No one knows that better than Steve Swanson. By the time he left Citi in 2010, HFT had become a crowded space. As more firms flooded the market with their high-speed algorithms, all of them hunting out inefficiencies, it became harder to make money—especially since trading volumes were steadily declining as investors pulled out of stocks and poured their money into bonds. Swanson was competing for shrinking profits against hundreds of other speed traders who were just as fast and just as smart. In September 2012, TCV decided not to invest in the final round. A month later, Swanson pulled the plug.
Posted on: Mon, 10 Jun 2013 01:35:34 +0000
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