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Chasing the same signals : how black-box trading influences by Brian R. Brown

By Brian R. Brown

Traditional knowledge means that markets are effective, random walks and that inventory costs upward thrust and fall with the basics of the corporate. How then have black-box investors prospered and the way do they take advantage of marketplace inefficiencies? Are their recommendations on their final legs or will they adapt to the recent panorama amidst the worldwide monetary hindrance?

Chasing a similar Signals is a distinct chronicle of the black-box industry's upward push to prominence and their impression out there position. this isn't a narrative approximately what signs they chase, yet fairly a narrative on how they chase and compete for a similar signals

 

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Extra resources for Chasing the same signals : how black-box trading influences stock markets from Wall Street to Shanghai

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For more than a decade, DoCoMo Man was employed as a dealer with a large Japanese domestic broker, where he handled client orders for Japan’s largest pension funds and institutional investors. Japan has a unique culture within the institutional investment managers—the client is king. If a client specifies an order should be placed at the prevailing bid price, held for three minutes, reduced in quantity by 10 percent and the offer lifted, then repeat until the order is completed—these instructions must be carried out explicitly—and updates are required throughout the day.

Billions of dollars in research, yet no attempt to determine whether it’s good research or poor research. But in 2002, a quantitative hedge fund in London decided to apply “measurement” to this industry of sell-side research and they became one of the industry’s most profitable hedge funds as a result. Marshall Wace, one of Europe’s largest hedge funds with $15 billion in assets under management, has achieved much of its success through an innovative process that combines qualitative and quantitative research analysis.

A few adverse movements could represent a couple months of his trading profits. He is not ignorant of market fundamentals. He keeps an active dialog with the trading community and attends the occasional morning research meeting. His intention is not to forecast the share price movement but to keep abreast of any unusual circumstances—adverse earnings report, tax reforms, investor sentiment—anything that would make the market erratic. His need for fundamental sentiment is better described as an exercise in risk management.

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