September 30, 2026

The dangerous trading system is not always the slow one. It is often the fast one whose risk state is wrong. Bad timestamps can invent HFT alpha.

A compact operating checklist is: 1) measure when information was knowable rather than when it was later recorded; 2) store exchange, gateway and local receive timestamps separately;

Where does your process draw the line between an acceptable execution variation and a risk event?

#MarketData #HFT

The research behind this lesson

This paper explains Andrew Lo's lectures build risk analysis from return distributions and statistical measures, rather than treating one realised result as a complete description of risk.

Applied to this XCore lesson: For a fast strategy, median latency or average fill quality is not enough. The review has to include tail delays, stale-order frequency and the loss distribution when cancellation or routing behaves abnormally.

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Source: Risk and Return

Educational content only. Trading leveraged products involves risk.