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Rise of machine trading forces data providers to pivot | Financial Times
OCTOBER 30 2019 | Financial Times | Philip Stafford in London.

Financial information suppliers are on the hunt for new markets such as wealth management and corporate audiences....... the days of depending on selling information on fixed workstations, or terminals to a core group of investment bankers and fund managers — the mainstay of the industry over decades — were quickly receding........Cost-conscious banks are reducing the numbers of analysts and traders they employ, cutting research or automating processes that have long been done by humans. That wipes out a once reliable client base for terminals, leaving data specialists to shift their focus elsewhere.....Chief technology officers need to become more efficient more quickly,” “Our fastest growing segment is corporates, business development and investor relations.” This had left rivals such as Bloomberg, Refinitiv and Morningstar “in a race . . . for each others’ customers,........Demand is increasingly being driven by the need for enriched data that can be fed into computers, rather than read by humans, ....“We’re seeing a big shift to data-driven strategies, and fundamental analysis will be more data-driven,” he said. “This is where the industry is headed and where we’re going for it.”....Overall terminal sales are healthy... estimates are that the number of users of terminals, or desktops, in the investment industry will rise to 1.6m this year and hit 1.7m by 2021. Most of that growth is set to come from areas such as investment management rather than trading....Mitko Yankov, global head of platform at Refinitiv, agreed that the old model of selling data as pre-packed bundles of information was disappearing. Customers wanted richer types of data, he said. This means serving developers, data scientists, quantitative traders and even traders and analysts who can write their own code. “They really don’t appreciate monolithic bundles,”...other data providers are hoping to benefit from the rising demand for data as markets apply computing trends such as artificial intelligence and machine learning to trading and analytics. The rush has been exemplified by the London Stock Exchange Group’s $27bn deal to buy Refinitiv.
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This (old - ish) article makes one think of a couple of factors that contributed to a change of balance:
https://www.bloomberg.com/news/articles/2019-02-25/jpmorgan-s-traders-nab-market-share-while-deutsche-bank-s-slip
First is the "exorbitant privilege" of being able to print more than others, but near second is probably information and information processing power advantage By the way, the article cited is a reasonably rich source of information, not to be compared with ft's, where there is no hard data and time perspective. There is another question: How does it square up with market as a "price discovery mechanism"? With barriers to safe entry into this market in billions of investment into technology what are the mere mortals supposed to do? The market seems to be turning into an ever narrower oligopoly.
alternative_data  automation  Bloomberg  coding  CTOs  data  data-driven  data_scientists  Factset  financial_data  fundamental_analysis  investment_management  LSE  Morningstar  Refinitiv  Thomson_Reuters  traders 
9 weeks ago by jerryking
Investment managers need to become coders, says former CPPIB CEO - The Globe and Mail
CLARE O’HARAWEALTH MANAGEMENT REPORTER
DAVID MILSTEADINSTITUTIONAL INVESTMENT REPORTER

Mark Wiseman is learning Python, one of the world’s top computer programming languages.

The former chief executive officer of the Canada Pension Plan Investment Board is not trying to become a master coder, but instead believes investment managers must become proficient in manipulating large data sets to beat the market.

“If you are waiting to get a company’s quarterly or annual report and you think that is how you’re going to make an investment, you are dead meat,”........

“Sources of information are completely different than they were even 10 years ago for investors,” he says.

Today, BlackRock has already begun using “alternative data sources” to gain more in-depth information on companies such as sales predictions, customer traffic and inventory......“As we look at data in industry and how fast it’s moving, there is going to be an increasing bifurcation between proprietary and non-proprietary data."

Non-proprietary data is information that is readily available on the internet and can easily be used by competitors. Now, money managers are increasingly looking for proprietary data to win a competitive advantage.

For BlackRock’s equities business alone, Mr. Wiseman says the firm has tripled the budget for data over the past two years and holds between 400 and 500 proprietary data sets at a time.......learning Python is a more important skill for a young investment manager than learning foreign languages, or even some of the curriculum taught to chartered financial analysts.

“But this is what investing is about today,” he said. “So those of you who are spending your time on your CFA Level III, that is really nice to have the letters after your name on the business card. But you probably would have been better off spending your time learning how to code Python.”
alternative_data  BlackRock  coding  commoditization_of_information  CPPIB  information_sources  investment_management  Mark_Wiseman  massive_data_sets  proprietary  software_developers  software_development 
october 2019 by jerryking
Opinion | The Two Codes Your Kids Need to Know
Feb. 12, 2019 | The New York Times | By Thomas L. Friedman, Opinion Columnist.

A few years ago, the leaders of the College Board, the folks who administer the SAT college entrance exam, asked themselves a radical question: Of all the skills and knowledge that we test young people for that we know are correlated with success in college and in life, which is the most important? Their answer: the ability to master “two codes” — computer science and the U.S. Constitution......please show their work: “Why these two codes?”

Answer: if you want to be an empowered citizen in our democracy — able to not only navigate society and its institutions but also to improve and shape them, and not just be shaped by them — you need to know how the code of the U.S. Constitution works. And if you want to be an empowered and adaptive worker or artist or writer or scientist or teacher — and be able to shape the world around you, and not just be shaped by it — you need to know how computers work and how to shape them.....the internet, big data and artificial intelligence now the essential building blocks of almost every industry....mastering the principles and basic coding techniques that drive computers and other devices “will be more prepared for nearly every job,”....“At the same time, the Constitution forms the foundational code that gives shape to America and defines our essential liberties — it is the indispensable guide to our lives as productive citizens.”......“Understanding how government works is the essence of power. To be a strong citizen, you need to know how the structures of our government work and how to operate within them.”
African-Americans  civics  coding  constitutions  education  engaged_citizenry  foundational  high_schools  indispensable  individual_agency  life_skills  op-ed  public_education  questions  SAT  show_your_work  students  Tom_Friedman  women 
february 2019 by jerryking
The next Coco Chanel will be a coder
Aug. 26, 2017 | The Financial Times. p4. | by Federico Marchetti.

Eager to know what the next big thing in luxury will be? I am utterly convinced that digital talent will be as important to fashio...
brands  CEOs  coding  digital_influencers  digital_savvy  fashion  Instagram  luxury  Yoox 
november 2017 by jerryking
Software as Weaponry in a Computer-Connected World - The New York Times
JUNE 7, 2016 | NYT | By NICOLE PERLROTH.

On average, there are 15 to 50 defects per 1,000 lines of code in delivered software, according to Steve McConnell, the author of “Code Complete.” Today, most of the applications we rely on — Google Chrome, Microsoft, Firefox and Android — contain millions of lines of code. And the complexity of technology is increasing, and with it the potential for defects.

The motivation to find exploitable defects in widely used code has never been higher. Governments big and small are stockpiling vulnerabilities and exploits in hardware, software, applications, algorithms and even security defenses like firewalls and antivirus software.

They are using these holes to monitor their perceived enemies, and many governments are storing them for a rainy day, when they might just have to drop a payload that disrupts or degrades an adversary’s transportation, energy or financial system.

They are willing to pay anyone who can find and exploit these weaknesses top dollar to hand them over, and never speak a word to the companies whose programmers inadvertently wrote them into software in the first place.
adversaries  software  hackers  books  coding  vulnerabilities  exploits  software_bugs  bounties  black_markets  arms_race  cyber_warfare  cyber_security  Stuxnet  espionage  Iran  security_&_intelligence  malware  cyberweapons  weaponry  stockpiles  financial_system 
june 2016 by jerryking
To Write Better Code, Read Virginia Woolf - The New York Times
By J. BRADFORD HIPPSMAY 21, 2016
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software  coding  liberal_arts  humanities  software_development 
may 2016 by jerryking
As Tech Booms, Workers Turn to Coding for Career Change - The New York Times
By STEVE LOHR JULY 28, 2015

Whether the on-ramp proves to be a lasting pathway to high pay and stimulating work remains to be seen. The boom-to-bust cycles in the tech business can be wrenching, like the last downturn in the early 2000s after the dot-com bubble burst. Nearly everyone in the industry was hit. Yet software development and engineering jobs held up better than ones in finance, marketing, sales and administration.

For now, at least, it is a seller’s market for those who can master new technology tools for lowering a business’s costs, reaching its customers and automating decision-making — notably, cloud computing, mobile apps and data analytics.

Companies cannot hire fast enough. Glassdoor, an employment site, lists more than 7,300 openings for software engineers, ahead of job openings for nurses, who are chronically in short supply. For the smaller category of data scientists, there are more than 1,200 job openings. Demand is highest in San Francisco. Nationally, the average base salary for software engineers is $100,000, and $112,000 for data scientists.
coding  software  Steve_Lohr  software_developers  boom-to-bust  software_development  programming  career_paths 
july 2015 by jerryking
14-Year-Olds Code App That Cleans Up India’s Streets - WSJ
By JEFF ELDER
June 25, 2015

The Bangalore teens are among 43 girls and young women, on 10 teams from around the world, competing for $20,000 in seed funding. Wednesday, they pitched their apps, and business plans, to a panel of five female tech executives....The goal of the competition, now in its sixth year and organized by the education nonprofit Iridescent, is to spark interest in tech entrepreneurship among pre-college girls. Nearly half of the girls who participate, organizers say, intend to major in computer-related studies. Over the six years, more than 5,000 girls from more than 30 countries have taken part....Organizers asked the girls to create a mobile app that addresses local challenges. Finalists took on childhood obesity, sports concussions, drunken driving, and water waste as well as waste disposal.
coding  software  girls  mobile_applications  Silicon_Valley  entrepreneurship  STEM  Junior_Achievement 
june 2015 by jerryking
Cyber-warfare: Turning worm
Dec 13th 2014 || The Economist |

Timekeeper
Countdown to Zero Day: Stuxnet and the Launch of the World’s First Digital Weapon. By Kim Zetter. Crown; 433 pages; $25 and £20
computer_viruses  cyber_warfare  Stuxnet  security_&_intelligence  books  malware  software  coding  exploits 
december 2014 by jerryking
Why tech giants are investing in STEM programs for students - The Globe and Mail
JENNIFER LEWINGTON
WATERLOO, ONT. — Special to The Globe and Mail
Published Tuesday, Oct. 28 2014, 5:00 AM EDT
Last updated Thursday, Oct. 30 2014,
STEM  uWaterloo  Google  Cisco  high_schools  outreach  coding  Lego  robotics  Kitchener-Waterloo 
november 2014 by jerryking
The Single Worst Marketing Decision You Can Make
Oct 29 2014 | LinkedIn | Ryan Holiday, Founder, Partner at Brass Check

Make something people want.

—Paul Graham

Growth hackers believe that products—even whole businesses and business models—can and should be changed until they are primed to generate explosive reactions from the first people who see them. In other words, the best marketing decision you can make is to have a product or business that fulfills a real and compelling need for a real and defined group of people—no matter how much tweaking and refining this takes...Some companies like Airbnb and Instragram spend a long time trying new iterations until they achieve what growth hackers call Product Market Fit (PMF); others find it right away. The end goal is the same, however, and it’s to have the product and its customers in perfect sync with each other. Eric Ries, author of The Lean Startup, explains that the best way to get to Product Market Fit is by starting with a “minimum viable product” and improving it based on feedback—as opposed to what most of us do, which is to try to launch publicly with what we think is our final, perfected product...marketers need to contribute to this process. Isolating who your customers are, figuring out their needs, designing a product that will blow their minds—these are marketing decisions, not just development and design choices.

The imperative is clear: stop sitting on your hands and start getting them dirty.
business_models  coding  data_driven  delighting_customers  experimentation  good_enough  growth  growth_hacking  hacks  iterations  lean  marketing  minimum_viable_products  Paul_Graham  product_launches  product-market_fit  Ryan_Holiday  start_ups  visceral 
october 2014 by jerryking
Closing the gender gap in coding - The Globe and Mail
JOSH O'KANE
The Globe and Mail
Published Tuesday, May. 20 2014
coding  gender_gap  women  software 
may 2014 by jerryking
Great Hackers
(Charles Waud & WaudWare. Can Waudware develop on a different platform, enabling 3rd parties to develop for it? Would that make PICs more commercially appealing?)

There's no controversy about which idea is most controversial: the suggestion that variation in wealth might not be as big a problem as we think.

I didn't say in the book that variation in wealth was in itself a good thing. I said in some situations it might be a sign of good things. [JCK: that is,....it might be a "signal"] A throbbing headache is not a good thing, but it can be a sign of a good thing-- for example, that you're recovering consciousness after being hit on the head.

Variation in wealth can be a sign of variation in productivity. (In a society of one, they're identical.) And that is almost certainly a good thing: if your society has no variation in productivity, it's probably not because everyone is Thomas Edison. It's probably because you have no Thomas Edisons.

In a low-tech society you don't see much variation in productivity....In programming, as in many fields, the hard part isn't solving problems, but deciding what problems to solve. Imagination is hard to measure, but in practice it dominates the kind of productivity that's measured in lines of code.

Productivity varies in any field, but there are few in which it varies so much (as software development)..This is an area where managers can make a difference. Like a parent saying to a child, I bet you can't clean up your whole room in ten minutes, a good manager can sometimes redefine a problem as a more interesting one.
coding  discernment  hackers  imagination  income_distribution  income_inequality  Paul_Graham  productivity  productivity_payoffs  programming  signals  software_developers  software_development  Thomas_Edison  variations  WaudWare  worthwhile_problems 
february 2014 by jerryking
Fitting Education to Develop Minds and a Real Career
May 17, 2013, 3:27 p.m. ET | WSJ | CLINTON STALEY.

As a professor of Computer Science with an undergraduate major in Mathematics and English, I have deep respect for the humanities, and for "langua...
letters_to_the_editor  STEM  coding  Colleges_&_Universities  humanities  liberal_arts 
may 2013 by jerryking
Kirk McDonald: Sorry, College Grads, I Probably Won't Hire You - WSJ.com
May 9, 2013 | WSJ | By KIRK MCDONALD.

Sorry, College Grads, I Probably Won't Hire You
If you're at all interested in media, technology or related fields, please learn a little computer programming.
Colleges_&_Universities  hiring  career_paths  software  new_graduates  coding 
may 2013 by jerryking
Growth Hacker is the new VP Marketing | @andrewchen
The rise of the Growth Hacker
The new job title of “Growth Hacker” is integrating itself into Silicon Valley’s culture, emphasizing that coding and technical chops are now an essential part of being a great marketer. Growth hackers are a hybrid of marketer and coder, one who looks at the traditional question of “How do I get customers for my product?” and answers with A/B tests, landing pages, viral factor, email deliverability, and Open Graph. On top of this, they layer the discipline of direct marketing, with its emphasis on quantitative measurement, scenario modeling via spreadsheets, and a lot of database queries. If a startup is pre-product/market fit, growth hackers can make sure virality is embedded at the core of a product. After product/market fit, they can help run up the score on what’s already working.

This isn’t just a single role – the entire marketing team is being disrupted. Rather than a VP of Marketing with a bunch of non-technical marketers reporting to them, instead growth hackers are engineers leading teams of engineers. The process of integrating and optimizing your product to a big platform requires a blurring of lines between marketing, product, and engineering, so that they work together to make the product market itself. Projects like email deliverability, page-load times, and Facebook sign-in are no longer technical or design decisions – instead they are offensive weapons to win in the market.

The stakes are huge because of “superplatforms” giving access to 100M+ consumers
These skills are invaluable and can change the trajectory of a new product. For the first time ever, it’s possible for new products to go from zero to 10s of millions users in just a few years. Great examples include Pinterest, Zynga, Groupon, Instagram, Dropbox. New products with incredible traction emerge every week. These products, with millions of users, are built on top of new, open platforms that in turn have hundreds of millions of users – Facebook and Apple in particular. Whereas the web in 1995 consisted of a mere 16 million users on dialup, today over 2 billion people access the internet. On top of these unprecedented numbers, consumers use super-viral communication platforms that rapidly speed up the proliferation of new products – not only is the market bigger, but it moves faster too.

Before this era, the discipline of marketing relied on the only communication channels that could reach 10s of millions of people – newspaper, TV, conferences, and channels like retail stores. To talk to these communication channels, you used people – advertising agencies, PR, keynote speeches, and business development. Today, the traditional communication channels are fragmented and passe. The fastest way to spread your product is by distributing it on a platform using APIs, not MBAs. Business development is now API-centric, not people-centric.

Whereas PR and press used to be the drivers of customer acquisition, instead it’s now a lagging indicator that your Facebook integration is working. The role of the VP of Marketing, long thought to be a non-technical role, is rapidly fading and in its place, a new breed of marketer/coder hybrids have emerged.
growth  marketing  hacks  blogs  Silicon_Valley  executive_management  virality  experimentation  trial_&_error  coding  platforms  executive_search  CMOs  measurements  growth_hacking  APIs  new_products  lagging_indicators  offensive_tactics 
december 2012 by jerryking
Code for America, a Peace Corps for Civic-Minded Geeks | Marvels - WSJ.com
August 24, 2012 | WSJ| By HOLLY FINN.

A Peace Corps for Civic-Minded Geeks
How young techies are saving cities time, money—even lives



CfA fellows have designed more than 35 apps, for everything from urban blight to school buses. In New Orleans, they coded a system to more accurately sort the backlog of properties for demolition. In Santa Cruz, Calif., they're streamlining the application process to open a business. The group runs an Accelerator for civic start-ups. Its work presses governments to make information more visible (530 data sets liberated) and helps communities to mobilize (write-a-thons with 2,500 people). Textizen, a citizen feedback app built this year, has already been repurposed in three cities.

Government spending on information technology in 2012 is set at $79.5 billion federally and $55.4 billion for state and local. Meanwhile, to complete one government project—estimated at two years and $2 million—it took a couple of CfA fellows just 2½ months.
CfA  government_2.0  gov_2.0  cities  geeks  coding  mobile_applications  smartphones  software_developers 
august 2012 by jerryking
These Warriors Use Stealth and War Skills to Write Computer Code - WSJ.com
April 7, 2010| WSJ | By GEOFFREY A. FOWLER.

In the Search for a Hot Job Title, Enter the Ninja
These Silicon Valley Warriors Write Computer Code; 'Guru Is So Web 1.0'
Silicon_Valley  software  career_paths  software_developers  coding  stealth 
june 2012 by jerryking

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