In 2011, I presented my view on high frequency traders (HFTs) at Burgundy’s annual Client Day. I had been unable to obtain very much information in early 2011 on who the HFT guys were and what exactly they were doing, so at the time I felt uncomfortable issuing the speech as an edition of The View from Burgundy. When I read it today, I see that I was quite naive about the game that was being played. I only had a partial idea of what was going on both from the standpoint of strategies and hardware, though I don’t believe my conclusions were wrong.

Fortunately, Steve Malcolm (Burgundy’s head trader) was on top of this and we were early adopters of the algorithms that prevent us from being victimized by HFTs.

To read my 2011 Client Day speech, follow this link.


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