Electronic and Algorithmic Trading Technology: The Complete Guide (Complete Technology Guides for Financial Services)

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Press:Academic Pr Academic Press; 1 edition (July 4, 2007)
Publication Date:2007-6
Author Name:Kendall Kim
Edition:1st Edition


Electronic and algorithmic trading has become part of a mainstream response to buy-side traders’ need to move large blocks of shares with minimum market impact in today’s complex institutional trading environment. 
This book illustrates an overview of key providers in the marketplace.
With electronic trading platforms becoming increasingly sophisticated, more cost effective measures handling larger order flow is becoming a reality.
The higher reliance on electronic trading has had profound implications for vendors and users of information and trading products.
Broker dealers providing solutions through their products are facing changes in their business models such as: relationships with sellside customers, relationships with buyside customers, the importance of broker neutrality, the role of direct market access, and the relationship with prime brokers.Electronic and Algorithmic Trading Technology: The Complete Guide is the ultimate guide to managers, institutional investors, broker dealers, and software vendors to better understand innovative technologies that can cut transaction costs, eliminate human error, boost trading efficiency and supplement productivity.
As economic and regulatory pressures are driving financial institutions to seek efficiency gains by improving the quality of software systems, firms are devoting increasing amounts of financial and human capital to maintaining their competitive edge.
This book is written to aid the management and development of IT systems for financial institutions.
Although the book focuses on the securities industry, its solution framework can be applied to satisfy complex automation requirements within very different sectors of financial services – from payments and cash management, to insurance and securities.
Electronic and Algorithmic Trading: The Complete Guide is geared toward all levels of technology, investment management and the financial service professionals responsible for developing and implementing cutting-edge technology.
It outlines a complete framework for successfully building a software system that provides the functionalities required by the business model.
It is revolutionary as the first guide to cover everything from the technologies to how to evaluate tools to best practices for IT management.
*First book to address the hot topic of how systems can be designed to maximize the benefits of program and algorithmic trading*Outlines a complete framework for developing a software system that meets the needs of the firm's business model* Provides a robust system for making the build vs.
buy decision based on business requirements

From the Back Cover

Business/FinanceElectronic and Algorithmic Trading TechnologyThe Complete GuideKendall Kim“Kendall Kim's work is a thorough snapshot of the world of automated trading… Packed with examples and anecdotes, it makes an impressive reference guide to the multitudes of algorithms, systems and regulations in existence across the globe.”―Matthew J. 
Smalley, Director - ETD Execution Technology, UBS Investment Bank“Kendall Kim provides readers with a valuable insight into the highly specialized world of computer trading.
This includes key terminology and definitions, regulatory background, and industry drivers.
In addition, the book provides an overview of the technologies and methodologies that comprise this complex industry.
Electronic and Algorithmic Trading Technology is a roadmap to the world of computer trading and is an essential reading for both buy- and sell-side market participants.”―Sean Gilman, CTO, Currenex“Kendall Kim has managed to give a comprehensive overview of the mechanisms, the competitive landscape, and even some forecasts on the complex and quickly evolving topic of electronic and algorithmic trading technology.
Deep domain knowledge is critical to success on Wall Street.
Anyone who wants to learn more about this rapidly evolving phenomenon can benefit by reading Kendall’s book.”―Jeff Hudson, CEO, Vhayu Technologies Corporation “Electronic and Algorithmic Trading Technology is an excellent resource for both academics and financial professionals… Kendall Kim has managed to provide an insightful, engaging, and eminently accessible summary of the core elements of algorithmic and electronic trading, the challenges faced by all trading businesses today, and what lies in store for the future of trading across a multitude of asset classes.”―Manny Santayana, Managing Director Advanced Execution Services – Equities, Credit SuisseElectronic and Algorithmic Trading Technology is the ultimate guide for trading managers, brokers, and back-office processing directors to understand the new technologies that can cut transaction costs, eliminate human error, boost trading efficiency, and supplement productivity--in short, save and make money for the firm.
Kendall Kim consults as a Business Analyst based out of New York, NY.
He has consulted and worked for firms such as UBS Investment Bank, Deutsche Bank and Goldman Sachs.
He specializes in delivering technology solutions to Wall Street securities firms.

About the Author

Kendall Kim consults as a Business Analyst and lives in Greenwich, CT.He specializes in delivering technology solutions to Wall Street securities firms. 
In this role he has been responsible for the specification and implementation of large trading, risk management, and real-time market data systems.
He has consulted and worked for firms such as UBS Investment Bank, Deutsche Bank, and Goldman Sachs.Kendall holds a bachelor's degree in Economics from Boston University, Boston, MA and a master's degree in Business Administration from The College of William and Mary, Williamsburg, VA.


Textbooks,Computer Science,Algorithms,Computers & Technology,Programming,Business & Finance,Investments & Securities

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Comment List (Total:8)

  •     This book does not contain any useful information.It contains a lot of bar charts and brochure-like market descriptions that fill a lot of lines but tell absolutely nothing!
  •     I have found this book to be useful; I purchased it for work and have used it to understand the process and evolution of this system.
  •     Elementary depth on all topics, yet full of technical name dropping. It's like hanging out with a bad nerd-wanna-be friend as they make you suffer through yet another Mac vs. Windows vs. Linux debate. The writing is just awful. NONE of the graphs match the topic, it's baffling almost as if the editors mixed up the content. The graphs that are somewhat contextual are completely worthless and make the USA Today quick stats section look like graduate level material.
  •     I found this book to be very useful. I don't know much about trading and I don't work in the industry but I thought it was well written and very easy to follow. I can tell that a lot of time and effort went into the writing of this book. The author really impressed me.
  •     I teach a graduate course on microstructure and electronic (i.e. algorithmic) trading. I purchased this book hoping I could use it as a background text for that part of the class. Unfortunately, I found this book lacking for a few reasons.The book neglects high-performance, low-latency technology. It also neglects a proper discussion of the business ideas driving the need for algorithmic tools. This neglect means that the few interesting details age quickly. Further, the limited perspective means the book is almost wholly US-centric. The book discusses the problems technology is used to solve without proper background as to why the problems exist. Even with technology issues, the book tries to mention lots of ideas without giving each its due. Least favorite features: a laundry list of IT vendors; an inordinate focus on irrelevant ideas (e.g. TWAP); chapters on transactions costs that avoid conveying any intuition; and, musings on build versus buy.In short: This book shows what a mid-level IT worker at a large bank might have been told to do a few years ago. Algorithmic trading lies in the intersection of computer science, software engineering, OR, statistics, game theory, and finance; this book limits its utility by failing to make even the most basic of those connections.
  •     Three exciting games you can play with a copy of this book:1. Count occurrences of "according to the Aite Group" or "according to the TABB Group".2. Locate any technology-related material between p. 3 (one page on FIX) and concluding Chapter 15.3. Find references to presumably-existing companies that elsewhere in the book are identified as defunct.But seriously, a book about trading technology whose one shot at technology content is a few-pages summary of marketing copy from selected vendors? Hmm...
  •     This is an expanded version of a typical consultant's report or a magazine article, full of big words but lack of content. It's amazing that you can't find a formula anywhere in a book on ALGORITHMIC trading. Academic Press used to publish only rigorous books, but this seems to be an exception.This book is good for a very entry-level introduction for people only want an overview of the topic. You can't expect to use the book to build any algo. For example, the section on transaction cost analysis (TCA) has only seven pages and only mentioned a few vendors in the space, but nothing on how to conduct research on TCA!
  •     First of all, the writer should be made to go back to freshman college and take a basic course in expository writing. The prose here is absolutely disgraceful.As for the content of the book itself - don't get fooled by the "Complete Guide" subtitle... nothing could be further from the truth. This is as incomplete a piece of work as you'll ever see - it is a pasted together summary of reports from various sources trying to pass off as a "book". It's an overview about some of the (mostly outdated) issues in the world of trading systems, but it does not - repeat DOES NOT - discuss technology at all. This is a work of some junior business analyst or whatever trying to pass off as a techie. A true waste of time.

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