“Five HFT firms have told Reuters they are holding back new investments given the uncertainties surrounding the proposed regulations.” “”We were about to set up a new strategy and we were ready to deploy capital, and build a team of traders and programmers, but if these changes are implemented that strategy would effectively be zero.” “[The Regulator] noted that while literature existed showing algo trading helped tighten spreads and boost liquidity, research also showed it may raise costs for non-algo traders and increase the risk of “flash crashes”. “[The Regulator] is looking at potential limits on so-called algo traders, including “speed (more…)

Dear Job-Seeking formerly-employed Wall Street Traders, In this tough environment, where Wall Street continues to shrink its human capital, we believe it’s imperative that all of us “up our game”, and our interviewing skills. Frankly, it’s a new world and it requires deviations from what conventional wisdom has been for decades. Of course, you should wear appropriate attire – like that worn by Billy Ray Valentine as he toiled for Randolph and Mortimer. Of course, you should have a well-crafted and practiced story on why you want a specific job, and be able to talk about your strengths and weaknesses. (more…)