The trading Dutchman
@TradingDutchman
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HFT market maker turned HF market taker. HF exec and market veteran. Occasional Dutch tweets.
singapore
Joined February 2016
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@TimMeggs
I still encounter tier 1 & 2 banks that quote FX forwards / swaps via an excel sheet. In 2024!
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More info coming out as expected. This weekend many firms will power up their Bloombergs to go look for ‘counter intuitive’ anomalies in the Indian options market.
@JaneStreetGroup
about to ruin some of their own alpha by suing an ex-employee. Based on just the details in this article I have a feeling already where to look for this trade. For sure court documents will have more, and the market will find and copy it
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Graviton made $300m last year, and a big part of that was Indian options which they ‘human brute force’ with 300 people (in total). Optiver made $600m last year in Indian options. India options market is the new Korean options market? And volumes still growing strong!
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As expected, Jane Street has (for now) withdrawn the lawsuit. Still trying to make life miserable for Millenium though. But Millenium’s legal strategy seems to work. (“Oops, I didn’t mean to say India, sorry judge”) Downside is, the whole world is now looking at Indian options
More info coming out as expected. This weekend many firms will power up their Bloombergs to go look for ‘counter intuitive’ anomalies in the Indian options market.
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“Your life can be divided in 3 parts. In part 1, you learn as much as you can. In part 2 you make as much money as you can. In part 3 you give away as much as you can”. ~ Andrew Carnegie, industrialist and philanthropist
"I did a lot of math. I made a lot of money, and I gave almost all of it away. That's the story of my life."
~Jim Simons
Jim Simons and the Making of Renaissance Technologies
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Update: Millenium has successfully gotten the judge to order Jane Street to ‘put up or shut up’. They will probably shut up, and then millenium will countersue even harder for damages?
More info coming out as expected. This weekend many firms will power up their Bloombergs to go look for ‘counter intuitive’ anomalies in the Indian options market.
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We are about to start trading Indian options as well, but we need market data. Turns out that so many firms are now looking to start trading on NSE, that it will take months for these contracts to get processed,”. (normally 3-4 days) Markets will be a lot more efficient soon!
Update: Millenium has successfully gotten the judge to order Jane Street to ‘put up or shut up’. They will probably shut up, and then millenium will countersue even harder for damages?
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In today’s lunch meeting gossip: Absolute bloodbath in the apac hedge fund space last week. CIO from large multi-strat was complaining he ‘received at least 100 resumes from Millenium and Balyasny’ after they cut a lot of teams last week Tuesday. (The day after the big unwind)
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The fun continues, Jane Street got a temporary loophole to not have to disclose all details to everyone.
Update: Millenium has successfully gotten the judge to order Jane Street to ‘put up or shut up’. They will probably shut up, and then millenium will countersue even harder for damages?
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Heard during Chinese New Year dinners:
-
@VirtuFinancial
(temporarily?) stopped trading crypto
-
@jump_
stopped trading crypto
- Tower winding down trading and planning to stop also.
- Other large HFT never really started.
- Citadel peeps still claim to make boatloads????
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Judging by the # of Cv’s I’m receiving there’s been a big round of layoffs at Jump’s crypto business. Supposedly they’re not making any money anymore, but were still staffed for a full crypto summer.
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We’ve seen a couple stories in the press lately about HFTs building their own hardware (FPGA, ASICs) Supposedly HRT is now taking it one step further and bought itself a Chinese?? chip company. They now own the whole process from design to production.
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I was today years old when I learned that Ampersan () is the crypto unit of
@OptiverGlobal
. They tried to keep that a secret, so you’re welcome !☺️
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I’ve been interviewing algorithms for a few weeks now for this task, but it’s tough. Algos from French banks want 8 weeks of holidays p/a, UK bank algos only want to trade on LSE, US bank algos want to unionise. Speaking to a German bank algo later, let’s see what they want.
Hedge funds are planning to employ computer algorithms to sell approximately $30 billion worth of stocks soon.
Hedge funds employing computer algorithms for equity trading are preparing to initiate sales ranging from $20 billion to $30 billion in the upcoming two weeks, as
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Disastrous results by
@FlowTraders
. They needed 646 people to make $15m net profit in Q4. In contrast, firms like XTX, HRT, Jane, Optiver, and others are still posting impressive multi billion dollar profits. It all went to shit after the founder retired
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Looks like
@JaneStreetGroup
is taking over the role of ‘source of all evil’ from
@citsecurities
. Every unexplained move in India will now get blamed on Jane 😂
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I always enjoy
@EM_RESUS
videos, where even I as an absolute medical noob can learn a bit about what doctors do. But this video is by far his best one so far 😂
Here's a video I made breaking down this AMAZING footage of a bear performing CPR
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Ran into some HRT guys, and it was very obvious bonuses were GOOD this year at HRT… 🥳
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China’s equity markets are going down, so time to find a new boogeyman to divert blame away from the government. Today it is HFT again.. Won’t help of course…
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@JaneStreetGroup
about to ruin some of their own alpha by suing an ex-employee. Based on just the details in this article I have a feeling already where to look for this trade. For sure court documents will have more, and the market will find and copy it
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Found out today biz dev guy from Virtu is called Chevalier, the XTX biz devver is called Knight. For people who know European medieval history, and also the ‘strained’ relationship between these two firms it’s actually quite a funny combo.
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Rather than lose their 2yr non-compete deterrent,
@jumptrading
chose to settle their lawsuit against Verition. But the damage has been done, 2 years NC is clearly not enforceable in the U.K.
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Spoke to a ‘Washington insider’ (his words, not mine). According to him, Ken Griffin is aiming to become the next treasury secretary. This would force him to sell his citadel holdings, but supposedly he can then do that tax free. Didn’t Virtu’s Vinnie Viola try this trick before?
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Tough times at Slow Traders, uh at
@FlowTraders
. Not only can’t they compete on screen anymore, now they can also not compete off screen at conferences. Bronze sponsor… finishing last below
@JaneStreetGroup
and
@OptiverGlobal
. Even
@vivcourt
does better!
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@GoshawkTrades
Come on, seriously? This guy is a failed options trader who didn’t know what he was doing, because he didn’t do his homework. He then got lucky because an exchange forgot 1 filing out of 10 or so and they were fined. Still 9 other places left where this information was available
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This Jain Global fund, supposedly starting with a couple billion of AUM, keeps hiring senior bankers for probably lots of money. That has never worked in a startup. It will end up like
@ExodusPoint
, lots of politics and high costs that kill all returns
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All the big PB won’t allow us to trade these ETFs. GS, JP, MS, etc have a firm wide ban on these. So much for adoption by large institutional investors. I’ve only found ABN clearing willing to to fund crypto ETF positions (for 100% margin, so no leverage)
Bitcoin ETFs are like rap albums in the late '80s. Vanguard won't even carry them and here's JPM slapping a Parental Advisory label on $IBIT
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Catching fat fingers was once a very profitable strategy. But then regulators started designating those far OTM orders as market manipulation, and also order entry controls became compulsory. A friend of mine (RIP) even built a small trading firm around these kind of strategies
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Update: 5 ex-Jump crypto peeps started their own crypto trading firm in Singapore. To quote
@SybrendeVries
, “in crypto? Good luck”
Judging by the # of Cv’s I’m receiving there’s been a big round of layoffs at Jump’s crypto business. Supposedly they’re not making any money anymore, but were still staffed for a full crypto summer.
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@DeepDishEnjoyer
Very true, and they might get bigger as India is trying to cancel the tax treaties with Singapore and France. But 90% of large HFT’s, multistrats, and quant funds is already active in India. And the few that are not are working on it.
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This will get shot down for sure. Banks, pension funds, regulators, traditional asset managers don’t want to hire 4x staff to cover 24/7. Would be great for trading firms profits though, but definitely not 4x greater.
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You should be quiet and don’t call the kettle black. In Tradfi you & Kyle got banned by all clearing firms for bad behavior (stealing money!!), then you moved to FX trading, and got banned by everybody for bad behavior. Then you lied to and cheated everybody at 3AC. KD&SZ = SBF
The retribution fear was not unfounded, esp given the power SBF wielded. We aren’t alone in this camp. A number of players, including prominent VCs are just beginning to tell their story. Previously their lips were sealed. The collateral damage extends far beyond the capital and
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@ltabb
@CharlesSchwab
@RobinhoodApp
Just look at the data; in Europa we already have small ticks and no rebates. Virtu’s so called price improvement can’t compete in Europa and most likely they would lose most of the US retail flow (and profits) if the changes happen.
(SI market share) Source:
@AlexanderGerko
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BOJ ends ETF purchases. Market makers won’t like that as BOJ was pretty much the only size buyer as Japanese banks don’t want to sell ETFs to their clients. They make a lot more packaging US ETFs into funds and add lots of fees on top. IMC
#1
supposedly, Flow, Virt can’t compete
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(Russian?) HFT firm
@wunderfund_io
website is riddled with spelling mistakes, hope they trade better than write English.
Mantain vs maintain, ultra vs ultra, $4.000 vs $ 40.000, etc
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Similarly, we now see trading firm CEO’s who have never traded a day in their life. Former lawyers, accountants, investment bankers, etc. Typically doesn’t work well also.
The new CEO of Starbucks insisted on starting as a barista for 6 months
He called together his inherited management team for an offsite
None knew how to make an espresso
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Token2049 Day 3: met up with a crypto exchange exec. Massive vibes of FTX mixed with Stratton Oakmont. Hookers here, coke there, ignorant about regulations, C-level chasing all the pretty girls in the firm. (Me too? What’s that?) Let’s see if they are still around in a few years
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@kamilkazani
Funnily enough here in Singapore they record your ‘race’ everywhere. Choices are ; Chinese, Malay, Indian, Caucasian. So all Russians in Singapore have to register everywhere as Caucasian.
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Another regulator thinks shorting stocks is making their market go down. As lots of research has shown, it’s not. Long sellers make markets go down! Side-effect might be that trading china on swap might get more expensive as they also limit security financing transactions.
China securities regulator suspends restricted share lending from Jan 29
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@verkeer020
@AmsterdamNL
Dus de gemeente knipt eerst de Weesperstraat en omgeving dicht, om al het verkeer via de ring te later rijden, en dan gooien ze de ring ook dicht. En die knip moet mensen pushen om het OV te gebruiken, maar dan gaan ze vervolgens datzelfde OV afbouwen. Gaat lekker in de Stopera.
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Citadel claims to be doing gods work out of sheer goodness and kindness of heart. No financial reason at all to keep PFOF. They identified the one part of the financial system where more competition is actually bad for investors. Other MM would just ruin it for retail investors!
The SEC suggests that its Order Competition proposal could save retail investors $1.5B a year. We analyzed the data and determined that retail investors would actually lose $2.4B. See the full interview at
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Catchy click-baity headline, 285k followers, CFA, on TV a lot etc. Then claims citadel makes $28bln from PFOF (direct in CitSec, and frontrunning that flow in Cit HF). Nothing about long Nat Gas/ other trades. Totally clueless but probably gets lots of likes, clicks and followers
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Russian algo just walked in, demanding a 10.000 GPU cluster and Petabytes of data storage. Wants to ‘dominate the world like it is doing now’. Unhappy at current employer as it keeps getting spammed with JIRA’s all day long.
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Two nice threads on trading errors. Maybe later I’ll add a few more, I’ve seen quite a few of these over the years. Luckily not all by myself 😅
Given this thread took off, let's flip it over: what's the worst trading systems error you've seen (don't all link to the Knight meltdown at once)?
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Gossip from Singapore. 3AC did their infamous GBTC deal with a Chinese crypto mining group, that turned out to be triad backed. After the deal soured, the Chinese refused the wider GBTC discount haircut. Failing to be made whole,they ordered a hit on Kyle and Su. Hence the hiding
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The 4th senior Virtu guy
@ClearStreetNews
poached in a year. Last year they took over 3 ex-KCG sales guys from VIRT (without non-competes as ex-KCG). Not sure what Nate was thinking as he is legacy Virtu and has a non-compete (and a shareholder agreement). Dougielarge is pissed!
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@artofinvestmnt
Wrong….. here’s just a few:
Billionaire Day Traders:
1. Ken Griffin
2. Alex Gerko
3. Vinnie Viola
4. Don Wilson
5. Johan Kaeminghk
And many, many more
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Pro tip:
@MorganStanley
is the place to be. Women seem to be taking over this place completely (at least in APAC). The only white male we dealt with left the firm because he couldn’t get a promotion for years. (his manager even admitted it was due to him being a white male)
if youre a white woman and cant get a $200k job you must be retarded. sorry not sorry. tech, finance firms thirsting over female hires like incels these days. just have a room temp IQ and be personable and youll get offers thrown at you.
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@ericjastevens
The quoted screenshot is fake engagement bait. But in the real event a lot if not most of the trades got cancelled. Typically trades inside the LULD band will stand.
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@vld25400
@Wallacesnoop1
Don’t get tempted by a headhunter after 2 years in to jump ship and become a PM at a silo firm. You will then typically be a one-trick pony without enough experience to adapt to changes in the market. Those impatient traders mostly fail in the long run.
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@fintechfrank
@AriDavidPaul
Wait? What? So
@zerohedge
was wrong all these years? Didn’t see that one coming 😳😂
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@christinaqi
Quant hedge fund guy here, and I feel exchanges handling of market data fees is close to criminal racketeering. And no regulator or politician is doing anything about it. Politicians literally say “our voters don’t care about these fees, so we don’t care”
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@AriDavidPaul
@jump_
has made double digit billion $ profits in the past few years, they are not going to stop because they lose a measly 1.5bln. (Ex VC markdowns?). Other Top 5 MM’s are making triple digit million $ profit PER DAY now trading crypto. They will ramp up instead of wind down.
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@sassal0x
So if this guy sends some tainted ETH to all the trading wallets of the major exchanges, suddenly all the crypto held on exchanges is tainted and can’t be used anymore? Checking for a friend…
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This is the direction that crypto will go. Firms thinking they can cover the world from Dubai will be sorely mistaken.
Ok, he’s out…. Now he will need to divest if Binance wants to survive. No way Bjnance will get licenses from REAL regulators (so Dubai doesn’t count) as long as a convicted money launderer is the majority shareholder. And they need to get licensed to survive longer term.
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Funny and also educational story about an options trading training course.
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🙋♂️ wait for it...
Where did all the Bitcoin haters go that said Bitcoin was going to zero?!
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Volumes are big, and profit margins are too. HFT’s are making their Q1 look good today!
Wow, only 20 min into trading and the volume is big with HALF A BILLION traded for the group (ex GBTC too) (outpacing $BITO by a lot) led by $IBIT (which is near lock to pass $1b) and $FBTC. Imp to note almost all the volume in first few days will convert to inflows.
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@ritholtz
I know dozens of ‘day’ traders (probably > 100) who make money every year trading. (6, 7 figures annually) Difference is they trade in professional trading arcades doing professional style trading. Not going long meme stocks on RH. So it is very possible, but definitely not easy
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Ok, he’s out…. Now he will need to divest if Binance wants to survive. No way Bjnance will get licenses from REAL regulators (so Dubai doesn’t count) as long as a convicted money launderer is the majority shareholder. And they need to get licensed to survive longer term.
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@AlexanderGerko
A lot of trading ‘edge’ in crypto is essentially credit or operational risk that people wrongly classify as just a price based arbitrage opportunity. Upcoming regulation and the sector maturing will get rid of a lot of that. (Assuming crypto survives).
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The choice is between an ultra left wing visionless puppet and a corrupt & narcissistic potential dictator who cannot form a coherent sentence or thought. And the world economy and global peace will depend on these people. Let that sink in…. 🤯
From start to end, Kamala Harris has just delivered what is easily one of the most successful Presidential debate performances in all of American history.
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@walt373
Correct, typically these ‘liquidation squeezes ‘ are caused by Millenium, as they are the strictest and largest. This week they caused a squeeze in CME copper, liquidating 5-10 teams globally. When this happens you have to trade into it, we call it the ‘Millenium trade’
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Once this was a big part of my day-job. So glad I left this stuff behind, life is so much more fun just focusing on alpha instead of digging where i lost nano/micro seconds on a losing trade.
Always try to understand whether something you’re doing is failing because of latency. Whether it’s a cancel reject or an IOC miss, obsess over ways to understand how much faster you would have had to be to succeed.
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@ltabb
@CharlesSchwab
@RobinhoodApp
@AlexanderGerko
@RobinhoodApp
business model is based on pretending execution is free, but as we all know it isn’t. The artificially wide spread is divided up between wholesalers and RH. So if I his happens RH will need to rebrand & directly compete with Schwab and others, and might not survive
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@ltabb
@CharlesSchwab
@RobinhoodApp
What he’s referring to are firms that built their business model on market structure anomalies (large tick sizes, rebates,PFOF) that are threatened by his proposals. (Like Virtu and Robin Hood). They stand to lose big if these changes happen.
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It’s good to be back! No need for steak restaurant recommendations, I know my way around 😬.
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@HiddeMulder2
It will definitely be hard to replicate and can’t scale if it’s really dependent on 1 broker (original article suggests it is). Also, the broker now knows they are giving out easy profits to firms, and will probably adapt by charging a LOT more.
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And… bought…… also read Scott’s other book ‘Dark Pools’, the most accurate historical description of the rise of automated trading. (Ignoring the first and the last chapter)
“In Chaos Kings, the indefatigable Scott Patterson has done it again: delivered a riveting account of Wall Street mavericks whose unconventional understanding of risk has netted them a fortune.”
@WilliamCohan
, NYT bestselling author of Power Failure
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More like the Jon Corzine of Crypto…
On Unchained,
@KyleLDavies
, co-founder of bankrupt hedge fund 3AC, discusses
🤔 Why he thinks he’s the Lloyd Blankfein of crypto
🤡 How he’s in close contact with the liquidators—but didn’t know about a court date
🤷♂️ Why he’s not sorry 3AC went bankrupt
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This is just one of the most nonsensical drivel stories I’ve ever seen on FinTwit. I dare you to try this out in practice, and let’s see what happens.
How Market Makers are naked short selling stocks known as Cellar boxing
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@christinaqi
Many other firms (like Jump, HRT, XTX, etc) are doing great as well. Don’t confuse cost cutting (especially Jump, Tower) with bad performance on trading.
@IMCTrading
and
@OptiverGlobal
typically only hire graduates. Citadel is a miserable place to work.
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When HFT started in the 90’s we were cool, revenge of the nerds style disrupting the Wallstreet elite/cartels. Then those powers pushed back and Flash Boys turned us into vol creating, frontrunning evil social wasters. Now
@christinaqi
and
@domeyard
are making us look cool again!
Quoted by The Wall Street Journal today on the new
#HFT
movie The Hummingbird Project. Hilarious article.
“It’s a movie about us, finally,” she said. “We have the spotlight. That’s exciting.” 🍿
@WSJ
@hummingbirdproj
@salmahayek
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Us TradFi boomers were saying & thinking “Crypto is just emptiness and air, and rife with fraud” for years. It’s all coming out bit by bit now, and all the hot founders from two years ago are going to jail one after another. Who’s next?
Well now below chart makes sense.
@stablekwon
was generating fake CHAI transactions that were “indiscernible” from real ones.
Says to co-founder “I won’t tell if you won’t tell 😉”
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This didn’t age well…. Turns out those ‘dumb’ HFT traders were actually right.
Anecdotally HFT traders / options MMs I know have portfolios like long real estate, long cash, zero equities, zero crypto--the dumber ones shorting TSLA/NDX. B/c they make their money from seeking edges, they resent the masses who get rich w/ "less work" from passive investing
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Imagine putting your name and photo on a pitch deck with two of the most wanted financial fugitives. For those who didn’t see this deck yet, a thread 🧵 (1/4)
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We’ve reached peak Singapore! 😂
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We’ll see, so far it’s 14 years and counting of nothing useful.
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@JosSwartjes_SP
Stalin was een socialist. Pol Pot was een socialist. Mao Ze Dong was een socialist. En ook Hitler begon als socialist. De grootste massamoordenaars in de moderne geschiedenis werden allen gedreven door socialistische dogma’s. (Peron, Chávez/Maduro, castro, ceaucescu als reserve)
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@chrissyteigen
@instagram
The left has cancel culture, which is a low point in modern history. But now the right retaliates with pedo-culture, like WTF are these people thinking? Let’s accuse everybody who criticizes Trump of being a pedo? I am
#TeamTeigen
and I support her message!
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Token2049 day 2: only at crypto conferences will people use cartoon characters to present themselves to the audience… 🤯 (and no, they don’t look alike at all)
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@joshuaclappers
You are comparing an extremely low equity vol year to one of the best HFT trading years ever, with record vol and dislocations. Hardly a fair comparison? It will shake out some weaker (mostly smaller) firms, but the big guys have seen this many times before and will be fine.
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@quantian1
You could:
- do dual listed arbs by hand with %points margin
- ETFS were priced off the close and not get adjusted until the next open
- capital structure pair trades legs lagged one day
- trade warrants deeeeep below intrinsic value
- front run, manipulate & inside trade at will
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@ltabb
Because they are the only ones who see those orders. Other firms could most of the time give the same price and often an even better one. So it’s the retail investor who loses out. There’s a reason why they defend this practice so hard, and it’s not because they care about retail
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@FGMR
@BullionStar
No, the ‘change’ is just a legal disclaimer that stops people from suing them if SLV starts trading at a premium (like PSLV). It has nothing to do with SLV being full of paper. FFS they publish their holdings daily! The chance of a large premium is not very high though.
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I’m absolutely shocked about the amount of anti-semitism on the ‘progressive’ left. These are the same people that call other people racist,fascist,sexist,ableist, misogynist. They will shout “never again” at every holocaust memorial, but now call for all ‘zionists’ to die? WTF?
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@christopherhuff
@mdc
@DavidSchawel
Ken: wants transparency coz afraid to get run over by market moving block trades he doesn’t know about.
Others: don’t want transparency coz afraid their counter parties will get run over by Ken if he knows about their market moving block trades
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