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chazCombine 2.0 Andy, '================================================================================== Test this when you have some time. I've added comments to highlight the code changes. This is the version that you haven't changed the output format on, so you'll probably just grab the...

I agree. I had to go back over my notes. Let's say (s) is the gross number of term elements in each series (31). Because they are strictly sequential, there are (s-1) elegible term elements. If we say that (n = s-1), then: in the "special case," where a pair consists of two elegible terms...

It isn't necessary that you yourself be a member, you can also work for a member firm. that's what prop desks do: they leverage a firm's advantages, putting traders to work for some split of profits. Hence my remarks about a "legitimate" firm. the less reputable a firm, the more likely...

I can't say because I've never heard of them. And things have changed dramatically since I left the business in '04. I would have given anything for a flat rate back then. I'd be concerned about quality of access to various ECN's and exchanges. The fine print is probably interesting. They're...

I traded equities for 3 1/2 years. Your biggest hurdle in the strategy you describe will be transaction costs (and if you're trading Listed, a fair fill -- or at least it used to be). A prop desk at a legitimate member firm is the only way to pull it off. A smaller prop shop will eat you alive.

I wasn't referring to arts and entertainment, which are off topic. And "working 14 hours a day looking at code and trying to find a way to beat the market is hardly building an "intellectual legacy," " while it does require creativity and diligence, isn't exactly the big picture, now is it...

Definitely digitization is reconfiguring the geography of the collective "plant," and that entails some redistribution of capital. There's a lot of fast, hot money in the desert. That comes and goes. NYC has been the rock for 4 centuries. Its creative and intellectual legacy is unmatched...

This brings to mind something I trust gets little attention because of the "ot-oh" factor -- and that's binary rounding conventions in VBA, which introduce the "cumulative rounding error." We have a fix here but have seen little discussion of it elsewhere. Can't recall from my models in 9848...

the threat of what once wasn't highly correlated becoming highly corelated would concern me.

(9848 professors called it). Citigroup Posts Loss on Credit-Card Securitizations (Update1) By Bradley Keoun Aug. 4 (Bloomberg) -- Citigroup Inc. reported its first loss since at least 2005 on credit-card securitizations, signaling that risks may be growing in a business that generated...

I would expect nothing but the leanest code possible from you, Andy. In my own projects, if it's new material, my first pass purposely contains lots of explicit logic, in order to make the refinements easier to understand until the process is settled. Once it is, then I look to lean it up...

The giveaway on the design is that I lived a little dangerously and dimensioned the array that holds the combinations by a computation of the theoretical count before the process. It's a double-check on the logic of the theoretical count and of the process. When actual count matched it...

It's not a "bug" when the user changes the specs, Champ. ;) I still have to dig out my matrixes and see what you've got going on, just so I can feel like I'm on top of it. ~c

I'll check on this, but it might be a few days before I can get to it. I'm not sure it's bug, per se, as I think I designed it this way. Is it for all cross terms, or just for the 5/7?

peak oil Yes, oil peaked a day or so after Boone Pickens was pushing windfarms in the Wall Street Journal. I promise to put my take on this on my blog and link to it in the near future.

I wonder where they studied, and if they've read Dan's textbook.

Andy, I ran what you sent me. I clocked the processing time: start 9:45:14 AM end 9:45:14 AM But then again, I run 2003. *** Because I don't use 2007, I googled around a little bit. It is an issue. Bad Request VERY SLOW EXCEL 2007 There are some suggestions in these, one of...

Andy, No Bloomberg there?

excellent book. all my friends tell me I should read it ;). in the end it's not about what a whiz you are, or can make people think you are. but I don't think Wall Street is ready to see that on your resume. your smiles have to be real, period. it doesn't matter if your bluff will be...

Andy, I can't vouch for this http://www.developerfusion.co.uk/show/1973/2/. If you PM me an email address, I can forward some emails I exchanged with Muting about this a while ago, which I believe you will find useful if you follow them. And if perchance that effort ended up in another of your...

Short answer is, yes, I developed an auto execution rig for the Trading Olympiad in .NET; it's not a bad learning curve and it felt very much like a cross between VBA and C++. But that's all I've had need of so far; I've never worked with VSTO. [thank you for the link]. In 9814 there was some...

That should be an easy enough tweak. I presumed a higher degree of user interaction. At least, with the number of valid pairs cut drastically down, Cxx isn't as critical. It's not like you get to take a nap when running it now. Bumping up the number of series is something I've been thinking...

Well, if you mean, "am I paying for it," I'd say, probably not. ;D No, not worth the effort, imho. I did it as an exercise to clarify and express the logic, and to learn something new about set notation. Seriously, thank you for your input on it.

Well, I asked for it, didn't I?;) Actually it's not TEX, it's a .doc with MS Equation. I'll attach it if you'd like to horse with it. In your #3, "S" must be designated as |S|. In my #6, I think the logic is muddy. Thank you for the feedback.

Set notation This might be overkill, but in order to eliminate ambiguous communication with projects like these, I attempted to describe Andy's with Set Notation. There's probably more than one way to skin the cat, but I've given it a shot. Feel free to offer constructive criticism. I...

voila Andy, Attached is chazCombine 1.5, new and improved. The rules have changed a little: instead of selecting the data without that first header row -- the one that contains the series titles (5y, 7y, etc), please select ALL rows in the data table, including the header. Give it a shot...

Agree. I don't have time to relearn Latex so I've attached doc with a more formal statement. Tweaking the code now. *** [edit] sorry, I guess I don't agree. If n refers to the number of terms in each series, i.e. (0.0,0.1...0.30), then it would be 3(n-1)^2. I take full blame since I used...

if, by term, you mean a combination (i.e. 5yr 5yr), that is correct. If you mean (5yr, 7yr) -- the normal case -- it is n(n+1)/2 (because 5(0,1)7(0,1) is a valid pair). the number of valid elements in a series (i.e. term combinations for 5yr -- 5(0,1), 5(1,2)...5(29,30)) is n-1.

Andy, Pls. review the attached and verify that the pairs are valid. cdw

I like Doug's idea of labelling the elements as he did. Once you have the math worked out, I think a pairs class would be useful. Do you think the matrix approach mentioned below is worth pursuing? *** [edit] Indeed, I believe it is. I think I have this problem solved in the general case...

And that's coming from Mr. Personality himself! ;)

I understand them to be very demanding. I can't recall whether they push or pull, however.

Do you mean an RTD?

not explicitly in the code. I have it turned off on my app so I took it for granted. let me do that now... Are you sure it would matter when there are no formulas in the workbook? Well -- it had to be included anyway, because the user might not have it turned off, so thank you for calling my...

1. Changed output format. 2. Detects version and sets maximum row limit accordingly (assuming anything greater than version 11 has 1mm row capability). 3. row output is continuous without breaks for term combination changes. 4. diplays final total combination count. 5. I think that covers it --...

Should I exclude the column "wrap" feature which starts new columns when 65,000 is reached, since you're running it in 2007?

Give me an idea of what your ideal output would look like. I'll look into the dup tonight. Also, it was done on 2003. I have yet to hear anything good about 2007. '03 is a rock: can you run on that? Ranges can be converted to arrays and sent to a C++ dll.

Doug, being the brute force type, that's the approach I took -- and I'm not sure if I have overlap. I would like to understand yours better. I think your output table is much more user friendly than mine, providing as it does an intuitive lookup. I suppose I could rearrange the outuput of...

I can't seem to upload an .xla, Andy. Can I email one to you?

does 4,336,080 data points sound right?

andy, are the following permissible? 5(.03,.04) 7(.01,.02) 5(.03,.09) 7(.04,.05)

will you have, for example, 5y(1%,2%) = X, 7y(1%,2%) = Y, or will identical terms not be counted? Also, is it correct that (x, y) will include (5,7), (5,10), & (7,10)? I know of no function, but of course it's doable in VBA and then you'll have your function ;).

Are you doing copy/paste in VBA? The code you cited has worked for me when I've done it. The alternative would be to name the range you want to copy and set a destination range equal to it. Speeding Up Slow Excel VBA Code. Efficient VBA Code/Macros . Or, perhaps you could do your copy/paste...

you can repeat birthdays, mike.

yeah but snazzy models help sell stuff. whether it's a chart or a complex model, traders will still have a tendency to see what they want to see in them.

Toxic CDOs Given Up for Dead Coming to Life With Pension Funds By Jody Shenn July 8 (Bloomberg) -- CDOs are back. Collateralized debt obligations that helped drive banks to $400 billion of writedowns and credit losses are finding buyers under a different name: Re-Remics. Goldman Sachs...

Granted, and while I haven't read them yet, my gut is still that "The stock [or any other] market is not physics." It is a flaw to take fixed laws of nature that apply to material things and presume they apply equally reliably to human beings, which, while material in a sense, are quite a bit...

I don't think there are enough busses in the city of New York for all the employees to be thrown under.

Moody's Says Some Employees Breached Code of Conduct (Update1) By Emma Moody [?] July 1 (Bloomberg) -- Moody's Corp. , owner of the second- largest credit-ratings company, ousted the head of its structured finance unit and said employees violated internal rules in assigning Aaa ratings to...

student discount fwiw Incisive Media offers a 50% discount to students.

New York vs. New Jersey Is there any question? New York vs. what?

http://www.quantcongressusa.com/ Welcome to Quant Congress USA 2008 Quant Congress USA will showcase the latest innovations in derivatives and risk management. This is the leading event for serious quantitative professionals who attend and find invaluable insight into quantitative strategies...

A Tough Saddle to Mount ISDA's Chairman, Eraj Shirvani, talks to Alexander Campbell of Risk Magazine Eraj Shirvani has his work cut out. Having succeeded Jonathan Moulds as chairman of the International Swaps and Derivatives Association in April, Shirvani takes up the reins in the midst of...

I guess I should be *shocked*, but I'm not.

Looks very cool. It seems to imply that, while you are modeling correlation between participants, you're ultimately going to wind up with a correlation distribution, and an expected correlation, and therefore, a guess. Who knows which way sentiment will migrate as participants begin to copy...

wait, I've just admitted to being the dim-witted quant.

The picture (seen here: http://www.mta.info/mta/news/releases/pdf/TrainThought-Science.pdf) is one of the first "Train of Thought" posters on the NY Transit trains. The inscription is a rendering of this quote: "Philosophy is written in this grand book— I mean the universe— which stands...

It's OK, they got CEO.

Agreed, Andy.

yeah, maybe. ;)

a class of cultures a marketplace of ideas.

Better late than never? Why Isn't New York a Capital of Innovation: How Can It Become One? <DIV class=margintop>Speakers: Irving Wladawsky-Berger, IBM & MIT; Jerry MacArthur Hultin, Polytechnic University; James H. Singer, A.T. Kearney Moderator: Garrick Utley, The Levin Institute Sponsored...

I would say that As T > t N(D1) approaches either 1 or 0 depending on ln(s/x). At T=t the option ceases to exist and N(D1) is meaningless. But that's probably not what you're asking. Also, sig is the volatility of the instrument whose price is S (the underlying). I'm sure someone can...

My understanding of the QM&M program is that is allows for some flexibility and encourages you have input into the curriculum, to a point. While the general framework seems to allow for it, as Alain said, you would need permission to do so.

Excel 2003 is a rock. How is 2007 shaping up in the real world?

the business can always benefit from good people.

Though I will not attend the lectures, I've started looking at the portion of the presenter's book that is posted at the link, particularly "The Quest for Invariance," and it's very interesting and readable material.

That was a great series. It's official, at least: JPMorgan Seals Bear Stearns Purchase, Ending Era http://www.bloomberg.com/apps/news?pid=newsarchive&sid=awwqallXOIdI Sad day indeed. But you move on.

As I understand it, you'll hold the off the run tranche, which will not change in composition, and will grow to be less liquid than the superceding on-the-run tranche. And if the market is paying attention, you'll be priced to the deteriorating names when putting on the position. But I'm...

on the birth of your son, Samuel.

For someone who has taken great advantage of being an American, Mr. Buffet is notoriously bearish on America. And for someone who is portrayed as keeping a low profile, he still manages to get all his soundbytes well publicized. When your net worth would move markets, it might pay to be very...

Hey Bob! They made a cartoon about you!

this is more my speed. Sesame Street-like.

Well, I didn't say it was successful. But I it's bound to be a study.

I am not proud of this, necessarily, but the only math "joke" I know is an equation that is not printable...

This looks to be a study in damage control.

I don't know anything about DRW, but as for trading arcades, if they are now what the were in the '90's, I'd say start your career somewhere else. I spent years at two American versions of them, have an impeccable track record, and Wall Street doesn't even notice. Perhaps it's different in...

Hedge Funds in Swaps Face Peril With Rising Junk Bond Defaults By David Evans May 20 (Bloomberg) -- It's Friday, March 14, and hedge fund adviser Tim Backshall is trying to stave off panic. Backshall sits in the Walnut Creek, California, office of his firm, Credit Derivatives Research LLC...

it's a team in flux. but as for being in last place, that's never stopped the Yankees from getting into the playoffs before. It's a high performance team; it takes time to tune.

Exactly. Red Sox are no match for the Gold Thong.

Ford Motor to Sell $5.3 Billion of Auto Loan Bonds (Update1) By Sarah Mulholland May 15 (Bloomberg) -- Ford Motor Co.'s finance unit plans to sell $5.3 billion of auto-loan bonds, the automaker's biggest sale in more than six years, as investor demand returns for asset-backed securities...

Happy Birthday Greg! How does it feel to be 29... ...again?

This isn't free or even cheap, but if anyone's interested, a group rate might be possible. I'm not flogging it, just passing it along. ******************************************************************** Structured Credit Training 2008 SCI Training courses - in association with Reoch...

At Monday's "Valuation in Crisis" event, Charles Smithson recommended the UBS Shareholder's report for a discussion of the structured credit valuation issues affecting the firm. www.ubs.com/1/ShowMedia/investors/topics?contentId=140333&name=080418ShareholderReport.pdf It's 50 pages and I...

(Update1) By Jody Shenn and Sarah Mulholland May 14 (Bloomberg) -- Securities firms are creating new ABX derivative contracts that will help expand the types of AAA rated subprime-mortgage debt that investors can bet on. The ABX contracts trading for the first time today are tied to...

...this article really doesn't say too much, does it?

(Update1) By John Glover May 14 (Bloomberg) -- Moody's Investors Service plans to add new grades for collateralized debt obligations to show their ``sensitivity'' to market declines after the securities contributed to $335 billion of bank losses and writedowns. Ratings of CDOs, which pool...

It was a good event; seemed like a good crowd to network with. Tyra wouldn't leave me alone. I had to actually have them call security because she insisted on sitting next to me and would not shut up. :D

there is no state income tax in connecticut, I believe (it was true in the past). The real estate is lush and within a short hop, probably affordable (Stamford had among the highest foreclosure rates recently reported); apart from the fact that the local government can get pretty weird, can't...

IAFE is on a roll. Charles Smithson wrote a great book that, perhaps, changed my life (a long time ago) called The Doomsday Myth: 10,000 Years of Economic Crises . I think he might have some interesting things to say, if that's his perspective. The agenda looks interesting as well. And...

too funny!

Sometimes the guy in the Maserati underestimates what's under the hood (and behind the wheel) of the Ford.

Open for business Fitch releases refined CDO methodology Fitch has released its much-anticipated revised criteria for rating corporate CDOs (see SCI issues 74 and 82), which now addresses concentration risk and the issue of adverse selection. The move follows a six-month review and sees the...

Just tell him to leave his Red Sox hat home.

Carlyle, Deutsche Bank Seek to Raise $500 Million CLO (Update1) By Pierre Paulden April 21 (Bloomberg) -- Carlyle Group, the world's second largest private-equity firm, is raising a $500 million collateralized loan obligation to buy high-risk, high-yield debt being sold by banks at...

thx for the link. What I was trying to say below is that perhaps the indexes are handicapping default probabilities (like Intrade handicaps elections), even if that isn't what indexes are designed to do. Do you think that is plausible? *** This ( Index tranches ) was a very helpful entry...

Endorsed by International Association of Financial Engineers. Speakers: James Grant, Editor, Grant's Interest Rate Observer; Brian T. Hayes, Lehman Brothers Alternative Investment Management; Kenneth Posner, Morgan Stanley Moderator: Emanuel Derman; Columbia University details here...

``ABX, CMBX, any kind of X you like, are totally uncorrelated to any kind of underlying market,'' Swiss Re's Aigrain said at the Dubai conference. I don't think this should be taken to mean the indexes are irrelevant or unreliable. In fact, in the absence of any cohesive value indications on...

[sorry, that should be "Frankenstein's."] Swaps Tied to Losses Became `Frankenstein's Monster' (Update1) By Neil Unmack and Sarah Mulholland April 15 (Bloomberg) -- The credit-default swap market has become a lesson in being careful what you wish for now that Wall Street has taken $245...

I'll check it out. It seems like, in terms of the their effect, Black Swans beget Black Swans. Taleb's story seems to suggest this, too. It doesn't seem counterintuitive, to me at least, to expect that, as time unfolds (to infinite or eternity, for example), outlier events occur increasingly...

This sort of proves Taleb's point. He was lucky to begin with. His early hit bankrolled his ability to wait things out, and fortified his reputation so that his managers allowed him to. It doesn't hurt to be smart. And patient, as well; something "alpha chasing" just can't wait for. It should...

Ditto. I'll try to be there, at least. *** One can't be faulted for wondering, can one, just how many of JPM's underwater positions Bear is the counterparty of?

Of course it is. But this response is too short. Of course it is.

mass insanity? put in these terms it actually looks, assuming there was simply no other solution but bankruptcy, like a rather elegeant scheme. Now wonder Mr. Cayne felt OK about spending the weekend playing bridge. Wow, Andy. What is an "automerged doublepost?"

By ETHAN PENNER March 25, 2008; Page A23 It's been nearly 15 years since the beginning of the recovery from the last major credit-induced bear market. Like the early 1990s, it is time to re-evaluate and introduce some modifications. But it is certainly not the time to overreact and undermine...

happy early 2009 birthday, Andy. Thanks for your help, too! And for Quantnet.

Is this protocol worth learning at this point, or will you pick it up along the way, like you did HTML? Oh, I meant to type FpML, for Financial Products Markup Language.

guessing closer to 20 and that's probably a steal in the scheme of things.

I would be surprised if shareholders will approve this bizarre transaction. Management has a fiduciary responsibility to them. It would take something very compelling in the details, I would think, for everyone to say, "OK, 50 dollars (or whatever) below book is good." Someone at DealJournal...

to round out the comments about Mr. Bernanke... Bernanke to Get on Top of Credit Squeeze, Says Israel's Fischer By Simon Kennedy and Elliott Gotkine March 18 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke has the skills to guide the U.S. economy through a credit squeeze, now...

finance and markets are wedded to quantitative methods, always have been. what has changed over time are the tools employed to do the analysis, transactions, and accounting. things go in an out of vogue on Wall Street. Even useful things get a bad rap for a while and when the dust settles the...

I think it's one of the most important things we'll learn. Models are the coolest things going. I enjoy building them. They are tools, subject to the discretion of the one who uses them. A person can't be expcted to build a house without some type of hammer, but a hammer can't be expected to...

This I think is Mr. Bernanke's limitation. *** Who was it that said, "All models are wrong; some are useful?"

Our Uncertain Economy By EDMUND S. PHELPS March 14, 2008; Page A19 In recent times, most economists have pretended that the economy is essentially predictable and understandable. Economic decision- and policy-making in the private and public sectors, the thinking goes, can be reduced to a...

From the story "Carlyle Fund in Free Fall As Its Banks Get Nervous:" danger=opportunity.

Well done, Alain.

Because they solve problems. Here's one example: [from wsj online] Ethiopia Taps Grain Exchange In Its Battle on Hunger By ROGER THUROW February 27, 2008; Page A1 MOJO, Ethiopia -- This country has some of Africa's most fertile land, with fields of wheat and corn stretching to the...

Demand for Quants Heats Up on Wall Street But Recruitment is Hard As trading becomes more mathematical and firms look to revamp their risk management systems, the demand for quantitative skill sets is never ending. By Ivy Schmerken Wall Street & Technology November 26, 2007 CHALLENGE: The...

May I recommend two books on this fascinating and readily applicable topic? 1. Portfolio Management Formulas, Ralph Vince; and 2. Fortune's Formula, William Poundstone. The former will have you applying the material within hours; the latter is a bit more historical and anecdotal and is...

FIX for Excel a demo of this is available; haven't had time to do much with it but the developer seems solid. XLFiX - FIX for Excel

Alain, you're a gentleman. Thank you. But honestly, yes, I do think threads will complicate things, but as I have competing events coming from IB that access the same variable(s), I think I have to thread them.

yeah, you got me on that one. I'm more of a trader who codes. Got a link?

Really? I was thinking that, with all the other bells and whistles this thing has, there would be a provision for doing this that would be straightforward. While I'm at this, is just me, or would it not be cool to be able to open different windows for different functions and subroutines in the...

Suppose I want to create a new version of my project. I am under the impression that it's not as simple as a "save as" operation. I've tried that once and the results were a little scary.

I have one such project, for automated arbitrage, in the IB Olympiad. It does not currently rely on a pricing model; or rather, let's say its pricing model is the market. Unfortunately, the development process is painstakingly slow, as I am only able to spend about an hour a day actually...

really wish I could join you this term. looks like a great class.

can anyone shed any light on the sort of thing that causes VS (.NET) to pop up with a "disconnect context" window when running the API in debug? I don't know if a code syntax error will cause this or if it's something more mysterious. (I have visited TWASAPI with the question. Just hedging...

Adam, thanks for the tip. I was modifying orders pretty much with the market, so at times is was rather quick, at others, not so. I think the hang up involves some event fired routines I have working. It seems to overload the api and it just disconnects; TWS keeps on. I'm going to try to...

frequency it seems that, if one attempts to update an order too frequently (ie to track the last trade) the api will just disconnect.

Gus, thank you. I'll head over there.

Friends: As I understand it, an existing order is modified by simply sending a new order with the same ID. However, when I do this, I get the "duplicate order" error. Does anyone have any idea why? (I've also posted this question to the IB Bulletin Board.) Also, it appears that there is no...

kiss sleep goodbye for a while... and you will, I assure you, one day look back on the act of changing diapers with fondness!

Thank you for the info. The version is VS 2005, ...762. I agree the saves are helpful. I just need to learn the environment better in order to fully benefit from what I am sure a long list of really helpful features. cdw

This awesome development environment has presented me with some mysteries. Like, for example, why it will save edited code even when I don't want it saved (and therefore haven't pressed the "save" button). Or why I can't simply open up a code file from somewhere on my machine without ruining...

congratulations, alain! !

...and back out again. chaos=opportunity. wall street is known for overselling, overhyping and beating to death even the best of ideas until they turn around and bite back. And that doesn't take into consideration scams. funny thing is, you couldn't say this to anyone 10, 5, 3, 2 years...

Trader. trading places. boiler room. wall street.

The attached add-in will put up a two-button toolbar. The button on the left will prompt the user to enter a password in A1. The button on the right will "accept" the password (close the routine). ** This is NOT production code, for the following reasons: a) In order to do this, you have to...

trading simulation was very useful and fun. thank you.

Portfolio Management Formulas by Ralph Vince. I would like to suggest this book, though it has been some time since I looked the information over, it's very unique. His ideas on compounding enjoyed a heyday on Wall Street until they were misused. I will keep my eyes open for a copy if the...

I'm able to now connect, which is a milestone, with the C++ files from IB. This is encouraging. I hope to trim this code down and make it suitable for my alg. Getting my alg. parameters into the right functions in the API is going to be my next hurdle. It would be so easy if I could just...

so far, I've encountered mysterious XP DDE issues, that I haven't found a workaround to yet. Then I shifted my focus to FIX, figuring it to be the best investment of my time, long term. But the IB FIX gateway won't load, and I'm told that I can't get market data from IB via FIX, anyway: can...

I'm not able to log in at all today. Anyone else?

Wall, I wanted to just say that I'm looking into FIX now (it will be my first shot with it). They do "support" it via a gateway that must be downloaded from them. I did this tonight, however, following the instructions did not yield the promised result. There is a java command that is...

Thanks Alain. To that end I'll use DDE, it's as simple as it gets. If anyone has any documentation on the Excel API, it would be great to know about it. IB provides sample spreadsheets, as far as I can tell, but I haven't found any true Excel API Documentation. cdw

API Hey Alain: How do you find the C++ API? I'm trying to decide whether to use that or VBA, and my main consideration is ramp-up time on the C++.

my $0.02 just a comment on the sensational headlines about "record low for dollar vs eur blah blah blah." The Euro has no history prior to 1999, unless one digs out the data on the ill-fated "ecu." The US Dollar Index, which is based on the dollar vs. 6 trading partners' currencies (and...

:D Yeah, after 4 rounds, I'll bet it was!:D Happy Birthday, Muting!

Happy Birthday, Alain. Here's a little routine you might need someday... double happyBirthday(int alain) { do { if (alain >= 40) alain = 40 else alain++ } return 0; }

On September 5, 2001, I had flown to NYC from Florida for the first time in 3 years to sign with a proprietary equities trading shop. The weather was perfect; when we took off from LaGuardia at sundown, we made a long, slow loop around the city that kept those magnificent Towers in our view for...

I found this on Finextra, fwiw. The quest for alpha Chris Skinner on developments in cross asset trading and the search for liquidity. At a recent conference, one of the speakers started by saying: "Alpha is what it is all about." He got this look of interest from half the audience...