avery.apt 🇺🇸

Jane Street's head of technology just explained the full spectrum of how fast their trading decisions are made. the fastest systems turn around a packet in under 100 nanoseconds. at that speed, if you attached an oscilloscope to the wire going in and the wire going out, you'd see the response start to leave before the incoming packet has finished arriving. at that speed, you can't use a CPU. you can't use any programming language. you're on an FPGA direct wired to the network. and the decisions you're making are incredibly simple. because you literally can't compute anything complex in that time. but here's the part most people miss: that's just one end of the spectrum. Jane Street runs an ensemble of systems operating at every timescale simultaneously. some decisions happen in nanoseconds. some in microseconds. some in milliseconds. some take hours or a full day. "the right way to build an optimal trading strategy is an ensemble approach. for some decisions you're making very simple decisions very quickly. for others, you're operating at the scale of microseconds, milliseconds. and in some cases, if you can get that decision turned around in an hour, that's totally fine." the faster you need to respond, the simpler the decision has to be. the slower you can afford to go, the smarter the model can be. this is why "Jane Street is just a speed game" is wrong. speed is one dimension. intelligence is the other.

[ ZOOMER ] ROBINHOOD CRYPTO COO LEAVES COMPANY AS ROBINHOOD SEES SHARP DECLINE IN CRYPTO REVENUE, AND WORKS TO LESSEN ITS DEPENDANCE ON CRYPTO: COINDESK

It was an honor to work at Facebook for over a decade. Used to be over 1M users per engineer back in the old days.