Key Takeaways
- • Tower Research hired Marvin Arteaga as head of MFT (mid-frequency trading) strategies, based in New York, with a hybrid role.
- • Arteaga spent 12 years at Millennium, mainly as head of algo execution technologies, after seven years in algo development at Bank of America.
- • The hire follows Millennium's earlier recruitment of Tower CTO Alexandre Fournier to work on low-latency technology, per eFinancialCareers.
- • Tower is building out MFT capabilities, a push shared by Jane Street and Hudson River Trading, with machine learning central to the strategy.
- • Talent flow runs both ways: Wesley Chen, Tower's co-head of investment grade credit trading, joined Millennium as a portfolio manager in June.
Summary
Tower Research has hired Marvin Arteaga as head of mid-frequency trading (MFT) strategies, according to eFinancialCareers. The New York-based role is hybrid. Arteaga previously spent 12 years at Millennium, where he predominantly served as head of algo execution technologies, and seven years before that in algo development at Bank of America. In his final year at Millennium he worked remotely in the less senior title of 'liquidity provision technology manager.'
The move comes after Millennium hired Alexandre Fournier, CTO of high-frequency trading firm Tower Research, earlier this year to work on low-latency technology. eFinancialCareers characterized Arteaga's hire as a reciprocal step in the talent exchange between the two firms.
MFT strategies hold positions for minutes to days, in contrast to high-frequency trading, where positions may be held for microseconds or less. Tower has been building its MFT capabilities for years, in line with other major players including Jane Street and Hudson River Trading. Iain Dunning, head of AI at Hudson River Trading, said last year that "all the latency has been arbitraged for the most part." MFT strategies are more likely to involve machine learning, an area in which the major firms have invested billions as they expand their compute infrastructure.
The movement of staff is not limited to technologists. Wesley Chen, Tower's co-head of investment grade credit trading, joined Millennium as a portfolio manager in June. Millennium declined to comment, and Tower did not respond to a request for comment.
The move comes after Millennium hired Alexandre Fournier, CTO of high-frequency trading firm Tower Research, earlier this year to work on low-latency technology. eFinancialCareers characterized Arteaga's hire as a reciprocal step in the talent exchange between the two firms.
MFT strategies hold positions for minutes to days, in contrast to high-frequency trading, where positions may be held for microseconds or less. Tower has been building its MFT capabilities for years, in line with other major players including Jane Street and Hudson River Trading. Iain Dunning, head of AI at Hudson River Trading, said last year that "all the latency has been arbitraged for the most part." MFT strategies are more likely to involve machine learning, an area in which the major firms have invested billions as they expand their compute infrastructure.
The movement of staff is not limited to technologists. Wesley Chen, Tower's co-head of investment grade credit trading, joined Millennium as a portfolio manager in June. Millennium declined to comment, and Tower did not respond to a request for comment.
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