Key Takeaways
- • Tower Research has appointed Marvin Arteaga, a 12-year Millennium veteran, as head of mid-frequency trading strategies, according to eFinancialCareers.
- • Arteaga previously served as head of algorithmic execution technologies at Millennium and spent seven years developing algorithmic trading systems at Bank of America.
- • The hire supports Tower's expansion into mid-frequency trading, a strategy with holding periods from minutes to days that increasingly relies on machine learning and substantial computing infrastructure.
- • The move is part of a two-way flow of senior talent between Tower and Millennium, including Alexandre Fournier and Wesley Chen, highlighting intensifying competition for quantitative specialists.
Summary
Tower Research has appointed former Millennium executive Marvin Arteaga as head of mid-frequency trading strategies, a move that strengthens the New York-based firm's quantitative investment capabilities as competition intensifies among systematic trading firms, according to eFinancialCareers.
Arteaga joins Tower after 12 years at Millennium, where he primarily served as head of algorithmic execution technologies. He previously spent seven years developing algorithmic trading systems at Bank of America and most recently held a liquidity provision technology role at Millennium.
The appointment supports Tower's expansion into mid-frequency trading, which involves holding positions for periods ranging from minutes to days, compared with the microsecond execution horizons associated with high-frequency trading. The strategy increasingly relies on machine learning, sophisticated data analysis and substantial computing infrastructure to identify trading opportunities. Tower's move follows similar developments at quantitative firms including Jane Street and Hudson River Trading, as diminishing returns from ultra-low-latency strategies encourage greater diversification into longer-horizon systematic investments.
The hire also follows several senior moves between the two firms. Earlier this year, Millennium recruited Tower's former chief technology officer Alexandre Fournier to develop low-latency trading infrastructure, and Wesley Chen, Tower's former co-head of investment-grade credit trading, joined Millennium as a portfolio manager in June.
The appointments highlight intensifying competition between hedge funds and proprietary trading firms for quantitative investment and technology specialists as both sectors expand their systematic trading capabilities.
Arteaga joins Tower after 12 years at Millennium, where he primarily served as head of algorithmic execution technologies. He previously spent seven years developing algorithmic trading systems at Bank of America and most recently held a liquidity provision technology role at Millennium.
The appointment supports Tower's expansion into mid-frequency trading, which involves holding positions for periods ranging from minutes to days, compared with the microsecond execution horizons associated with high-frequency trading. The strategy increasingly relies on machine learning, sophisticated data analysis and substantial computing infrastructure to identify trading opportunities. Tower's move follows similar developments at quantitative firms including Jane Street and Hudson River Trading, as diminishing returns from ultra-low-latency strategies encourage greater diversification into longer-horizon systematic investments.
The hire also follows several senior moves between the two firms. Earlier this year, Millennium recruited Tower's former chief technology officer Alexandre Fournier to develop low-latency trading infrastructure, and Wesley Chen, Tower's former co-head of investment-grade credit trading, joined Millennium as a portfolio manager in June.
The appointments highlight intensifying competition between hedge funds and proprietary trading firms for quantitative investment and technology specialists as both sectors expand their systematic trading capabilities.
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