High Frequency Trading | Low Latency systems | Market Making Models | C/C++
Updated 2026: The real infrastructure, talent, and compliance costs of building an institutional crypto HFT desk. MiCA hard deadline, IBIT milestone, OKX enforcement—what changed.
Table of Contents The Price of US Market Efficiency Instrument Adverse Selection First: Why VPIN and OFI Are Not Academic…
Table of Contents Why Queue Position Is an Architecture Decision, Not a Data Decision Why L2 Data Is Structurally Blind…
The Gap Between When the Move Begins and When It Shows Up on Your Report Every execution quality report I…
Table of Contents What the Dashboard Records vs. What the Market Sees Cancel Ratio Drift and Order-To-Trade Ratio as Adverse-Selection…
Based on engagements I have priced, a full kernel-bypass stack with FPGA integration has run $1M to $2M all-in —…
Crypto Fund Execution Infrastructure: The Real Cost Stack at $50M AUM Before Your First OMS Contract Table of Contents The…
If I were rebuilding the signal stack today, the first dollar would go to the data line. $2,388 a year…
Table of Contents The 30-Point Gap That Lives in Your Cancel Stream Why 97% of Your Order Book Never Prints…
Table of Contents The Economics of Latency Slippage Layer 1: Ingress — The Clock You Trust Layer 2: Book State…
By Ariel Silahian | April 17, 2026 Table of Contents What the Benchmark Is Actually Measuring Failure Mode 1: Buying…
Table of Contents The Counterintuitive Inversion: When a 50.8% Reject Rate Is Your Best Defense The Single-Metric Trap: Why Execution…
$600K in OMS infrastructure. On a $50M AUM crypto fund, a team-deployed custom system recovered that investment in under two…
By Ariel Silahian | 20+ years building HFT infrastructure | Creator of VisualHFT Table of Contents The $1.25M Planning Failure…
Why Textbook C++ Optimizations Wreck p99 Latency in HFT: A Three-Root-Cause Post-Mortem A $500M daily notional desk applied every textbook…
Table of Contents The Three Budget Lines Nobody Sequences Correctly The Infrastructure Trap: Proximity Without Data Structure Efficiency The Leakage…
Two matching engine rebuilds, eight months, board approval twice — and the latency profile barely moved. The bottleneck was never the matching engine. This article breaks down the five-layer LOB diagnostic framework that located the actual constraint.
Table of Contents The $5.1M Sequencing Problem How Execution Engines Depend on Risk Infrastructure What Happens When You Ship Execution…
A $2M infrastructure upgrade produced no measurable latency improvement. The hardware was not the problem. A sorted array in the…
Table of Contents Introduction: The Language Decision That Defines Your P&L The Real Problem Is Not Speed — It Is…
Table of Contents The 40-Seat Floor: Full Cost Breakdown What Compute-First Actually Looks Like: Virtu, HRT, and Jane Street The…
Table of Contents Where Backend Experience Stops Working The Four Constraints Most Teams Learn Too Late The Sequencing Problem Is…
Table of Contents What VPIN Actually Measures — And What the Academic Debate Gets Wrong for Practitioners The LOB Imbalance…
Table of Contents What April 11 Actually Changes Layer 1 — Processor: CPU vs. FPGA and the Jitter You Never…
Table of Contents Why FX Liquidity Works Nothing Like Equities What “Last Look” Actually Means for Your Execution Stack The…
Table of Contents The Timestamp Gap: What Fill Data Reveals That P&L Reports Do Not The Execution Tier Map: Where…
Table of Contents The 5-Microsecond Window That Separates Alpha from Adverse Selection Speed Is Fragmented: Why Venue Architecture Dictates Outcome…
Table of Contents When 47 Seconds Costs $2.3 Million The Speed Problem: Markets Move in Microseconds, Minds Think in Seconds…
Table of Contents 1. The $1.5 Trillion Settlement Asymmetry 2. Why T+1 Still Isn’t Fast Enough 3. Scenario 1: The…
Table of Contents November 28, 2025: Aurora Data Center Goes Dark The Exposure Pattern: When Exchange State Disappears State Independence:…
Table of Contents The Carnegie Mellon Dropout Who Democratized Markets Why a FoxPro Database Changed Trading Forever The Maker-Taker Model:…
Background: Stock Trading in the 1990s In the mid-1990s, U.S. stock trading was dominated by human intermediaries and fragmented systems.…
Case of Study of a Chicago Firm’s Journey to Low-Latency Success with Expert Guidance Introduction A leading Chicago-based quantitative proprietary…
Introduction Traders are always on the lookout for the slightest edge that can turn a profit. One crucial aspect that…
Professor Chien-Feng Huang, at the National University of Kaohsiung in Taiwan delves into high-frequency trading across Artificial Intelligence In the…
Source: High-Frequency Trading Market Size to Grow USD 12590 Million by 2028 at a CAGR of 11.8% | Valuates Reports…
Source: Electronic Trading and Order Matching System Basics Electronic trading and order-matching systems are systems that facilitate the buying and…
This is a curated post, and the original post is here: Brokerages Suck: Navigating the Challenges of Live Algo Trading…
After several years of developing high-performance trading systems, we came up with some rules of thumb. When talking about low…
Algorithmic trading, often referred to as algo trading, involves using computer programs to follow a defined set of instructions for…
Originaly posted on medium: Why Rust is Stopping Your Success. Use C++ and C# Instead. A Ferris with a cross…
Explore the cutting-edge strategies reshaping the forex market in ‘Innovations in Forex Execution: How Bespoke FX Aggregators Enhance Trading’. Dive into the complexities of OTC FX trading and discover how advanced FX aggregators offer traders superior control, efficiency, and execution. This in-depth article provides valuable insights into liquidity providers, quote types, and the strategic construction of FX aggregators for optimized trading outcomes. Stay ahead in the high-stakes world of forex with expert analysis and forward-thinking solutions.
What is modern portfolio theory? Risk is one of the most fundamental traits that is associated with every single decision…
Introduction In order to understand how to improve the execution quality in the forex market, we need to understand the…
If you have been following, you already know that I have always been focused on low-latency trading systems. Assuming that…
Let’s face it, most traders struggle to make money. Sure, they might have a nice winner once in a while,…
As we navigate the fast-paced world of quantitative finance, we often find ourselves balancing on a tightrope, juggling complex mathematical…
Banks and other financial institutions like to make a big deal about their environmental efforts through their ESG teams, but that…
In this case study, we are excited to share an insider’s perspective and look under the hood of how a…
Ever wondered how HFT strategies work? Today, we’ll explore the 0+ HFT strategy –  a strategy that has been practiced…
The ability to execute trades at lightning-fast speeds has been the driving force behind the evolution of trading technology. Now,…
Artificial Intelligence (AI) has been a buzzword in the technology industry for several years now, but its implications extend far…
Startup: The Rise of a High-Frequency Trading Powerhouse This is a story of transformation, a journey of a South Florida-based…
Cryptocurrency exchanges are digital platforms where individuals can buy, sell, or exchange one cryptocurrency for another or for fiat currencies…
(By Jonathan Simon). Original article published here. It is easy to distance yourself from a large collection of patterns or…
The video titled “A detailed performance analysis of a simple low-latency trading system” presents an overview of a simple low-latency…
A Guide to Machine Learning in Trading This book has been created by ChatGPT-4 and promoted and published by Gautier…
[vc_row full_width=”stretch_row”][vc_column][vc_column_text] Making a trading system “fast” cannot be an afterthought. While low latency programming is sometimes seen under the…
This is an original post from Henrik Warne’s blog I really enjoyed reading Algorithmic Trading: A Practitioner’s Guide by Jeffrey M. Bacidore.…
Are you looking to optimize your trading systems for high-frequency trading? Do you want to unlock the full potential of…
Rust vs. C++ is a fairly popular topic of discussion because they compete in the same realm of system-level development…
This article was originally published here. The spot Forex market has grown significantly from the early 2000s due, in part,…
Original post is by Mikhail Kirilin. click here. Hedge funds are the most off-limits financial institutions doing their best to…
In the world of high-frequency trading, every millisecond counts. The competition to create the fastest and most efficient trading systems…
This article was originally posted by Nagesh Singh Chauhan and you can read it here. The article contains a brief…
This article was originally posted here. By Mikhail Kirilin Each hedge fund company is organized into three departments — the…
Low-latency networks and direct market access.
Co-location services
Advanced algorithms and machine learning techniques
Data management.
Advanced trading platforms and software.
Building a quantitative trading team can be a complex process, but it can be broken down into several steps: It’s…
I created a trading strategy by chatting with an AI, is it really possible? Read the original article here. The…
The original post can be found here. By Mikhail Kirilin It’s no secret that artificial intelligence is changing the world…
In financial markets, quantitative traders use the most common Monte Carlo Simulation method to reshuffle the order of their historical trades to help them better understand how a trading system could have happened.
Coders must be well acquainted with certain programming languages that top trading firms are using
Curated content from here. By Stephan M Kessler, global head of quantitative investment strategies (QIS) research at Morgan Stanley, and Vishwanath…
By Jason Voss, CFA Original Post In: Leadership, Management & Communication Skills I am frequently asked, “What can I do to improve…
Curated content. You can find the original content here. By Ahmed Butt As algorithmic trading becomes the norm in many…
AI is increasingly being adopted by hedge funds to generate investment ideas, help with portfolio and investment decisions, for signal generation, to manage risk, and in some cases execute trades. As interest from managers grows, and as the technologies underpinning these strategies continue to develop, what might AI mean for how hedge funds invest?
Original post by Aiden Pestell Hi tech savvies. My name is Aiden and I have spent the last 4 years…
Low latency trading has strict latency service level agreements (SLAs), where a millisecond can make the difference between completing a transaction or missing an opportunity. A slight latency variance can lead to differences amounting to millions of dollars. Due to these low latency requirements, brokers’ low latency trading systems must be in close proximity to the exchanges.
There exist two separate branches of finance that require advanced quantitative techniques: the Q quant of derivative pricing, whose task is to “extrapolate the present” and as the sell-side in the market; and P quant of quantitative risk and portfolio management, whose task is to “model the future” and as the buy-side in the market.
https://miro.medium.com/max/1400/0*2arApVA3c-sEuK3E Photo by Keith Johnston on Unsplash Greetings! In a previous article entitled “Simplified Avellaneda-Stoikov Market Making” we discussed how to use such…
High-frequency trading firms can easily get to 64% accuracy in predicting direction of the next trade, Princeton study finds
In algorithmic trading, as with every high-performance programming pursuit, each nanosecond counts. Your tick to trade latency is often the…
Introduction Building a Quant HFT on the forex market could be much more challenging than with other markets. Why? Because…
Backtesting high-frequency trading strategies is always a subject of discussion. It differs from other types of backtesting because you are…
This is the last part of 3 series of articles I’ve been writing. In this part, I’m going to explain…
In the first part, I explained basic concepts of architecting a low latency trading system and some examples on how…
An FX Aggregator, also known as the Foreign Exchange Aggregator, is a Forex trading software that combines (aggregates) all the…
This top 10 reasons list is by no means “the fact”, but is based on our own experience serving such firms with our Advisory service and those using our low-latency HFT platform.
How’s the current market HFT has been around for decades, and it is used by many hedge funds and other…
Of 104 hedge funds surveyed, these are the actions and best practices they took to increase their profitability
Regardless of how fast a transaction occurs, there will always be some delay due to the number and types of devices between the parties.
The time required to send data over long distances and through networking devices like routers and switches leads to delays in data centers, wide areas, and metro networks alike.
In this article, I would like to talk about how to implement a low latency system, the modules needed and…
It’s a very lucrative business but is hard to get started. Usually, startups try to start small and grow as they see profits, but that always falls into failure. If you do that, you will fail to have all the above points I’ve listed.
It is very well known how fragmented the FX market is. There are hundreds of dealing banks, ECNs, non-banks, all…
I strongly recommend reading carefully the story behind how this guy could build his own HFT firm. It’s a fascinating…
In this article, I would like to talk about how to implement a low latency system, modules needed and its…
The platform was created from scratch, using lightweight C++ code. I was especially focused on the architecture of the software, something crucial to achieving high-speed processing. After platform was done, was the turn of creating, testing and adjusting the strategy.
What factors affect the profitability of an automated trading system? Here is a list of the 10 things in no…
What factors affect the speed of a trading system? Here is a list of the 10 things that affect the…
Finally, like never before, I can do it. I have permission to share what 2 hours of a real high-performance…
Finally, like never before, I can do it. I have permission to share what 2 hours of a real high-performance…
To build a solid FX high-frequency trading environment is an extremely challenging exercise. A HFT engine usually contains the following…
This story is about how we, as software consultants/architect and developers, must have a huge amount of creativity, besides hard…
Believe it or not, there are many banks and ECNs that haven’t catch up with the latest technology with trading…
A discretionary trader will still have rules, i.e. a system, for deciding when to enter and exit positions. Most successful…
Why would you need to move into a HFT environment if you don’t do HFT? There are a few key…
L1 cache reference 0.5 ns Branch mispredict 5 ns L2 cache reference 7 ns 14x L1 cache Mutex lock/unlock 25…
Short story, is not easy at all. Recently I’ve been approached for many startups looking for setup their own HFT…
I have a great trading idea!! I do my research, and whoala!! It looks great!! Time to test it… I…
Data structures that are contained within a single cache-line are more efficient. Use appropriate containers (e.g. prefer reserved std::vector than…
Iron Condor Backtest – SPX – 38 DTE We will look at the automated backtesting results for four variations of…
Choose the right language: FORGET about scripting languages, they won’t work. When you are looking to shave those last few…
The simplest ideas are often some of the best. This is a mantra that should often be repeated by traders…
Often, trading model developers “spoil” the eventual results of their model by making errors early in the process. These errors…
One of the biggest lessons I’ve learned is the importance of separating the trading models–the mathematical or algorithmic logic that…
Low latency networks: location, location, location…. Or Colocation! This is key to creating an HFT business… without it, you will…
Black box trading, algorithmic trading, automated trading, or whatever you’d like to call it, is on the rise. Technology is…
Automated trading requires a server, and it often makes sense to collocate it. Even discretionary traders these days can rely…
#1: The Bladerunner Trade The Bladerunner is an exceptionally good EMA crossover strategy, suitable across all timeframes and currency pairs.…
First come up with a trading plan: There are multiple strategies when it comes to high-frequency trading. A few of…
Speed has become a hot topic of conversation in the financial markets. There has been a flurry of crazed conversation…
It is the process of testing a specific trading strategy or idea, and see how it behaved in the past,…
