049: Haim Bodek – Exposing the ‘Cheats’ on Wall Street, with HFT Whistle-Blower & Market Structure Mastermind

049: Haim Bodek – Exposing the ‘Cheats’ on Wall Street, with HFT Whistle-Blower & Market Structure Mastermind

There’s a very special guest on the podcast this week, who I’m excited to introduce… His name is Haim Bodek, although some refer to him as ‘The Algo Arms Dealer’ (and I totally understand why). Haim began his trading career at Hull Trading, a prestigious firm well known for driving forward innovation in the domain of automated trading. Following Hull, Haim then went into significant roles at Goldman Sachs, and UBS – which are all discussed during the interview. But to further set the scene, in 2007 Haim founded Trading Machines, a high frequency trading operation. At the peak, Trading Machines accounted for 0.5% of all options trading volume, with a team of 25 (one of who, was Bryan Wiener of EP 040). All was well for a couple years until the beginning of 2009, when Trading Machines ran into issues and began to bleed money, for unknown reasons. Until Haim later discovered, at the root of the problem were secretive order types being used by a select few firms, giving them an unfair advantage to front-run the orders of other participants. With this discovery, Haim went to the SEC to raise his concern about such order types – little did he know at the time, that this would be the beginning for one of the most sophisticated and complex investigations carried out by the SEC to date. So of course, we speak about all of this in much more detail during the interview. And we also speak about another fascinating topic – which is, Payment for Order Flow. Haim shares with us what is really happening to your orders after you click the button to buy or sell – you might even be surprised to find out that a large majority of retail orders, never even make it to an exchange… Learn more about your ad choices. Visit megaphone.fm/adchoices

Episoder(320)

148: John Grady – The Order Book—What Traders Must Know About Supply and Demand

148: John Grady – The Order Book—What Traders Must Know About Supply and Demand

John Grady is an independent futures trader from Florida, who primarily trades Treasury bonds. His trading is purely discretionary, based upon his read of order flow. Essentially, he’s a scalper. Thro...

26 Okt 20171h 23min

147: Dr Thomas Starke – Detective Work Leading to Viable Trading Strategies, and the Rise of AI

147: Dr Thomas Starke – Detective Work Leading to Viable Trading Strategies, and the Rise of AI

Dr Thomas Starke is a Physics PhD who once designed microchips, worked as an engineer for Rolls Royce and lectured at University of Oxford, before applying his know-how of modelling to financial marke...

19 Okt 20171h 18min

146: Ryan Moffett, Tyler Micalove & Wayne Klump – When Trading Becomes a Team Sport...

146: Ryan Moffett, Tyler Micalove & Wayne Klump – When Trading Becomes a Team Sport...

On this episode, I’m joined by three traders from a data-driven, options trading, performance based fund, Blackpier Capital… Ryan Moffett, the Lead Investment Manager—and a prior guest on Episode 83. ...

11 Okt 20171h 24min

145: Aaron Fifield – Six Ways to Emulate Talented Traders

145: Aaron Fifield – Six Ways to Emulate Talented Traders

Here’s the first episode in the history of Chat With Traders podcast, where I don’t have a guest with me. That’s because, this episode is the recording of a talk I gave at Noosapalooza 2017—a trading ...

5 Okt 201744min

144: Tim Steenstrup – Learn an Arbitrage Strategy Used by Professional Stock Traders

144: Tim Steenstrup – Learn an Arbitrage Strategy Used by Professional Stock Traders

Since 2013, Tim Steenstrup has been a cross-border arbitrage trader at Conventus Capital. Though markets have been a part of his life going back to 1994; Tim’s been part of a brokerage firm in Japan, ...

29 Sep 201752min

143: Michael Kimelman – Convicted of Insider Trading—From Suburban Life to Prison Life

143: Michael Kimelman – Convicted of Insider Trading—From Suburban Life to Prison Life

You’re about to hear a first-hand account from someone who’s been on a wild ride through the U.S. justice system. My guest is Michael Kimelman; a former prop trader and hedge fund manager who was conv...

21 Sep 20171h 14min

142: Bert Mouler – Using Creative Thought and Automation to Bypass Human Flaws

142: Bert Mouler – Using Creative Thought and Automation to Bypass Human Flaws

It was exactly 100-episodes ago when I first had Bert Mouler on the podcast. This week, I’m joined by him again for a second interview… Bert is an algorithmic trader with a serious focus on machine le...

14 Sep 20171h 11min

141: Erik Townsend – Software Millionaire Fooled by ‘The Dream’ and Saved by Global Macro

141: Erik Townsend – Software Millionaire Fooled by ‘The Dream’ and Saved by Global Macro

Featuring on this episode is former software entrepreneur turned hedge fund manager, Erik Townsend. I’m sure some will already be quite familiar with Erik—in particular the macro investing crowd, as E...

6 Sep 20171h 34min

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