2010 03:09 PM
Looking for all the world like someone yelled"fire" in a crowded nightclub, prop and quant traders are stampedingout of investment banks and headed for the hedge fund world. Some, mainly theprop traders, are being pushed gently out the door as banks prepare for theVolcker Rule (http://tinyurl.com/39ap28d).Others, like the quants (http://tinyurl.com/23c5h6d), are in search ofthe mega-bonuses that their prop trader or hedge fund manager compatriots are(or were) getting.

Impending changes in regulation are prompting banks to spinoff proprietary trading activities, many by expanding their operations overseaswhere Messieurs Dodd and Frank cannot reach them. I'm very concerned about this�regulatory arbitrage� in which firms may move away from the US to find lessstrict regulatory regions. We don't want to lose the lead in this importantarea of the economy.

Spin offs and regulatory arbitrage may well leave a herd of UStraders looking for work and many may end up working at - or starting - hedgefunds. The quants, having slaved over hot computers for the last few years toline bankers' pockets, are forming their own trading companies or joining proptrading firms with a profit-sharing deal.

Most of these traders will be in for a rude awakening whenthey sit down to work. Prop traders joining hedge funds will find that thetechnology budgets may not be as generous as they were at their last bulgebracket employer's firm. The quants, who are essentially programmers, will facehuge challenges in finding firms that have the kind of low latency, scalablearchitecture that they need to design, tweak and trade with their algorithms. Thelevel of trading freedom is different, too. Hedge fund managers will havesomething to say about a trader's profits - or lack thereof. Quants may findthat designing an algorithm and handing it over to the trading desk is notquite the same as being responsible for the profits that the algo makes - ordoesn't make.

Make no mistake, these prop traders and quants are highlyintelligent and adaptable people. There will be many challenges to face goingforward, but technology need not be one of them. There are instantly useable,scalable platforms that quants and hedge funds can use to build and deployalgorithms. These platforms, such as Progress Apama's Complex Event ProcessingPlatform, offer a robust technology infrastructure to successfully create,test, deploy and manage their algorithmic strategies.

Algorithmic trading software is constantly transforming. Asthe volume of real-time market data continues to increase, algorithmic trading solutionsdemand an infrastructure that can respond to market data with near zerolatency. To trade effectively in competitive markets requires rapid,opportunistic response to changing market conditions before one's competitioncan seize those opportunities. The people that are running for the doors andinto the arms of hedge funds or other trading firms, will need this advantage.Competition is fierce, and their previous employers already have the technologyadvantage.

Source...

Linux Bot

View Public Profile for Linux Bot

Find all posts by Linux Bot

LEARN ABOUT MOJAVE

uri::url5.18

URI::URL(3)						User Contributed Perl Documentation					       URI::URL(3)

NAME

       URI::URL - Uniform Resource Locators

SYNOPSIS

	$u1 = URI::URL->new($str, $base);
	$u2 = $u1->abs;

DESCRIPTION

       This module is provided for backwards compatibility with modules that depend on the interface provided by the "URI::URL" class that used to
       be distributed with the libwww-perl library.

       The following differences exist compared to the "URI" class interface:

       o  The URI::URL module exports the url() function as an alternate constructor interface.

       o  The constructor takes an optional $base argument.  The "URI::URL" class is a subclass of "URI::WithBase".

       o  The URI::URL->newlocal class method is the same as URI::file->new_abs.

       o  URI::URL::strict(1)

       o  $url->print_on method

       o  $url->crack method

       o  $url->full_path: same as ($uri->abs_path || "/")

       o  $url->netloc: same as $uri->authority

       o  $url->epath, $url->equery: same as $uri->path, $uri->query

       o  $url->path and $url->query pass unescaped strings.

       o  $url->path_components: same as $uri->path_segments (if you don't consider path segment parameters)

       o  $url->params and $url->eparams methods

       o  $url->base method.  See URI::WithBase.

       o  $url->abs and $url->rel have an optional $base argument.  See URI::WithBase.

       o  $url->frag: same as $uri->fragment

       o  $url->keywords: same as $uri->query_keywords

       o  $url->localpath and friends map to $uri->file.

       o  $url->address and $url->encoded822addr: same as $uri->to for mailto URI

       o  $url->groupart method for news URI

       o  $url->article: same as $uri->message

SEE ALSO

       URI, URI::WithBase

COPYRIGHT

       Copyright 1998-2000 Gisle Aas.

perl v5.18.2							    2012-02-11							       URI::URL(3)