Algo Trading and Fixed Income: Tilting at Windmills
In his epitaph, Don Quixote—the eponymous protagonist of Miguel de Cervantes’ seminal work of Spanish literature—is identified as a “Cuco,” or scarecrow. While the novel contains many themes and allusions that can be applied to modern financial markets and political movements, this idea of the bogeyman best parallels the process of algorithmic trading. Rightly or wrongly, algorithmic trading—including high-frequency trading—is much-maligned in the capital markets. It is a technological
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