OI03: The inner workings of a High-Frequency Strategy ft. Anant Jatia
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 712 Ratings
🗓️ 29 November 2023
⏱️ 61 minutes
🧾️ Download transcript
Summary
Anant Jatia, the founder and CEO of Greenland Investment Management, joins Moritz Seibert for a commodities-focused conversation. In this episode, Anant explains how Greenland developed from currency market making to what today is predominantly an HFT-driven commodities arbitrage fund. Anant has a detailed understanding of the workings of physical commodity markets and focuses Greenland’s trades on location and substitution arbitrage trades. Moritz and Anant discuss several exemplary trades in detail, including sizing and portfolio implementation, and focus on the tail exposures which could materialize while the trade is active. This is a detailed and somewhat technical episode and a must-listen for anyone interested in commodities arbitrage trading.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Follow Moritz on Twitter.
Follow Anant on LinkedIn
Episode TimeStamps:
02:09 - Introduction to Anant Jatia
06:39 - Anant's experience from working at AQR
08:46 - How did Anant's firm evolve over time?
10:44 - How difficult is High-Frequency Trading?
14:33 - What is their current trading strategy?
17:07 - An example of one of their trades
21:17 - Staying away from the physical side
23:33 - Tracking the market and executing trades
27:18 - Managing the cost of trades
29:58 - How did they get through the Covid19 period?
34:37 - How many markets are they trading?
36:49 - The process of trading copper
38:43 - How do you obtain transportation costs?
40:47 - Achieving the optimal trading efficiency
43:37 - A multi-legged trading strategy
47:34 - Anant's perspective on the Natural Gas markets
50:50 - Putting it all together
54:39 - Building for negative tail events
57:26 - What kind of exposure do they have?
59:17 - Key takeaways
59:58 - Thanks for listening
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here
Transcript
Click on a timestamp to play from that location
| 0:00.0 | We really think about this world as physical commodity traders first and how they might be |
| 0:13.0 | reacting to these markets and then look to just systematically trade around it. |
| 0:19.0 | And that's held us in really good stead over the years as we think |
| 0:24.0 | about, you know, taking this program further. Imagine spending an hour with the world's greatest |
| 0:31.6 | traders. Imagine learning from their experiences, their successes, and their failures. Imagine no more. Welcome to Top |
| 0:40.1 | Traders Unplugged, the place where you can learn from the best hedge fund managers in the world, |
| 0:45.2 | so you can take your manager due diligence or investment career to the next level. Before we begin |
| 0:50.5 | today's conversation, remember to keep two things in mind. All the discussion we'll have about investment performance is about the past, and past |
| 0:58.0 | performance does not guarantee or even infer anything about future performance. |
| 1:03.0 | Also understand that there's a significant risk of financial loss with all investment strategies, |
| 1:07.0 | and you need to request and understand the specific risks from the investment manager about their product before you make investment decisions. |
| 1:14.7 | Here's your host, veteran hedge fund manager, Niels Kostrup Larson. |
| 1:23.8 | Welcome to another episode in the Open Interest series on Top Traders Unplogged, hosted by Moritz Siebert. |
| 1:30.0 | In life, as well as in trading, maintaining a spirit of curiosity and open-mindedness is key, |
| 1:36.4 | and this is precisely what the Open Interest Series is all about. |
| 1:40.7 | Join Moritz as he engages in candid conversations with seasoned professionals from around the globe |
| 1:46.5 | to uncover their insights successes and failures offering you a unique perspective on the investment |
| 1:52.8 | landscape so with no further ado please enjoy the conversation hello this is marit seabird and I'd like to welcome you to another episode of open |
| 2:04.3 | interest on top traders on plug. |
| 2:07.0 | Today I'll be speaking with Anand Chiatya, who is the founder and CEO of Greenland Investment |
| 2:12.1 | Management, a hedge fund focused on commodity arbitrage strategies. |
| 2:16.6 | I met Anand about five years ago at a conference |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Niels Kaastrup-Larsen, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Niels Kaastrup-Larsen and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.