August

Market Update

A Note from the CEO

No Summer Slowdown

Roman Ginis, Founder and CEO

There's no downshift: Trading in the US equities markets has stayed intense throughout the summer. And, there have been some interesting developments.

One example– the Amazon and Google stock splits. Our Head of Research, Patrick Dote, took a look at the implications for trading volume, size, and costs.

Pat’s one of several leaders who have spent the summer mentoring the top-flight young minds who joined us as summer interns. Talent management, especially of the next generation in the industry, is crucial. I hope you’ll enjoy reading about their observations and high-performance assignments.

And if you’re making plans to be at the Canadian Security Traders Association meeting, Trading Evolved’s Canada event, or the upcoming annual meetings of SIFMA or STA, I look forward to seeing you there.

–Roman

Read Stock Split Analysis

Regulatory Update

Regulatory and Policy Developments

By Ari Burstein, General Counsel and Chief Policy Officer, Imperative Execution

During the past month, there have been several significant policy and regulatory developments impacting trading and market structure in the equities markets. These include:

• US Court of Appeals Issues Decision on SEC Market Data Governance Order

• SEC Re-Proposes Amendments to Exemption from National Securities Association Membership

• US Court of Appeals Issues Decision on Challenge to IEX D-Limit Approval

• SEC Signals Soft Dollar Guidance

• Jaime Lizárraga Sworn in as SEC Commissioner

Read Full Update

Summer Intern Spotlight

Geeks have inherited the execution platform–and this summer we expanded the circle by admitting the next generation into our internship program.

Our internships are hands-on, no-bs work. This summer we’re mentoring seven students from CS and financial services undergrad and grad programs. They work, they learn, and–most importantly–they’re in the kitchen watching how the product comes to be.

Michael Sotiropolous, our Managing Director for Quantitative Execution who also teaches computational finance at Princeton and NYU-Tandon, organized special whiteboard sessions for this summer’s interns, teaching them on topics ranging from reinforcement learning to real-time measurement of transaction cost analysis.

Michael views the work as not just part of the job, but a “privilege.” Our interns are pretty into it, too. Here’s what they had to say.


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Preeti, financial engineering masters degree candidate at New York University
Preeti, financial engineering masters degree candidate at New York University
“What I love the most is that I was given responsibilities and the ability to openly present ideas from the beginning. I have learned both business and technical skills during my tenure here while working in the ATS research team. And I got the chance to help the team with a modeling project. My experience has been full of challenges, learning and thought provoking conversations. Everyone in the team is extremely warm, and supportive when I get stuck with something. This atmosphere has made my decision to join the firm a no-brainer.”
Mark, computer science major at University of Maryland, College Park
Mark, computer science major at University of Maryland, College Park
“I’ve been interested in IntelligentCross since I learned of the company in high school, so it’s been great to have this chance to intern here while working towards an early college graduation. This summer I learned how to efficiently research the appropriate tools to complete tasks, working on diagnostic scripts, deployment scripts, library modules, and architecture reworks. I’ve been exposed to hundreds of new tools, practices, and ideas that will give me an edge moving forward in my career. I’m so grateful to everyone for being so friendly, encouraging, and helpful."
Julia, computer science major at De Anza College
Julia, computer science major at De Anza College
“This has been a great opportunity to learn: my knowledge of practical SQL improves more in a week of work here than in a month on my own. The lectures have introduced concepts that I had never considered before, and the high standards and interesting requests drive me towards self-improvement. I came into the internship based on my work with Python and walk away with a new perspective on what sort of industry might fit me best. Before taking this internship, I had not considered going into finance, but now it seems like a fantastic future career path.”
Alex, computer science major at Cornell University
Alex, computer science major at Cornell University
“Based on classes on game theory and market design, I was drawn to IntelligentCross and its mission to leverage computer science principles to optimize market performance. I was able to put my programming skills to the test while also familiarizing myself with the essential moving parts of an ATS. And I enjoyed the independence I was granted to creatively solve complex problems, while working with highly knowledgeable people who were generous enough to answer questions, teach, and spark my curiosity. This summer has inspired me to continue learning about trading technology, and has made me confident that I will enjoy a future career in fintech.”
Andrew, computer engineering major at University of Texas-Austin
Andrew, computer engineering major at University of Texas-Austin
“I was looking for experience within the industry so that I could determine whether I preferred academia or industry– I had some previous experience with research at my university and wanted to draw parallels. During the internship, I’ve been optimizing existing scripts or creating new ones to improve working efficiency. For the first time, I've thoroughly gone through source code, written unit tests, used git, and worked with APIs. I've learned a lot during this internship and I'm much more confident in my ability to read, write, and review high-quality code.”
Claire, PhD candidate, operational research and financial engineering at Princeton University
Claire, PhD candidate, operational research and financial engineering at Princeton University
“My research is about Mean Field Games applied to High Frequency Trading–specifically for optimal execution–so I was particularly interested in learning how execution can be improved in practice. Different workshops have taught me about important and fundamental tools used across the industry and deepened my knowledge of Reinforcement Learning. I contributed to implementation of a new algorithm and to developing statistical signals intended to improve trading. Currently, I am studying the use of Transaction Cost Analysis to evaluate performance against different benchmarks. Beyond these projects, I really enjoyed discussions with my colleagues and working in such a dynamic and stimulating environment!”
Dhruv, mathematics and computer science major at Carnegie Mellon University
Dhruv, mathematics and computer science major at Carnegie Mellon University
“I have always been interested in the world of quantitative finance and passionate about the tools utilized in algorithmic trading. This internship aligns perfectly with my interests. This summer, I delved into the analysis of various securities and helped improve efficiencies in order/execution infrastructure. This has been an extraordinary opportunity to learn the industry. My mentors at the company have helped me learn new skills and foundational concepts in data analysis, machine learning, and trading protocols.”

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Recent Trading Trends

Recent Trading Trends

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