Hi bro, have you tried this paywall bypass addon?

If it still doesn't work, can try web archiving services like Archive.is ( e.g. using the page you asked for as an example: https://archive.ph/BPaQp ) or (last resort) Google Cache/Wayback Machine

90% of M&A do not add any value to shareholders (while guaranteeing your bankers fees and commissions).

Here's one example:

FT Opinion | Unhedged

The AT&T-DirecTV mistake
How a $67bn deal went wrong

by Robert Armstrong (8 hours ago)

https://www.ft.com/content/5c43fd2e-7d13-4c...30-9084179346f8

I still think I am a fundamental guy... Charts and resistances... head and shoulders patterns all seem like aliens to me lol

I make 2-3 USD a day every 3 days or so trading the bid-ask spread of BIL ETF... passive income for a start...

Quantitative researcher/analyst is a more suitable job for me. I heard the pay is 15k SGD - 20k SGD a month for PhD graduates in quant firms like Citadel, Jane Street etc. but I guess the trading desks people bring home more money lah..

You can help check for me the pay for Physics PhD working as quant analyst/researcher in Malaysia banks/funds?

As for your OT question, no I am just starting my 2nd year PhD at NTU Singapore... Will graduate in August 2027. See if I can land an intern at one of the market makers out there. PhDs and Masters' quants are in high demand in Singapore...

High Frequency Trading. A good book to read is 'Flash Boys" by Michael Lewis. https://en.wikipedia.org/wiki/Flash_Boys

You can find the e-book for free online, given the book's popularity (PM me if you have difficulty looking for one.)

A very common HFT tactic is known as SIP latency arbitrage: https://www.law.berkeley.edu/wp-content/upl...latency2017.pdf

In essence these traders program computers so that they can seek arbitrage profits in a very short period of time. The NMS regulation by the SEC requires a common pricing to be known to the public, but the problem is NMS regulation does not specify the time (or time delay) for the information to be known. The SIP systems are often delayed by milliseconds, but stocks tick every nanoseconds or so.

So in that short instance, a trader can buy from one exchange and sell to the order to make money.

That's a simplified version of the HFT story, books will tell you more.

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Yes, you can do HFT with IBKR although theoretically, you will always lose out to the traders whose servers and PCs are right next to the exchange's matching engine in say Mahwah, New Jersey (for NYSE).

But even if you are located physically in the US, there may be requirements to fulfill before you can start trading like a pro... Some license or something... Can check out on IBKR's website.

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I think IBKR connects to the exchanges' matching engines directly, but I am not sure how close IBKR's servers are to the data centers of NYSE, NASDAQ etc...

What I can share with you from my previous attendance in Citadel, Point72, QRT etc.'s campus recruitment talk in NTU Singapore is that they are using short waves to relay signals all the way to the US as the underground fibre optic cables are congested and slow. The signal bounces along the ionosphere of Earth... from Singapore all the way to the US...

https://panoradio-sdr.de/the-world-of-short...ck%20to%20earth.

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Ans lastly, this info is from my HK finance professor who knows people working in Citadel Hong Kong. A lot of these non-bank trading firms, hedge/quant funds do not have solid footing in traditional hardcore finance unlike people who work at investment banks like Goldman, Morgan Stanley or Deutsche. Their backgrounds are somewhat diverse, with people coming in as long as they have a Masters/PhDs and can think/analyze...

My prof confirms that Citadel makes money by taking positions against its counterparties, albeit for a short period of time (e.g. in low-latency HFT trades). Pure "vanilla" market-making will never be profitable...

(A joke from him: He himself applied for a job at Citadel HK and the HR asked him his research field. He said Capital Asset Pricing Model, CAPM. The HR asked him what is "CAPM" )

Hope that helps.

This post has been edited by TOS: Oct 3 2024, 12:23 AM

Ok lah I see how. Arbitrage profits are not earned easily... that's what I learn from by BIL ETF bid-ask spread scalping... Sometimes, you just have to pray that an idiot will buy enough units from you first at a ridiculously high ask price, or at least his order is large enough so that you can cover the 1.50 (sell) + 0.4 (buy) USD trading commissions...

Then you have to wait for hours just for another fella to sell to you at somewhere near the expected market price... The wait can be so long that the order is filled the next morning during US aftermarket

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PhD is usually a 4-year programme in Singapore. One of the girls I dated with on NTU campus finished her's in 3 years! Some people can take as long as 5.

In Europe PhD is usually 3-year because they always start with a one- to two-year Masters before proceeding to PhD, so everything is covered...

In the US PhD can take 6 years or 7 years... it's a long journey over there though the training can be better compared to elsewhere. But the cost of living is rising faster than the stipend increment. A lot of PhD students in the States live from mouth to foot, or rely on spouse who works in Silicon Valley earning 5-6 digits a month in USD to foot the bill.

This post has been edited by TOS: Oct 3 2024, 10:18 AM

This scalper is aiming for a spread of some 1.2%...

Will study the APIs some day hehe. Which API do you recommend for simple tasks like bid-ask spread scalping? I think I can code using Python to observe the spread and compare with previous day market price and detect over-valuation. Then instruct the bot to enter into a sell order at the high price while observing for any change in spread. Then when sell order is filled, immediately enter into a buy order at market price.

Seems easy lol

Ya, PhD in Physics, specializing in complex systems...

Uhmm there is no hard and fast definition. After all HFT means high-frequency trading, and the frequency is up to you to define lol, Some firms hold a particular stock for seconds, some for minutes, some for days. There could also be a mix of them in a hedge fund/market maker. It really depends on the strategy deployed. If you are trying to exploit the stock price difference between Unilever NYSE (UL) and Unilever LSE (ULVR), you will surely close your positions within seconds when the price equilibrates, adjusted for trading commissions. But sometimes, the discrepancy could last for months before the premium/discount disappears, e.g. check out this paper: https://www.researchgate.net/publication/22..._Unilever_NVPLC

Then the trader will hold the long-short positions for months before closing. It won't be a HFT trade anymore.

https://en.wikipedia.org/wiki/High-frequency_trading

Haha you just need to google "bid-ask spread scalping"

When you detect anomaly in market pricing, you sell at a high price and buy at a low price. My positions are always covered, and I don't short stocks/ETFs.

The easiest target to scalp is liquid US T-bill ETFs during Overnight US markets like BIL. US T-bills are very liquid and their prices are known nearly 24 hours a day (When US market closes, T-bills trade in Tokyo and London). The ultra-short duration of T-bills/T-bills ETFs also means they are insensitive to changes in short-term and long-term US rates. Hence their prices should not change dramatically from day to day. As the entry barrier to US Treasuries is rather high on IBKR (commissions are high), US T-bill ETFs become a good choice.

Comparing the overnight market ask price with the bid price and the most recent session's closing price, if you see the ask price jumps by 0.05-0.06 USD over the bid price/previous session closing price, you check the Tokyo market US T-bills price/yields, if there is no news on Bloomberg/FT/WSJ, then you know an anomaly exists and you can scalp BIL for a couple of USD. Do allocate some 2 USD margin for commissions beforehand.

A tip for traders is always queue in the market early. This is a tip from my finance professor in Hong Kong. You will notice HK bankers arrive at their office desks earlier than most other people. That's because they need to revise previous day's news and queue in the order book before the stock exchange opens... They got first-move advantage...

The best time to queue for scalping is usually between 8 am and 9 am, when the bid-ask spread fluctuates and the trading volume is thin. (8 am is when Tokyo exchange opens, 8.15 is when IBKR's Overnight Trading session starts, 9 am is when Singapore exchange opens and 9.30 is when HKEX opens for trading.) Usually your orders will also get filled around 10 am, or close to lunch break, 12 pm and also possibly around 3.30 pm before US premarket starts, from my past scalping experiences.

This post has been edited by TOS: Oct 3 2024, 10:58 PM

Ok, I test out with the Web API. So far so good, I have one question though.

For programming my trades, I need to fetch live data from the Overnight Market (Blue Ocean ATS data) to compute the bid-ask spread and spot for widening and narrowing trends. These live snapshots cost money right?

If it's much worse than my potential profit of 2-3 USD every 3 days or so, I might as well use my eyeball to check the data manually...

This post has been edited by TOS: Oct 4 2024, 05:19 PM

Found this:

https://www.reddit.com/r/interactivebrokers..._api/?rdt=55939

This must be an interesting paper: https://s3.amazonaws.com/real.stlouisfed.or...23/2023-023.pdf

Paper titled "Marriage Market Sorting in the US" and it's under:

ECONOMIC RESEARCH
FEDERAL RESERVE BANK OF ST. LOUIS
WORKING PAPER SERIES



Source:

Bloomberg Opinion: What Really Changed the Marriage Market

Hint: It’s not online dating.

https://www.bloomberg.com/opinion/articles/...not-dating-apps

FT Jane Street Capital

New titans of Wall Street: how Jane Street rode the ETF wave to ‘obscene’ riches
A quirky and opaque New York firm has rapidly expanded to become the most profitable trader of all

https://www.ft.com/content/f7cb25ba-7329-42...d3-8a34ef84f9f0

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Can google "complex systems"...

Three-body is physics problem yea, and there are solutions to cases with constraints like the elliptical-restricted 3-body problem (ER3BP) or circularly-restricted 3-body problem (CR3BP). But complex systems are more like many-body problems, and agents interacting in unpredictable, probabilistic ways. You will need chaos theory and some statistical mechanics to understand stuffs.

Classic examples of complex systems are like fractals (mathematical objects in 2D case have infinite lengths but enclosing finite areas, or in 3D, infinite surface area enclosing finite volume), the Earth biological ecosystems, weather and climate systems, financial markets, societal interactions etc. My research is focusing on financial markets haha

Uhmm why do you need to close your T-bill positions earlier than the maturity date? Unless you are worried about government defaults, which do happen occasionally in the US when there is a government shutdown, but that last for days only and the yield will spike to 7-10% p.a., enough to compensate for that short-term anxiety I guess. Otherwise, your selling act will result in extra lost in commissions/fees to your brokers.

You can buy T-bills/T-bills ETFs any time to park your USD cash in the short run, the yields are still around 4.7% p.a. though it is going down. But for short-term parking, it's not a problem, you earn your returns at a risk-free rate anyway, so nothing lost.

This post has been edited by TOS: Oct 7 2024, 01:24 PM

You write me a recommendation letter to their boss, I share with you my renumerations when I land a job

Make sure you specify desk job in Singapore ya... I don't want to pay for tips everywhere I go in NYC... I kiamsiap cheapskate trader

https://semiwiki.com/forum/index.php?thread...1182/post-75817

Betting against banks are a stupid idea. Here's one real-life example with overpriced structured products sold by HSBC Hong Kong:

https://finance.mingpao.com/fin/instantf/20...%94%b6%e5%a0%b4

FT Alphaville: Federal Reserve
Is a repeat of the 2019 repo crisis brewing?

https://www.ft.com/content/b7597b71-8764-40...0f-b6df6ad3c307

I like the comic.

A quick Google leads me to this: https://ndcdyn.interactivebrokers.com/sso/PasswordReset

Ok, use the Skype route then. It's US office hours now in New York, just nice to drop a call.

Instructions available here: https://forum.lowyat.net/index.php?showtopi...#entry101660597

Yea, the "dropping back" is due to dividend declaration, tax is 30% WHT, as quoted in Medufsaid's post. But the tax will be reversed and refunded to you around early February the following year.

Yea you can scalp BIL, I shared the details earlier here:

Yes, the changes are very small if you compare the market open and closing price. The magic happens intraday... especially during Asian/US Overnight hours...

That is when liquidity is thin and price jumps up and down erratically. These price jumps are NOT recorded into the official price statistics you see on Yahoo Finance etc., because they are executed off-exchange... Yahoo Finance/Google Finance etc. shows only the data stream from NYSE/NASDAQ exchanges covering premarket, normal market and aftermarket sessions.

Scalped some 2-3 USD today with BIL ETF