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Conference Audio Files
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 With the increased automation of trading and the proliferation of products that are traded, setting and adapting static pre-trade limits manually has become unworkable and costly. In addition, the increase in use of algorithms and direct access to exchanges make it difficult to calculate exposures and cut off inappropriate trading in a timely fashion. This panel will discuss how the combination of automated risk calculation and availability of open APIs on both trading platforms and exchange interfaces is creating a whole new breed of algorithmic risk tools. Panelists include market risk practitioners, exchange staff who are designing risk systems, vendors who create automated and distributed risk tools, and traders who embed risk control into their trading algorithms.
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This session will cover how both trading firms and algo providers are managing the risks associated with algorithmic trading. Panelists will distinguish between algos used for profit generation and algos used to manage order execution. What are the responsibilities of the algo provider vs. the algo user? Our panel of algo experts will debate various ways of managing algos and the implications of pending regulations.
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The so-called flash crash has brought a high level of scrutiny to how algorithms are used to execute orders. All types of market participants, not just high-frequency traders, are using algorithms to trade faster and more efficiently. How has the flash crash changed the way the buy-side evaluates algos? What are the responsibilities of the algo provider versus the algo user? Our panel of algo experts will debate various ways of managing algos and discuss how various regulatory approaches would help and which ones would harm the market.
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As more and more traders clamor for faster speed and ask to go to the exchange directly in a facility co-located with the matching engine, the fear that unintended or illegal trades can occur before anything can be done to stop them has increased. The FCMs who clear the trades, the exchanges, and the regulatory authorities have struggled to come up with appropriate risk control mechanisms that are technologically feasible. The trading firms agree that risk management is appropriate but want to ensure that the same risk standards are applied equally across all participants. The traders are also concerned that applying traditional regulations such as wash trade prevention becomes more complex in a world where multiple algorithms operate simultaneously, pursuing completely different strategies. What can be done to address risk and regulation in a high speed environment?
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The FIA Market Access Working Group released in April recommendations for controls exchanges that allow direct access should have in place. The FIA then surveyed 55 exchanges around the world to determine which exchanges offer direct access and the controls they are considering or currently offer. This panel will discuss the results of the survey and various regulatory, exchange and private sector initiatives that address controlling risk in a high-frequency trading environment.
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Error trade policies have received increased attention after the so-called flash crash in May. The FIA Market Access Risk Management Recommendations included a recommendation that error trade policies should focus on trade certainty. This panel of exchanges and trading firms will discuss the difficulty in striking the right balance between trade certainty and busting trades. What happened during the flash crash? How has thinking changed since the events of May 6 and 7?
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This panel will look at the ongoing evolution of technology as related to electronic trading. We will question whether screen or spreading systems can realistically compete with the latest HFT applications. Can vendors supply these HFT solutions or do traders need to build them from scratch in order to compete? We will also look at the ways that traders are minimizing latency via networks, co-location and more efficient HFT solutions. Finally we will discuss the effect that HFT technology is having on all market participants including the buy/sell side, exchanges, vendors and even regulatory bodies.
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Co-location is becoming increasingly important to a variety of traders including high-frequency traders, intermediaries and end-users. The CFTC has proposed rules that would change the way co-location is defined, monitored and marketed. This panel will discuss the different flavors of co-location, the advantages of locating servers in close proximity to the exchange trading engines, and the need for transparency and equal access.
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Can algorithms help you be more effective in an automated environment? Have you ever tried to list an offer or hit a bid and it was gone before you clicked the mouse? Algos can improve the efficiency of the execution of orders. Using improved technology with proximity to exchanges can provide human traders the edge they need in a computer-based trading world. This panel will explore in depth the technology that allows the human being to remain effective in today's electronic trading environment.
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