Why Virtu HFT never loses
A computerized voice rang out on Virtu Financial’s New York trading floor one Friday morning in late May: “Something’s wrong.” This was the Watcher, an automated program the electronic market-making company created to alert risk managers when any of the millions of orders it places on a given day go awry. In this case, Virtu had entered into a $1 million currency contract but then decided to cancel the order. While it took only 700 microseconds to get confirmation that the trade was on, the cancellation hadn’t been acknowledged by the exchange within 5 seconds, triggering the Watcher’s Stephen Hawking-like voice.
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