Real Time Club Dinner : Debate on High-Frequency Trading: A Formula for Liquidity or a Recipe for Meltdown?

(Last Updated On: April 27, 2011)

For some years I have been a member of the Real Time Club, London’s oldest technology dining club; established in 1967 we hold regular dinners at the National Liberal Club in Whitehall to discuss the technology issues of the day. It won’t shock you that high frequency trading is a real issue that we feel deserves not only our attention but also a rather good dinner and bottle of wine to get it right.

RTC members are an eclectic mix of academics, practitioners, bankers, techies, entrepreneurs and regulators; but for this event you do not have to be a member of either the RTC or the Liberal Club
If you would like to book online go to http://bit.ly/f04i7C ,or for any questions, Dominic@PaulDominic.com

HFT is the nuclear energy of the finance industry. The smartest bankers on the planet armed with bleeding-edge technologies from ultra high performance computers to ultra low latency networks to exotic gadgets they find lying around at CERN. Not only has financial regulation come under stress from their activities, but even the physical limitation of the speed of light is bitterly lamented for the problems it causes.
HFT allows fortunes to be made or lost in minutes, and the Flash Crash last year bounced the US market so hard that the solution was to turn the market off and on again to make the problem go away. But without HFT markets might not function efficiently, and if taken away from the UK would cost many jobs. So have we signed a Faustian pact for our financial souls, or are opponents of modern trading Luddites who long for a time when gentlemen brokers passed pieces of paper around Edwardian coffee houses?

Con Keating
Head of Research for the BrightonRock insurance group, member of the steering committee of the financial econometrics research centre at the University of Warwick, and member of the Société Universitaire Européene de Recherche en Finance. In a career spanning more than 40 years, Con has worked as infrastructure project financier, corporate advisor, investment manager and research analyst in Europe, Asia and the USA. Research fellow of the Finance Development Centre published widely on regulation of financial institutions and pension systems, and also developed new statistical tools for the analysis of financial data. From 1994 to 2001, chairman of the committee on methods and measures of the European Federation of Financial Analysts Societies and currently member of their Market Structure Commission. Con has also served as an advisor and consultant to the OECD’s private pensions committee and a number of other international institutions. He has served on the boards of a number of educational and charitable foundations and as a trustee of several pension schemes.

Dave Cliff
Professor of Computer Science at the University of Bristol. In 2001, published the first results showing that computers could automate not only the trading process, but also the process of designing and/or fine-tuning trading algorithms and market mechanisms within which traders interact. Following an article on his work in The Economist in November 2002, he spent 2 years working with HP to develop his research into real applications for tier-one financial institutions. In 2005, Dave moved to Deutsche Bank’s FX trading floor, then co-founded Syritta Algorithmics, a trading technology development and consultancy firm, and later Professor of Computer Science at the University of Southampton. He is author/co-author on over 70 journal/conference publications, inventor/co-inventor on 15 patents and numerous further patent applications currently under review. He has given well over 100 invited keynote lectures and seminars, he and his work have frequently been featured both in the press and on TV and radio, and the topic of articles in New Scientist, FT and The Economist.
He currently serves on the committee of the UK government Foresight Project whose role is to evaluate HFT and how it may be best regulated.

NOTE I now post my TRADING ALERTS into my personal FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!

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