Stat Arb(@quant_arb ):I remember hearing from multiple ppl (who had used them) that Alameda's execution desk wouldn't even randomize the order sizes/frequency, just lobbing equally sized clips at regular intervals. No attempt at hiding flow/matching liquidity. The ironic part was that there wasn't much to indicate people were detecting them even despite the fact that their execution was worse than a standard VWAP algo. Looking back, this was an early warning sign, but all I could think was, "hahaha I'm going to front-run these losers"

2023.07.10 03:39

I remember hearing from multiple ppl (who had used them) that Alameda's execution desk wouldn't even randomize the order sizes/frequency, just lobbing equally sized clips at regular intervals. No attempt at hiding flow/matching liquidity. The ironic part was that there wasn't much to indicate people were detecting them even despite the fact that their execution was worse than a standard VWAP algo. Looking back, this was an early warning sign, but all I could think was, "hahaha I'm going to front-run these losers"