Warrants issuers battle algo predators in Hong Kong
Threat of high-frequency traders forces banks to spend big on tech
It can take years and considerable sums of money to build a warrants business in Hong Kong. The investment can begin to unravel in a mere one-millionth of a second.
The derivative warrants market in Hong Kong, with its paper-thin spreads and zero stamp duty, has long been a target for high-frequency trading firms on the hunt for fleeting differences between the price of the structured product and
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