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HBK Capital Management

HBK Capital Management. Technology Recruitment 2007. Who is HBK?. HBK is an investment management firm: Employing approximately 300 individuals around the world Based in Dallas, TX with branches in New York, London, Tokyo and Hong Kong Established October, 1991

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HBK Capital Management

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  1. HBK Capital Management Technology Recruitment 2007

  2. Who is HBK? HBK is an investment management firm: • Employing approximately 300 individuals around the world • Based in Dallas, TX with branches in New York, London, Tokyo and Hong Kong Established October, 1991 • $12B in capital under management • Ranked in the top tier of large, successful hedge funds • Generated a compounded annual return of 14.68% since inception to June 2006

  3. What is a hedge fund? • Similar to mutual funds… • Run by an investment management firm (“fund manager”) • Investors “pool” their money together into one “fund” • The fund manager invests the money based on one or more strategies • …with some key differences • Can invest in broader range of strategies and financial instruments (e.g., short selling, derivatives) • Limited in the number and types of investors that can invest • HBK pursues a multi-strategy trading approach

  4. What comes to mind when you think about working for a financial firm? This…?

  5. Or this…?

  6. 22% of HBK’s 300 personnel work in technology!

  7. Why does a hedge fund need all these technical folks? • Software Development • Decision support tools for trading, risk management, portfolio analysis, accounting, etc. • Computationally intensive • Very low error and downtime tolerance • Information Technology • Design, build, deploy, and manage global network, server, and workstation infrastructure • Work with users to improve productivity • Automate systems management tasks • Datafeeds & Databases • Multi-TB databases • Millions of updates every day from hundreds of sources around the world • Tools for cleaning, monitoring, management, and reconciliation

  8. Quick Facts… • We have just about as many servers as we do staff! • Our total data capacity is approx 40 terabytes with usage growing at around 10 gigabytes per day. • Our databases maintain around 156 million historical prices from over 26,000 issuers. • Our systems programmatically price over 170,000 options each day. • Real time prices require DS3 (45Mbps)

  9. Our Technology “Toolkit” • Most of our systems and tools are Intranet-aware • ASP.NET 2.0 , IIS • Applications • Visual Studio 2005, C++, C#, .Net Framework • Infrastructure • Service-oriented architecture, Web Services, XML / XSLT • Database • SQL Server 2000 (replicated and clustered), DTS • Operating Systems • Windows XP, Windows Server 2003 • 3rd party tools and technologies

  10. Are you one in a hundred? We are always on the lookout for exceptionally intelligent people with a passion for technology and the drive to succeed. • C++, C# server and client-side developers • Excel plug-in, C# GUI business unit developers • T-SQL/DTS/VB .Net data management developers • ASP .Net Web developers

  11. Education: University of Massachusetts, 2002, B.S. in Computer Science Role: Build/support web applications Experiences at HBK: “Since my arrival at HBK two years ago, I have had opportunities to take on one interesting project after another. I started by working on small intranet applications that helped me familiarize myself with the web architecture. It has been a fun journey ever since, learning new technologies and understanding the hedge fund business. Since developers are constantly working in a dynamic environment, it helps us brainstorm new ideas to build efficient in-house applications. A challenging, high-end technology work environment is what undoubtedly distinguishes HBK from other companies.” Payal M. Developer joined HBK in 2003

  12. Education: Yale University, 2004, B.S. in Computer Science Role: IT Operations support and IT related programming in C# Experiences at HBK: “As a new graduate, I had limited experience in real world IT operations and application development. Since joining HBK, I've developed an inventory management system, an active directory client for HR, and am working on a monitoring service for our messaging infrastructure. Last Friday, I conducted benchmarks to compare HP's latest dual Opteron to Dell's dual Xeon workstation. Many projects started out as ideas proposed by my coworkers and me. HBK is a small company that believes in its employees, listens to their ideas, and supports them with large corporation resources.” Hang C. IT Engineer joined HBK in 2004

  13. Education: Rice University, 2005, B.S. in Computer Science Role: Develop and enhance .NET applications to support straight through processing of data Experiences at HBK: “My experiences at HBK have been extremely rewarding both from an educational perspective and because of the amount of responsibility that I've been given. As early as my first few weeks at HBK, I was given the chance to make important design decisions and implement solutions to problems that really make a difference for our back office's productivity. It's awesome to be able to have that kind of an impact after working at a job for just a short amount of time.” Daniel P. Developer joined HBK in 2005

  14. Education: Baylor University, 2001, B.B.A. in Management Information Systems Role: Database and web development for front office technologies Experiences at HBK: “There is always so much to learn! I've been able to explore different technologies like OLAP and ASP .NET 2.0. It's great to be a part of a company that supports employee growth and development.” Amanda F. Developer joined HBK in 2003

  15. Technology Initiatives • Two tiers -> n-tiers • Direct market access • Better user experience – C# GUIs for trading • Expanding data coverage and capability • Straight through processing • Cash management system • Personalization technology • Infrastructure improvements • Gigabit networking, WAN optimization, Voice-over-IP • Blade servers and Storage Area Networks (SANs)

  16. Questions…?

  17. Initial Goal • Fill Simulator • Place an order using our client tools • Route the order to RSMS via FIX over a direct socket connection • Receive fill messages via FIX • Push Transactions to Participants similar to QuoteServer pushing Bids/Offers

  18. Configuration • Fill Parameters • FillSize (Full, Random, Integer) • TimeBetweenFills (ms, Random) • Load parameters from a config file • Change on the fly (GUI) • Save modified parameters to file

  19. Performance • FIX connection must be able to handle 10 orders/sec/user and the system should support 50 simultaneous users • Fill simulator must be able to fill 2000+ orders at a time

  20. Other Work • Bug fixes • Dump market activity to .itch file • ASP.NET front-end reporting • User login to see statistics • Manager can see all users • Orders by user / Transactions by Order

  21. Other Work • Revamp human participant order entry • User-Configurable buttons • Assign static order parameters to dynamic buttons • Add new buttons on the fly • Persist buttons between logins

  22. Questions…?

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