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☆ The head of Cubist's centralized high-speed trading unit is out after less than a year
▼ + stars: | 2024-10-17 | by ( Alex Morrell | ) www.businessinsider.com time to read: +3 min

The exec leading Cubist's centralized high-frequency trading unit is leaving the firm. Cubist, the quant arm of pod shop Point72, has invested heavily in its centralized trading effort. AdvertisementCubist Systematic Strategies has been investing tens of millions into a centralized trading operation. He has a background in FX futures, working at Radix, 3Red, and most recently Citadel Securities, where he was a quant researcher in high-speed, machine-learning-driven trading strategies, according to his LinkedIn and personal website. While he only officially joined Cubist last year, he was recruited in 2021 and was subject to a two-year noncompete clause.

Persons: Vibhav Bukkapatanam, —, Bukkapatanam, Denis Dancanet Organizations: Service, Citadel Securities, Citadel, Tower Research Locations: multimanager, HFT, Dancanet

☆ Reader mailbag: From M&A and MBAs to Elon Musk and bitcoin, all your questions answered
▼ + stars: | 2023-04-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's easier to leverage misinformation for personal gain within the world of finance than perhaps any other industry. I'm not the type to suggest the only real information you can get on the markets is from established news outlets. Do you think the legacy media is fearful of Elon Musk's new Twitter? I just think the discourse on Twitter is very different from what you'd find on a media website. My position on bitcoin, and the wider digital-currency ecosystem, is that it's too often a solution looking for a problem.

LONDON, March 27 (Reuters) - Funds have dumped their bets on higher copper prices as the turbulence triggered by the collapse of Silicon Valley Bank continues to roil financial markets. The investment community has turned net short of CME copper for the first time in five months, while funds have cut their long exposure on the London Metal Exchange (LME). Investors' negativity towards Doctor Copper contrasts with the bullish headlines generated by the FT Commodities Global Summit. Investment funds bought into copper in January, the net long position expanding from 11,830 to 32,397 contracts at the end of the month. Bulls such as Trafigura and Goldman Sachs contend it's a very thin inventory cushion if China rediscovers its copper mojo.

☆ Fear and loathing on Wall Street: Inside the paranoid, hyper-competitive onslaught to prevent quant traders from defecting to rivals
▼ + stars: | 2022-07-31 | by ( Alex Morrell | ) www.businessinsider.com time to read: +23 min

Current and former employees at prominent quant trading operations spoke to Insider anonymously for this story, citing fear of legal reprisals. "At the NSA, the penalty for leaking is twenty-five years in prison," Simons liked to tell employees, according to Gregory Zuckerman's book "The Man Who Solved the Market." In the early 2000s, quant noncompetes were narrower and shorter — six to nine months was industry standard, quant recruiters who had to navigate these obstacles told Insider. But it has aggressively pursued employees it believes have crossed the firm, according to court filings and media reports. Absent such changes, quant noncompetes will likely continue to proliferate with little resistance from employees.

Persons: Ken Griffin, they'd, It's, Matt Moye, they've, David Marshall, Jim Simons, George Soros, John Paulson, Philip Falcone, Jonathan Ernst, RenTech, Simons, Gregory Zuckerman's, Moye, quant, Pavel Volfbeyn, Alexander Belopolsky, spooked, Eric Wepsic, Shaw, —, Izzy Englander, Rick Wastrom, Smith Hanley, Jane Street burgeoned, Peter Friedman, Brennan Hughes, Griffin —, They've, Friedman, Chase Lochmiller, Ray Dalio, Jane Street, Hughes, Samuel Estreicher, Estreicher, I'm, David, Wastrom, Marshall, noncompetes Organizations: Citadel Securities, Renaissance Technologies, Citadel, St John's Law School, Center for Labor, Employment, REUTERS, NSA, Fund, RenTech, Millennium Management, Millennium, D.E, Trading, Integra Advisors, Wall, Google, Sigma, Polychain, Getty, Bridgewater Associates, National Labor Relations Board, Schonfeld Strategic Advisors, Group, New York University, school's Center for Labor, John's Law, —, New Locations: America, Bridgewater, New York, Hudson, Riker's Island, Houston, Chicago, Connecticut, — California, St, New York , Illinois

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