Note: The focus of this article is on proprietary trading firms in HFT rather than hedge funds. We did not include the HFT operations of hedge funds for the sake of brevity although we did make a couple of exceptions. We are including Citadel because we couldn’t write a HFT article without them. We also included TGS Management because they are a bit of an enigma and based on trading volumes needed to be included.
In a scheme that would boil Brad Katsuyama’s blood, two brothers, Francois and Joseph Blanc became the first traders to successfully implement an information arbitrage strategy on a data network.