The concept map

The whole machine in one view: every page a node, every link an edge, the money-ladder paths highlighted. Drop in anywhere, or follow a bright track from a fair-value estimator up to a market-making business.

How to read it
Market microstructureHigh-frequency dataSystems & buildingTrading costsPerformance & capacityThe business of HFTTrading strategiesStatistical arbitrageDirectional event tradingMarket makingOrder-flow informationMarket manipulationMachine learning in HFTExecution algorithmsAlmgren–Chriss optimal executionRisk managementRegulationMarkets
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