14 Jan

DRW buys Chopper

Pretty big news from the other side of the Atlantic. High speed trading firm DRW Trading has bought smaller rival Chopper Trading. DRW is a giant in the high frequency industry and one of the largest prop trading firms in the Chicago – and the world. A few years ago the firm, founded by legendary...
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16 Dec

Flash boy Binck ignores law of holes

Somehow Binck reminds me of Van der Moolen in their last months. A listed company and a board which seems to have lost touch with reality. That’s nice when writing a kind of financial blog. Expected a quiet December, but voila : Binck. Time to get the popcorn. SOR functioning poorly Contender DeGiro showed credible...
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15 Dec

Former Flow Trader pleads guilty in code theft

It’s currently out of fashion, but last years papers were filled with reports of traders getting busted stealing their employers secret software code. We’ve seen the alleged code thief at Goldman Sachs,  Aleynikov. At Flow Traders USA we’ve learned Jason Vuu has been e-mailing himself several strategies and computer code. Not too smart. Vuu tried to...
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10 Dec

DeGiro trashes TOM

Online broker DeGiro surprised everybody today. On national television they came with the news TOM’s smart order router (SOR) doesn’t work very well. In fact, the guaranteed “best execution” proved to be fake. To make things worse, apparently a HFT firm has seen enough time to benefit from the trades. Research paper The Dutch pdf can...
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