1. T HE DEVELOPMENT OF A VIABLE CLASS OF ALGORITHMS FOR TRADING IN RATES AND CURRENCY MARKETS Setting the path for a renewed industry to tread responsibly and face up to growth

2. O BJECTIVES A Literature Review An iota of my contribution of the body of knowledge Present a guide on the subject for students, researchers Appreciate and work with banks, traders, investment bankers and regulators Build my network in the chosen area in finance

3. APPROACH AND METHODOLOGY APPRECIATE: THE NOVELITY OF THE SUBJECT MATTER FLASH CRASH OF MAY 2010 HIGH FREQUENCY TRADING ALGORITHMIC TRADING FUTURE PATH FOR THE INDUSTRY

4. RESEARCH INFORM the Subject and its Critical Research Discoveries BSP AND ABI/INFORM DATABASE ELSEVIER & JSTOR VERIFY THE INTRICACIES OF THE SUBJECT CONSIDER IMPACTFUL AUTHORS ASSOCIATION MEMBERSHIPS, (AFA)Journal of Finance and (EFA)Review of Finance

5. PRIORITISE INFORMATION PRIORITISE INFORMATION: Build a Repository through the Annotated Bibliography TOP JOURNALS TOP AUTHORS TOP DATABASES INDUSTRY COMMENTARY AND BACKGROUND

6. SHARE YOUR LEARNINGS DOCUMENT STRUCTURE AND FLOW ABSTRACT INFORM THE RESULTS KEYWORDS INDEX IN JOURNALS INTRODUCTION AND OVERVIEW THE NATURE OF THE BEAST

7. D OCUMENT A RTIFACT DOCUMENT STRUCTURE AND FLOW CRITICAL RESEARCH DISCOVERIES Interaction with Humans Trading on News Tools and Strategies for employing HFT Existing Algorithms techniques and Empirical proof CLOSING PARAGRAPH WE are here FUTURE DIRECTIONS REFERENCES Including Books, Bibliographies, Dissertations and relevant Journal Articles

8. H IGH F REQUENCY T RADING Abstract: Algorithmic trading is a high percentage of the trading business in developed markets because of the convenience and advantages of price discovery and market depth it offers to institutional and retail participants. The commonly ascribed ills of Algorithmic trading, referred in popular literature as High Frequency Trading led to many negative shocks on the Wall Street including the Facebook IPO and the Flash crash of May 2010, however in other institutional markets like rates and currency there is no reason for global participants to hold back.

9. O VERVIEW Early algorithms applied in Trading were soon accelerated in the creation of a new stylized business of High Frequency trading Market participants benefitted from the liquidity Vertical arbitraging of all assets Unregulated dispersion through the Industry

10. T HE P APER DOES NOT TALK ABOUT FLASH CRASH OF MAY 2010 FACEBOOK IPO DELAY OTHER EVENTS Other literature including Popular titles and papers in reference present both sides

11. BENEFITS FROM HIGH FREQUENCY TRADING Why the subject will be critical in future Banking and Financial Services literature. Changes business paradigms Market Liquidity Market Depth Volatility

12. L ITERATURE REVIEW Compare different authors points of view and schools of thought Verify and criticize methodology Highlight gaps in research Highlight exemplary studies To relate findings to previous knowledge and suggest further research Proceed on a tractable knowledge path for future research

13. K EY R ESEARCH I NSIGHT Trading on News Arrival Price Discovery Order Volumes Treatment of Data Tools and strategies Volume HFT Specific indices

14. K EY R ESEARCH I NSIGHT Interactions with HUMANS – Computers Low Frequency Traders Sniping Informed Traders Adverse Selection Flow Toxicity – new metric index created using HFT tools Use of Volume Time metric Use of Algorithmic techniques Artificial Neural Networks Wavelets GARCH Machine Learning Evolutionary Algorithms, GA

15. MARKETS TO WHICH INCLUDED RESEARCH HAS APPLIED Fixed Income Pairs Trading Bond Spreads Currency Futures Indices Equities Pairs Trading ETFs S&P 500

16. LIMITATIONS Reduced Scope of First EFFORT Received good feedback from faculty reviews

17. F URTHER RESEARCH Compare classes of algorithms for success based on empirical data Review feasibility of improving its impact on Future generations of bankers Create and impactful path for its generation of growth and business in Asia Proprietary Datasets and Platforms vis a vis public exchanges and traded securities

18. THANKS LIBRARYANOOPFPM15 PROF RAINA