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Fed Hiring HFT Expert With Emphasis On "Systemic Risk"
Ever feel like you can't put that math PhD to good use anymore and make money scalping ahead of order flow, sub-pennying and frontrunning retail in normal and dark pool markets because volumes are just off 1929 levels? Then the Chicago Fed has an offer you just can't refuse. And since money printers can't be choosers, the Fed may also have a spot for those who tried their hand at the New Media (i.e., churning slideshows): "Develop presentations and clarify complex issues for broad audiences." Yet what is most interesting is the following requirement: "Interact with highly informed and technically skilled outside stakeholders while preserving the reputation and credibility of the Reserve Bank." We'll just let that one slide...
From the Federal Reserve System (arguably the busiest recruiter of financial talent in the past 4 years)
Financial Markets Sr Analyst
Description:
The Federal Reserve Bank of Chicago is seeking qualified professionals to fill Financial Markets Senior Analyst positions in Chicago, Illinois.
Job Description:
Conduct research and analysis on complex topics and issues in securities and derivatives financial markets trading and technology and/or payment system issues, with a particular emphasis on systemic risk. Responsible for providing important contributions to large-scale division projects. Organize successful policy group and industry meetings. Draw on knowledge of exchanges, clearinghouses, financial institutions, trading firms, and other derivatives industry participants and payment system participants to accomplish objectives. Develop presentations and clarify complex issues for broad audiences. Interact with highly informed and technically skilled outside stakeholders while preserving the reputation and credibility of the Reserve Bank. Develop and maintain communication vehicles to key stakeholders. Develop contacts with representatives of financial markets trading and technology and/or representatives of payments industry firms that foster the flow of information between FRBC and the representatives. Monitor developments in securities and derivatives trading, with an emphasis on high-speed trading, algorithmic trading, technology, and regulatory changes that impact trading and markets and/or developments in domestic and international payment systems. Disseminate information among group and to other agencies. Develop expertise in specialized areas including counterparty credit exposures, margining, and market disruptions, payments fraud, payments strategy, and payments infrastructure. Review policy issues relating to domestic and international financial markets and maintain awareness of current developments in said areas in order to act as a resource to the Financial Markets Group and the Bank's senior management. Develop proposed topics for policy research studies, publication, etc. and participate fully in the production of industry studies, policy memoranda, and comment letters, including data acquisition, analysis, conceptualization, and drafting final documents. Deliver persuasive presentations regarding financial markets to various audiences.
Qualifications:
Education Requirement:
Bachelor’s degree in Finance, Economics, or related field, or the foreign equivalent.
Work Experience Requirement:
5 years of relevant experience, including 2 years of experience with direct analysis of financial markets regulation and policy.
Alternate Acceptable Education and/or Work Experience Requirement:
Master's degree in Finance, Economics, or related field, or the foreign equivalent, and 2 years of experience with direct analysis of financial markets regulation and policy.
Specific Skills or Other Requirements:
(1) experience identifying and using a wide variety of information sources to create a comprehensive research database;
(2) demonstrated network of industry contacts in derivatives trading, including practitioners, consultants, academics, and regulators;
(3) first-hand experience with algorithmic derivatives trading and technology and relevant terminology;
(4) experience with the National Market System for equity securities in terms of regulation, exchanges, and technology;
(5) knowledge of derivatives and securities industry institutions, from a regulatory and operational perspective, including broker-dealers, futures commission merchants, exchanges, proprietary trading companies, infrastructure providers, dark pools, trade consolidators, and clearinghouses.
Experience:
Experienced
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(6) Infiltrate Zero Hedge.
Oh! Oh! Looks like Kevin Henry is getting a new lunch buddy! He must be so excited!
Getting an HFT guy to improve the integrity of the FED is like hiring Jack Kervorkian to promote healing.
Wanted: Wizard of Oz.
Wanted: Fall Guy.
They'd do better hiring someone that understands monetary policy.
How complicated is Ctl-P?
I hear Steve Cohen is job shopping now.
“while preserving the reputation and credibility of the Reserve Bank.”
Neo from Matrix as the illustrative graphic?
Ethan Hunt from Mission Impossible might be as fitting
"...while preserving the reputation and credibility of the Reserve Bank."
What reputation and credibility? Where?
Preserving, not bolstering. Preserve something they don't have? It's so easy even a Bermonkey can do it.
ctrl-p..redict cme margin hikes
Yezzz, with the right PR group Jack's handlers could trumpet his work as "Not one of Kervorkian's patients ever got sick again". HFT guys should be so lucky.
Exactly knukles! There is a big difference between understanding HFT and algorithms and actually doing something to regulate them. Since the Fed is a private bank I suspect they only want the knowledge for self enrichment.
Exactly knukles! There is a big difference between understanding HFT and algorithms and actually doing something to regulate them. Since the Fed is a private bank I suspect they only want the knowledge for self enrichment.
Too late. The damage is done. The market is dead due to HFT.
They could be bestest friends and their mothers could arrange play dates.
Why in the fuck do they need to hire someone to tell how is it hft can crash the whole market when all they gotta do is spend $5 and buy a mirror. Hope all the fuckers burn.
You haven't been a 'hiring manager' or dealt with HR for a while, have you?
This is SOP for having to post a job description -- to meet the exact requirements that the person has, whom they've already selected as The One.
Wait for the other shoe to drop: The 'who'. Hero or patsy?
@Kirk
Prolly should be "Hero or Nero". As both end the same way.
In other words they need a Salesman with Marketing Experience.
Why is it our presidents position does not require those qualifications?
Because then they'd never fill the position.
They may be looking for Neo, but, they'll probably end up hiring Mr. Smith in disguise.
He's not so bad once you get to know him!
I think I should have a cookie so I can feel right as rain again.
One of the Tylers: Please apply for the job! We could use an inside man.
No doubt they would take one for the team, but that's like asking them to go vacation in a leper colony with a suppressed immune system.
" Deliver persuasive presentations...."
Just hire anyone from the sell side, preferably Goldman, to spin it then do just the opposite of what the public is told.
Salary or take?
Virgins. The best part though is the all-the-souls-you-can-eat cafeteria.
Just slightly OT...India threatens to ban gold coin sales by banks:
http://www.business-standard.com/article/economy-policy/cad-jitters-govt...
They certainly have big ones in this city.
The Chicago Fed thinks they can create a one-man, government version of Zero Hedge.
"Alternate Acceptable Education"
Lie convincingly. Cheat/Steal without getting caught. Ability to communicate effectively, using "Ben-speak" mumbo jumbo without saying anything! Illusionist using smoke & mirrors is a positive. Impervious to copious quantities of statistical "truth" being hurled at them and the experiance to call them "wackos" and "nutjobs"! A true believer in "tradition" especially where gold is concerned and why central banks hoard it.
Applicants without 666 tattoo on forehead need not apply.
Is that the tatoo with all the angles?
What does the pay and benefits look like? That would be something I would want to know if perhaps dodging pitchforked one day...
7. Expert at managing heavy carbon emissions and reflective surfaces.
Hmmm.
I wonder if bonuses are included in the compensation package, and if so, how they are calculated.
Why? They get bonuses for just showing up for work.
Waddell and Reed experience a Plus
"Develop expertise in specialized areas including counterparty credit exposures, margining, and market disruptions, payments fraud, payments strategy, and payments infrastructure."
It's one of those positions where they already have their man, they are just doing the paperwork to make HR happy.
Jon Corzine will be starting work on Wednesday.
Charles Biderman writes in Forbes on how the rich get richer and the poor get poorer:
“There’s been a lot of talk about the Federal Reserve rigging the stock market. If you’ve been wondering, as I have, how it is being done, here’s some terrific insight from our own David Santschi.
“David wrote in this week’s (January’s) TrimTabs Weekly Liquidity Review, ‘The Fed is exchanging about $4 billion in newly created money every business day for various types of bonds. All else being equal, the Fed’s bond buying puts more money in investors’ hands to buy other assets, including stocks.’”
How The Fed Is Helping To Rig The Stock Market: http://www.forbes.com/sites/investor/2013/01/30/how-the-fed-is-helping-to-rig-the-stock-market/
“If you could accurately predict future interest rates, inflation and deflation, you would know when to buy or sell stocks and make a bundle of money. The FED has secret meetings (per Congressional Record) to determine future interest rates and the amount of money to be printed. The Securities Exchange Commission (SEC) by law, stops insiders from profiting by privileged information. Congressional records prove that FED bankers routinely hold secret meetings to profit by manipulating the stock market via interest rates and the amount of money they create. FED bankers also profit greatly from economic disasters like the Depression (Reference 22, P. 56). The bankers create inflation, sell their stocks before the market crashes, then buy up stocks at cheaper prices. Bankers admitted this to Congress. This violates the law, yet Congress does not act because these bankers are large political contributors (Reference 17, P. 96-98; Reference 1, P. 162-163; Reference 22, P. 114-170 & P. 136). Thomas Jefferson predicted this scenario if we ever allowed a private bank, like the FED, to create our currency (Reference 1, P. 247). – Thomas D. Schauf, “The Federal Reserve is Privately Owned”
http://theunjustmedia.com/Banking%20&%20Federal%20Reserve/The%20Federal%20Reserve%20is%20Privately%20owned.htm
re: " preserving the reputation and credibility of the Reserve Bank."
Too late, that horse is already out of the stable and cavorting in greener pastures.
I thought that one was really curious, actually. I'm thinking The Fed is about to go into huge damage control mode, probably as a survival strategy.
Is Ben Ben about to start sandbagging in anticipation of the deluge?
They are waiting for the "right" catastrophe to occur so they can blame it all on that.
Left one qualification out, need to be a Marxist Muslim liar! The job will be to see how they can crash this market and make sure that Muslims do not lose money, the Wall Street criminals are protected and the middle class white folks take 100% of the loss. Shouldnt be hard seeing that this has been working that way for the past 5 years.
A Moos-lim? Really now.
There is no Spoon, or free markets
When slam the close is not enough!
Would like to see a clause that says this person, once they fully understand the weaknesses in the SEC, can't head out the revolving door to GS. Should eliminate them from working in the trading world for at least 3 years.
Why not build a cell in the basement for Sergey Aleynikov?
problem solved.
I still say we need a mechanical lever that has to be rotated at least 180 degrees to buy or sell anything, like this:
http://images4.fanpop.com/image/photos/15500000/Metropolis-metropolis-1927-15539876-1641-1152.jpg
not one of these?
http://www.weaponreplica.com/wp-content/uploads/2011/11/hellraiser_moveable_puzzle_box.jpg
Seems appropriate!
Why don't they just run direct lines to GS, JPM and MS and let them do all the math. They's just about running the whole shebang anyway.
I wonder if my 4 years with Zero hedge is considered work experience?....I could talk the talk....but I hate Chicago..good hot dogs though...bad baseball...and gangs.....
I guess the guys at Nanex already turned down the job.
Maybe Bill Black should step up :D
I was going through some old Business Week magazines and came across this doozy from July 29, 1991 "The U.S. Has a New Weapon: Low-Cost Capital" By Christopher Farrell with Ted Holden. In retrospect, maybe the author should have chosen the graphic of a gun with the barrel facing backwards. Low-cost capital was indeed a new weapon, weapon of mass financial self-destruction.
Here's another from the same issue, "Controlling the Climate that Let BCCI Bloom" by Robert Kuttner. Hilarious! We keep making the same mistakes. Check out this quote from that article, "When global banks can pick their regulators, the logic of regulation is undermined. The rules should converge - and a world agency needs to supervise the supervisors."
Duh!!!! the first sentence is obvious and has yet to have been meaningfully addressed in the last 2 decades. The second part about global supervision is more statist, new world order BS. Fix what you can fix @ssholes!
Do you get paid in printed loaaned money or in precious metals? The answer to this question is important to my decision making.
My guess is you get actual metals for making very clear assertions that the barbarous relic has no place in banking except possibly as tradition, and that you never disclose any preferential comment personally or publicly for it
Fed hiring expert on systemic risk? We can't see the real system's risk which faces us, the risk of a system shut down and no one person with the power to turn it back on, Computers began their existence as extensions of the humans who owned them, a slow evolutionary morphing has occured and now more and more people are becoming extensions of their computers, really, think about it, there are no Henry Fords building computers in his basement, building them with parts they designed and made themselfs I mean, we have lots of people who can put the parts together but the parts factories the hub that joins all these machines and people together, I doubt they could stand much in the way of total shut down before it was impossible to start again. The technical and philosophical knowledge to command and operate this vast infinitly interconnected machine, is really spread very thinly throughout the World.
In olden days everybody knew everything about the world they lived in, in modern times we know nothing of it, a lot of the unconscious anxiety we see acted out on a daily basis in public life is caused by the unrecognized helpnessness and anger people feel about their plight, we sense something is wrong but no one knows what, and the, ever more effective, social conditioning discourages inquire into unsanctioned topics.
pffft systemic risk!
MOAR GREEN, ctrl+P
As if we would have systemic risk. We only have fraudulent HFT's misquoting prices, cancelling others' orders & central banks that destroy all market credibility entirely. What could the risk be? No worries, BTFD
https://www.youtube.com/watch?v=a_hLvWmytTo