OI03: The inner workings of a High-Frequency Strategy ft. Anant Jatia
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 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.
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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...
Transcript
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| 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 |
... |
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