Engineering notes, market commentary, and the occasional letter to clients.
When we started, our median execution latency was around 280ms. Most clients wouldn’t notice — but on volatile crypto pairs the slippage cost real money. Here’s what we changed, and the surprising bottleneck we found.
Read article →Value-at-Risk has been the industry standard since the 1990s. It also famously failed in 2008. We explain why our risk framework treats tail risk and conditional risk as first-class concerns, not afterthoughts.
Read article →Our Q1 returns lagged the benchmark by 0.4%. Here’s exactly why, what we changed, and what we didn’t — including the trade we explicitly chose not to take.
Read article →Most investment statements are designed for the company that issues them, not the client who reads them. Notes from a year of redesigning ours, and the dumb mistakes we made along the way.
Read article →