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IMO this is one of the best articles I have read on HFT. It gives a good, balanced overview of the technology and the fundamental principles behind how automate

IMO this is one of the best articles I have read on HFT. It gives a good, balanced overview of the technology and the fundamental principles behind how automated trading works, without any particular viewpoint or opinion directing the text. The section near the end on FPGAs and programming styles was an eye-opener to me. I wonder how many other firms have taken risk checks out of their code to save some nanoseconds...

conistonwater 12y ago
> without any particular viewpoint or opinion directing the text You say that like that's a good thing. I know that a lot of rubbish has been written about HFT and algorithmic trading, but it's sad that no one seems to be able to write about its merits without starting a flame war.
- Retric 12y ago
  It's an outgrowth of poorly designed matchmaking software at exchanges. The could completly distroy HFT without costing society anything or adding transaction fees.
  - conistonwater 12y ago
    Do you have any specific issues in mind when you say that? A lot of the rules that markets operate by come from standards and regulations, not software design. The software design reflects the kind of markets exchanges want to set up, so it's not a software problem. The people who wrote the standards had specific markets and specific outcomes in mind when they wrote them.
    - harmegido 12y ago
      I work in this industry. I've come to the conclusion that I will be leaving very soon. There are a number of reasons, but the primary one is because it's become clear to me that I spend the vast majority of my time on trying to figure out how to take advantage of flaws in exchange hardware/software. Sorry, I can't go into specifics. That being said, I don't know if it is possible to create an ungame-able matching engine.